In September, at the request of the authorities, and in consultation with the Government, the Honam reopened the Canton sailing and we have maintained our Canton sailings continuously ever since. It was obvious that the boats could not earn a profit, but it was felt by your Directors that it was in the interest of all to. maintain communication with Shameen and Canton and our flag upon the river. T have reason to believe that we shall receive financial support from the Government in meeting tine loss which has been involved in giving vital and essential. service, which is not likely to be forgotten, by our loyal supporters, Chinese as Well-as foreign, when times are ones more normal and our fleet is in full operation. It is fitting here that I should record the high appreciation of your Directors of the services of the Moating staff the "especially which have prevailed, and I may' say that on restarting the Canton service the Honam and when satisfactory insurance on the of the officers and crew had not, yet been completed, to a man, from the captain downwards the officers volunteering to sail without, The Taishan Our fleet has been added to since last we met by the new Taishan, which promises to be the most popular boat on the river, as she. will unquestionably be the most. beautiful and best equipped. She is being "worked in" temporarily on the Macao run and we hope the general public will take the opportunity of visiting Macao whilst they can do so under the comfortable, not to say luxurious conditions which this vessel affords, She re-placed our old friend the|® Honam, which, after 43 years' very faithful service, was sold for breaking up purposes last December. Her passing removes one of the oldest "landmarks" on the river and to the end, her machinery and engines were a tribute to the integrity and superiority of British. engineering and shipbuilding, The Accounts Turning now to the accounts, your Directors have " transferred the sum of $60,000 from Deprocintion Fund which added to the net profits for the year, and the amount Drought forward from last year of $80,076.27, makes a total of $108,- 248.82, which your Directors recommend be dealt with as follows:—To Write off book value of steamers, $60,500; to write off book value of wharves, $26,350; to write off book value of office furniture, $2,997.25; rmaiing a total of $89,787.25; and carrying forward to the New Proft and Loss Account a sum of $18,- 459.87.
We regret that owing o the present financial position of the Company, the prevailing tightness of the money market, coupled with the inadvisability of realizing the Company's holdings in local stocks at their present low level, and which, will doubtless commend itself to you, since they are firstelass inva morts, they unable to. recom-L.|mend the p wyment of any dividend this year. Our fleet has been fu ther written down during the year and has, as usual, been in good order and' condi The Future It is futile, gentlemen, to speak, the future, and I can only close with the expression of sincere hope! that before Tong the present unfortunate disagreements between here and Canton, wh nionths now ch for many happy relations, will pass miuttual (rade' once more: on resume its sway between the two, ports, hich neither of us can hope satisfactorily to dev the great trading—opportuniti which await us both with the rei of settled peaceful con tions
Text read from the printed page and cleaned; old type leaves the occasional error.