The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1871-12-04
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,apers which L received during months abs
nee from the city, that our business men
we're turning their attention to the Importance
If extending our manufactures, as the most
feasible way of increasing our industrial inter
ests do not know to what extent the matter
has been discussed or what form the discussion
has taken; neither am l informed in what di-
rection the friends of this measure are looking
for the accomplishment of this object 1t seems
To me questionable whether our natural advan-
tages, with the proposed exemption from taxa
for series of years, will prove sufficient in
ducement to draw capital from abroad to any
great extent; and if we are to rely mainly npon
our own resources, it cannot be amiss to brief
ly discuss the principles ON which we must base
our hope of success. While the history Of man
ufactures in this country is encouraging In It's |
result, and valuable in the experience which 1t |
affords, it will be very liable to lead us astray
if we do not take into account the greatly
changed conditions of the present day When
the country was new and manufactures in their
infancy or during the war, the margin for pro-
fits was so large, that the crude mistakes and
errors incident to the inception of new bust
ness were easily overcome; but this state of
ulluPS peNocOu onoyt oiio SoOSSoo 10 oAAiy w
be won by superior natural advantages, me-
chanical Skill business tact and the most rigid
economy. The failure of so many manufacturing
enterprises is matterof surprise and discourage
ment to many, but careful examination would
probably show that these failures originated
| in the neglect of the most simple and common
business principles. One of these principles to
which we would call attention, is the law of de-
velopment. The idea is far too prevalent that
to build up suchinterests we need large corpora
| tons with heavy capital; but some of the most
successful establishments in the country have
| grown from small beginnings. The very neces-
ity which compelled them to feel their way
along in so slow and cautious manner, was an
Important element in securing their final sue
cess. We must not fall into the error
that we are to become a great manu-
featuring city at once. 1t will require time,
and earnest, persistent efforts to accomplish
this work, and while we would gladly welcome
large corporations with their capital from
abroad, our main reliance must be in develop
ing our own resources. We must be ready to
| sympathize with smaller interests, which with
| proper aid and encouragement from our CAPT.
| talists may become large and important enter
prises.
The very simple yet important business prin-
ciple, of the right man in the right place, has
been sadly neglected in some manufacturing
establishments If capital is important, brains
are indispensable. Favoritism, or the infiu-
ence of capital, often assigns men to positions
in corporations for which they are wholly unfit.
If place or provision must be made for such,
it would be a matter of economy to purchase
an annuity and be done with it. Not only is
mechanical skill required, but the highest order
| of business talent that can be secured. 1t is
not sufficient that the board of managers is
made up from those who are known as first
class business men, but who are already under
the severest pressure from the extent of their
own private affairs. Competition has so mar
rowed the margin of profits, that success de-
ponds in a great measure upon the strictesi
economy, constant, rigid, personal supervision
and the same keen watchfulness and calcula
ton of chances, which, to so great an. extent
characterizes the mercantile profession.
Another business principle which is too mucf
ignored, is the necessity of adapting expenses
| | to the real income of the business That ther,
are periods in the history of every compan,
= | that require the anticipation of profits to SOM
and extent, cannot be denied, but the loose mora
: sentiment so prevalent in regard to the qualit
: quantity of services rendered, and the duty o
| strict economy on the part of men in publi
, employ, is not confined to government officials
but may be traced in the history of many o
our business associations Men occupying i'm
portant and responsible positions, often Civ,
: but small portion of each day to the bushes
under their supervision, while private indi
vidual, under the same circumstances woult
hardly feel justified in being absent an hour
If the neglect of these principles has beer
the primary cause of the failure of any manu-
featuring enterprises, it would seem to follow
very naturally that the observance of then
will lead to opposite results. In committing
ourselves to the policy of building up the man
ufacturing interests of our city, it must be wit
hearty acceptance of these simple principle
S which lie at the foundation of success.
e First: In a hopeful, resolute reliance upo
e our own resources, instead of spending our tim
! | in vain endeavors to get others to do the worl
for us;
: Second: In patiently accommodating om
+, selves to the great law of growth and develop
ment as the rule which governs in all successfr
, enterprises;
Third: In our anxiety for great results W
must not lose sight of fostering such enterpris
y es as we already have, and extending our sym
e pathies and helping hand to every new under
taking in this direction however humble it ma
be;
Fourth: Resolutely discarding all favoritisn
and giving preference to real worth an
practical business talent; in a word ap
3 plying to business in corporate capacity, tn
7 same principles which would govern practice
: business man in the management of his privat
4 | affairs. c. j. NJ