J.M. Hall to William Mackinnon. William Mackinnon arrived Calcutta. Letters received and people informed - Salmond, Gunnis, MacNaughton will order steamer from Todd & McGregor, modelled on "Burmah" when contracts with subsidies confirmed. As to contracts, agrees Karachi prospects - subsidy handsome. Thinks wise to agree with railways on overland section from Madras avoiding shallow channel. Doubts Madras-Rangoon service-believes only paid with troop-carrying, fearful of Singapore extention. Will discuss with Begg. Sales slow, market dull; manufacturers (cotton) won't sell at present prices. Eastern markets indifferents. Expects failure of North's Blockade to lower prices further, but raise freightage rates.