The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1868-02-13


rial, real estate, and subscrlptl MS
to steamship lines between
Charleston and New York, and
Charleston and Baltimore. ..... S4o2, ,z27. a
IOCal. ..''' -. -.
This heavy outlay, almost equivalent to the
net earnings of the road during that period
precludes, of course, the practicability Of
Simultaneous payment Of dividends to the
stockholders. But not only has tic value ol
their property been enhanced, but the enhance
ment has been precisely in the shnpe by which
alone it can be rendered productive,
While then, in the promotion OF the true IN
terests Of the company, it should clearly De pc
the duty of the President and Directors to
carry out the policy wisely inaugurated and
iudiciously pursued, in devoting, annually,
portion Of the net earnings OF the road to-
wards perfecting it's efficiency, and thus ena'
bling it to compete successfully for public pa
tronage; yet, now that 80 much III that dlrec-
tion has been accomplished, the committee IN
iect 40 essential to the interests Of tho stock
holders. will not be found incompatible with the
PAYMENT of dividends on the capital stock-at
frst. perhaps, small, but necessarily increasing
with che prosperity OF the company. In Inc
indulgence of this hope, the committee feel as
sured that they are in full accordance with the
earnest e.ire and intention of the Board oi
Directors. ..
tee recommend the adoption by the stockhold-
ers of the following resolution,
Resolued, That the report oft PreMdentand
Directors OF the South Carolina Railroad Com
pany indicates the laudable Intention on their
part to place the road upon firm andpermanent
basis Of credit and efficiency, and that IN the
pursuance of this judicious policy, they nave
eyinced that intelligence and sound Judgment,
L:.l =, o1;l,o he IN themselves and ac-
ceptable to the stockholders.
Respectfully submitted:
G. W. WILLIAMS.
J. B. SOUTHERN.
w. L. TRENHOLM.
+. J. PELZER.
Charleston, February II, 1868.
G. W. Williams, Esq, then submitted the
following, which was adopted:
The committee to whom were referred the
resolutions in regard to reduction OF salaries
and the number of officers and clerks, and the
allowance of q per diem and mileage to drec-
tors for attending meetings Of the board,
have had the same under careful considera-
ton, and bog leave to
REPORT chat, in accordance with the by-lawH
of the company, the appointment OF all ofhcers,
agents and clerks and the fixing OF their sala-
ries is made the duty OF tho Board OF Dlrcc'
tore The entire management Of INC aualra
of the company is necessarily entrusted to
them when elected by the stockholders.
This practice has obtained in the manage
ment OF the road from its earliest history, and
40 far as YOUR committee are informed, has
worked we'll; and they do not now SEQ any gooc
reason for it's change. Many of tho officers
agents and clerks orc removed from tlme e
time. as the business aud interest OF the roat
NAV require. Your committee do not deem i
expedient to restrict the directors, either tt
the number of men to be employed by the com
pany, or to tho pay allowed them, but woult
RESPECTFULLY recommend that. in view OF th'
pressing wants of the shareholders. the strict
eat economy be observed in the future man
aeement of I'll g road in every department.
ON inquiry, your committee arc informed
that the salaries of the officers were not in
creased during tho war, notwithstanding TIL
depreciation of the currency, and that their pa,
now is the same as 1t was When Ihe curreHc.
was equal to specie. ,,.., -,
mileage to directors, your committee arc y
oninion that the actual expenses involved II
attending the meetings of the board should b.
Da d by the company, but, from tho lniorma
fion they have OF the usage of other roads ant
CORPORATIONS, it is not the practi to pay . Pr
diem, or mileage to directors, and your commit
| too do not recommend it in this instance.
Respectfully submitted.
G. w. WILLIAMS.
w. A. COURTENAY.
]. p. SOUTHERN.
L.,