Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1845-09-05

similar estdOHSnIUentS WOuiu SOoii sisc up.(
and people would wonder why they had
so long neglected their best interests.
This project should not for moment,
be allowed to be brought into comparison
with the rail road affairs. The rail road
was first effort. No one had
ever opened rail road before. from VIII
mington to the Roanoke. As to how much
therefore il would cost. or what would be
the amount of profit or loss. time and cir
cumstanees only could determine. But
with Cotton Manufactures the case is en-
tirely different. Thousands of them have
been erected. and great numbers of them
operated for many years. The first cost.
therefore. and the expense of operating
one. is as readily ascertained as the cost of
a side of bacon. Although there is occa-
sionally time of depression in the mar
ket, and cotton domestics come down to
low prices. yet, as general thing. fair
average Of profits can be calculated before
hand. And though there is an occasional
failure, yet these failures are not as hume
rous, in the ratio of Cotton Factories, as
those which take place in almost any 9th
er branch of business. These facts alone,
and facts they are. show that investments
in Cotton Factories are among the safest
in the Union. My long and extensive &C
quaintance in manufacturing districts. and
close and steady observation for more than
twenty years, has fully satisfied me, and
indeed it is the general impression. that the
true causes Of all the failures are-lsi.
Want Of first rate machinery. I'd. Want
of good management. 81. The desire to
do business more extensive than the cap
ital would war:ant-of course, running
deeply in debt. and again. Of course, when
the period of an overstocked market arrl-
we'd. being obliged to sacrifice property to
meet payments, or suspend payments and
sink. believe there is no instance, where
business has been we'll and pruden.Iy con-
Quoted, in good Factories, without hand
some profit. On the other hand, | have
known men. with capitals Of not more than
from S. 1000 to $4,000. undertake busi-
ness to the greatest extent, get III debt to
the tune Of 100000, keep "robbing Pc
Ter to pay Paul." show Out large. and live
in princely style, end. just as might be ex-
pected, fail at last. You ask me for the
history of Cotton Factory. In ilustra-
ton of the foregoing remarks. can give
you one in few words. The Hope Cot
ton Mill, in Kent county, r. l., was ope-
rated some fifteen years. and lost money.
The proprietors sold out. The purcha-
sers re6l,ed the Mill, put in new agent
and proceeded in business. The result OF
the change was, annual dividends Of profit,
from Is to 80 per cent. state this fact
on the authority Of Hon. John Whipple,
of this city. himself, believe, a proprietor
in the Hope Mill. This single item is
worth volume of historical details. The
fact is. that. with manufacturing, as well
as with building ships Or houses, Or doing
any other business, good profits are to be
expected only from good and prudent man
agement. With these. Cotton Manufac-
tory in Wilmington will do as good bu'
siness as such an establishment, can dc
any where. Without these, it cannot
prosper anywhere. repeat it ,hcn-"Gc
ahead" but be careful not 10 move a step
unless certain that you are about TO star
right, and keep in the right track.
August 25.-Having written thus far,
was called off, and as |. in consequence
missed the mail. have deferred sending til
to-day. Meanwhile. | will make some
addition to my already tedious epistle.
Some people in your place may be star
tied at the thought of the somewhat FIRE
quent revulsions and failures among North
err manufacturers, and, from that circum
stance, be led to consider manufacturing ;
precarious business. Happening to know
how matters stand in this respect. permi
inc to give you some correct information
about it. The great establishments a
Lowell. Watertown, Wal.ham, Nashua
and those Of the Browns, Slater's. Almy
and others in Rhode Island, and host o
others that might be named, in various
parts of our country, though they have pas
sed through all the changes Of times tina
have occurred for many years. have al
4 ways stood firm, and have realized fortune
! from their operations. Others again, ma
: ny of whom | could name, are up AM
r down at intervals, with the various Gnan
! cial changes, and not few of them sto
3 payment, and finally turn out bankrup,
Your own good sense must tell you. that
in one case there must be good manage
. ment-in the other, bad. Well-in tn
former cases. operations have been carrie
S on by means of bona fde solid capita