Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1866-11-29

1CSeu TO every 1nloln8enG man VINO f6n0ctS
upon this subject, namely "Direct trade
with foreign countries and home manufac-
lures"
But it may be urged that the remedy
suggested is impracticable, and that we have
no capital to sustain direct trade To this
we reply, that the capital lies at our very
doors it consists in our production. The
cotton crop of the South, for this year, is
estimated at fifteen hundred thousand bales,
putting it at the lowest figure, and this will
net one hundred and fifty dollars per bale.
Here there is a magnificent capital already
on hand, which, if turned into the channels
of direct trade, instead of being mortgaged
to Northern merchants and Yankee manu-
facturers, would, in less than generation
from to-day, place us among the most opu-
lent people on the face of the earth. But
so far from any attempt of this sort being
made, our best men and most noted mer-
chants, are establishing themselves in New
York and other Northern cities, lending
their experience, their wealth, their popu-
larity and their example, to the perpetual
ton of the evils we have endeavored to
point out. Patriotism calls upon them to
turn their faces homewards, establish them
selves in our own ports, and endeavor to
turn thereto the channels of trade.
It may, however, be alleged, that direct
trade with foreign ports would not benefit
us, inasmuch as we would there expend all
that we now cxpend at the North, and that
it would be a distinction without a differ
ence. This, to say the least, is very shall
low view Of the subject. With direct trade
would come all its accessories. Our mag
nifcent pines and oaks would then be built
into ships and steamers in our own cities,
affording employment to thousands-our
young men would be trained to the sea and
to mercantile habits and pursuits-the GUS
toms, amounting annually to millions, the
commissions, the pay of agents, brokers,
&C., amounting to millions more, would
then be disbursed among ourselves, and
above all, direct trade would bring with it
immigration, and with immigration would
come home manufactures.
In state of slavery the obstacles to home
manufactures we're insuperable. Slavery is
adapted only to griculture-it repealed i'm
migration and prevented the rapid increase
of our white population. But now the
black man is left to his own resources-he
must work out his own destiny, and immi-
grafton is invited among us from all the
great reservoirs of supply. These very re-
servoirs are the ports of Europe,-let them
be opened to us by direct trade, and we
will have supply of white labor, and with
that supply there will not be wanting CAPT
tai to turn it into the most profitable chan
nels. All hopes of establishing home man
ufactures on an extensive scale, without an
increase, and great increase in our relia-
BILE laboring population, are vain and futile;
but with immigration home manufactures
would necessarily follow, and the best
hither is direct trade with Europe for
which we already have the capital, and re
quire only that the energies of our people
should be directed towards it's accomplish
ment.-DdilY Journal 2SAR,
Wilmington and Manchester Railroad.
The reports of the officers of this Com
pany have, as was done by the w. & W.
Road, been printed in advance of the meet
ing of the Stockholders, which will be held
this day, in order to afford an opportunity
for consideration and perusal before as
sembling, and that time may be allowed
for careful examination so that the Stock
holders may consider well the measures
submitted to them. For the information
of many interested who may be prevented
from attending the meeting and have not
had an opportunity to peruse the reports,
we give below such a synopsis as will inter
est the general reader.
The reports show that the Wilmington
and Manchester Railroad Company has
suffered as greatly, prehaps, by the late
war, as any other like corporation through
oxt the South and in a financial point of
view has not been exempt from the strin-
gency and depression 10y which all other
interests are at present effected. At the close
of hOstilities the condition of the affairs
was truly discouraging. The road was
worn down, the equipments almost entirely
destroyed, and the repair department
ruined. The report of the President and
Directors calls attention to the fact that on
III miles of road there were but two pas
senger and twenty-six freight cars which
the company could call its own F.; that the
repair shops had been converted into re-
fugee camp for negroes, and that many
water stations and depots had been des-
troyed by fire. Besides this, the track,
and even the smallest tools and appliances
needed large renewals.
From amid this wreck and ruin, with
no available funds, and with back debts up
on which interest had accrued, pressing up
on them, the Company by means of eff
cient management, has risen to position
among the roads of the South, and is in
situation to compete with the majority OF
them.
PRESIDENT AND DIRECTORS REPORT.
Tho ro,,ort oommoDoac with q rafpraOoa