James M. Hall to WMDuncan & Begg now reconciled. Has bills instead of cash, interest to be added to new steamer tenders. The Co. dividend set at 4% with £1 bonus. The full accounts and report for the general meeting to be forwarded. Agreed to writing back 2½% on commission for Madras - Rangoon service - the Calcutta firm only dealt with correspondence and accounts (As between themselves, only fair.) Only two steamers now on order; if William Mackinnon agrees will order another; Inglis to secure estimates for machinery; possible deepening of Bombay Channel means shallow-draughts unnecessary. Business dull, quotes typical deals. American Civil War creates uncertainty; cotton, manufacturers shift, shippers unwilling to operate.