The Report of the China Merchants' Steam Navigation Company for the 15th year, or the XIVth year of Kwang Si corresponding nearly to 1888, has appeared. The Profit and Loss Account shows a gross balance of Tls. 649,765, which after deducting for depreciation' on steamers and godowns a sum of Tls. 298,741, and for dividend to shareholders Tls. 80,000, leaves anet balance of Tls. 271,014. 'This added to the net balance for the previous year, viz., Tls. 326,578, leaves a total net balance of Tls. 597,392.' The Viceroy Li Hung-chang has sanctioned a bonus of ten per cent. for the last three years to the Directors and staff; this bonus for the year under review amounts to Tls. 27,101, being one tenth of the net profits for that year; and for the preceding two years it amounts to Tis, 32,607, of which only Tls. 15,469 remained to be now paid, The total paid to Directors and staff being thus Tls. 42,570, the balance carried forward to credit of next year's account is Tls. 555,021.
Two new steamers have been added to the fleet, the Sin-sheng, at a cost of over Tls. 90,000nd the Sin-vii, the latter having. not yet arrived.
The Company' still owes to the Chinese Government Tls. 793,716, and to foreigners Tls. 511,393, Expenses for new godowns, ete. ab Shanghai, Tientsin, Ningpo, and Wenchow, new iron boats at Nanking, and repairs (new boilers) to the Fungshn, Kiungteen, and Kiangt'wuy, have involved an expendi= ture of over Tls. 238,000, Over Tis, 208,000 have been written off for depreciation in value of steamers, etc., and although over Tis, 18,000 was recovered for insurance at Foochow, the dividend to shareholders is only Tls.'80,000. The actual value of the pecty in steamers, godowns, Tis, 3,870,000, the proc perty having depreciated, it is estimated, since the 11th year of Kwang Sit £Tls, 480,000, The accoun -ch'i property are now in order, but there are still difficulties in obtaining a clear statement as regards the yam property and the Corean Loan ut is hoped that these will soon be ove come. ry effort will be made by the present management to conduct the busi-hess of the Company with the strictest i ition of the confidence the High Authorities have reposed in them as displayed by their retention in their present position, in spite of the suggestion they made that on the expiry of their three years of ofice, other Directors should be appointed in their stead.
The following is a rough translation of the Balance Sheet Tis.
Text read from the printed page and cleaned; old type leaves the occasional error.