SHANGHAI STEAM NAVIGATION COMPANY, The annual general meeting of hioldera in the Shanghai Steam Navigation Company was held at the offices of the Agents, Mesers. Russell & Ca., on Monday. Present, F. B. Forbes, Eeq., President, in the chair; J. Dent. Esq., and F. D. Hitch, Esq.; Directors; and Messrs, Rowley Miller, E. McLoughlin, M. Young, W. W. Lovett, J. F. Goodfellow, E. Seligmann, N. B. Hinckley, A. G. White, ©. A. Dunn, F. D. Barnes, 8. Daly, G. A. But ler, F. A. Groom, G. Wheeler, W. Maclean, H. T. Wade, A. T. Carmichael, W. Mitchell, G, Withers, H. Cordier, Choping, Koofongtsung &c., representing 17,404 shares.
The Prestoenr said.—I presume that the Report, which has been for several days in your possession, will be, as usual, accepted as read. ' OF course che main feature in the accounts is the fact that the Insurance and Depreciation Fund is Tls. 372,000 less than it was last year. As regards that portion of this. loi which arises from the working account, I think it is needless to enlarge here on the causes, which are familiar to you all—keen competition on the Yangtse; opposition also, though less important, on the Company's other lines, and general dullness of trade in many directions. The casualties have unfortunately had a serious effect on the Insurance account, but they were the first since the Company began to underwrite for itself; and it was not to be expected that' such an Insurance fund would continue indefinitely to escape its share of losses, On the other hand, the consequences of these accidents could not have been lighter—as the spare boats filled up the gaps in the line, and the earning power of the Company was never fora moment decreased. The Company's reserves were established with two main objects—to equalise divi-dands in occasional bad years, and to provide means for renovating the fleet when required. The Directors have therefore not hesitated to continue the payment of the usual 12 % dividend, although the net income of the Company, 1 you must have remarked from the accounts, was only about 6 % for the year, They have also felt it their duty to order iron vessels, replace the wooden staumers as fast as the latter become unservicea They commend the same policy to their successors, and they believe that by careful management, the change from wood to iron can be accomplished effectively and economically, Advertisements have appeared in to-day's newspaper with reference to the new river tariff adopted by the two Companies, This tariff has been adjusted on the principle of advancing rates for valuable commodities like tea and piece goods, while leaving comparatively low the rates for cheap Chinese produce. It is hoped that any diversion of this part of the trade to junks and lorchas may thus be prevented. Ido not know that there is anything more I need add at this time with regard to the Report and Ac-. counts, and meanwhile would propose—That the Report of the Directors and the Accounts for the year 1873, as presented, be accepted and passed.
Mr, Denr seconded, Rerors, The amount of net gain on the running accounts of the Steamers and Godowns is Taels 106,379.11. After paying the usual dividend of twelve per cent and returns to contributors, there remains at debit of Profit and Loss Account a balance of 132,925.56. This has been carried to debit of Insurance and Depreciation Fund, which is also debited with Taels 200,000, for the net loss on the steamers Kiangloong, Moywne and Chusan. A farther sum of Taels 40,061.81 has been written off for loss on sale of the Manchu and in reduction of capital cost of other steamers, leaving the balance at credit of Insurance and Depre: ciation Fund at Taels 701,613.86, The year has been marked by an unusual number of disasters to the Company's fleet competition on the Yangtsze River has kept rates of freight very low; and the earnings of the Gulf line have been decreased by the stration of Northern trade and other causes, view of this combi jon of adverse circumstances, the Directors think that the Shareholders have reason to be satisfied with the final result of the accounts.
Two steamers have been lost during the year. On the 9th March the Kiangloong, while on a voyage from Shanghai to Hankow, struck onan unknown rock near Nganking, and her hull became a total wreck. On the 7th December the AMoyune, then isid up in the harbour of Shanghai, tras destroyed fire, the most strenuous efforts to extinguish the flames having proved unavailing. Imme-
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