“That in consideration of the duties to be performed by the said managing directors, and the expense to be incurred by them, and of the services rendered by them[11] in the formation of the said company, and of the negotiating and procuring the contracts with her Majesty’s Government for the mail service, and of applying for and procuring the aforesaid charter of incorporation for the said company,--the said managing directors shall be allowed and paid by the said company a commission of two and a half per cent. on the gross receipts or earnings of the said company; and also a further commission of £5 per cent. upon the net profits of the business of the said company, after deducting from such net profits the amount which shall be considered necessary to set apart as a reserve fund, as after mentioned, for the purpose of repairing machinery and vessels and other of the stock of the said company; the aforesaid commission of £5 per cent. to be paid on the making up the half-yearly accounts of the company for the ascertaining and declaring the dividends to be paid to the proprietors; and that such compensation shall be paid to the managing directors in equal shares so long as there shall be more than one.[12] “B. M. W.” “11 August, 1848.” CONCLUDING REMARKS. The preceding statement and evidence can scarcely fail to force on the conviction of every unbiassed mind “the following conclusions:-- 1. That the Company owes its present extensive employment in the Contract Mail Packet Service to no other circumstance than that of having placed itself, by its own enterprise, in a position to execute that Service with greater advantage to the public interests than could otherwise he obtained. 2. That in the planning, undertaking, and executing of that Service, it has realised important benefits to the public, whether considered in a financial, political, social, or commercial point of view.