(Signed) JOHN PIRIE. AR. ANDERSON. FRAN. CARLETON. B. M. WILLCOX. (True Copy.) (Signed) C. W. HOWELL, Secretary. _Copy of a Memorandum made by_ Mr. COWPER _on the Contract for the Calcutta Mails, after the receipt of the Report of Investigation by_ Captain ELLICE _and_ Mr. BOND, _and sent to_ Lord AUCKLAND. “The contract for the Calcutta mails, from Southampton to Alexandria, expires on the 8th January, 1849. Two offers have been made for its renewal, one by the Peninsular and Oriental Company, for £27,500 the first year, and for sums diminishing by £500 a year for every subsequent year that the contract may remain in force. A new company, the India and Australia, offer to do the same service for £25,650; the sum now paid is £28,500. “The Peninsular and Oriental Company accompanied their tender by an offer to pay over to the Government any earnings or profits they might receive beyond a maximum dividend of ten per cent. to the shareholders, after the customary allowances have been deducted for repairs, wear and tear, and sea risk of the vessels and property; and as a security, they offered to submit, from time to time, the accounts of all their transactions connected with the mail service, to the inspection of such competent persons as the Government may appoint. “Captain Ellice and Mr. Bond were then requested to examine the accounts of this company before any decision was come to upon the tenders; and having had every facility afforded them, have made the accompanying report. From this it appears that the profits made upon the capital of the company, about equal ten per cent. as a total sum; but that after reserves for depreciation, repairs and insurance, and expenses of management, there has remained hitherto not more than eight per cent. for the shareholders. The question of how much of the earnings ought to be kept in reserve to meet depreciation, is so discretionary that I have no expectation that any company would ever admit that there was a surplus profit to be handed over to Government; and this report confirms my impression, that we ought not to make such an arrangement a part of the contract. “But I think both the tenders too high, and that we ought to decline them both; and this we can do without irregularity, for they are not tenders called for absolutely, but only tenders ‘to treat.’ “If this be done, we should then make an offer on our part; and as the Peninsular and Oriental Company have performed their contract perfectly, and furnish every guarantee that can be desired for the regular execution of a future contract, I consider that we ought to make our offer to them only; and if they should refuse it, we might repeat it to the India and Australia Company.