It the Mitsu Bishi Mail Company does not turn out a brilliant financial success its failure must be caused by internal mismanagem¢ for never did a public company get a fair start ble auspices, Three weeks of the vessels of the anal Bail. Steatn to it corny
Ship Company, and the vessels, up to that time ran by the M. B. 8. $. Ca. on commission for the Japanese Government. We have been subsequent negotiations by the Com-the Pacific Mail Steam Ship Com-any for the purchase of the vessels of the fter running between the coast ports. For the news of the town to-day, the completion of that purchase, we were not then uuprepared, but we must- candidly admit that we not think the negociations between the representatives of the two companies would be brought to so rapid and complete a termination.
The fact is that each company was tired of ruinous competition, and -was glad by any sir compromise to bring it to a close, and to cease running an expensive line of steamers at a daily loss. And now the com tion is brought to a close; for the Pacific Mail Steam Ship Company ceased from Saturday, the 16th ultimo, to run its steamers on the Japan coast By the new arrangement three P. M.S. S. steamers Costa Rica, Gollen Age, Oregonian, are purchased by the M. B. S. Company. The Nevada alone remains Property of the former, and will be chartered the latter company to carry the through U. 8. mail, the specification of the mail oon. tract providing that the mail shall be carried by an American bottown only. The price paid for the transfer by the Japanese company has transpired; but, as of those which' might satisfactory to both parties, some show of reason that buyers and sellers will be equally pleased with their bargain, One of the articles of the agreement of the. 8. 8, and Kobe, they a ceased, was only natural and proper. admitted fact that the prices whi ruled in the two companies' vessels since inauguration of the Pacific Mail Company's competition have been at rates so reduced as to entail a loss upon each of the competing Bastien, Stil though they are roed, they jo not appear to have been unduly run up, and are considerably lower than they were before the enterprise of the Americans made travelling between Shanghai and Yokohama as cheap as stopping at home. The public may miss the low tariff of charges; but they will have the satisfaction of knowing that an important enterprise, the Coast carrying trade, in settled on a healthy basis; and that there is henceforward, financially, just ground of confidence in the Company flat is carrying it on.
And, as regards the arrangement, whatever it may be, come to for the transfer, the amount tobe paid by the Native to the Foreign Company for the latter's steamers, even if the price to be paid should be high, the Mitsu Bishi Mail Company is still to be con gratulated in its purchase of s monopoly in a valuable trade, and the removal of a formidable opponent, whose opposition is not likely to be replaced by any other Company. So Jong as the M.B.M.S.S.Co. uses its privileges with mod ion, and shows s willingness to consult the convenience and to meet the wishes of the trading and travelling commu. nity, a0 long will it meet with the support of the public, and so long will it be undisturbed by foreign competition. Should it however make an arbitrary and unjust use of its monopoly, other enterprises will not be wanting to iE. check on undue: encroachment. We heard a rumour that the Company pro-can hardly founded. Until, at least, the until ite working machinery is got into the-Company are established ona sound basis,
rough and the most economical order, it would do well to defer all ideas of extension. Meanwhile, we wish the Company all that success which good management is certain to command for it,
Text read from the printed page and cleaned; old type leaves the occasional error.