New-York tribune., 1877-05-31
PACIFIC NAIL STATEMENT.

The Pacific Mail Steamship Company has
hcep on noted for its ability for publishing unntcl-
lgbIe statements OF its business and condition. During
the same period since May l. 1869 1t has succeeded III
dsposng of upward Of S6,000000 realized from sales
Of assets and Vow possesses 20 steamers Instead oi ~
as in 1869. the report OF the company made pubic
to-day is a model Of brevity. The President says;
In presenting to you, III compliance with IesOutlon
Of the Board of Directors. the results or the operations
Of your company Tor the PERIOD duflhs WHICH 'he peH
directors have been in control, &c., &c
Yet the report docs not give single figure showing
what the business statement OF gross receipts
operating expenses. repairs, maintenance OF property
nor interest payments made or due. In lieu OF THESE
usually important features in corporation reports tHe
following covers the whole ground:
Notwithstanding the times have been very unpropf
tious and the carrying trade universally drpTesseo ana
for the most part Improbable, the business or your com
naDv has been moderately prosperous TIE operating
expenses nave been greatly reduced
IT, as it appears later in the report the liabilities OF
the company really been reduced IN II months oy
the sum OF S93G05s from earnings t is submitted that
the use Of the term Godcratcy prosperous too modest
by half because this indicates net earnings equal to over
five per cent per auuurn tie capital stock. mot
note outstanding except those held ny the Pah"'na
Railroad Company aud the directors None oi the Dois
OF the company have been sold" The pubic pfobaDy
take hut little interest in who hold the notes Of the
company and not likely 20 draw line distinction be-
tween debts represented by note payable or an unpaid
bill. None OF the bonds Of the company have been
sold" Are they under hypotlecaton, represent
ing an advance foam which does not
appcar on the books Of the Company :
few explanatory words to why. If in possession OF
the COMPANY they not discharged of record would
have been satisfactory than "none have heen
sold" "The company has on hand an ample stock OF
Goals stores and materials its various depos The
figures FOR in the present report are Jol
against $3.50 29O report of April 80 1876 Bat the
di renee in the VALUE Of coal might account !or large
portion of this reduction with tue same actua quantity
in band 90 "ts slips have been put in thorough order
at an outlay Of over Sl5OOOO. which has been charged
to the expense account THIS does not appear like
an extraordinary outlay the purpose hut where lays
the merit in having charged 10 expense account
What else could have been charged to The following
shows the reported results Of the companys business
from Nay 81. 1876 TO AprIl 80, 1877:
From the earnings Of the company and the sale OF
useless property the amount Oi S-l",UJb te hdtb4
Cdues ha, been reduced. after dcdUcing cash assets.
from S2Uu3.O7S -. May 81. 1876, 10 Scl- O-O 20 oh
Apl 30 1877, that date has beeh SIN iurther
reduced.
What oversight, the emitting to state eXacty now
mich more the Liabilities had been reduced since April
80 and how whether by additional net earnings or by
further talcs Of useless property"
The foregoing result Is backed by the following state
mcnt Showing the financial condition OF the Company