The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1871-04-20

ytus,Sr1 STEAMSHIP COMPANY.
Animal Meeting and Report OF Di-
rcctOrS.

The annual meeting Of tho stockholders
II the Virginia steamship and Packet Com
,,.ry was held ii the rooms of the Cham
her If Commerce Yesterday aiternoon--D.
I Kurr, ESD. president, in the chair, and
Mr.. +. {. Wherry, Jr.. secretary.
committee. consisting of MeSsrS. j. Il.
inlldrry. Vim. X. Watts. and :. NJ. Pull
ham. being appointed TO ascertain whether
. quorum was present, reported as follows:
The whole number Of shares Is ,22223,
which are entitled /" l.lt5 votes 3.3 votes
80, necessary 10 a quorum. There are pres.
,.ri III person III shares, and Go are repre-
>,rfyd hv PROXY entitled TO east votes
enough 10 make 4 quorum.
ANNUAL RKFoRT OF THE DIRECTORY.
Mr. Burr then presented the report of
The Board OF Directors. which Is rs tol-
lows:
The stockholders Of This company are
80 generally familiar with lis transactions
ma uro>pcris that an extended report Il
scarcely needed for their information.
TIRE rrRrosE OF THIS ASSOCIATION
since il formation was two-told. mainly
rbr redurIion OF trCicht> 10 the lowest
practicable point. and lncldentnlly. the
Establishment Of works fer building iron
l>ing 10 he OF large proportions III the
future which can be prosecuted here as
ad,anta1cously as At any other point in the
| njcd States.
Wl,n has already been accomplished
towards this Incidental object speaks for
u.rli in The ship-yard II Rockets. Work
and machinery of the first class are now in
operation there. IN the estimation of en-
pcrts ;uierior. to none. and the hull Of an
iron propeller Of ] 900 tons on the stocks,
which We hope to have completed and
atlaat Nv next fall, The capacity OF this
steamer Will te about 10000 barrels. Her
dimensions are rs follows: Extreme length,
1li rcrl: breadth of beam, 33 feet; and
depth of hold. ~ feet. The model and gen
yral plan If this steamer have bccn adapted,
under the most experienced and skilltul
management. to the peculiar demands of
the route and trade in which she will be
pmplovcd, and we have every reason to be-
lcve Will answer all our expectations. We
confidently anticipate from this beginning
that Iron ,hip-buildinc will become large
ana permanent branch of the extensive
iron manufactures OF this city.
The original design Of tins COMPANY in
Protecting "A steamship line TO New York
under lhe auspices Of shipper, interested
IN that trade contemplated only The build
ING OF iron propcler> for that purpose.
This necessarily involved delay in starting
the line. But such was the pressure from
stockholders and shippers, impatient for
REDUCTION OF TIE EXCESSIVE FREIGHTs
then current, that your board, III October
last. Welding 10 their urgent solicitations.
purchased the steamer Geo. b. Upton and
placed her at once upon the line. This
Steamship i>a wooden propeller OF 6O7 tons,
over 5000 barrels capacity, built in 1906 at
ii cost OF SSQ. 900, inSllreS at the lowest rates,
ana Was bought at price greatly below
her true value. z very large reduction was
and from New York. After running this
ship alone for about four months, the pres
sure became almost irresistible from the
-ame sources for the addition of another.
III February last your Board purchased The
steamer ". L. clyde, d wooden propeller
oi :'ol tons, built in 1860 at q cost OF S6o, 900,
ranking \ and insuring at the lowest rates.
Thee two ships are now making regular
weekly trips TO and from New York, and,
80 far have been well sustained by those Ill
wIr>r interest and upon whose solicitations
ih"y were placed upon the route.
Hos far The chief object of the company-
The reduction Of frei9ht>-has been accom-
l.l.hcd, almost every stakeholder can do
VIII hn within the truth to say that the.
Present rates are below the rates charged
eighteen months ago full average OF thirty
to forty rcr cent. On many. il not most, OF
The leading staples,
THIS REDUCTION AMOUNTS TO FIFTY PER CENT.
II j. not easy TO make an accurate esti-
mate OF the grand aggregate thus saved 10
the shipping community, but comparison
Il InnftG tn a
conviction that the difference amounts TO
not less than S250, 900 per annum. The re-
suits of such revolution cannot fail TO
have the most important bearing upon the
future commerce. manufactures, and pros
perity OF our cities. They cannot expect
10 thrive, in these days OF close competl-
ton, 50 long as their connections with the
interior. or with the principal commercial
malts, are under adverse control, and the
'harge> OF transportation over these con-
rcctions arc fixed with single view to the
prr1l al those who control them. 1t is in
ui>pcnSablc 10 their prosperity that they
.0ntrol these lines IN their o,rn interest, and
reduce rates of transportation 10 the lowest
level upon which the lines can be maln-
tanned.
There are now over three hundred stock
holders i'll the company, nine-tenths OF
"hom are actively engaged in commerce or
manufactures in New York, Richmond,
Norfolk, Petersburg, Lynchburg, Danville,
md Raleigh aud other points in North Ca
Eoiina. subscriptions 10 the stock have
been equal to our anticipatons, except in
the city Of New York, where, 80 far, they
TO not reach ST. 600. The abundance Of
capital there and palpable
BENEFITS OF Low tREIGHTs
10 their trade with this region had induced
he expectation of very liberal subscrip-
lions. Mercantile houses there engaged in
active business with Virginia and North
Carolina have certainly the same inter
ct with us in this en0eavor to I'M
rammcl and extend our trade with
them. There is nothing local or sectional
IN our aims. Nothing Gun be more preju-
NlcIal TO The business relations OF central
mart than high charges of transportation.
Recently We hear the concurrent testimony
OF our merchants that reduced treights have
doubled their
TRANSACTIONS WITH NEW YORK.
Thus 1t was natural to expect hearty CO.
Operation from that terminus Of our line.
l he probable solution Of this apparent un-
concern Is to be found in the fact that no
persistent effort bas been made to draw
attention to the programme and explain
The purposes Of the company. TO do this
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