The Anderson intelligencer. [volume] (Anderson Court House, S.C.) 1860-1914, 1871-07-27
From the Nashville Union and american.
Cotton Manufacturing in the South.

From the Nashville Union and american.
Cotton Manufacturing in the South.
Since the war the subject of manufacturing
cotton in the South has received more atten-
tion than for quarter of century before, and
although large number of cotton mills have
been erected in various portions of the South,
the probabilities are that within the decade en-
ding in 1880, the number of mills in the South
will be doubled, if not trebled or quadrupled.
With the advantages which the South possess
over New England for converting the raw ma
terial into fabrics for commerce, there Is no
predicting what the next ten years Will Drlng
forth. The most notable success IN this Line Is
the factory at Augusta, Ga This mill - was
built many years ago, and although 1t did a
fine business during the war, and tor some years
previous, there is no doubt but that 1t has
achieved its most substantial success since the
close of the war; When the war broke out cot
ton became cheap, owing to the difficulty OF
exporting it, and the demand for goods, such
rs were manufactured at this mill, grew so great
that the factory was worked to its utmost ca
pacity, and correspondent of the New York
Journal of Commerce states that the dividends
soon reached about 20 per cent. month, then
rose to an average of 100 to $50 per cent. a
month. and during the last year of the war the
dividend amounted to about 1000 per cent. per
annurl on the capital stock, in Confederate
money. Added to these successes, the superin-
tendent of the works expended large sums IN
new buildings, built small town OF brick
dwellings for operatives, kept large stock OF
cotton and other property oil hand, and when
the war ended the assets Of the company were
in valuable property instead OF Confederate
| money.
The stockholders, too, as a general thing,
were fortunate enough to have invested con-
siderable Confederate money in real estate and
other valuable property. So we find this great
concern at the end of the war in o fourishing
condition, wealthy, and ready to continue maxi
ing money the same as if no war has taken
place. Then they went on, employing an av-
erace number of 500 hands, working 500 looms,
$4,000 spindles, dividing on capital stock OF
$500 900 from 20 10 25 per cent profits beyond
the large amounts carried to the surplus fund.
The prosperity of this establishment since the
war affords sufficient evidence of the profits that
can easily be derived from cotton manutactu-
ring at the South under judicious management.
The semi-annual meeting of the stockholders
of the Augusta Factory was held on Saturday,
and the following figures, reported by the Pres
ident, exhibit its financial operations for the
fiscal year just closed:
yss etc '' 96, GAO SO
From which is deducted
Expense account. Joy "a
/ Repairs account........... 6,9Z6 61
Taxes & water rent paid. IA ,461 46
Paid for half dredge boat. 1850 S2-51, Jos 60
Leaving rs net earnings. $40 81
From which four dividends were
made, in July, October, January
and April last, Of per centum :.
each, amounting to.................Sl2O,O0O w
Enabling us to add.....................$ 25,54O 81
to profit and loss, and making the
amount now 10 the credit OF that
account. ......................S20S,S ,S36 IL
| The Board of Directors were instructed to
report upon the cost of building another mill,
and contract with the city authorities Tor the
water power, etc. The President said that they
had vacant space in Mill No. 2 for five thou
sand more spindles, which would cost S15 600 ;
| or that new mill, with ten thousand spindles,
could be built and equipped for S300,0 These
amounts included operatives houses He
seemed to favor both additions. The company
is certainly in a most prosperous condition.
There are q number of cotton mills in the
South, but we do not find in our exchanges sta
tistics showing the extent OF their operations
and the profits they are making for stockholders.
There is every reason to believe, however, that
they are doing we'll, perhaps not so well as the
Augusta factory, but are building up fine bus
iness, that will eventually be very profitable.
1t has been clearly demonstrated that cotton can
be successfully and proftably manufactured at
the South, near where it is grown. When we
look at the favorable circumstances presented
in this section, says q cotemporary, it becomes
matter of wonder that there are not more cot
ton manufactures in the South-that they do
not spring up in every quarter of these States.
Cotton is raised beside immense water powers,
and shipped to the North and to Europe for
manufacture. There is no reason, except the
lack of capital Why the bales of cotton we
see in the warehouses ready for shipment
should not at least be made into yarn, and
shipped after the two profits of raising and
spinning it shall have been realized, instead of
single profit, as heretofore. But it has been
proved that there is every reason in favor OF
going father than that and making it up into
shcetings, shirtings, and drills. Then the cost
of shipment to an always ready market is great
ly reduced, because the bulk is made much
less.