Part 8
+---------------------------------------------------+--------------------+---------------------+ | | £. _s._ _d._| £. _s._ _d._| | General coal account | | 44,345 2 5 | | Ditto purser’s ditto, stores afloat | 22,923 2 0 | | | Ditto ditto ditto ditto ashore | 28,451 19 4 | | | Ditto material ditto ship’s stores | 28,474 12 3 | | | +--------------------+ 74,849 13 7 | | | | | | Ships, &c., at work | 754,670 16 0 | | | Ditto stock | 304,600 0 0 | | | Ditto building £152,841 11 7 | | | | Advanced on account of repairs 19,273 15 7 | | | | ------------------| 172,115 7 2 | | | +--------------------+ | | | 1,231,385 3 2 | | | Less received from the Portuguese government, | | | | on account of the “Royal Tar” | 4,799 0 1 | | | +--------------------+ 1,225,587 3 1 | | Debts due by agents £25,388 18 2 | | | | Less due to agents 4,396 16 3 | | | | | 20,992 1 11 | | | Cash, Bills, &c. | 94,728 19 3 | | | Insurance fund invested in Government securities | 34,168 8 0 | | | Freehold property, King’s Arms | 16,958 15 11 | | | Peninsular and Oriental Steam Navigation Company’s| | | | shares | 18,004 2 6 | | | Outstanding freights | 3,054 7 3 | | | O. C. Edmond | 421 16 7 | | | +--------------------+ 188,328 11 5 | | | | | | General stock account, barges, hulks, &c. | ... ... ... | 4,231 10 7 | | Purser’s cash account | 245 10 1 | | | Mazagon Dock, working expenses | 1,724 12 0 | | | Petty cash | 90 0 0 | | | Bills receivable in suspense | 57 5 1 | | | Pacha voyage to Havre | 4 0 8 | | | Colombo agency | 25 18 1 | | | New iron steam ships | 423 10 3 | | | Transit for the Pacha of Egypt | 80 0 0 | | | Dadabhoy Rustomjee | 1,078 13 1 | | | +--------------------| 3,729 9 3 | | | +---------------------+ | | | £1,542,071 10 4 | +---------------------------------------------------+--------------------+---------------------+ +---------------------------------------------------+--------------------+---------------------+ | | £. _s._ _d._| £. _s._ _d._| | Bills payable | 121,475 19 5 | | | Dividend, 8th to 13th, half-year | 2,197 6 20 | | | Ditto 14th ditto | 2,426 6 4 | | | London and South Western Railway Company | 3,722 12 1 | | | Southampton Dock ditto | 1,944 7 0 | | | +--------------------+ 131,766 11 1 | | | | | | Suspense account | 334 19 3 | | | R. Franck, stamp account | 6 0 0 | | | S. R. Engledue ditto | 13 0 0 | | | Oil and Tallow ditto | 199 2 11 | | | Patent Fuel Company | 76 19 0 | | | Burton and Co. | 1,515 10 0 | | | Lord and Co. | 211 18 7 | | | Transfer fees | 33 15 0 | | | “Bredalbane,” for the Pacha of Egypt | 896 5 5 | | | W. Longridge | 14 2 8 | | | +--------------------+ 3,301 12 10 | | | | | | Capital | 304,600 0 0 | | | Additional amount called up | 668,778 16 8 | | | Repairs account £76,075 17 6 +--------------------+ 973,37 16 8 | | Addition made this half-year 37,633 13 3 | | | | ------------------| | | | 113,709 10 9 | | | | 39,630 6 3 | | | | ------------------| 74,079 4 6 | | | Insurance account £123,639 9 4 | | | | Addition made this half-year 15,683 4 9 | | | | ----------------- | | | | 139,322 14 1 | | | | 2,160 7 3 | | | | ---------------- | 137,162 6 10 | | | Depreciation account £158,268 7 10 | | | | Addition made this half-year 16,915 0 0 | | | | ------------------| 175,183 7 10 | | | Profit and Loss: +--------------------+ 386,424 19 2 | | Balance of this account remaining from last year | 1,484 19 5 | | Ditto ditto ditto from the half-year now concluded | 45,714 11 2 | + +---------------------+ | | £1,542,071 10 4 | +------------------------------------------------------------------------+---------------------+ (True Copy.) (Signed) C. W. HOWELL, _Secretary_.
_No. 4.--Disbursements and Receipts of the Peninsular and Oriental_
DISBURSEMENTS.
(Six Months from 1st October, 1847, to 31st March, 1848.) -------------------------------------------------------------+------------------+----------------- | £ _s._ _d._| £ _s._ _d._ To 58,789 tons of Coals (cost) | 93,568 2 4 | Oil and Tallow | 2,687 14 0 | Victualling Crews | 16,501 14 6 | Charter Money for Hire of Vessels to supply the place | | of “Royal Tar,” (sold), and “Tiber,” (lost) | 6,326 12 0 | Wages to Commanders, Officers, and Crews | 29,383 6 0 | Fees to Commanders of the Company’s Ships | 445 16 3 | Port Charges, Sea Stores, and other incidental expenses | | in the ships | 8,114 1 11 | Directors’ Attendances | 918 15 0 | London Office; Expenses, Salaries, &c. | 976 18 8 | Southampton ditto ditto | 1,341 0 11 | Malta ditto ditto | 461 1 4 | Constantinople Agency | 1,508 18 6 | Calcutta ditto (exclusive of Repairs to Ships) | 3,323 19 0 | Bombay ditto (ditto ditto) | 1,382 7 8 | Hong Kong ditto | 835 1 7 | Lisbon ditto (for two years) | 1,206 19 3 | 21 Minor Agencies at sundry Foreign Stations | 2,237 0 4 | London Agency, 2-1/2 per cent. Commission on Freight } | | and Passage Money, comprehending Rent of } | | Offices, Taxes, Stationery, Account Books, Office } | | Expenses, Postages (not foreign), Custom House } | 8,246 10 9 | business, and Clerks’ Salaries, for the business of} | | the management, &c. &c., pursuant to the Deed } | | of Settlement } | | Advertisements during the half year | 1,121 3 11 | Floating Light (Suez) Expenses, ditto | 71 15 5 | Condemned Pursers’ Stores | 271 15 1 | Income Tax for six months | 811 3 1 | Damages (and goods stolen on China line £463 10s 10d) | 578 1 2 | Law Charges | 325 16 5 | Auditors’Fees (for two years) | 42 0 0 | Captain Guthrie’s pay (nautical examiner) | 120 0 0 | Stationery and Printing for Foreign Agencies, &c. | 323 10 1 | Donations; viz.--Mrs. M’Leod £305 0 0 | | Lieutenant Waghorn 300 0 0 | | Captain Bingham 100 0 0 | | Sundries 39 0 0 | | -------- | 744 0 0 | Subscriptions (see particulars at foot[8]) | 163 16 8 | Gratuities to Officers | 105 0 0 | Telegraph Charges | 35 19 0 | Foreign Postages, Travelling Expenses, Charts, Newspapers,| | and Petty Expenses | 908 0 2 | Repair Account for the half year | 37,633 13 3 | Insurance (on vessels at work) ditto | 15,683 4 9 | +------------------+ 238,404 19 0 Balance carried down | 62,629 11 2 +----------------- |£301,034 10 2 +=================
To Depreciation for the half-year 16,915 0 0 Dividend ditto about 40,000 0 0 Balance carried down 5,714 11 ----------------- £62,629 11 2 =================
_Steam Navigation Company.--Fifteenth Half Year, ending March 31, 1848._
RECEIPTS. (Six Months, from 1st October, 1847, to 31st March, 1848) -----------------------------------------------------+-----------------+-------------- | £ _s._ _d._| £ _s._ _d._ By Passage Money received during the half-year | 151,757 4 8 | Loss, Transit through Egypt £14,767 6 6 | | Victualling Passengers 26,481 13 8 | | ------------- | 41,249 0 2 | +-----------------+ 110,508 4 6 Freights and Parcels received during the half-year | 77,764 3 3 | Less, Cattle, head money £ 16 1 0 | | Proportion of Carriage on Constantinople | | Cargoes 2,057 14 3 | | Cartage and Lighterage 399 2 2 | | Carriage of Goods, Southampton | | (Railway Expenses) 2,396 16 1 | | ------------ | 4,869 13 6 | +-----------------+ 72,894 9 9 Mail Contracts during the half-year | | 112,262 10 0 Stewards’ Fees, ditto ditto | | 1,677 16 8 Interest | 1,059 15 11 | Ditto (Dividend on Company’s Shares invested) | 2,229 3 4 | +-----------------+ 3,288 19 3 | | Profit on Exchequer Bills, for gain on sale of £20,000 invested | 402 10 0 | | | +-------------- |£301,034 10 2 +==============
By Balance brought down £62,629 11 2 ==============
31st March, 1848. By balance brought down £5,714 11 2 ==============
(Signed) JOHN PIRIE. AR. ANDERSON. FRAN. CARLETON. B. M. WILLCOX.
(True Copy.)
(Signed) C. W. HOWELL, Secretary.
_Copy of a Memorandum made by_ Mr. COWPER _on the Contract for the Calcutta Mails, after the receipt of the Report of Investigation by_ Captain ELLICE _and_ Mr. BOND, _and sent to_ Lord AUCKLAND.
“The contract for the Calcutta mails, from Southampton to Alexandria, expires on the 8th January, 1849. Two offers have been made for its renewal, one by the Peninsular and Oriental Company, for £27,500 the first year, and for sums diminishing by £500 a year for every subsequent year that the contract may remain in force. A new company, the India and Australia, offer to do the same service for £25,650; the sum now paid is £28,500.
“The Peninsular and Oriental Company accompanied their tender by an offer to pay over to the Government any earnings or profits they might receive beyond a maximum dividend of ten per cent. to the shareholders, after the customary allowances have been deducted for repairs, wear and tear, and sea risk of the vessels and property; and as a security, they offered to submit, from time to time, the accounts of all their transactions connected with the mail service, to the inspection of such competent persons as the Government may appoint.
“Captain Ellice and Mr. Bond were then requested to examine the accounts of this company before any decision was come to upon the tenders; and having had every facility afforded them, have made the accompanying report. From this it appears that the profits made upon the capital of the company, about equal ten per cent. as a total sum; but that after reserves for depreciation, repairs and insurance, and expenses of management, there has remained hitherto not more than eight per cent. for the shareholders. The question of how much of the earnings ought to be kept in reserve to meet depreciation, is so discretionary that I have no expectation that any company would ever admit that there was a surplus profit to be handed over to Government; and this report confirms my impression, that we ought not to make such an arrangement a part of the contract.
“But I think both the tenders too high, and that we ought to decline them both; and this we can do without irregularity, for they are not tenders called for absolutely, but only tenders ‘to treat.’
“If this be done, we should then make an offer on our part; and as the Peninsular and Oriental Company have performed their contract perfectly, and furnish every guarantee that can be desired for the regular execution of a future contract, I consider that we ought to make our offer to them only; and if they should refuse it, we might repeat it to the India and Australia Company.
“The mileage we pay them at present is estimated by the hydrographer at 8s. 0-1/4d. a mile and by the company at 7s. 9-1/2d. a mile (he measures the distance of the voyage out and back at 5,920 nautical miles, they at 6,084); but we pay the same company about 4s. 6d. a mile for the line to Lisbon and Gibraltar, and I think we are justified in offering the same payment for the Alexandria line. But in that case we must not tie them down as to size of vessels, for the lowness of the remuneration on the former line is explained by the contract not requiring the vessels to be more than 140-horse power.
“To this department the size of the vessels is a matter of indifference, we care only that it be sufficient to secure speed; and we should stipulate only for a certain rate of speed.
“If my proposition be adopted we should immediately signify to the parties that their tenders are not accepted, and make a communication to the Treasury.
“I omitted to mention, that by directions from the Treasury we fixed the duration of the contract for which we demanded tenders, at three years; and also, that a reason for offering 4s. 6d. a mile may be found in the agreement made in May, 1845, by this same company, to convey mails between Southampton and Alexandria, in vessels of 280-horse power, as far as Malta; and of 180-horse power between Malta and Alexandria, for £15,525, which gives a mileage of about 4s. 6d. This agreement was entered into for only one year, since the company complained of its lowness, and declined, on that account, to make a formal and permanent contract at that rate; but they have continued it ever since, and it has been terminated by ourselves in May last.
(Signed) “W. COWPER.”
_Copy of a Memorandum by the_ Earl of AUCKLAND, _on the receipt of that of_ Mr. COWPER.
MAIL CONTRACT TO ALEXANDRIA.
“27th June, 1848.