The anomalous condition of the Chinese Anny is very forcibly shown by an extract from the Peking Gazette which we publish in another column, reporting the inspec tion of the Naval and Military forces by the Viceroy of Fukien, Equal praise is given to those who are proficient in archery with those who can hit the target with a rifle. Shield exercise and musketry drill are both commended, The Viceroy further reports that he visited the P'an-shih fort where he found two excellent steel breech-loaders, but considered the other breech-loaders not equal to nwuzzle-loading guns. The Viceroy wisely gives no reasons for this conclusion, but it would be well to know what make of breech-Inaders he so authoritatively con-domns, and what style of muzzle-loaders he refers to.
The sixth annual report of the New Oriental Bank Corporati has just reached us, and the shareholders may be congratulated arable result of the year's business therein shown. The Profit and Loss Account, including £22,511.12.11 brought forward, shows a net profit of £62,440.16.4 after paying working expenses of all descriptions and making full provision for bad and doubtful debts. "An interim dividend of six shillings per share, being at the rate of 6 per cent, per annum, was paid in January last, being for the half year ended 30th September, 1889, and out of the profit how in hand the Directors recommend the payment of a similar dividend for the half year ended Sist March last, which will then Teave the handsome sum of be carrted forward. The business of the Bank has steadily increased since it commenced business in 1884, and for the last three years and a half it has paid a dividend of 6 per cent. per annum.
In another column will be found full particulars of the half-yearly general meet ing of the P, & 0, Company held in London on the 10th June, Mr. Thomas Sutherland, M.P., in the chair. The Chairman, in very happily chosen words, excused the Urevity of the Report on the grounds that the ordinary proceedings of the Company were 5" well understood by the proprietors, and the general service was conducted with such order and regularity, that there was very little to put into report, but he was in the proud position of being able to add that on every occasion that he had occupied the chair it had been his good fortune to make a fair announcement of the Compsny's working, to which the last Report was no exception, Referring to the repayment of part of the capital of the Company, Mr, Sutherland was able to explain that the accumulation of capital had occurred chiefly, if not exclusively, by the fact that the old fleet had been replaced by a new one at a very much lower cost than the old fleet originally stood at; and as regards the conversion of shares the Chairman stated, amidst the applause of those who were listening to him, that it was perfectly clear that while the conversion had been considered necessary. and beneficial to the shareholders on general grounds, the operation as carried out had been converted into an absolute cash bonus to the shareholders amounting to 20 per cent. on the par value of their paid up capital, The half year under report showed as favourable a net result as that of the previous year, the increase of passage money, etc. having compensated for the diminution of freights earned, but the Chairman was bound to admit that the Prospects for the future were not of brilliant or even satisfactory kind, and Mr, Sutherland justly said in explanation of falling off in receipts, that the late improvement was rather one of prices than in quantities brought into consumption, and that the import trade for the Inst few months of this year showed a decline compared with last year of several millions, and against this the increase of tonnage was encrmneus. The comparison of present rates of freight with those charged ten years ago showed a lamentable falling off, but in his concluding remarks the Chairman was able to point out that the Company possessed a considerable number of resources which assured a certain amount of compensation for the great decline in ordinary carrying rates, and expressed a hope that before the close of the financial year brighter prospects would be in store than then existed. An interim dividend for the half year ended Bist March at the rate of per cent, per annum on preferred stock, and of 7 per per cent per annum on deferred stock was passed unanimously. The shareholders showed the greatest confidence in the management of the Directors, for note withstanding the depressing but straight forward remarks the Chairman felt called upon to make, those present justly accepted his speech as being on the whole highly satisfactory.
he second semi-final tie in the lawn tennis handicap of the Shanghai C.C. was plate on Monday afternoon between Messrs. W. Scott and C. T. Bowring, on even terms. After an extremely good encounter, Scott won the deci games, the final score being The winner will play Mr. A. W. Bowman (who receives 15) in the fin The fina! heat of the lawn tem handicap of the Shanghai C. C, was played Wednesday afternoon between Messrs.
Scott and A. W. Bowman, the latter receiving 415. Playi it i Dut facing the sum, 8 set by 6 games to 3, and led by 3 2 in the second set; but from this point he appeared to tire' more and more, and lost the second set by 6 to 4, and the third by 6 to 2, Bowman thus winning the first prize, a cup value $30, Mr. J. A. Sullivan acted as umpire and scorer, The games were with as fellow Scott...
Text read from the printed page and cleaned; old type leaves the occasional error.