The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1869-02-06
Total. ..................... .4Ot

|
Total 400
In pursuance of their purpose to extend ac-
commodation to the travelling public, COM
| mensurately with their means, the board have
authorized the purchase OF The latest and most
improved pattern of reclining seats IN use,
which are intended .or their night trains, and
which, it is expected, will add greatly to the
comfort and ease of those who patronize them.
They are looked for by every steamship
The Auditors statements present in their
Usual full aud perspicuous style the financial
condition Of the company, and it gives Infinite
pleasure to the board to be able not only to
say. but to know that condition to be greatly
improved, and to be rapidly reaching point
| of great satisfaction and comparative ease.
| They had entertained couhdent expectations
| that the important negotiations entrusted ID
Juno last to the Hon. G. NJ. Furman could, in
| Il paper, have been reported as successfully
accomplished, and thus fually quieted your
mind rs TO all apprehensions about your unad
justcd foreign debt.
The earlier progress of the negotiation
abuudantly justified such expectations, but
technical difficulties later in the year lntcrven-
ed to obstruct and retard our agents progress,
| and prevent the consummatlon or our wishes.
Later adyices, however, from Mr.. FurmGn not
only reinvIgorato our hopes, but troui their
veiy saneuiEe nature really leave little room
for doubt on our part.
The character OF the negotiation in charge OF
Mr.. Furm1n is as follows: AS the stockholders
| are aware from our last report, The plan or
| debt adjustment adopted in 1S65-G6, namely,
renewal of the s20O0,000 sterling debt and in
tercst with State guarantee, had been found
impracticable from several causes, but chiefly
because tue holders Of these bonds on this side
declined TO exchange for the new bonds offered.
We were thus quite inconvcniently situated,
with bond dept past duo. part exchanged.
part in original shape-both claimin: to be-
aud undoubtedly entitled to be, regarded as OF
equal obligation upon US. This condition, 1t
will be readily seen without verbose cxplana-
ton, completely enchained us in the payments
| of interest, in the view not only OF the roads
convenience but of simple justice to the for
| elcn bondhulders, who had exchanged and
held the bonds of 1866. Hence the board be-
came impressed with the imperative necessity
| of providing, without further delay, some sub
stitute, i'll the shape OF 4 new plan or deDt ad-
| ustpent. which would be equally acceptable TO
| holders abroad and free of objection to those
| al home.
After much earnest and anxious reflection
they concluded to prepare and oter to all the
bondhodcrs referrc.i to in this connection, the
company's first mortgage sterling bond, beaf-
ing i've per cent. interest. exchangeable at the
pleasure of the company, for similar bonds
| bearing seven per cent. currency interest,
PAYABLE within twenty years; payments to COM
mence ut expiration of ten wears from datc, and
to be continued sem,-annually until the Whole
debt was paid. This method OF arrangement
| had the full concurrence Of your board. 1t has
much to recommend it to their favor and
| yours; it met with the prompt and cordial ac-
| ceptanca of the holders Of the bonds on this
side, (indeed it could not we'll have done other
wise; for whilst undoubtedly it has advantages
for us, it has vet moro for thcm), and we dls-
patched our agent to London, IN July las,
without doubt then as now OF ultimate success;
yet prepared for less ready acceptance from
an older aud moro cautious people than VIC
found here.
amongst the interesting papers from the
Auditors Department, that in rotation 10 the
company's debt is most deserving your atten-
ton. It's most noticeable feature ls the heavy
reduction as indicated in the years balance OF
indebtedness when compared with that OF last
year in figures, s238. SCI %, and this, 1T must
be remembered, is in addition 10 the large
sum appropriated to items OF general ex-
pendture, rails and the like.
BuL considerable as this sum is, it made
ouately expresses the real and actual reduction
| OF the complny'5 debt, for it must be borne IN
mind tha. the large figures which represent
The investment fund represent only the cost
OF the constituents of that fund, aud Us these
constituents are chiefly valuable securities pur-
| chased much below par, and thelr taos value
their lcal vauo, not their price, 80 tile differ
ence between their cost price and face value
enters fully aud egitimately iuto the clements
| of debt r. ductions.
Bearing This in mind. the true reduction Of
debt this year would not fall short OF $3.50 O0J.
Tho reductions and changes OF the principal
accounts, bonds payable aud bills payable, and
the explanation necessary to u thorough COM
prehension, will be found amply set forth in the
various papers prepared for the Information OF
stockholders by the auditor. The following
general view will doubtless satisfy most
The domestic bond debt now t31st
December, 1861 stands Mt -. 81 ,5S5 29G O6
~ stood at. t.................. 1892 G32 90
|
J,craasc in 1919 ........S 92G;3 IL
49,