INTERCOLONIAL ROYAL MAIL STEAMPACKET COMPANY.

Press, Volume III, Issue 135, 6 April 1863, Page 2

INTERCOLONIAL ROYAL MAIL STEAMPACKET COMPANY.

The fourth ordinary meeting of this company ] was held yesterday at tho offico in Moorgatcstreet; Lord C. Hamilton in the chair. Tho report stated the regret of the directors at their inability to lay before the shareholders any detailed accounts of the profits of the company for the last half-year, owing to the non-delivery of the letters and advices consequent on the loss of the Colombo steamer. A telegram liad been received on the 15th December announcing the total wreck of the company's steamer Lord Worsley, but the particulars had not come to hand. The vessel was insured for £15,000, but this would not cover the entire loss. The result of the company's working for the half-year ending

30th June last showed a balance of £4682, being greater than that of any corresponding period. The £4682, added to £706, the balance brought forward, made £5388. In consequence of the loss of the Lord Worsley, the directors did not consider it prudent to recommend the declaration of the usual 7J per cent, dividend on the present occasion, but proposed the payment of a dividend for the six montlis ended the 30th June Inst at the rate of 5 per cent, per annum, free of incometax, leaving a balance of £2588. The Chairman having moved the adoption of the report. Mr. Preston said he was dissatisfied with the report. Ho did not think the affairs of the company were conducted in a businesslike manner. He moved, as an amendment, " That a committee of shareholders be appointed to investigate the affairs ot the company." Mr, Spence seconded the amendment. After considerable discussion and explanations from the chairman, tho amendment was withdxawn, and the report adopted. Tho retiring directors were re-elected, and a vote of thanks to the chairman concluded the proceedings.— Times.