PACIFIC MAIL COMPANY.

New Zealand Mail, Issue 230, 5 February 1876, Page 16

PACIFIC MAIL COMPANY.

. «. As New Zealand has become so intimately related to the Pacific Mail Company, anything tending to elucidate the facts re-o-ardlno' its financial position must be of interest to this colony. A statement was recently made to the effect that its affairs were not quite so prosperous as the stockholders had been led to believe. The following extract from a late issue of the Nezo York Herald will place the matter fairly before the public. It appears under the caption " Wall-street Notes:" — The late Managing Director of Pacific Mail Mr. Rufus Hatch, has sent a letter to Mr Sidney Dillon, Us present President, containing a history of the company during the entire time he had charge of its management. In the letter he claims that the company oweT, including supplies on hand, 1,000,000d01s more than last February; that the company is run m the interest of the Overland Kailroad, and not of the stockholders, and that little is known about the real niananagement of affairs by the Home office. Mr Hatch states that the company's debt is upward of 2 'lt°appears S that the rumor which prevailed yesterday to the effect that the Panama Company would carry out the plan heretofore announced, of substituting its own steamers for those of the Pacific Mail is likely to be verified. Mr. Park, President of the Panama Company, has sent a letter to President Dillon of the Pacific Mail, announcing that thecontract between the two companies must end within ninety days. It is understood that negotiations are now on foot to secure steamers to take the place, of those now being run in the interest of the Pacific MaihTnd a lively fight between the two corporations may be looked forward to. The latter part of the foregoing extract will explain a telegram that appeared a short time ago intimating that an injunction had been served upon the Directors of the Panama Railway Company to restrain them from running steamboats m connection with the line between New York and San Francisco. It is quite clear that the Pacific Mail Company has a costly competition and lawsuit on hand, besides being a good deal to leeward in its finances.