Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1838-12-03

turc OF cor,on is s77c, ooo.-Thc,e are 10000 SPIN
dies aud go Looms, requiring $500 bales oi cotton
| annually. The operatives employed arc 'o'V'
whose wages exceed $3.50, 900 per annn,n. For me
machinery aud lights. they consume ahoni o,ooo
gallons of oil and for sIzciny about looo oafe,s "
nour, The product is about 900 yarhso OF eo'"
/ and $50. 900 lbs. Of yarns. Accompanying ms re
port rs table shelving the capital OF each company
the extent of its business &c, andy II viii DE seeh
that the dividends Of t~o OF the companies Tor tue
first six months Of the present year have been ~
per cent. and Of third company IL per cent on lis
capial. The other companies having been OUT &c
Gently put into operation, have as yet declared 20
dividends. Th dividends Of past years have sci,
dom IF ucr fallen under l5pcrcenl per annum aud
have generally reached beyond 20 per cent Inns
is encouraging view Of this baoeh Of industry II
has been IN existence shout ten years, bs2nnrI un-
der many dIscouraecmenis but showing ~ II has
advanced its capacity To sustain Itself and TO leNeh
state OF YET higher aud more extended usefulness
Aud II is obyious 10 remark, Just NJ II progresses II
will elevate the South from the condition OF dc
pendenco on The industry Of the North aud Eas aud
furnish the direct elements of ioicigu commerce.
Whatever therefore tend. to encourage cotton man
utacturcs, and 10, like reasons, whatever tends TO
encourage all Other branches It manufacturing IN
icrest, comes directly in aid OF the objects oi tins
Convention.
gradually to increase, and We believe the Same may
be said OF all the cotton manufacturers of Virginia,
yet they Lave been Iabofing under great and
| serious disadvantage, which operates alike upon all
the manufacturers OF the State. whether individuals
or Incorporated companies namely, tho want OF
sufficient Banking Capital the application Ola ror-
ton Of that III diiiercn channel, 50 that the manu-
acturcr who is compelled pay cash tor tho raw ma
tcila aud sell on credit may be enabled 10 reduce IN
to cash the paper ior which lie sells hs goods. We
believe that The cotton manufacturers throughout
the State, agree that, were thus want supplied, lhey
have nothing more 10 ask aud nothing 10 tear from
the entire repeal oil all protective duties; aud sill
less from any competition with our northern bietll-
ten.
| The northern manufacturers, owing 10 then hbe-
raj system OF credits. enabled 10 sell 'hc foou'
credit OF & months, and Immediately TO have
the paper cashsd Ion which they were sold and thus
the southern merchant. who must necessarily sell
ON u loug credit nj Iomr IL tempted 10 buy al tie
norh even 1T higher pisces, and certainly ~ lager
quantities.
The manufacturers of the south having been en-
ahled 10 succeed thus ian, not the less 10 expect
all the countenance aud support from the people
aud the Legislature which eau be gained without
dcirimcnt and indeed IN common with the other
great Interests OF tho commonwealth.
All that Is asked ~ 10 enable them 10 cash iheii
sales made al TO . months time. This granted,
aud Their march is onward aud instead OF 20 per cent
per annum upon thousands, they would make like dsi-
dends upon millions, and the wealth thus created
would presently become ready and powerful aux
iaiy 10 Internal Improvements. aud TO all tie Eeai
interests OF the Commonwealth.
Your Committee conclude tins veiy TASTY and
imperfect report by single resolution as follows !;
Resoircd As the opinion OF this Convention that
an increase OF Banking Capital upon principles 50
liberal rs To attract capital from abroad IN well as III
home is necessary and indispensable 10 aid our man
uaotuIers ia granting TO the Southern merchants the
same credits that are granted elsewhere; aud with
out which extended edits all the natural and local
advantages, which enable Us 10 be rmiDenily sue
ccssfu IN competition with our northern brethren,
are either ncutraIlzed or materially impaired.
ADDENDA.
Statistic, Of the Cotton Manufactures Of Peters
burg.
Petersburg Manufacturing COMPANY, incorporated
in 500, capital 81 20 900, operates 1000 Spindes aud
LOG Looms consumes about 1000 bales Cotton an
nually when IN fun operation. $50 600 lbs OF which
is sold IN the form of yarns, and the balance ~ose M
10 cloth employs 900 hands whose wages amount
to more than S25 900 annually.
Last Dividend FOR six months 10 per cent.
Merchants Manufacturing Company, incorpora-
ted IN 1892 capital $4,000, operates 4o00a Spndes
and ll2 Looms consumes about 400 bales 20 l.
ton annually, which produces about 100000 yards OF
heavy CLOTH besides about 5000 lbs. sold as yarns;
employs about 900 hands, pays more than S25,O0o
per annum wages.
Last Dividend for six months Is per cent.
Maoaea Manufacturing Company, incorporated
in 1885, capital 81 $4,000; operates 1000 Spindes
and l52 Looms consumes about 500 bales Cotton
annually, which produces about $50 900 yards Cloth
employs 300 hands
Last Dividend for six months 10 per cent.
This Company also have Paper Mall, capital
$4,000; employing at present 80 hands, and VIII
very soon employ 80 more.
EtuIck Manufacturing Company, Incorporated IN
1898, capital $l52000 operates 1000 Spindles and
LAG Looms; consumes abou, 900 bales Cotton annn-
ally, which produces about, 100000 yards Cloth
employs 900 hands. But lalely gone INTO opera
ton, and have not yet declated Dividend.
Mechanics Manufacturing Company, Incorro-
rated IN 1885, Capital Sl25000; operates 1000
Spindes aud Sd Looms; will consume when in full
| operation about 200 GALES Cotton annually, which
will produce 1,000,00O yards Cloth; employs so
hands-But lately gone into operation, and has not
declared Dividend.
Recapttulaton the whole amount of Capital IS
$772 1000; operates 81, 900 SpindIes and go Looms
consumes $500 bales, Cotton annually which pro-
duce about 1880 000 yards OF Cloth aud $50, 900 lbs
of Y arms employs 1000 hands whose wages exceed
Sl30,U00. Consumes for machinery and gh,s, about
900 gallons Of oil and 1000 barrels -four Tor Selling
From tie hichmoad Compiler.
think the proceedings Of the Iate convention are
destined 10 do much and lasting good The cx-
preston o lis opinion in favor OF internal improve
ment was Of the strongest aud most decided