The annual meeting of the Royal Mail Steam Packet Company,
which takes place on the 18th instant, will be awaited with more than usual interest, for the depreciation which has taken place in the securities of the company and those of most of its subsidiaries during the year which has passed has been almost phenomenal. Shipping, of course, has been dull in consequence of the trade depression, but more than ordinary dullness would seem to have been responsible for so great a falling as that which has taken place in Royal Mail stocks. Row great are the financial interests represented by the Royal Mail Company and its allied or subsidiary concerns, such as the White Star, Elder Dempster and Union Castle, may be gathered from the fact that the nominal value of the capital of those companies is round about £34,000,000, though the present market value is probably under £15,000,000. The company is • incorporated under a Royal Charter, but the directors have very wisely refused to take advantage of that fact as regards the immunity which it carries from the requirements of the 1929 Companies Act and have published a very full balance sheet. Never- theless, there are various points on which the shareholders will be particularly keen for further information at the forthcoming annual meeting, and it is thought that some statement will then be made with regard to the -question of renewal of the Trade Facilities Loan maturing -a Sew months
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