Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1873-04-03

Lne country is prosperous, ~ Iho' PeoPAo e''A
nav their taxes, as it takes good deal to
make up for what the Congressman steal.
MEMO.
THE MANUFACTURING INTEREST.
Every one who keeps posted as to the pro-
gress ofevents in this State knows that the
subject most agitating the popular mind is
that of manufactures. The time was when
agriculture was the sole interest in South
Carolina. That time has passed away forev-
er. The people are fast learning better po-
litical economy than to send out Of the State
for those products of the useful arts which are
essential to the comforts of life. They are
learning that the most costly mode of life, is
that which depends on the products of skilled
labor in distant States and countries. The
cost of manufacturing, the percentage which
has to epaid tojobbers, wholesale dealers and
retail dealers in turn, and the exorbltant
charges for transportation compel the consum'
er to pay high prices for his articles, which Is
ruinous to his prosperity. For example, the
people of this State sell their cotton, say, at
twenty cents pound, and buy it back at one
dollar pound. No State can afford such
system at this
The people of this section, therefore, are
determined to save these large profits to the
State and to themselves
We have before us the report of the Presi.
dent of the Langley Cotton Manufacturing
Company. 1t an interesting document, and
exhibits a success which is most hattering to
the company, and greatly encouraging. to
other companies about going into operation.
This report was made at the second annual
meeting of the stockholders. The first year
was occupied in getting the buildings up and
the machinery put in working order. The
last year has been the first working year Of
the factory. The net earnings of the year
were $52,233.30, being over thirteen per cent
of the whole capital stock, which was really
made in eight months. The amount of money
possessed by the company was only enough to
erect the buildings and put in the machinery.
It had absolutely no working or commercial
capital. During the year the mill consumed
one and three-quarters millions pounds Of cot
ton, at an average cost of 70 4O-lOO cents,
amounting to 1856, 5,68705.
In August last the mill had on hand 1000
bales of manufactured goods, which were sold,
and since October the order for goods has
been constantly ahead of the supply, and it
will now take three weeks to fill the orders
already in.
The President says: "When you consider
that we commenced in 1872 with only two
thirds of our machinery in operation, and that
all was not started until the first quarter of the
wear had expired, and that we sold three
months production at cost, and paid over ten
thousand dollars for interest during the year,
which alone was more than q per cent. on
our capital, think you will admit that the
mill did we'll for 1872, earning as you per-
ceive, over thirteen per cent, and which was
really made on the profit from eight months
business"
The borrowed capital of the company has
been reduced from $176,OOO to $4,000. This
it is believed can be paid up, and then have
enough on hand to pay dividend of q per
cent. July 1st. At the beginning of 1872 the
mill had only two hundred and sixteen looms,
making an average of only forty yards day
each. At the close of the year three hundred
looms were in operation, making an average
of forty-seven yards day. Twenty EIGHT
more looms have just been added.
The company, however, see the great ad-
vantage of increasing the business, and it was
unanimously voted to double the productive
power of the mill, and the capital stock was
increased to accomplish this result. The wa
ter power is sufficient to accomplish this with
out additional expense in that direction.
The fact is manufacturing pays, and our
own people may as we'll reap the fruits as the
residents of other States. The par value of
the Graniteville Mills stock is 500, yet the
market value is STAT, and the mills are yet
young
The Pendleton Mills are also fourishing,
and have been greatly improved during the
past year. Besides these mills, a manufac-
turing interest of Importance is being started
lust this side of Greenville, and another in
Newberry besides others in different parts Of
the State.
But cotton is not the only manufacturing
interest The phosphate business is of the
first Importance, especially to the lower Sec
tion of the State, and annually brings in hum
dreds of thousands of dollars to the city by
the sea. These popular fertilizers are in great
and increasing demand, and the companies
are unable to fill all the orders at this season
of the year.
This is hasty glance at the interest which
Is yet IN us INFANCY, DuC Wnicn IS uesIlueu, ue-
spite all obstacles, to take front rank in the
industries of the State, and be its chief source
of wealth. What we now most need is the
passage of the bill relieving these new enter.
prises from taxation for ten years. This will
give a surprising impetus to the movement.
There is no doubt about the passage of such a
bill at the next session. When is the enter
prise of Columbia to move in this matter p
Columbia Union.