Report and Accounts for the year from the seventh moun of the 2nd year of Kiwang-Hsié to the end of sixth moon of the 3rd year (19th August, 1876, to 8th August, i877.)
The time has soon come round again for striking the yearly balance of the Com-any, being the fourth since your Directors
management by the Earl Li. Of the policy lad the angel &. a gedeusteel wih inaugurated by them, and of the Som. pany's accounts for the past three years, the Directors have had the honor to submit, year by year, detailed reports for the information of the Shareholders.
From the seventh moon to the end of last year the Company received as freight on the various river and sea voyages of the twelve steamers they purchased, some time ince, over'Tls. 400,000. This sum was sufficient only to cover the working expenses. Inthe first moon of the present Bteam Navigation Company, by: which our ear, the Company bought up the Shanghai
fleet was more than doubled, and the Directors confidently expected 'a propor-Honato increase in business. Unexpectedly erations SY Somnarly ig, the under review, although':
followed the channel; have had to be adjusted to the necessities of the times, and the Directors have had to combine new measures with the old methods. Although there has been no falling off in the amount of goods or number of passengers carried on the River pany een pressed in many wa} during the half-year just ended, the Com-tie' rival Company. On the one hand, andas we could not exact a higher rats freights have been lowered in competition, than our rivals, it is evident we had to suffer loss. On'the other hand, on. certain trips both up and down river, the Com-steamers have not had cargoes tly full to pay the running expenses, and insensibly money has been wasted, Having due regard to the conditions of trade and the opportunities of the Company, the Directors did not presume to adhere to one line of policy, nor did they shrink from the responsibility of adopting new measures to secure a share of the traffic. Happily, by the end of the sixth moon, we received as freight over Tls. 1,000,000, and our receipts from all sources have amounted to over Tls. 1,500,000 and after allowing for all expenses, for repairs to the fleet, and for interest on borrowed money, not only does there remain sufficient to pay the guaranteed dividend, but there is a balance over. This is a slightly better result than we had to show last year, and one which is owing to the praiseworthy zeal of our colleagues.
After paying this dividend, which we have now declared at the rate of 10 %, and after having written off the debit balance of Tls. 30,000 odd brought forward from last year's accounts, and allowed for bad debts for freight at the different ports amounting to Tls. 4,000 odd, there remains a balance of over Tis, 10,000. This sum being com-
Sur making any allowance for deprésation of our steeniers (lit, "for the age of the steamers the phrase as written would be folder.) "We, therefore, suggest that it almost unintelligible to an ordinary Shoe:
carried to next year's accounts, as a credit balance, but we shall be pleased to have the opinion of our Shareholders in the matter.
The Capital Account this year li mote complicated than formerly; we have therefore purposely abridged the details eaposting es and freight. The other items are all inserted in full. The accounts have been subdivided as before into two books, and submitted, according to law, to the Ministers Superintendent of Trade for the North and South, and distributed.to the Agencies at Tientsin, Hongkong, Canton, Foochow, and Hankow.—We beg. the Shareholders in the vicinity of each of these places to inspect them, so that they Company's affairs. may have a thorough insight into the
Some little time is necessary to, copy and compare the Register Books before the dividend due can be paid, and we propose to pay it in a month from the present date. Shareholders will, therefore, be paid on the first day of the ninth moon according to the number of shares they possess.
The Directors hope to have the consideration of the Shareholders.
Respectfully drawn up by the China Merchants' Company.
Accouxty of the China Merchanta' Company for the Year from the beginning of the 7¢h moon of the 2ad yes of trong Site the end of the Gt moon atthe 'To ordinary Stock, 730,300.60 Stock held 9 1 Block of th Advances fro Advances from private perso 1 Floating Balances, due Nati Floating Balances. due pri 'Dao luseell and Ca. (8.8 ide Stock'
and Sect ta 85 O wa 107 Balance to next year sound Less outstanding Freights 299,997,628 Bxpenss of preparing ce Transport 10,34.088 Tahyeo Steamer anoieoe 3 Floating Balances, private perou 20,074.459 Cart in baba soit Brot of Steamer Suze ga Replay ts, 11 ser Cargo-Boats Furniture, Rice '8h, Ts, 4,205,620.480
Text read from the printed page and cleaned; old type leaves the occasional error.