fourth ordinary general na this Company was held at th Street Hotel, London, on the 29th June leat, Me. James MacAtudrow in the dur.
The Securrany having read the notice convening the meeting, and the report and accounts being taken na read, Pho Cuaimway said that this annal meeting was held somewhat later than usual, and Inter than the directors desired, in consequence of an unfortunate detention of the accounts at Hongkong, which had prevented the books from being closed audited earlier. It was gratifying to Board to meet the shareholders on this ocexsion with a somewhat more encourage after the period of disappointment which they had passed through, and it would no doubt have been atill more favourable if 1884 had been ,000 aa depre-inst £13,300 in the previous year; and mith the help of some return of commission from the General Menagers, which they had very readily ceeded, to recommend the payment of a dividend of 3 per cent. to the shareholders. Messrs. Matheson & Ca, express distinct opinion that the present year shows materially better prospects for the Company than the past has done. The complications caused by the French are and although their presence to the have The blockade of Formosa prevented the steamers from calling there and earning their usual freights. The conveyance of rice was put a atop to by the French declaring this necessary of life contraband of war, a measure previously unheard of; and one of the Company's had actually to re-laud " large quantity of it which had been taken on board when the announcement was made. The Home Government declined to prevent captures, and would only promise diplomatic remonstrance should a Prize Court declare the capture legal. On other occasion treastire, if consigned to Iso pronounced contraband, and one of the Company's steamers havin, iment on board, was stepped an to the Ningpo River to obtain a decision on the point. The captain objected unless the French ship chose to take him there, and eventually the steamer was released, but with an intima. tion that treasure consigned to Chinese would in future be liable to seizure. This being an important matter, was submit by the Board to the Foreign Office, which a few days ago returned a value and evasive reply. Pi i b concluded in Government having taken place here, the subject has not been prosecuted further. With reference to the details of the report, the Chairman alluded to the loss of the Posany. he prospect of bringing hor of the rocks appeared very hopeful at one time, and considerable expense was i curred for the purpose, but it was finally found necessary to abandon her, The comply lost the line which they had underwritten upon her, together with their share of these salvage expenses, but the recoveries under the policies of insurance had now been made, and this account was finally closed. 'The underwriting woouunt is in s satisfactory condition; the bree miurus earned have nearly covered the forgoing loxs, together with all ordinary claims," 'The' Board are now taking, on belial pany, increased risks on wil th ud if they ure fortunate rough to have a year of comparative immunity from loss, they should then be ble to assume the entire risk, When that is done, the underwriting account ought to form a source of regular income, The pivot has been kept in thorough order, and all necessary repairs, including new boi e been executed as quired. Considering the times they pasted Uirough it might be said has been con ployment for the steamers, not always 60 remunerative was desirable, but still earn: If this has been accom! the past year with the disturbance o the French hostilities, and with general depression in trade, it is not unreasonable to look for much sults this year, and th w is confirmed by the improved figures telegraphed to us for the firet four months of the year, while it that the remaining months will do still better. he Kutsang was bought as a comparatively new vessel, new boilers and other improvements bring put into her before she was taken over, 'I'he Canton was bought in China, and is an excellent purchase, and good value forthe money, The General Man rs had accepted three chart hor on profitable terms, after mak voyage to Australia, she will take her place ul sang, now being built, will be a first-class vessel, and will enable us to undertake our proper proportion of the coxst work, and to avoid chartering. All these had been secured, while shipping was depressed and cheap. The Calcutta Line had not been altogether answering expectations.
'Two Mail Lines via Colombo, and British India Company, have entered into competition with the' regular steamers, and by accepting reduced freights, have taken away a cor tsin amount of business. It is thought that by improved arrangements and more frequent departures, shippers will have less i for making use of these cizoui and that facilities of this nature will ten to increase the trade with China, The whole matter now under the consideration of 'The Coast trade during the past year has been going on much as usual, except in far as it' lias been interfered with by the Frouch operations. in consequence' of these, the Chinese authorities had blocked both the Canton and Foochow -rivers;: obe
Text read from the printed page and cleaned; old type leaves the occasional error.