GENERAL SCREW STEAM SHIPPING COMPANY.

New Zealander, Volume 10, Issue 866, 2 August 1854, Page 3

GENERAL SCREW STEAM SHIPPING COMPANY.

(From the Morning Chronicle.) Yesterday, March <>, a special general meeting of the proprietors of the above undertak og was held nt the London Tavern, Bishopsgate-street, for the purpose of taking into consideration the sanctioning of the surrender to her Majesty's Government the contract for the conveyance of the mails to and from India by the Company, and also the approval of the contract for convey ing the mails to the Australian colonies. Mr. John Utley Ellis in the chair. The Chairman stated that he bad a series of resolutions which be should submit for the approval of the shareholders, and then entered very fully into the cause of the surrender of the contract for conveying the mails to and from India via the Cape of Good Hope, and attributed that cause to the fact that the dontract had not been of a profitable character to the Company, but although vice oersa, be thought that the result of the various voyages had not been such as to cause any despondency, as would be found when the accounts were made up and submitted at the next general meeting in May next. " With regard to the contract for the convey-, ance of the mail to the Australian colonies, be said that the company wou'd be allowed sixty-five days from Southampton to Adelaide, and five days extra for the conveyance to Sydney. The Company were not bound in any way as to the tonnage or power of their vessels, neither were they as to the line of voyage. (Hear, hear.) For each day's delay over the seventy days a penalty cf SOl. would be indicted on the Company, and beyond what be had mentioned there would be no restriction whatever beyond this, that they would have to convey the whoie of tbc mails, with the slight exception that if any letters were addressed to be forwarded by any particular ship, those letters must of necessity be forwarded by the ship so named, which arrangement could not be upset cither by the Government or by this Company. In the present state of things, tid. would be paid for every ordinary Jetter weighing under half an ounce, and to be charged in proportion above that, according to the weight; tor every book and parcel, ut.der half a pound, 3d. would be charged, and one halfpenny for every newspaper. ("Cheers.) Of the 6d. for the letter, 3d. would be for the Company, Id. for the I'ost-master-General for transmiasion of letters to the port of departure, Id. to the Colonial Postmaster, and the remaining penny was for extraordinary circumstances. As for penalties, the Government would have to pay the Company as follows:—If the contract should be terminated in one year, 30,000/.? two years 25,000/. ; three years,'2o,ooo/.; four year*, 15,000/.; five years, 10,000/.; and on and after six years ihe contract could be terminated by 12 months' notice. (Cheers.) He thought that he might give, as his candid opinion, that the postal arrangement with the colonies would be attended with the most beneficial results, but thought it would be better to haze monthly passoges than iiaving them at alternate months. He must say, going back to the Indian contract, that it would be much better to surrender it, being fraught with great expense. He then entered into a detailed statement with reference to the expense and profits arising from each of their vessels, and stated that tie Queen would sail for the colonies on April 4th, with the Governor of Victoria on board, and he really thought that the voyage would be profitable. (Hear, hear) In conclusion, be moved " That the surrender to her Majesty's Government of the contract for the conveyance of the mails to and from India via the Cope of Good Hope is sanctioned by this Company." (Hear, hear.) Mr. Margeston having seconded the motion, a very long and desultory discussion arose, in which the shareholders complained of the management of the affairs of the Company, in consequence of which each voyage had been attended with loss There, likewise, was a strong feeling against the Directors for not having produoed a statement of the accounts showing the losses sustained by the Company. Mr. Frost moved as an amendment, that a Committee be appointed to enquire into the affairs of the Company and report thereon. The amendment, tfbich was seconded by Mr. Rose, caused another very warm discussion. The Chairman said that, if the amendment were carried, the next step would be for a general meeting to be called to elect a fresh Baard of Directors, for the present Aoard would not submit to a board of enquiry. Mr. Thomas llankoy suggested, as the amendment was nothing more than a votn of censure on the Directors, that it shou.d be withdrawn. A long discussion then arose, and resulted in the withdrawal of the amendment. The Chairman then answered a number of questions from shareholders, and seated that M 100,()()() had not been lost by the Indian contract as had been stated. ( Loud cheers.) The mction was then put, and carried unanimously. The Chairman then moved the second resolution :—■ "I bat this meeting approves of a negotiafion for a contract with the Postmaster General for the conveyance of mails to and from the Australian colonies via the Cape of Good Hope and Cape Horn in every alternate mouth, and authorises the commencement of that service, and such extensions of it as the board may think advisable. Mr. Holies Francis seconded the resolution, which was carried. On the motion of the Chairman, seconded by Mr. Faudel, a resolution was passed, requesting the board to take such measures as may or have become necessary in consequence of the changes ahoct to be made in the employment of the fleet, so that the Company's property may be either realised or employed beneficially. In answer to Mr.Hose, The Chairman promised that, very early in May next, the general meeting should be called, when the accounts should be submitted. After some routine bu«ine»s ; the mwting separated.