Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1869-08-20
The Direct Trade Movement.
The following circular has just been is
sued. which we publish by request:

COMMISSIONERS OFFICE OF THE INTER.
NATIONAL COMMERCIAL COMPANY,
NORFOLK, VA, Aug. IA, 1869.
The committee appointed by the con.
vention held at Bristol, Tenn, to establish
line of steamers between Norfolk, Va,
and Liverpool, England, of which Genera
William Malone was chairman, reported
to the Norfolk convention, held in Octo
Der last. that it was expedient to organize
under the charter granted to the Inferno
tional Commercial Company by the Legis
lature OF Virginia.
The requisite amount being subscribed
to authorize the organization of the com
pany, the following was unanimously
adopted by the convention
S Resolved, That the commissioners
named in the charter of the Internationa
Commercial Company of the city of Nor
folk be and they are hereby requested to
call meeting of tho subscribers which
have now been secured, ct some centra
point, as early as practicable, with view
to provisional organization of the com
pany, and to the end that effective means
may be had for procuring tho full amount
of capital required to put the enterprise
upon q permanent footing"
Under this resolution q meeting was
called to meet in Lynchburg, which was
duly held and additional subscriptions
made. and the subscribers adjourned over
without organization until a further cal
by the Commissioners.
The Memphis Commercial Convention
having unanimously endorsed this scheme
of organization for the establishment of E
line of steamers between Norfolk and
Liverpool, tho Commissioners deem il
proper that the subscribers to tho compa
ny should meet on the LIST of September
next, in Norfolk for provisional organiza
ton, and have therefore called on them tc
assemble on that day.
The importance of direct trade to the
prosperity of Virginia and tho other South
ern States being acknowledged by all, the
Commissioners deem it unnecessary to say
anything on this subject, and regard it as
only necessary for them to state the plan
upon which it is proposed to conduct the
company in the beginning.
In the report to the Norfolk Convention
it was stated that
Your committee have further ascertain
ed that under the existing laws of the
United States in respect to ship-building,
steamers suitable to tho purpose of direct
trade cannot be procured in the United
States, except at q cost far exceeding that
of like vessels built in Great Britain and
that British vessels cannot DO Registered
and owned on this side rs American prop
erty. Besides, it is we'll understood that
the expenses of operating American built
steamers are greater. In Wow of this state
of facts, your committee would recommend
the policy which has governed tho forma-
ticn 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 fully
authorized by the terms Of tho charter to
which reference is made. This manner of
organization, in your case, and which your
committee would recommend, will secure
practically the results which you seok to
attain, and at a cost which, your commit
tee entertain tho hope, will be found with
in the compass of the several interests in
volVed in the success of the enterprise
Your committee entertain the belief that
the organization OF company under the
charter referred to, with 4 capital of $500,
600, will serve the Immediate objects in
view, and may be made, as well the basis
of a more extended and permanent organi-
cation Of the service, as success may JUS
tify."
The plan of the Company is to charter
intead of to purchase Or build steamors.-
To build or buy three first class steamers
would cost 81 100000 in gold, an amount
not easily raised in tho South at present.
But if it could be raised, the experience of
other companies has taught us that in
starting O line it is better to charter than
to buy or build vessels. Until the line is
it is impossible to tell the char
acter of vessels best adapted to tho trade
what proportion of passenger accommoda-
ton will he needed whether swift and
small carriers, or slow and largo ones will
be best; or whether steamers combining
both speed and capacity will be needod.-l
Chartered vessels can be displaced by moro
suitable ones at any time at o trifiing cost,
while to sell an ocean steamer is q worry
difficult job. A number of fine British
steamers have been offered the Commits
sioners for the proposed line and on most
favorable terms. By this system of char
tering, our American Company can use
European capital to supply the steamers,
while retaining absolute management of
The line.
Three hundred thousand dollars is all
requisite warehouses, docks, go and am
ole margin upon which to charter fleet |
If ocean steamers.
AS it is important that q provisional or |
yanization of the Company should be |
Effected at once, the commissioners re-
lnest that all subscribers who cannot ut |
end personally will be represented by
proxy.
Commissioners William Lamb, James |
Z. Leigh. George d. Parker, John Il. |
Jacob Umstadter, F.. q. Rob |
nson, w. II. G. Ellis, Lewis W. Webb, |
rhoa. T., Kempe.