PANAMA, NEW ZEALAND, AND AUSTRALIAN ROYAL MAIL COMPANY.

Hawke's Bay Weekly Times, Volume 2, Issue 102, 14 December 1868, Page 300

PANAMA, NEW ZEALAND, AND AUSTRALIAN ROYAL MAIL COMPANY.

(From the Home News, Ootober 9.) - An extraordinary meeting of this company was .held on Oetober 8, Lord Claud Hamilton in the ohair, for the purpose of placing the company in liquidation. The report 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. Frcftn causes wholly beyond the control of the Board, the'sums received in that period had been £2o,ooo'less than in the same period oflßfi7'. The receipts homewards by the Panama line. > had, unfortunately, been much below (hose for the same months in 1866 and 1867, and the last steamer which arrived at Panama" brought only a fourth of the number of passengers she bad'on the .corresponding; voyages the two preceding years.. As the service across the Pacific was performed with increasing efficiency and was becoming more and more popular as a postal line, the large decrease in the number of passengers could only be attributed to the.apprehensions of sickness which still existed, and which were caused by the deaths' from, yellow fever which occurred some time since among the New Zealand passengers on hoard the Royal Mail' Steam Packet 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 stated that the board was led to tako.the step of calling .the meeting, not only because the remittances liad failed to come fi-om the other side, and the company's acceptances had been returned, but aho because the tone of the manager in his advices, which had hitherto been buoyant, hopeful, and sanguine, was now so altered as to be absolutely desponding. He moved that, it having been proved to the. satisfaction of the meeting that the company, cannot, by reason of its liabilities, carry on its operations, it is expedient to wind up the same. ~ Captain Carelton seconded the motion pro formd. Mr T. Cave, M.P., said he was a very large shareholder, and he was induced to move an amendment, after very mature deliberation. He thought that the board had on the receipt of bad news become panic-stricken, and had struck their flag without due consideration.. The shareholders were 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 sum 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 he done. He therefore moved an amendment to the effect that a committee of three be appointed to . advise with the board and consider ; the position of the' company, adjourning the meeting for-fourteen days to receive their report; ,< Mr Addispn seconded the amendment. A discussion'ensued, during which'it transpired' that-the pressing debts of; the company amounted .to about £IO,OOQ, and that one creditor had- commenced proceedings on a returned acceptance for £2OOO. The amendment was unanimously agreed to, and Messrs T. Gape, M.F., Giles, and Davidson were appointed a' committee.; .