PANAMA, NEW ZEALAND, AND AUSTRALIAN MAIL COMPANY.

Hawke's Bay Herald, Volume 12, Issue 971, 22 August 1868, Page 3

PANAMA, NEW ZEALAND, AND AUSTRALIAN MAIL COMPANY.

("Prom the * Home News/ July 2.) The ordinary general meeting of this company was held on June 19, at the City Terminus Hotel; Lord Claud Hamilton, M.P., in the chair. The report stated that the total receipts from all sources during 1867 were £296,107, and the disbursements, including insurance and the appropriation to repair, renewal, &c, accounts, £326,994, exhibiting a loss of £30,887. To this must be added the interest on debentures and other home expenditure — in all, £24,427, making a total of £55,315, which, with the previous balance of £9581, raised the sum to the debit of profit and loss account to £64,896. The chairman said the position of the company was not so satisfactory as they could wish.. The report contained a fair statement of the position of the company, which was owing to a variety of circumstances over which the direotors had not the slightest control. The commercial panic and the yellow fever, which affected the passenger traffic, were some of the causes. The expenses had since been considerably reduced, and it would be the aim of tho directors to reduce them still further. The company would get another subsidy of £200 a year from the French government for taking letters to Opartu, an island in the South Pacific, without entailing any additional expense on the company. The prospects of the company were good, and he believed in a short time the working would admit of a dividend. _________