The Toyo Kisen Kaisha has to be congratulated on the prosperity of its business brought about by the war. The company, which had long been in straitened financial circumstances, is now able to declare a dividend of 12 percent on new shares and 7 percent on old shares for the first half-year term just closed.

The withdrawal of the British and German steamers from the Oriental service consequent upon the war and the subsequent discontinuance of the Oriental line of the Pacific Mail Steamship Co. account for the sudden turn for the better. With no rival foreign steamship concern extant, the Toyo Kisen Kaisha has come practically to monopolize the San Francisco line.

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