arrived when
the entire charge of the packet service should be deliberately
examined and reviewed, with joint reference to the questions--how
far the purposes with which the present system was begun have been
accomplished--how far the total amount of service rendered to the
State is adequate to the total annual expense--how far there may
be cause for a more than commonly jealous and scrupulous
consideration of such further schemes of extension of the system
as particular interests or parties may press, or even such as
public objects may recommend from time to time; lastly, how far,
on account of the early period at which certain of the contracts
are terminable, or on account of requisitions put in by the
contractors themselves for the modification of the terms, or for
any other reason, it may be prudent to entertain the question of
any revision of those terms, or of laying down any prospective
rules with regard to them; such only, of course, as may comport
with the equitable as well as the legal rights of the parties, and
may avoid any disappointment to the just expectations of those
classes who may have felt a peculiar interest in the establishment
and extension of these great lines of communication."

After remarking that some of the vessels of some few Companies were
unfit for purposes of war, the "Minute of the Treasury," in
instructing the Committee, further says:

"At the same time, it is not to be conceived that, on account of
this failure in a portion of the design, the country has cause to
regret having paid a larger price than was intended to be paid
simply for the establishment of these noble chains of
communication, which well nigh embrace the world. The organization
of a complete postal system upon the ocean, with absolute fixity
of departures, and a general approach to certainty in arrivals,
was a great problem, of high interest and benefit, not to England
only, but to all civilized countries; and this problem may now be
said to have been solved by England, for the advantage of mankind
at large. It was to all appearance altogether beyond the reach of
merely commercial enterprise; and if the price paid has been high,
the object has been worthy, and the success for all essential
purposes complete."

As a consequence of this "Minute," the Lords Commissioners of Her
Majesty's