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

having been condemned and one added.
F'rst-class passenger cars. AZ
| Second-class passenger, baggage, &c. ..... 1o
BOX ................... .284
- - ''''''''
LOtui. - fU0
In pursuance OF their purpose to extend ac-
commodation to tho travelling public, com
mensurately with their means, the board have
authorized the purchase Of he latest and most
improved pattern of reclining seats in use,
which are intended for 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 and 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
OF great satisfaction and comparative ease.
They had entertained confident expectations
that the important negotiations entrusted IN
Jane last to the Hon. G. Nj. Furman could, in
accomplished. and thus finally quieted your
mind as to all apprehensons about your unad.
justed foreign debt.
The earlier progress OF the negotiation
abundantly justified such expectations, but
technical difficulties later in the year lnterven-
ed to obstruct and retard our agents progress,
ahd prevent the consummation Of our wishes.
Later advices, however, from Mr.. Furman not
very sanguine nature really leave little room
for doubt on our part.
The character OF tho negotiation in charge Of
MI. Furm IN is as follows: AS the stockholders
are aware from our last report, The plan of
debt adjustment adopted in 1865 -66 namely
renewal Of tho 100000 sterling debt and in
terest with State guarantee. had been found
impracticable from several Causes, but chiefly
because the holders Of these bonds on this side
declined to exchange for the new bonds offered.
we were thus quite inconveniently situated,
with a bond debt past due: part exchanged,
part in original shape-both claiming to be,
and undoubtedly entitled to be, regarded as Of
equal obligation upon us. This condition. it
VIII DO readily seen without verbose explana-
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
oian bondholders, 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, in tho shape or a new plan OF debt ad-
tustment, 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 offer to all the
bondhoders referee to in this connection the
company's first mortgage sterling bond, bear
ING nve per cent. en- interest, exchangeable at the
pleasure OF the company, for similar bonds
bearing seven per cent. currency interest
payable within twenty years; payments to COM
menee at expiration of ten Years from date, and
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 ae-
ceptance ct the holders of the bonds on this
eide, tindSed II could not we'll haVe d0ng UFh5r-
wise; Tor whilst undoubtedly it has advantages
for as. it has yet more for them), and we dis
patsned 9rht our agent to aondon IN July as
yet prepared for less ready acceptance from
an older and more cautious people than we
found here.
amongst the interesting papers from the
Auditors Department., that in relation to the
coMpany's debt is most deserving your atten-
ton. It's most noticeable feature is the heavy
reduction as indicated in the years balance Of
indebtedness when compared with that of last
year, in figures, $23s, SCI 09, and this, 1t must
be remembered, is in addition to the large
sum appropriated to items Of general ex-
pondture, rails and the like.
But considerable as this sum is it inade-
quately expresses the real and actual reduction
of the companys debt, for it must bs borne In
mind thai the large figures which represent
the Investment fund represent only the cost
of the constituents Of that fund, and as these
constituents are chiefly valuable securities pur-
chased much below par, and their face value
their zeal value, not their price, so the differ
once between their cost price and face value
enters fully aud legitimately into the elements
of debt reductions.
Bearing ,his in mind. the true reduction Of
debt this year would not tall short of $3.50, 900.
LILO IouuCClOuS AuO CDGnRoS or the prlnClpll
accounts, bonds payable aud bills payable, and
the explanation necessary to a thorough com
prehension, will be found amply set forth in the
various papers prepared for the information OF
stockholders by the auditor. The following
general view will doubtless satisfy most
The domestic bond debt now (31st
December, 1862 stands at. 81 ,585, ,296 O6
On the 31st December, 1867, it
stood at. .................. 1892, ,es2 90
Incraase in 1863 z % Geo "A
This increase is the result ,f-
lst. Issues of new bonds in part
settlement of Confederate claims$ 42,5OO 90
Retiring past .ue bonds. $4,000 90
Retiring past due coupons. ...... 25OO 90
Purchasing certain securities. 45,5OO Oo
New bonds issued .....: ........$ 114. 500 90
Add to this the balance OF arrears
OF interest on past due bonds,
charged up to 31st December,
1868. ..................... $3.50 81
Making together. er..........$ 1872. .829 81
2d. A reduction Of the
retired past due bonds
above mentioned. .$24 600 90
Cash payments on ao-
count OF bonds for land
purchaseS GIGS 67-- 10, ,166 e7
Producing the result as above
btaSeo. ............. ......-.,..S " 663 IA
or the investment fund above re-
ferred TO as eventually appliea-
ble to debt Reductions, the fol-
lowing items are particularly SO
to bonds payaHf6:
Securities at their face valuntion. q 211 600 90
Securities Of their market valuation 81 600 UO
To,al a ORG ooo M