THE PANAMA COMPANY.

Nelson Evening Mail, Volume III, Issue 291, 9 December 1868, Page 3

THE PANAMA COMPANY.

The Home News of the 9(h of October gives a report of an extraordinary meeting of the Panama.Royal Mail Company held •on the previous day, Lord Claud Hamilton in the chair, for the purpose of placing the Company in liquidation. The report was iead, which stated that during the last four "months the falling off in the remittances from New Zealand had been so serious as to render it impossible for the Company to continue its operations. From causes wholly beyond the~ control of the Board the sums received in that'period had beeu £20,000 less than in the same period of 1867. The receipts homewards by the Panama line had unfortunately been much below those for the 'same months in 1866 and 1867, and the last "steamer which arrived at Panama brought only a fouith of the number of passengers she had ou the corresponding voyages the two preceding years. A3 the service across the Pacific was performed with increasing efficiency, and was becoming more and more popular as a postal line, the largo decrease in the number of passengers could only be atiributed to the apprehensions of sickness which still existed, and which were caused by tho deaths from yellow fever which occurred some time since amoug the New Zealand passengers on board the Royal Mail Steampacket Company's vessels. The earnings on the local lines had likewise continued to diminish, and further losses had been incurred on mail services formerly profitable, notwithstanding that fewer boats of the Company had been running. The Chairman having remarked that the Board had taken this step not ouly because of the facts stated -in the report, but also because the tone of the Manager in his advices— -which had hitherto been buoyaut, hopeful, aud sanguine, was now so altered as to be absolutely desponding. His lordship then raoyed that, it having been proved to the satisfaction of the meeting that the Company cannot, by reason of its liabilities, cany on its operations, it is expedient to wind up the same. Captain Carleton seconded the motion. Mr T. Cave, M.P., a very large shareholder, thought that the Board. v. f as panicstrixjken, and had struck their flag without due consideration. The shareholders had been induced to invest their money in the Company upon the representations of the Colonial Governments, and now that those representations were found to be unrealised the Company had a moral claim upon those Governments for an increase in the subsidy, and also for a loan, without interest, of a satn sufficient to enable the Company to carry on and fulfil its obligations. He thought the best plan would be to call the creditors together and take counsel,

with a view of seeing what could be-done. He therefore moved an amendment to the effect that a committee of three be appointed to advise with the Board and consider tlie position of the Company, adjourning the meeting for 14 days to receive then 1 report. Mr G. Addisou seconded the amend, meut. A discussion ensued, during which it transpired that the pressing debts of . the Company amounted to about £10.000, and that one creditor bail commenced proceedings on a returned acceptance for £2,000. The amendment was uuanimoualy agreed to, and Messrs T. Cave, M.P., Giles, and .Davidson were appointed a committee. The Home News in another place states that a petition has been presented to the Court of Chancery by a firm of*wine merchants in the city for. the winding up of the T.N.Z. & A.R.M. Co., and it is appointed to be held early in November.