Bristol news. [volume] (Bristol, Va. & Tenn.) 1867-189?, 1869-08-20
DIRECT TRADE.
International Com Diercidt
Company.

NORFOLK, Va, August IA h, 1869
| TIE Committee appointed by the Conven
ton IA at b istol. Tenn to estai sh q
line of steamers between Norfolk. Va, and
Liverpool, England, of wnich Gen. WIN.
Malone was Chairman, reported to the Nor
| folk Convention, held in October last,
| that II was ,xprdient to organize under the
| charter granted to the International
Company by the legislature of Virginia
The requisite amount being III &C 'ibed TO
authorize the organization of the @ mpany,
the following was unanimously adopted by
4 the Cpnventior
"ReSolued, That the Com pensioners named
| in the charter Of international Commercial
| Company Of the city Norfolk, b., and they
| are hereby requested to call a meeting Of
| the subscribers which have now been sc
cured, at some central point as early as
practicable, with a view to a provisional
| organization of the Company, and to the
| end that eff ctive mems may be had for
procuring the full amount Of capital requir.
| ed to put the enterprise upon q permanent
| footing.
Unitr this resolution a meeting was call
ed TO meet In Lynchbnrg, which was duly
held and additional subscriptions made,
and the subscribers adjourned OVER without
organization until q further ca / by the
@ mmisSiouers.
The Memphis Commercial Convention
having unanimously endorsed this scheme Of
organ zion for the establishment of line
II steamer, between Norfolk and Liverpool,
1.-THE c. mmissioners deem It proper that the
subscribers TO the Company should
MEET ON THE lsr OF SEPTEMBER
NEXT, IN NORFOLK,
| provis onal organization, and have there
| fore call, d on them to assemble on that day.
| The importance Of direct trade 10 the
prosperity OF Virginia and the Other South
States being acknowledged py eli, the c IN
missioners deem it unnecessary to say any.
thing on this suhj"c', and regard it as only
necessary for tn, m To state the plan upon
which it is proposed to conduct the Comps.
ny IL the b. ginning.
In the report to the norfolk Convention Il
was stat, d that
| "Your Committee have further ascer.
tanned that und' r the existing lsss Of thu
| United States in respect q shiptuildinR,
| steamers suitable to tho purpose Of direct
trade cannot be procured N the United
States, except at cost frr exceeding thai
| OF like vess Il built In Great Blitain; and
that British v, ssels cannot DO registered an0
4 owned on this side IS American property
Besides, 1t is we'll understood that the sx
llpenses of operating American built steam
ieTs are greater. In view Of this state oi
facts, your Committee would rec .mmend
| the policy which has governed the furma
| tinn of the leading steam lines Of the cOun
try, such as the Cunard, where the system
Of chartering English vessels sailing under
the British flag has been successfully pur.
sued and this plan of operations Is full,
authorized by the terms of the charter L
which reference is made. This manner o
organization, in your case, and which
your Committee would would rec, mmend
Twill secure practically the results which 'oI
seek to attain, and Cost which, your Com
mittee entertain the hope, will be found
within the compass Of the several interests
involved 10 the success Of the enterprise
Your Committee entertain the belief that
the organization Of a company under the
charter referred to, with a capital of $500
0O0 will serve the immediate objects 10
view, and may be made, az well, the basis
of q more extended and permanent organ.
izttiOr Of the 5, rylce, as success may justi.
fy."
The plan of the Company is to charter
instead Of TO purchase or TO build steamers
To build or I, buy three frst-class steamer
would cost 81, SOC, 600 in gold, an ahornt
not easily raised in the South at present,
But if it could be raised, the experience OF
other companies has taught rs lhss IN start
ing n line il is better to charter than to buy
OF b hid vessels. Until the lire is estab
lished II is impossible to tel the character
of vessels adapted to the trade-what pro
portion of passenger accommodation VIII b'
Lneeled whethe, swift and small carriers
or slow ana isfge ones will be best OF
whether steamers' combining both speed anC
eapacity will be needed. Chartered vessel,
can DO displa, ell by more suitable ones nj
10y time at a tliflling cost, while to sell an
ocean steamer is very difficult job. A
number of fine British steamers have beer
offered 20 the Commissioners for the pro
posed line and on the most favorable terms
BY this system OF chartering, our American
company can use Europenn capital to sup
ply the steamers, while retaining absolute
management Of the line.
Three hundred thousand dollars is al
) that il required to give the company thu
requisite warehouses, decks, &C., and ample
margin upon which to chatter fleet o
ocean steamers
As it Is important that roIisiOnal or
ganization Of the Company should be effect
G,l al once, the Commissioners request tina
all subscribers who cannot attend PERSONAL.
wi he represented by proxy.
CdnInLssion,rs William Lamb, Jane
Y. Leigh. Geo. ID. Pa, ker. John B. White
head, Jacob Umstadter, 4. c. Robinson. W
~. @. Ellis, Lewis W. Webb, Thos J. Keinpe