We have before us the minutes annual meeting of the shareholders in the Messageries Maritimes Cv., with the report of the Directors of the working of the Company in 1896, and the accounts for the year, with the detailed report of the auditors. Accompanying them is another pamphlet giving the documents, with statistics and maps, on which the Directors' report is based and we need hardly say that they are very interesting papers. Before weecme to their consideration, we may specially tiotice one point, which is one we have often touched on when discussing the reports of the P. & 0. Co,'s meetings. Sir Thomas Sutherland very rarely remembers that his Company has a staff afloat and ashore to' whose ability and devotion nine-tenths at least of the Company's anacess is due but on page 17 of the Messageries' report we find the following appreciative sentence: "The preceding explanation gives a good idea of the activity impressed on our working staff. We are happy to state that the task has been rendered easy by the devoted and earnest concurrence with which we have been met on the part of your staff in every service, and in every grade of the hierarchy. You will certainly agree with us in testifying your satisfaction in this respect."
The report begins by mentioning that the floating property of the Company represents about 75 per cent of its total assets. Its value was increased in 1896 by about £355,000, caused by the addition of a Inrge steamer, the Cordillére, and the purchase of the Persépolis for the Persian @Gulf line. It was diminished on the other hand by the sale of the Zabourdonnais, which was sold on the 31st of July last to be broken up after 33 years of service. 'I'he total value of the Coupany's floating property on the 31st of December last was £6,272,000. The Company's sinking, or depreciation, fund at the same date amounted to £2,845,000. The fleet consisted of 60 vessels of 219,002 tons, and 176,550 horse-power. Chere are ander. construction at the Company's yard at La Ciotat two high-power twin-screw steamers, the Laos and the Indus, tended for the Indo-China line. Two other similar vessels are required; one of them has been Inid down on the slip from which the Zoos was put into the water, and the other will follow the Indus, as soon as the latter is launched. There are also under construction by the Forges et Chantiers de La Méditerranéa anew Dupleiz, for the Calcutta branch line, and a large cargo steamer, the Sinai, for the Far-East trade. The Property account has been increased by the creation, as required by the contract with the French government, of an agency and coal depot at Djibouti, which replaces Aden, and the opening of agencies at Diego-Suarez, aunatave, Majunga, and Quin-hon; while the increased size of the new liners has neces- Twa} sitated large additions to the plant at La Ciotat. We need not dwell on the statements of the cash and securities, the latter of which include 10,000 unissued debentures; nor need we say anything about the sundry debtors and creditors of the company.
Turning to the liabilities, we note the capital of the company remails at £2,400,000. The existing debt includes £1,800,000 33 per cent debentures issued in 1895. Of new 33 per cent debentures 80,000 have been issued producing £1,544,000, with which 64,806 old 4 per cent debentures for a sum of £1,296,000 have been paid off, leaving a net gain to the com-the addition to the fleet of two new steamers, the sinking-fand remains at 50 per cent of the net cost of the fleet. Besides this there is an-insurance fund amounting to £340,000, 'The paragraphs devoted to the general working of the Company mention that it was in 1896 that the services called for by the additional contract of November, 1894, were completely' organised. This contract required the addition of five large steamers to the Indo-China line, and this has been carried out as already mentioned. But while the Company have been giving their chief attention to the subsidised services, the commercial lines have not been neglected. Che Persian Gulf me was opened but bad to be suspended this year in consequence of the quarantine imposed on all arrivals from Bombay. A-branch line "was opened last October connecting thie stations on the Mozambique Channel and Lorenzo Marquds with the Indian Ocean line. It seemed important that the French flag should be represented -in these parts, and the line promises to be paying one. In 1896, too, the Sénéyal was employed in making holiday trips, which were successful in every way, and evoked a new and genuine interest, in the' sea on the part of the French public, There has, of course, been a great increase in the distances ran by the steamers, 'I'he fleet made in 1896 443 voyages, of which 284 were contract and 209 unsnbsidised. The total distance ran was 935,426 marine leagues, of which 532,979 were on the subsidised, and 402,447 on the commercial lines. It is udded that the fleet did not suffer single accident-of any importance in 1896; but mention is made of the explosion of a steam-chest on the Saghalien, an accident for which there is no precedent in the Company's annals, by which one European and 12 natives lost their lives. The actual average speed and the contract. speed on the different lines: daring 1896 were as follows Australia and New Average, Contract, Knots,. Knots.
Caledonia 15.06 14 Indo-China 13.54 13 & 18} indian Ocean 12.43 12 Mediterranean 13.13 13 Calcutta branch 1219 12 Batavia wove 1251 12 Brazil and La Plata 14.71 14
We have no room to-day to reprint the statistics contained in the pamphlet of documents on which the report is founded, but we may conclude with the mention that the dividend for 1896 was Fes,-27.50 on each share of 500 francs, leaving a sum of Fes, 29,584 to be carried forward.
Text read from the printed page and cleaned; old type leaves the occasional error.