I.C.R.M. STEAM-PACKET COMPANY.

Wellington Independent, Volume XVIII, Issue 1860, 25 April 1863, Page 5

I.C.R.M. STEAM-PACKET COMPANY.

The following is the directors' report presented to the meeting on the 30th December. — <l In consequence of the miscarriage of the New Zealand mails, due in Oct. and November, involving the suspension of the regular advices from Capt V. Hall, the company's colonial manager, the directors deemed it expedient to postpone the ceneral meeting uutil the end of this month. The directors expected to be able by that time to report to the shareholders the results of recent negotiations entered into between Captain Vine Hall and the general government, respecting the precise terms upon which the company were to perform the additional mail service requited by the colony ; but the arrival of the Australian mail, due 13th inst., being delayed in consequence of the loss of the Peninsular and Oriental Company's steamer Colombo, the directors still find themselves unable to do so. The directere regtet U have to inform the proprietors that they re ceived intelligence by telegram, on the 15th inst., oi the total wreck of the company's steamer Lord Worsley. The full particulars of this calamitous event have not yet come to hand ; but as it is known that Cnptain Vine Hall himself was on board the vessel at the time of her loss, the directors feel confident that no means which energy and skill could bring to bear, in order to save her, were.wantiiig. The Lord Worsley is insured for £16jftOO, but this sum will not cover the entire Joss, the company being their own insurers to the extent of about 25 per cent of the estimated value of their fleet. It affords the directors much satisfaction to be able to report the safe arrival of the new steamer Claude Hamilton at Sydney on the 19th September; she reached heir destination in excellent condition, and was ready for immediate service. With a view to enable the company to take up the second extra interprovincial service, and so to receive the full amount of the additional subsidies assigned by the New Zealand government, a vessel of 820 tons British measurement and 150-hoise power nominally partially built, was purchased by the company in September last on atiTantageous terms. In the completion of this vessel (the Paulet)the directois have taken full advantage of the latest improvements, and have been careful that the machinery should be constructed on the most approved principles, so as to secure the least possible consumption of fuel. She is to be finished the latter part of January and the directors are sanguine of being able to dispatch her to Sydney about the first week in February. The following is a summary of the working of the company for the six mouths euded 30th June. 1862, inada up in as complete v manner as the colonial accounts at present to haud will admit: — Amount received for freight, passage-money and government subsidies, £39,938 8s 3d; working expenditure in the colonies, £24,009 12s 6d ; together £15,228 15s 2d.— -Less cost of alterations, improvements, and repairs to the Lord Worsley, Lord Ashley, and Airedale, £6,512 3s 3d. —making £1,716 12s 6d ; from which deduct home expenditure for insurance, interest, salaries, directors' fees, rent of offices, &c, £4,035 ; and there remains a balance of £4,681 12s 6d. The returns for the half-year are more satisfactory than those exhibited in any previous corresponding period, aud the actual working expenses are less ; but the outlay for the alterations, &c, to the three smaller vessels, to which reference was made in the last report, having been defrayed entirely out of revenue, ibe available surplus is materially reduced. The above sum of £4,681 12i 6d, added to £706 18s Bd, the balance brought forward from profit and loss old account, gives £5,388 11s 2d. In consequence of the loss of the Lord Worsley, the directors do not conlider it prudent to recommend the declaration of the usual 1\ per cent dividend on the present occasion, but propose the payment of a dividend, for the six months ended 30ih June last, at the r.ite of 5 per cent per annum, free of income tax, being of opinion that it is desimile to submit to a temporary sacrifice in the amount of dividend, as a sett-off against the amount of loss sustained by the company. The payment of this dividend will absorb about £2,800, leaving a balance of £2,588 11s 2d. While arriving at this decision, the directors feel that there is every reason to look with confidence for steadily increasing profits, as the entire fleet is in the most efficient working order, and the subsidy has been already augmented. At the same time it should be mentioned that the Prince Alfred, having had a thorough refit (including new boilers), there will be a proportionate charge on account of that vessel npon the earnings of the current six months. It appearing highly deiirable to procure a substitute for the Lord Worsley, the directors are now in treaty for the purchase ef another steamer, to complete the number re* quired for the performance of all the services undertaken by the company. In order to pro. vide for the outlay incurred by the purchase of the Claude Hamilton and Paulet, it was recently determined to raise a sum not exceeding £30,000 in debentures of £100 and upwards, repayable at the expiration of 12 months, or any longer period that may be agreed upon. Thi- rate of interest to be 7 per cent per annum, payable half-yearly. This determination was arrived at after careful consideration, as preferable to making further calls upon the holders of the £10 shares, it being of advantage to the company that a considerable portion of its capital should remain uncalled. The paid-up capital of the company now exceeds £120,000, and the uncalled portion amounts to £40,000 which the holders of debentures have as security, apart from the company's fleet. A large, amount has already been subscribed foi, and the directors are in expectation that the rest will shortly be taken. The directors who retire by rotation, on this occasion, are Lord Claud Hamilton, Sir Richard Levinge,, and GeorgeEdmett, Esq. These gentlemen offer themselves for re-election. The number of shareholders present at the last general meet ing having been insufficient to form a quorum, the election of Lord George Paulet and Robert Wilson, Esq., as directors stands fur confirmation at this meeting, likewise the election of C. J. Cottingham, Esq., and John Topham, Esq., as auditors. A casual vacancy in the direction having occurred in the interim by the retirement of Z. C. Pearson, Esq., it was filled up in due course by the election of E. D. Raymen t, Esq."

Dr Gunning, who served duiing the Peninsular war, and amputated the arm of Lord Fitzroy Somerset, afterwards Lord Raglau, died at Paris recently, aged ninety. Coals of Fire.— "lv sending food to the starving weavers of Lancashire, we are heaping coals of fire on the head of England" — Speech at the Meeting of (he New York Chamber of Commerce, Dec,,: 1862. On this a Lancashire Spinner wtites two good verses in the Liverpool Albion: — If heaping burning coals of fire, On England's head be your desire, And coals of five take form of victuals, Vast be your lunaces and kettles ; Increased the number of your stokers, And much enlarged the size of pokers. Whale' er the motives be which led, Your generous beans Wsend us bread, Impulsive alms, when freely given, Are quite aceeptahle to heaven; Money fromunnflective sinners, : , Will give our wives and children dinner*; And charity, when heart can doubt it, Exceli philoapby without it,