The morning call., 1890-05-29
PACIFIC MAIL.
Huntington Secures Control Of
the Company.
President GOuld'S Report on The Earnings
and Expenditures.
Western Railroad Presidents Sign Cast
Iron Agreement 10 Restore Pas
Selger Rates.
Special by the California Associated Press.

New YORK, May 2S.-At the Pacific Mail
meeting to-day the following were elected
Directors: Coils P. Huntington, Henry
Hart, Isaac Z. Gates. Calvin S. Brice, Sam
uel Thomas. Oliver H. Payne, Edward Lau-
terbach, Charles w. McGhee and J. B.
Houston.
The annual report submitted shows net
earnings of S5109J5 67, after deducting the
extraordinary expenditure of $3.50, 403 for
repairs on the steamers City of New York
and City of Sydney The business of the
Atlantic and China lines shows falling off
in comparison with last year. which is more
than offset by gains on the Panama line
and reduction in the expenses, so that the
net earnings exceed those of last year by
$500 The cost of the steamship China,
$4,000, has been met entirely from the
earnings, and she has proved a valuable
addition to the fleet, having broken the
trans-Pacific record both ways. The steam
ship Barracuda, built in Glasgow in 1883,
which was purchased in London at a cost
of $4,000 and delivered at Panama, could
not be duplicated now for twice what she
cost. The company has cash on hand of
S234, ,69i after meeting these Outlays.
President George J. Gould in his report
further says: In January last | nego-
tiated contract with the Northern Pacific
hallway Company TO run a monthly line
between Tacoma and Japan and China
More advantageous divisions of the revenue
on through traffic via the Northern Pacific
Railway on the basis Of last years bust
ness would have given the Pacific
Mail Steamship Company $4,000 more
net revenue than it received
ana the lower price at which it
could have been obtained at Tacoma
compared with what We paid in San Fran
cisco, would have saved an additional S3O.-
600, total saving to the company of S6O,0OO
In addition TO the above the city Of Tacoma
offered this company title to a valuable
water front if we would maintain q line for
one year This contract would have elm
mated Northern Pacific sailing ships as
competitors in the China trade | regret
that certain railroad influences in our
board prevented the confirmation of the
contract.
Our relations with the Occidental and
Oriental Steamship Company, which is
owned by the Central Pacific and Union
what stFained Under recent arrangements
joint agencies are maintained at Yuk ohama
and Hong Kong, this company and the Oc-
cidental and Oriental Steamship Company
sharing equally in the expenses OF said
agencies. The figures of past years, how
ever, show that the Occidental and Oriental
Steamship Company's boats have carried
nearly one-third more cargo than this eUm-
pany'S ships, although their steamers have
not come fully loaded. recommend that the
trans-Pacltc business be pooled, or, failing
IN this, that separate agencies be estab-
llshed III the interest entirely of the Pacific
Mail"
The Post says this afternoon: 1t is re-
ported on the street that the Canadian Pa
ciiic has secured control OF the Pacific Mail.
Undoubtedly the object of the Canadian
Pacific was to prevent the cOnsummation of
trade between the Northern Pacific ana
George Gould. This may result in the
establishment of another steamship line
This is deprecated by Oakes, who Believes
the proper solution cf the question lies in
the consolidation of the Pacific Mail the
Oriental and Occidental and the Canadian
Pacific lines, and the recognition of Tacoma
by monthly or semi-mOnthly steamer to
and from that port. An arrangement of
this kind would give San Francisco Tacoma
and Vancouver all the China and Japan
service they need