Ditto on current account 33.202.02
Total borrowed...... 1,438,357.25 and—but one half-penny worth of bread to this intolerable deal of sack"—subscribed capital T's. 685,100. The subscribed capital had been increased during the year by Tls. 87,000, whilst the borrowings of the Company have been increased by Tls. 788,762.59, as will be seen by reference to the N.-0. Herald of 80th March, 1876. Amongst the public monies, it is explained that part is Tientsin army fands, and we know that, since the date of the report, Li Hung-chang's troops have revolted because they could not get their pay. That there is any connexion between the two circumstances we do not pretend to insinuate; the General commanding was accused as the culprit, no doubt righteously. We only re the curious nature of the deposit. It is not stated what rate of interest is paid on the public monies; the total amount is Tls. 20,820, which, taking the average of deposits, would be about, 8 per cent. The report states, how: ever, that at one time the Government advanced Tls. 700,000; the rate of interest, therefore, must have been lower; so. that it would seem the Chinese Government borrows money from foreigners at ten per cent. or more, in order to lend to this Company at a loss, During the year under review, the Company carried 290,000 shih of tribute rice, against 449,000 carried the year before (see N.-0. Herald, 30th March, 1876.) This is equal to 24,000 tous, and would employ six steamers for five months, giving an average of 400 tons per trip. As a larger amount is anticipated this year, the Company thought it judicious to purchase the steamers, property and plant of the S..S. N. Ca. for Tls. 2,000,000 besides Russell & Co.'s property at four ports for Ts. 220,000. The managers are still fearful that their twenty-six steamers will be insufficient for their requirements. The Government lends is. 1,220,000 to provide for the purchase, and the Company invites applications for capital to the extent of Tls. 1,500,000. From what we can learn, the application has not been very liberally responded to. So far as we ge therefore, ite Hinbiliion wand
Text read from the printed page and cleaned; old type leaves the occasional error.