The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1873-03-29

enterprises must be founded upon the priHcl.
ples thst govern all successful corporations
that of interest. The history OF the last five
years has proven, 10 our opinion, that, properly
organized, and worked upon economical prln.
clples. Southern steamship lines must yield
large profits to their owners, and with full
conviction shat under judiclous management,
the enterprise TO which our attention Is directed
can be made one, not only 10 accommodate
the requirements Of our people, but Will yield
to subscribers large profits, We therefore unan.
imously advise that company be organized
with sufficient capital to build not less than
two large ships, such as may be best calcula-
ted to meet the wants OF our growing com.
merce, and that the authorized capital OF the
company be such that If found desirable other
| shes may be built as our future necessities
may require. It will be found upon examlna.
lion that the larger and better the steamers
the more proftably can they be run, and we
with old, iDdiferent and small steamers,
which can only be run at a heavy rate of ex-
| pense In proportion 10 receipts, and are sud.
denly causing delays and dlsappointments by
the necessity of constant repairs. IL is our
opinion that our trade With aud through the
port OF Charleston alone would )9si,1S tne
building Of three steamships OF Il0o IONS
each, carrying from 5000 10 10000 barrels,
which would cost, for wooden vessels, In the
the neigbborhood of $l00, 900 each.
To construct such the company should have
a paid-up capital Of at least $250, 900, and We
are confident that u0der such an organization,
under efficient management, would not only
afford all the freight room we need, but Would
give an immense impe1ns to the trade OF lne
city, both In exports and imports, and would
also be very remuuerative 10 the stockholders.
| Another important consideration is the iact
| that with such steamers freight can be trans
ported at much lower rates than have hitherto
prevailed.
| in favor OF The organization of company for
the establishment OF an efficient line between
the two points, and suggest that books oe
opened, either under new charter, or under
the best that may offer, and committee Il! e oe
would be of great Importance 10 the great line
OF railways centering here, and We would
earnestly request their cooperation.
Mr.. D. Mordecal said he thought In some In
stances the report OF the committees was lin
error, The local trade IL clrcumscrloed, and
will remsla 30. The railroad facilities to and
| from the West must continue 10 affect the To-
cal trade The railroads ln the South are COM
peting Tor the trade, and the Baltimore aud
| Potomac Railroad, with through line, Will
compete Tor the trade, 30 that the sea line
must decrease. The local trade Ia not more
than thirly-three per cent, and the great rush
| is from the West and over the South Carolina
Railroad. II another ship was added 10 the
line. 40 as 10 make II vr-duy line, the taclli.
| ties would not only be sufficient for the trade,
/ but not six weeks would elapse before one OF
| the boats would have 10 be laid up. Another
ship will oe put on the lin, early 10 the next
| month, and he was satisfied that one oil
them would be laid up 10 Blk weeks. IL q
new line should be started 1t would only be
an opposition line, and such could not be
made rsmunerative TO The stockholders. and
such was The relations oil the speaker Win lne
South Carolina Railroad, which owns s40,OO0
/ of the stock OF the line, that the railroad
would not throw them of, and without the
| advantage of the through freight no line
could possibly be made self.maintaining. He
spoke In the Interest Of those who had Invest
| ed their money In the line. II had been
charged that The interests Of the agents are
| hrst looked alter; but he would pledge hls
word that their Individual shipments had not
within six months amounted to i've thousand
| dollars.
Mr.. ]. I. Middleton remarked that he had
made personal examination of the books OF
Messrs. Mordecai, and the statement OF nr. d.
| Mordecai were correct.
Mr. John D. Oaklord said the amount OF
goods shipped by provision men to Charles
ton YVES small In comparison with the amount
sent beyond Charleston Into the country. II
1 the South Carolina Railroad Is going TO OPP
| pose the efforts of our merchants 10 send their
goods into the interior, new ports for heavy
| ireights will be needed. The speaker old not
| fear the South Carolina Railroad would dis,
| crimiuate against new line because it nad
| stock In the old line. The additional 1relgnt
| would benefit the railroad.
Mr.. George said be had no authority to
speak, out he had had decided intimatlons
| that the South Carolina Railroad would not
discriminate againht the enterprise.
Mr.. ]. C. Ncodemus said II there were IA
cilities there would be three-tourths more
goods shipped oy way OF Charleston. Tne
South Carolina Railroad will not move goods
| for Columbia, and his house hal been Obliged
| to snip Dy way or portsmouth,.
Mr.. Mordecai said negotiations were now
going on for The purchase OF the William Ken
nedy, and the whole money, except about
| twenty thousand dollars had been subscribed.
After another trip to Boston she will be put
on the Charleston line permanently,
Mr. l.. N. Hopkins said that on behalf OF the
committee he would say that the general
want had been stated, and he believed new
line of large steamers would be successful.
| He would not take stock 10 q line OF old boats,
| and It was certain that the boats on the pre-
sent line are not equal to the business. He
could not see the prOprlely of taking stock IN
an old boat, nor could he see why the Boston
line would sell boat while they are building
| others.
Mr. R. Mordecal said they did not ask for
subscriptions TO stock, but they proposed to
put on an Independent boat. They are obliged
| to turE off freight because they cannot carry
all that offers with TWO boats, but q third can
| do 1t.
Mr.. James Lyon said the demand was 30
great that sailing vessels are in greater de.
mand than for years before. He did not sup
pose the South Carolina Railroad would dis
crimnate against new line.
Mr. D. Mordecai said if the present steamers
we're larger they could not do the work.
What was wanted was rapldity of Transports
tion. The boat proposed 10 be purchased is q
first class ship, and when she is put on they
propose to reduce the local freight on bacon
| from forty to thirty cents per hundred, and,
besides, they would be able to lay down four
teen thousand barrels per month more than
they now can.
Mr.. D. j. Foley said the whole discussien
was out of order. The report of the commit.
tee was the subject under consideration, and
that provides for the appointment OF COM
mlltee to take the matter of its recommends
lion into consideration. After that commit
tee shall report, then, If it is not favorable,
they can accept the proposition OF Mr.. Nor
decai.
On motion of Mr.. Oakford, the report of the
committee was accepted.
Mr.. Alexander Rleman offered q resolution