rd San, To all concerned with shipping and the East Sir Thomas Sutherland's semi-annual deliverances to his sha holders at their general meecing of great interest. The latest occasion was on the 12th of December last, ab the annual meeting. Sir Thomas. began with well-worded refer-
Mr. F. D. Barnes, a managing director of the Company, who was at work in the office a few hours before his tleath, in apparently perfect health.
extraordinary activity," said Thomas, "his ever alert intel gence, his zeal for whatever work he undertook, were combined with a geniality of disposition and a true Trakumie which made it a pleasure to all of us to do business with him."
All who knew Mr. Barnes in Shanghai or have met him at home will fally concur in this eulogy.
Sir Thomas then went on to a consideration of the accounts, pointing out that the—year's—revenue, £3,029,000, was the largest in the history of the company. Five years ago it was £2,382,000,—Expenses hal, of course, increased pact presse with the increased income. Some rebolders might think that it was igh to make a profi without sising how it was made: but to 8 Thomas it seems that the evolution of the trade of steam navigation, the changes which have taken and the development which is constantly arising, form one of the most Interesting chapters in the industrial history of this great century." The increase over 1898 in the gross revenue was £142,000, of which only £7,100 came from passengers. This small increase came, however, after increase during the previous three years of fully £150,000, and after the abolition of the separate, but unremunerative, service—between Marseilles and Alexandria. Sir Thomas noted that the company: h hard work to face the foreign competition in the passenger service, but when the new steamer, the Persia, delivered this year, the Bombay line will be sctved almost sively by ships of 8,000 tons, a service which will be ahead of requirements so far as the existing traffic is concerned. But even this is beaten by the 10,000-ton service to the Far East of the German mail line.
Then Sir Thomas turned to the freight income, which showed, he said, the usual variety. Owing to the lapse of specie freight, the out-
Text read from the printed page and cleaned; old type leaves the occasional error.