The project of establishing trading companies, of joint stock principles, in foreign countries, for the purpose of carrying on direct export and import trade witl China, has Jong been entertained by many Chinese who have been engaged in trade at the Treaty Ports, and the scheme has been looked upon with favour by high officials. The idea was, we believe, first taken into serious contemplation about five years and has been often discussed. in newspapers since that time. There has hitherto been a reluctance on the part of Chinese merchants to venture on such undertakings, but this has now been dispelled by the success which has attended the China Merchants' Steam Navi gation Company, and the Kaiping Mining Company, under the able direction of Mr. Tong King-sing and themanagersunder him; and the satisfactory working and increasing prosperity of these companies have Lated and encouraged many of those who hesitated to give their support to the project of establishing joint stock companies for operations abroad as well as at home. An association or trading company has now Deen formed, and their head-quarters are to be established in London, The C.M.S.N. Co.'s steamer Meifoo, which sails to-day for London, vii Foochow and Hongkong, with a cargo of tea, takes as passengers Messrs. Lun Shi-ting and Liang nm, and staff, these gentlemen being appointed the managers of the uew company. Mr. Lun Shi-ting, was for many years the avent of the China Merchants' Steam Navigation Company at Hankow; he is 'a gentleman of good connection, and his relations with foreigners in business at that port gave him extensive knowledge and experience. Mr. Liang was for some time connected with a foreign house in Hong-and his father is known as one of most highly respected merchants in that Colo-riy. The management of the new company has therefore been placed in good hands, and when we state that business is to be commenced with a capital of £150,000, that it will enjoy the patronage of a wealthy and progressive official, and that it counts among its shareholders some of the best merchants and capitalists in China, the first important element of success, a good financial basis, is secured. The Meifoo takes on this trip about 3,000 tons of tea, and while the principal business of the company will be in tea and silk, the operations will in due course be extended to other branches of trade. A regular line of of Chinese steamers to London is in contemplation to carry on the business of the company, and there is every reason to believe that Chinese firms will in course of time secure a firm position in London and other foreign market:
The voyage of the Meifoo to London is of itself an interesting and important event. She is not the first steamer that has carried the Drayon flax to Enylish waters, as the C.MLS.N, Co.'s Hae-shin took to Newcastle-on-Tyne the Chinese crews which are now on their way out with the two uew cruisers for the Chinese Government but the mission of the Meifvo is entirely commercial, and she will be the first Chinese trading steamer to deliver a cargo of tea at London Docks. When the Hochung first entered the Golden Gate, the San Francisco newspapers and anti-Chinese ators got up a great scare, for which there was no foundation at all. The Meifoo has also visited San Francisco, and now proceeds to London under command of Captain Petersen, who was in command of the Hochung on her first voyage to California. "He therefore have the honour of being the first to sail the Chinese flag into both the ports of San Francisco ud London; and his present appointment shows that the result of the Hochung-Lap-icing collision case has not diminished the Company's faith in his skill as a navigator. The Meifoo has an interesting history, and it will not be out of place to give a few particulars in regard to her on this occa-ion:—She was formerly the iron barque which was wrecked on the Shantu mentary and was towed down t" Shanghai in July 1879 by the purchasers of the wreck, Messrs. S. C. Farnham & Ca. She went into Tung-ka-doo dock, and was converted into a screw steamer, being cut through amidships and 57 feet G inches added to her length. Her dimensions are are 295 feet length over all; 33 feet beam; depth of upper deck 7 feet 6 inches, tween decks, 7 feet 3 inches; hold 12 fect
Her tonnage is 1284 net, and 1,745 gross and her engines are of 150 horse power nominal. The steamer was purchased by the C.MLS.N. Ca., and her name Meifoo, Wealth and Beauty") was selected for her by HE. Li Hung-chang. She made her trial trip on the 13th October 1880, and on the 19th of that month left Shang. hai on her first voyage to Hongkong and Canton; after making other two trips to the same ports, she left Shanghai on 29th December, for San Francisco, vid Canton and Honolulu, and arrived on 19th February of this year. She has also made a second trip from Hongkong to San France direct. She is, "as we have already stated, commanded by Captain Petersen and her officers and crew are as follows 3 European oticers; 4 European engineer 4 Manila quartermasters; and 18 Chinese sailors and firemen.
Text read from the printed page and cleaned; old type leaves the occasional error.