The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1868-02-11
CHAR Es TON.
TUESDAY MORNING, FEBRUARY IL, 1865
the Annual Report of the South. Caro-
lima Railroad.

We publish in another column synopsis
of the principal features contained IN the
renorts of the General Superintendent and
Auditor of this Company, and propose IN
this place to consider those queutions OF
general policy and management which are
found in the report of the President and
Directors.
The income of tthe road during the past
wear has been good, although it was not
equal to the reasonable expectations formed
bv the Board at the commencement of the
year. It was estimated that in 1867 the
money market would be easier thai in 1885,
and that large benefits would be derived
from the completion of the Macon and An
gusta Railroad, and better system of
western connections. But none of these
authorizations have been fully realized. The
crop of the year was sold at unremunerative
prices, and las moved late to market, thus
contributing to increase the ratio of ex-
penses to earnings, not only by diminish
inc the means by which supplies in return
could be purchased, but by requiring
TRANSPORTATION at seasons when it could only
be afforded by moving empty trains to in
terror points. Money became more and
more stringent. Political and social un-
certainties added to the general gloom. The
Macon and Augusta Railroad is sill thirty
FIVE miles from being completed, and the
large outlay of the South CarOlins Railroad
has so far brought no return. Yet the
Board were not over sanguiue. The Gen.
tral Railroad reports 2lS,0O0 bales cotton,
equal to Sl,2l3,6 600, as having passed be-
tween Macon and Savannah i'll the past
year. With the completion of the Macon
Road, the South Carolina Railroad can
fairly and honestly compete for this enor-
nous business, and on estimate that the
South Carolina Railroad may look forward
to securing one-fourth of that business can
not be called exaggerated.
But in spite of the adverse influences Of
-L:~L--e~~tian-has been made, the oUuti-
large increase of earnings buS for the ac-
tive opposition with which tn manage
ment has had to contend.
At Augusta, at Atlanta, and nt Columbia,
there has been vigorous and bitter competi-
ton. This led to reduced rates of trans
portation, and is the reason why On increase
of so, 736 in the number of tons moved has
worked so small change in the financial
result. Had the increased tonnage. been
charged at the lowest comparative figures
in 1860, say three dollars and fifty cents
per ton, this increase would have yielded
$1s4,67l.
Under these circumstances the Board are
justified in declaring that it is fairly sat-
isfactory to be able to make the announce
ment of an amount of income oven in
excess of the previous year. This excess
should in reality be increased about
$4,000, being the sum of amounts due to
the company, which were first brought into
the accounts for the year 1866, but which
were earned in and belonged to 1855.
The Board have directed their attention
to the ensuring Of vigorous economy in
all the departments of the co npany. To
this end, particularly of late, their most
earnest efforts are devoted, and they hope
and expect, from what they have done and
propose to do, that further important re-
ductions my yet be made. -
The net earnings of the year show
falling off, butt falling off has already
been explained and can be made even more
clear by referring to the mileage made by
the locomotives of the company. The miles
run By locomotives in 1867, exceed the miles
run by locomotives in 1885 by about 9OO,-
600 miles. This increase of service was
performed without proportionate increase
of compensation, but it could not be per-
formed without q considerable increase of
cost. But here economy and judicious man
agement came into effect, for while the in
crease in the miles run is equal to fifty
per cent, the increase in operating ex-
penses is only three per cent
AS already stated the gross income of
the company was 81, 6,0O6, and the net
earnings S613,777. The company paid out
for interest on foreign and domestic debt
S247, ,145, for damages and stock killed
Sl3,O17, for restoration Of property $780,
626, for constructio of cars S7O,623, for
adjustment of old claims $99,S99, and for
lands and tools l4,25O; making total of
s784, ,0O2, or-less the am cunt realized from
the sale of old materials--an excess of pay
ments over net receipts amounting to sl7O,-
225; by which amount the balance of in
debtedness has been increased.
The changes in the debt account being
fully set forth in the report of the Auditor,
the Board have only male comparison of
the debt at this time with the debt in 1865.
This statement shows that t.e increase of
debts from January l, 1865, to December