Fourteen native capitalists, residents of Changsha, have put up the sum of Tls. 280,000 in order to start a line of small steamers between Hankow, Changsha, and Siangtan. They have petitioned and obtained the Governor's permission, and bought property for offices outside the North Gate, They call themselves by the well-known name of ''China Merchants' Steam Navigation Ca.," but as far as I could ascertain have no connection with the firm which has hitherto had a morloply of this fine-sounding and beautifully deecriptive designation. They too, like the telegraph people, have stipulated to employ no foreigners. It is not expected that they either will meet with much opposition, as even the native boatmen who often have to wait for a month ata time fora favourable breeze to cross the lake, will be glad of the opportunity of being towed ata reasonable figure. Its chief danger seems to lie in the direction of too many directors, as in addition to the fourteen shareholders all the mandarins in Changsha are associat ed in the management. My informant did not know the proverb about too many cooks," or he would certainly have quoted
Text read from the printed page and cleaned; old type leaves the occasional error.