The first annual meeting of the Peninsular and Oriental Steam
Navi- gation Company was held on Tuesday. The chair was occupied by Sir Hochepied de Larpent ; who read the Directors' report. The profits of the Company for the year amounted to 50,6141.; of which 13,262/. was paid for insuring the ships and floating property of the Company and the last dividend of 3/. 10s. per cent. ; leaving a surplus of 26,585/. on the 30th September 1841. Out of this balance a dividend of 3/- per cent, for the half-year ending the 30th September was recommended to be paid to the shareholders—which is at the rate of 7 per cent, per annum; and after the payment of 9,376/. for keeping the vessels in re- pair, a surplus would still remain of 15,357/. The Directors had in- sured the floating property of the Company at 200,000/. There were 6,092 shares of 50/. paid up, amounting to 304,6001.; 3,241 shares have since been taken in England and Ireland, and 1,315 in India, making 10,648 shares, and the amount paid thereon 357,240/. The East India Company, in addition to their grant to this Company of 100,000/., had recommended an application to Government with a request that suffi- cient time should be allowed to the passengers from England to reach the steam-packet carrying the mails from Suez to Bombay ; which has been agreed to. Mehemet All had afforded the greatest facilities to a transit through Egypt, and had also offered to render practicable for carriage-travelling, at his own cost, the routes between Suez and Cairo, and between Cosseir and Ghenneh, and to afford such escorts as might be necessary for protection. In conclusion, the Directors con- gratulated the proprietors on the prosperous state of the Company's affairs at so early a stage of its proceedings. The report having been adopted, several resolutions were passed unanimously ; among which was one of thanks to his Highness Mehemet Ali. Finally, thanks were voted to the Directors.
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