in order to satisfactorily compete with British and French existing Lines.
The report for 1890 states that the total passenger traffic was rather less than in former years but that, in the latter part of the year, freights were so favourable from the United States that a dividend of 4% was declared (representing $800,000); and a sum of $21,255 was carried to the reserve fund. In 1894 and 1895 no dividends were paid. The nett profits last year were $851,155. Those on the subsidised mailboats amount to a return of about 4% on the book-value of the ships employed on postal service.
This possible new competition with British steamer Companies for mails to the East is worthy of attention.
I have, &c.,
(Signed) William S. A. Lockhart.