The China Merchants S, N. Company has just issued its first annual report to its archolders, and the annual meeting was held at the offices of the Company, on the ith inst, The Report and Accounts are made up to the end of the sixth moon of the present year, 11th August. We give a few of the salient points of the Report. The Company was formed in November, 1872, under the management of Mr. Chu, but as the Chinese public did not show disposition to take up the shares, it was reconstituted under new regulations July, 1873, and by authority Vicorory Li, was placed under the manage-mont of Mr. Tong-kin-sin, who now holds the position. 'The capital of is Tis, 1,000,000, in 1000 shares of Tis, 1000 each, of which Tis, 600 per share have been' called up. The accounts show that 952 of the 1000 shares have been allotted, while 60 are reserved for the former manager, Chu, making 12 shares over the original number. The Company aa ut present took over the steamers being worked by Mr. Chu, and added to them the Hockung. It alto agreed to run as Hhant steamers three of the vessels built for gunboats at the Foochow Arsenal. So far, however, the Haiching only has deen thus employed, but two more are to be taken over in 'a short time. The agencies at the different ports not having traffic, and trade having been dull, Company lost about Tis, 25,000 during the first six months reported on. In the latter half-year, however, it not only recovered that loss, but showed a profit on working account of Tls. 117,000, From this have to be deducted Tls. 16,000 loss incurred in running the Ade) interest on loot making up the capital arock tu Tle. 670,000, but the Company still finds itself in position to declare a dividend of 10 per cent for the year, besides putting Tls. 12,000 to depreciation, and carrying forward a balance of Tls. 2,185. The Report invited the shareholders to meet yesterday to consider the affairs of the Company. We have heard that the attendance of shareholders was nominal, but that the Report and Accounts were adopted and passed. Tt was hoped that the Company would increase in prosperity during the coming year and pay a much handsomer dividend, when certain drains upon it had been done away with. To this end the Aden will be offered for sale, or, failing " market, will be turned into a hulk on the Yangtaze call will probably be made on the shares, or afresh issue made, to pay off advances and diminish the interest account. We believe the advisability of devoting to this object the balance available for the div: dend was suggested, but have not learned how it was received. The Company promised the conveyance of 100,000 piculs more of the Government rice this season than last, which at the handsome subsidy of 5 mace a picul will represent an addition of Tle, 50,000 to its receipts. Over and above the subsidy, the allowance for loss of rice in transit, which we presume in based on the old scale when junks were it is a profit to the carriers set down in the accounts at Tis, 14,000.
Text read from the printed page and cleaned; old type leaves the occasional error.