Burlington free press. [volume] (Burlington, Vt.) 1827-1865, 1851-02-07
DAILY FREE PRESS-JAN. 81, 1851
Communication.

Mn EplroR Il understand that a project is on
loot to build new Steamboat for the further ac-
colnmuduon of business on Lake Champaign, and
that Capt T. d. Chapman is prepared to issue stock
to the amount OF sixty thousand dollars for that pur
pose. 1t is belicycd that if the Champaign Trans
portation Company able to divide 81 per cent on
heir capital Stock besides supplying sinking fund
of about eighty thousand dollars, there is Il de-
mand for a new Boat under new organizaton and
that it could not fail to be productive and prola-
Die investment. 1t well known that the stock OF
the present company is mainly owned in Wall Street,
New ork conseq entity that its alllrs are under
the control OF men who have no sympathy with the
people, or business interests of Lake ChanlpIain.
The new PROJECT il carried out as should be, will
have the effect to reduce the present eXhotbtanl
fares on the Lake to reasonable rates, or at least
provide way of escape for those who 90 not choose
to be ,csSiyey taxed and the s1me time aft ri
to the Stockholders in the boat II handsome
PERCENTAGE on their investment. Hope the business
men and capitalists OF Burlington, flattsburgh,
keeseve Essex and other lake towns, viii give the
subject the attention whch its importance deserves.
1t is believed that Steamboat, got up the right
principle, can be sustained. ADlRoNDAc.
We insert the foregoing communication very
chccrfnlly. 1t has been remarked that Capt.
CHAPMAN, who is dcservedy favorte with
the travelling public, is engaged in organizing
a " Wholesome opposition on our Lake. OPP
position is said to be the life of Trade, and OPP
position corld be in no more efficient and hon
orable hands, than in Captain CnApuAN's, who
is gentleman familiar, from long experience
with the wants of the community, and every
way competent to do justice to them.
| 1t is uudeniable that, as our correspondent
iutimates, the G. fares" on our Lake are eek
horbtunt." The very fact that the Champlain
| Transportation Company have been enabled tc
declare dividend of THIRTY per cent. after
reservng very large surplus fund, amounting
to nearly $4,000, is however complimentary
it may be to the business talent Of Mr.. Presi.
dent BUEToN) conclusive on this point. TnlR-
rY FER CENT dividends are doubtless very
agreeable to those who receive them; but Oh
10 per cent is enough, in all conscience, and
the business men who pay these dividends
ought not to be asked for more. Millions o.
capital in: This country are begging for secure
! investment at one quarter the rate paid by the
Champlain Transportation Company; and the
paying public have a right to demand to be
relieved from excessive " fares" whose onl,
effect is to produce excessive dividends. There
is undoubtedly a great deal Of patriotism il
this country; but it don't run to encouraging
rery fat corporation dividends. At least it P,
pears so to us. Our Banks land no better Bank:
exist are quite content 10 pay their stockhod
ers or 9 per cent, and the business public
are quite content that they should receive tina
interest upon their money but when you CONT
to talk OF thirty per cent, you stir up, at once
the appropriate and just notion of wholesom,
competition" Corporations deserve to be en-
courageG-proected but they ought not Il
ask us for he skin off from our backs
We again commend the purpose 0
Captain CHAPMAN to the public favor and con
tidence. There is no doubt that the nvcs,men
he invites will prove judicious and profitable
The annually increasing business on our LAX
fully warrants this belief, and we repeat tia
no man is more competent than Captain CHAP
MAN TO manage the affairs Of the proposed ney
Company.