The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1871-02-15

| ance sheet Of the company's books, and the usua
statements explanatory OF the movement ano
condition OF the leading accounts.
| The domestic bond debt has been very largely
Increased by the transfer to that account rom
the foreign sterling debt OF that portion OF the
sterling debt which was owned IN ths country, IN lS
| The exchange was made under provision OF the
mortgage deed, for seven per cent. currency
bonds, payable here 1t is needlessto add That
corresponding reducttotsof the sterling deet''
account Is consequent upon this increase. The
| aDemestic bondsn debt account has also been IN.
creased by issues in redemption Of the bills Of the
| Southwestern Railroad Bank, settlement OF past
| due bonds, and purchases or property; and IN
| like manner has occurred the increase OF bills
PAYABLE, -.
burdens which the board found themselves forced
to assume, with the restricted means at hand,
imposed upon them responsibilities equally ar.
duous and perpieXing. Some OF them were not
contemplated 81 ALL and the magnitude OF others
not fully realized when the board made their last
report. ~
bonds for the past due sterling and other securi-
ties Of the company, having reasned tnat point
at which compliance with the resolution adopted
by the holders on the other side, could properly
be considered as accomplished, to wilt: "That the
exchange in the United States must frat be made,
&C., &C." Complete and very lul evidences OF
the fact OF exchange here, aud OF canGells.ion
also, Y ere prepared and sent over to Lonuon,
and as the company has done all that was re-
ouired, and, perhaps, more, we are at liberty TO
anticipate that this protracted negotiation VIII
meet With no further o6ssace TO its; Sempieaoht;
81, ,4e2 0l5 e. the holders or which, toa greater
amount than IS needed to cover the requirements
Of the mortgage deed, as the stockholders nave
been already advised, have agreed to exchange,
upon the terms and conditions just above referred
It would be well, and 1t ls contemplated, that
the president of Che company should go over TO
England in the early spring, and give 20 tae con-
cllsion OF this business his personal attention.
The connections Of the road 10 all directions
have been much improved our sea line mas
been strengthened by the addition OF tnlrd IRON
steamship, OF large capacity, TO the New YORK and
Charleston route to the cost OF Wnicn the ooara
has contributed subscription OF seventy thou
sand dollars. This addition renders our communl-
peting CITY. The line to Baltimore continues to
be maintained In its original efficiency; and that
to Philadelphia, with superior ships anu more
thorough organization, gives promise OF much use.
fulness With weekly line TO Boston. OF which
there IS much need, the sea connections Of the
company would be complete.
Westward, the enterprise OF the Georgia Rail-
road has secured for us O communication WIN
Montgomery, and the country beyond, upon
terms of perfect equality as TO rates OF lrelght.
and thus furnished not only field for prohta6le
Intercourse, but the means by which Charleston
NAV reunIte the bonds OF communication long
severed BY artificial barriers. ..s
The Macon and Augusta Railroad a. last ts dn.
shed. ThetracS was opened TO trains on IsIa OF
December last. but the service yetperf0rmed is
irregular and limited. Very soon however, It IS
promised to be In proper shape forgeneral busi-
ness and our long-looked.lor and anxiously- de-
sired connection with the key to Southwestern
GeorKin satisfactorily established; .,nn, -
list between this company and the highly valuable
connections at Columbia and Ktngville.
In their last report, the board adviser tne PIT.
chase Of An eligible site fos Location On t1e ne
adjoining lots, to this property 80 as now to COM
mand with trinl0g exception the extensive area
bounded south by Charlotte street. nortn oy tne
ington street to the channel OF Cooper River.
These boundaries will give lines running north
and south 100 fest, and east andW llso.
Beyond the Indispensable measure OF securing
this property for the company, 1t has not oeen
considered prudent to proceed; but plans for its
use. combining 10 high degree economy and
convenience, have been prepared, and u Is pro
posed at an early day to arrange for WORK. TINS
account now stands charged on the books, chief.
ly, however, In seven per cent. bonds at par, at
Sloe, e36 %.
THE SOUTHWESTERN RAILROAD BANK.
The attention or the stockholders Is particularly
Invited to this instltuton. The large amount re-
ported last year, as having been advanced IN re-
demption OF its bills, has been increased this
year. and on the slst OF December stood at
The interest upon this large sum entails heavy
tax upon the earnings OF the railroad company,
winch, II pOSSlOltt buuuiu 10 Nv WIG
earliest day Nor s It easy to see what interest is
benentei Dy a continuation OF the present condi.
tlon of things The board Of directors OF the bank
do not, It Is be eieved, see any practicable means
of resumlng business In such case, we are
simply wasting, in payments OF annual Interest,
assets which might be reduced to money and up.
piled to the relief OF the road.
The board, In the performance OF their duty,
feel 1t necessary to say 30 much. They withhold
the expression Or an opinion as TO the remedy for
this difficulty.
As Indicated in their report Of 1870, the board
commenced, on the 1st OF August last, the pay
mcut OF small dividends out Of the earnings OF
the six months terminating on June 80 preced-
ing and they have since declared O further divl-
dend, from the earnings Of the last six months,
payable on February /. II s proposed to con.
tInue these payments, aud, with the present
ngures Of income, the board regard the purpose
quite practicable.
The organization heretofore existing has, dur
ing the year, been changed as follows: The title
of general superintendent has been altered to
that Of vl"e-presldent, and the duties somewhat
increased. A treasurer has been appointed to
discharge the duties heretofore deyolvlng upon
the auditor aud the auditor assigned to the pecu-
liar duties OF that ofiice. Respectfully,
". +, MAGRATH, President.