Some idea of the extent of this establishment may be formed from the following items of expenditure:-- For the half-year ending the 31st March last, the company disbursed for the shipping department alone-- £ _s._ _d._ Coal 93,568 2 4 Oil and tallow 2,687 14 0 Victualling seamen 16,501 14 6 Wages to seamen 29,383 6 0 Incidental expenses 8,114 1 11 Chartering hired vessels 6,326 12 0 ---------------- £158,581 10 9 ---------------- The receipts under the following heads, for the same periods, amounted to-- Passage-money, after deducting the charge for £ _s._ _d._ maintenance 110,508 4 6 Stewards’ fees 1,677 16 8 Freight and parcels 72,894 9 9 Conveyance of mails 112,262 10 0 ----------------- £297,343 0 11 ----------------- The company has not thought it prudent to pay a larger dividend than 8 per cent. per annum to the shareholders. In addition to the dividend, the before-mentioned reserved funds have accrued from the annual profits, viz.:-- Depreciation £175,183 Insurance 137,162 Repairing 74,079 -------- £386,424 -------- Beyond 2½ per cent. on the freight and passage-money, paid to the directors under the head of management; and 5 per cent. on the profit balance on closing the account, paid on the same account. These charges of 2½ per cent. on the freight and passage-money, and 5 per cent. on the balance, include, beyond all other expenses of management, allowance to the managing directors, for conducting the affairs of the company, to the net amount of from £15,000 to 16,000 per annum. This remuneration is paid to them under the deed of settlement, and has probably secured to the shareholders an efficiency and economy in the general arrangements which have contributed greatly to the success of the concern; at the same time it may be doubted whether, in estimating the profits of the company, the amount paid to the directors may not be considered (beyond the usual compensation for such services) as part of the general profits, rather than as a charge of management. The principles on which the reserved funds have been laid aside appear fair and reasonable.