The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1869-02-06
CVARIEsTON S c. SATURDAY MORNING, FEBRUARY 6, 1859

year Just past, they can sse no difficulty in
greatly reducing, if not entirely e1tingulshlng,
the floating debt. That accomplished. and
such an arrangement of the past due bonds re-
alized as will enable the Doard 70 act Wisnou3 .Ia
embarrassment, no reasonable dlhculty would
be IN the way OF commencing the payment oil
dividends"
bThe board now, as then, are convinced that the
true interest of the stockhoiderl lies in the COM
bined application of net earnings 10 the reduc,,
ton of debt and improvements or properly, al
coming back to them in the elncreased strength
thereby acquired to meet the storms OF eompetl-
tlon and opposition, and the increased ability 30
obtained to extend accommodation and swell
the business OF the company. But they know
full we'll That the wants of the stockholders are
many and heavy. They sympathize with those
wants most heartily, and, therefore, regard 1t
an imperative duty to devote their most earl
est efforts to the adjustment Of the past due
debt. That accomplished, there would exist
no reasonable difficulty in the way OF resuminS
payment of moderate dividends.
GENERAL REMARKS.
Tho GENERAL causes to which this report re-
ferred in its commenceme as having produced
much apprehension in tho beginning OF the
wear, have happily, at it's close, been essentially
diminished, as exhibited in gratifying IN
crease OF western tonnage and travel, and
full maintenance OF eastward bound freight,
compared with 1867.
The purchasing capacity OF the country haY-
ing been vastly increased by the sale OF lts pro-
dnctions at prices nearly one hundred per cent.
above those of last year, and the pecuniary
condition of our people, thereby rendered in
comparably superior to any that they have
known since the close of the war, the board feel
that they hazard little in entertaining the most
favorable anticipation oftheir spring business.
They have confident expectations ina tilt Will be
large and profitable, and that Its Increased ac-
tivity will not be confined to cle branch, but
will extend to oil the departments.
II is quito true that they have to contend
against a vigilant and vigorous opposition at
every important point. but their ability 10 do
go has been proved; aud as the power OF the
company is increasing at least III ratio with
that of the lines oppo ;ed to them, they have
full confidence in the strength OF the road to
maintain it's full share OF business, and protect
with the principal cities North are better and
moro satisfactory than ever before, and our
efforts to establish frat class scmi-monthly
line of steamships to England promise the
most gratifying success.
From these sources nc derive our greatest
strength in maintaining and extending the bu-
siness of the company. Properly cultivated we
indefinitely, and believing so, warmly recon-
mend thom to tho attention and encourage
ment of the stockholders.
The directors respectfully announce 10 the
stockholders, that o vacancy has been made at
their board by the resignation OF the Hon. AL
fred Hagcr. Their acceptance of MIR. Huger's
letter of resignation was only in view OF their
conviction that such was his earnest WISH
Their high consideration anl profound respect
tor a friend and colleague who, for twenty-five
years, has shared with them the responsible
ties and labors OF Office, arc sought to be ex-
pressed in the proceedings OF tho board at Its
last meeting, which proceedings we ask leave
to append. -,
sire it to be no mere idle form of words, when
they take occasion to express their high appre-.
cation of the ability and zeal OF their general
superintendent and his associates.
Respectfully submitted,
w. J. MAGRATH, President.