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Lyttelton Times, Volume XXI, Issue 1191, 2 February 1864, Page 1

Txie Panama Route.—The report of the directors of the Intercolonial Royal Mail Steam Packet Company (Limited), to be presented at the meeting on Nov. 2", describes a marked improvement in the prospects of the company, the position of which is stated to be now such as to justify confidence in its permanent success. The accounts show a balance of £9559, which is equal to a clear profit of upwards of 16 per cent per annum. The directors recommend a dividend at the rate of 6 per cent per annum free of income-tax, which will amount to £3250, and that the balance of £6309 be carried towards the amount proposed to be appropriated for depreciation, reserve fund, &c., at the end of the year. The report announces the important and interesting fact that the board have concluded with Postmaster-General of New Zealand the preliminaries for a contract, whereby the company is to establish a monthly mail service between Sydney, New Zealand, and Panama, in correspondence with the present line of mail steamers between Panama, the West Indies, and Southampton, and the railway across the Isthmus. The time to be occupied between Panama and New Zealand is 30 days, under penalty for excess and bonus for shorter periods, and the subsidy is to be £76,000 per annum for the entire route, comprising Panama, New Zealand, and Sydney, guaranteed by New Zealand alone. The service is to commence about the Ist of Jan., 1865, and it will complete the circle of British Mail steam services round the globe. The contract is to be for five years. This intelligence will be received with great pleasure in Australia and New Zealand. The directors state that they have satisfied themselves that the terms agreed upon are of a nature to commend the arrangement to the approbation of the proprietary and the confidence of the public.—Home News.