It will have been observed, from the evidence of Mr. Croker of the Admiralty (see page 27), that in consequence of the Directors offering to the Government the permission to investigate the accounts and books of the Company, the Admiralty appointed Capt. A. Ellice, R.N., the comptroller of steam machinery, and previously superintendent of the packet service at Southampton, together with Mr. W. H. Bond, an experienced accountant, connected with the civil department of the naval service, to make that Investigation. The following is their Report, which, although it was considered by the Admiralty as a confidential one, and therefore not to be published without the consent of the Company, the Directors had no hesitation in permitting to be produced to the Committee, and which has, accordingly, been published in the Appendix to the Committee’s Report. _Report by_ CAPTAIN ELLICE _and_ W. H. BOND, _on the Peninsular and Oriental Steam Packet Company_. SIR, Admiralty, 17 June, 1848. In obedience to their Lordships’ instructions of the 30th ultimo, I have inquired into the matters therein mentioned respecting the Peninsular and Oriental Contract Steam Packet Company, having called to my assistance, for this purpose, Mr. W. H. Bond, purser of her Majesty’s navy; and I have now the honour of enclosing the Report thereon for their Lordships’ information. H. G. Ward, Esq., (Signed) A. ELLICE. &c., &c., &c. * * * * * This Report being founded on certain documents which were confidentially placed in my hands, I consider that this Report should be confidential also. (Signed) A. E. * * * * * Admiralty, 16 June, 1848. In compliance with the instructions of the Lords Commissioners of the Admiralty, contained in their minute of the 30th ultimo, “To ascertain whether the profit of the voyages between Southampton, Malta, and Alexandria, have been such as would provide a dividend of 10 per cent. per annum on the capital, after the ordinary deductions of wear and tear, and sea risk of vessels,--if the directors had not thought fit to invest a portion of their profits in the extension of the stock, by the purchase of additional vessels:” “Also to endeavour to institute a comparison between the expenses of carrying on the mail services by the company, and those which are incurred by her Majesty’s naval service in similar duties:”--Application was made to the directors of the Peninsular and Oriental Company to furnish a copy of the balance-sheet for the last half year, ending the 1st March, 1848, together with such other documents as would serve to explain the various items contained in it. These being furnished, the readiest access was afforded to the ledger and other books of the company, for their verification.