The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1870-04-07
slos, ,725 30 slaO,537 40

Sl08,TZ5 30 Sl9O,531 ~
Excess of net income for 16G9'70.... 81, ,Sl2 10
In reviewing the above, you will observe amin
crease Of nearly fourteen per cent In our relghts
OF the past year, which, If nos large, is stu an ac-
ceptable evidence Of the gradually improving con-
dtlon OF the agricultural and other interests OF
the country through which our road passes.
During the year we have transported 22,S5o
bales OF cotton 5U I09 barrels OF naval stores, and
$780, oCo feet OF lumber, as against lS9SS bales,
52l barrels and 1884 900 feet the previous year.
For the cotton In our interior. and for much OF
the merchandise returning thcrefrom, We have
been unable TO compete successfully, In conse-
euencc OF the extremely low rates at which ooth
were being passed through Wilmington-growing
out OF a prutracte und severe competition be-
tween rival steamship lines from that port, ostab.
fishing rates infinitely lower than could be afforded
by us, by the steamers from Charleston. The recent
consolidation, however, OF these lncs induces
the hope that we shall not, in tile future, snlrer TO
the same extent from this cause, and also that
arrangements may eventually be made With our
own steamers, which will mcasurably colnteract
this disadvantage. In our travel hut little liA-
provement IS noticeab G, or indeed. was to have
been expected. rs the circumstances affecting IL
have remained the same aS at the date of our last
report. All reasonable facilities have been given
;olt but the absence OF any connection WIN the
system OF roads south Of us, together with the
spareness and still restricted means OF I'll" popu-
latiOn directly along our line, Will obviously ac-
count for this result.
The open1- OF the Savannah and Charleston
Road on the llih uliimo. by placing us In direct
communication with Savannah, Jacksonville. and
all the important points In Florida ana south
western Georgia. and thus establishing tile best,
shortest and most comfortable route by rail he.
tween ST. Marks, Florida, and all the Northern
cities. must considerably improve our through
travcl-but sufficient time has not yet elapsed Tor
US to Judge or irs full effect.
Cur operating expenses have been heavier than
those OF the past year, which Is 10 be explained
by an expenditure Ul s10,500, upon the company g
wharf the extension and Improvement OF Which
had become necessary for the encouragement o.
our business in lumber and phosphate rock. we
cannot, however. hold out the prospect OF any re-
tluction In them Tor the ensuing years OH the con-
trary, we must anticipate their increase. II
should be borne In mind that we are now
machinery which we had In use before tue war,
the advanced age and increased demand upon
which will, necessarily, entail constant attcn-
ton and considerable expenditure to maintain
it's efacency. To keep the motive power and va
rious appliances OF the company up 10 the stand
ard requisite for the safe, regular and prompt
discharge Of the duties and responsibilities II as
sumcs 10 perform, is one OF those paramount
necessities which must be met. with TINS IN
yIew We have already contracted with the RoT-
ers, Works for one new freight locomotive ana,
towards the close Of the year may De compelled
TO order another. We are also much In need OF
new arst-claSs passenger cars as substitute Tor
our present stock. the old style and lengthened
service OF which render them better suited Tor
second-class cars. we also require audillouk 10
our rolling STOCK and more extensive dcp0t ac-
commodations. In supplying these wants, how.
ever, we shall, "a heretofore cndcavor to avoid
pecunary embarrassment, and only move as our
necessities shall from time to time dictate.
Under the authority conferred upon your board
at your has. meeting. TO rearrange the c0lnpany's
bonded debt, in conformity with plan then sub
mittcd a new general mortgage was executed with
two preferences, securing IN issue OF loio "nrst
prcfcrretl; bonds, each for $500, amounting to
$50 OOO and 644 second prererred' bonds, each
also for $780, amounting TO s322, 600 which bonds
we're dated lst Of September, 1869, and were
made payable lst September; ls99. WIN coupons
attached, representing al Interest OF seven per
cent, per annum. These bonds were 10 be Offer
ed In exchange for our past due obligations IN
accordance with statements then maue 10 yon Ia
detail But after they were partially prepared,
MANY of uur bOndhUders demurred TO the pro-
posed rate OF interest, urging that In view OF
their friendly disposition towards the company
and Willingness to promote tile readjustment Of
its debt. they were at least entitled 10
tion, this concession was yielded by your
board, and new issue OF bonds made, OF same
tenor as the above, bearing an interest OF eight
per cent. per annum. TIL! IS change involved some
delay, and it was not until very nearly the close
OF our fiscal year. that they were finally executed
and ready for delivery. So little progress hau
been made in their exchange up 10 tilat date,
that we deemed II best not to alter our accounts,
with reference 10 them, but Oh this occasion to
present them in their original shape, US shown
below. We NAV add that, up to this date, OF the
1910 first preferred bonds, we nave issued l2S3,
and Of the GA second preferred bonds, A65, leav-
Ing OF tile entire issue Of a2Sl or 81 ,l42 600 but
$50 bonds or S2Gs00o on hand.
The acknowledgements OF the company are Ger.
tanly due 10 those who have thus promptly re-
spondcd TO he only proposition 1t was in their
power To have offered fur the rcadJustmcnt OF its
debt. AnuppOsite course, anu resort to co.
ercive measures, would have involved US in much
difficulty, and have led TO results scarcely war.
rauted by the incoAsidcrable advantages which
might ultimately have attended it.
The statements of the treasurer, herewith sub
mitted, will show MS ~ the credit of profit aud
loss al the close OF past year........ S22,l l20 II
iSG9-'T0. observation-disclosures. 1oo,5s7 40
Dividend on stock in Cheraw bridge. 20 o0
Total. neutrality-suspicious.. sl42e,7 6l
And churrud with the following