THE PANAMA MAIL COMPANY

Westport Times, Volume III, Issue 498, 1 May 1869, Page 2

THE PANAMA MAIL COMPANY

On Friday, Feb. 12, a meeting of the creditors and shareholders of this company was held in London. Mr Cave, M.P., who was in the chair, entered upon a short history of the company's affairs. He said that all connected with the concern were thunderstruck last October at an advertisement in the papers calling a meeting for the winding up of the company. The shareholders of the company having resolved that the service should he continued a telegram was sent to Panama and the colonies, saying, " Meeting of shareholders—liquidation refused. Service to go on." This reached Panama the same day as they had news of the proposal of the directors to stop, and it was read to Mr Marshall. The directors then had an interview with the Eoyal Mail Company's representatives, to desire to know what instructions Mr Marshall had, and the answer given was deemed satisfactory, both by the directors of this company and the shareholders. He then considered it his duty to open negotiations with other companies, j and a negotiation was submitted to the joint committee, when a plan was submitted for restoring the company, and before the end of October aiithority was given to the Eoyal I Mail Company to receive the subsidy j from the colonies on condition that j the services should be continued by ] that company as the agents of this company. The heads of agreement were drawn out for the Eoyal Mail Company to continue the services for a year, and a successful appeal was made to [this company's shareholders for the pecuniary means, when news came that Mr Marshall had given notice to the Government in the colonies that the service would cease. M* Marshall, when the telegram was read to him at Panama, said his instructions were to take the ships and sell them

without delay. This precipitate conduct, of which explanation was requisite both from Mr Marshall and this company's agents in the colonies, had prevented the company from realising the full value of its property, for it would of course have realised more as a live property than as a dead one, and every one in the colonies had commented upon this action as too precipitate. Thus, the money subscribed by the proprietors had been of no use, and it had been returned in full. He concluded by moving that a liquidation by the Court of Chancery should be sought in the interests of the creditors and shareholders ; and this was agreed to by the meeting.