The annual general meeting of Shar holders in the S.S. N. Ca. was held on the 7th March. Present:—M B. Forbes, President, in the Chair; John Dent, W. H. Bell, W. J. Blydenburgh, F. D. Hitch, Directors; Rowley Miller,' Ht: de Courcy Forbes, J. M. Young, W. 8. Maclean, W. Mitchell, F. 'D. Bush, W. E. Allum, John Brand, W. Paterson, A. Sykes,' J. Morrivon, W. J. E. Stewart, H. Wheeler, T 1. Wheelock, P. K. Di mares, O. Brandt, Aug. White, G. A. Butler, H. Cordier, F. A. Groom,', Daly, F. Henderson, A. Voisin, J. L. Buller, B. Tootal, E, W. Rice, W. Kayo,' Carnie, O. Schuffenhaner, E, P, Lnlcaca, and W, Lovett, representing 15,785 shares, The notice calling the meeting having been read, The Paestoexr said—Gentlemen,—Owing to the departure of my predecessor before the completion of his term of the duty has devolved upon me of present ing to you the accounts of the Company for the past year, The Report has been in your hands for several days, and I propose that, as usual, it be taken as rend. 1 cannot doubt that the accounts will be found satisfactory. It is true that the nets earnings are considerably less than in 1871, but this is to be accounted for by the largo increase in the amount of tea carried by steamers other than those of the regular River Companies, and also by the notable falling off in shipments of cotton, Another cause of the deficiency is the cost of the heavy repairs made to the fleet during the year, The Directors, however, believe that this money has been' well spent; the Shanse and Plymouth Rock, for instance, have been entirely reno: vated, and are good for many years, while their cost on the books is considerably below their real value. The delay in the completion of the Shingking, now building on the Clyde, has caused the Company inconvenience if not loss, The Shingking is to be an iron steamer, of the Kiangse class, and, like her, will be available fur the Ningpo or Gulf line. Her cost will be about £30,000. The Nanking promises to be an important addition to the River fleet; her cargo capacity will be large, ona very light draught of water. She will cost about Tis, 200,000, The additions
Text read from the printed page and cleaned; old type leaves the occasional error.