Tae loss of the Ly-ce-moon on the worst of Australia removes one of the few Inndmarke—of such an expression can be used of a sleamer—of the old days in the China trade. When steamera were first run to the north of Hongkong it soon became evident to the groat houses that it would be an im. mense advantage to them to have the earliest advices of the European and of the opium markets, Private steamers wore accordingly despatched from Hongkong to this as soon as possible after the arrival of the mails there, and these made their way as fast as pose sible up the coast, and anchoring in Yangtezo Bay sent a messenger across country to the houses of their owners here, These advices in antici" pation of the mail were often of the highest importance, and enabled the partners here to operate to the best advantage; they were in fact like the possession of @ private telegram now a days. Generally the firms who owned the steamers were from one to two days in advance of their competitors, and although after a time the Chinese silk, ten, and opiam merchants become wary, it was very seldom that some good could not be done when the advices were
Text read from the printed page and cleaned; old type leaves the occasional error.