The report read at the annual meeting of this company showed that the fleet of steamers consisted of 58 vessels, the same number as at the end of 1885.' Only one addition was made in 1886, the Yorouba, and one steamer, the Tagus, was lost on the coast of Madagascar, but the value of the latter had been almost entirely written off. The total net tonnage of the fleet was 150,939 tons, and the gross tonnage 247,547 tons. The original cost of the fleet, or 122,593,611f. had been reduced by amortiations to 51,228,199f. which was the amount at which it stood as assets in the balance-sheet. The shipbuilding account was increased in the year by 3,037,352f. by further outlay on the Portugal, which was still on the stocks, and by advances for two new cargo boats, The insurance fund remained almost unchanged 056,115f. which was considered beyond two millions of franes'per steamer were covered by outside insurers. The distance run by the company's steamers in 1886 was 741,108 leagues, an increase of 13,622 leagues, compared with the previous year. The total comprised 137,300 leagues of free and subventioned lines, to which the board called the special attention of the meeting. 'The affair of the Saghalien, which was run into and damaged by' the American mail steamer City of Peking, was still pending before the Admiralty Court at Hongkong. Thenumber of passengers conveyed was 106.917, a few hundreds more than in the previous year, including 15,192 Government passengers, of which 4,291 were carried free and 10,901 at a reduction of 30 per cent. The goods service consisted of 5,955,490 packages, forming a total of 445,234 tons, as against 5,529,165 packages and 421,861 tons in 1885.' The money parcels represented a value to 183 millions of francs. Briefly the transport of passengers and money (cash and securities) remained stationary, but the merchandise increased 5 per cent. The receipts increased about 2 per cent., which was a satisfactory result considering the great diminution in the number of troops carried between France and theeest. Ordinary passengers on the Indo-China line rose 284 per cent., and the goods transports 134 per cent, notwithstanding the competition of the foreign lines. The lines of the small colonial system, that to Manila in particular, contributed to that favourable result. The expenses were kept down in 1886, and did not increase with the longer distance run. The price of coal remained at a level, the maintenance of which was to be desired and the same might be said of the freight of coal ships, which has formed compensa. tion for the diminution in the commercial receipts, resulting from the general reduc tion in freights. "The general balance sheet showed receipts amounting to 52,393.772f., and expenses to 47,996,236f. leaving a balance of 4,397,536f., reduced by the loan charges (559,325f.) to 3,838.211f., as whereas against 3,199,942f. for 1885. After an few Oriental did so by the issue of appropriation of 191,910f.to the reserve, a dividend of 30f per share, or 6 per cent., leaving a balance of 46,300f. to carry forward.
Text read from the printed page and cleaned; old type leaves the occasional error.