The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1877-11-29
Report Of the Directors.
To William Black, ESD. President. an
Members Of the New Orleans Cntton

! Report Of the Directors,
| To William Black Esd President. and the
Members Of the New Orleans Cotton Ex-
change:
As re1u red by article of the by laws. the
board OF directors desire to present for The in =
formation and conside alto Of the members Of
| the Gx hhnge tbs following brief synopsis Of
| its affairs aud fl auces:
h h story Df he Exchanges, together with
! its progress in inhugurating and perleeting the
ref rms it has been instrumental In bringing
about. ms been so fully ,elueld led in the re-
ports 70 previous annual ue, tings that it Is
| ttesmea uunsces atgt o refer, except in casual
way, to hugbt but the eenrrences Of the year
| In general terms, the Exchange rnay now be
| be said to occupy q better position Il an ut any
| time since its inau uration. In point Of ftuul-
| business films aud witbdr walls by reason
| thereof from year to year, new admissions have
ncre sed our roll Until it is now larger than
| peS nted at any previous annual meeting,
The same may be said Of our position Imam
| eihily. the annual reuorts of the Treasurer and
| Il nanGinl Committee showing as. cts MT the
dose of the year If $780, ,9i3 " and liabilities of
5000 90 |nclu ing SIS 407 80 to the credit Of The
Press SUPERVISE n. Department AMI sllgD % to
The Exeha' ge proper has no9w balance to the
ctedt OF cap tai account and for tn aymsnt Of
it; rhi sxp9nsss aurns the year Of $4,000 g.
| three dollars and forty seven cents stand to the
credit Of ,capitai account. representing s5l
shares of Exchange stock in the hands Of
| meinbs and others
| attention 10 particularly called TO the Finance
Com Hittee's recommendation. which is ap-
| proved by This board. and an appropriation
| made therefor that eight dollars per lare out
| of the excess of the receipts over expenditures
| be returned 10 the stockholders Of the Exchange
| on the tenth Of January next.
As flr:,s has been consistent with strict care
! and prudence ths funds of the Exchange not
needed for immediate uss have IRON time to
| time been loan ID on unexceptional colaterals.
| the interest thus realized being equivalent to
| IN yre than the yearly aues Of twenty nine new
members.
| The extent Of the Exchanges financial trans
actions wi be appreciated upon reading of
| the treasurers report. showing that his receipts
ior the year tum up nearly q quarter Of n mil
lion Of dollars, and disbursements to about The
| same. More than half Of this large movement
has been caused by freduen, turning over Of
the fDndS by the Finance Com mittee, their ag-
| gregate loans for various PEI iods hin the
year amounting, in round numb bers. to $l31 900
briefly stated the treaenrers books sho@:
Actual cash eipts November 22. 1876. to No
vember 2l 1877-
Exchange proper. from initiation fees.
members dues and ilom other
sources, including interest on loans s3l 300 6s
supervision department ......'.-... 55.6S2 81
L5vee inspection department. ....-..... 10s457 80
Total .$98, ,9u o.
DtsBU UEsEMENTs.
ESchange proper exclusive OF loans) s32 hs3 9e
supervision department. t................. tl24 o.
LeVee inspection department. .......... 1884 80
Total .sg7, 1873 %
In connection with the above it is proper to
state hat ut the date Of closing the treasurer's
accounts for the year there we're dues and ini-
Il lions in course of collection amounting to
sl2,69D, Of which there have nee been collected
1920. leaving balances outstanding ut this date
of $500.
1t affords us pleasure to congratulate the Ex-
change on the continued success Of it's system
SUPERVISION AND LEvEE INSPECTION
each year Of the existence Of which only serves
to demo strate more fully and conc, usivey it's
great value to the commerce Of New Orleans,
vino trade with our city in the great staple.
Ref renee 10 the Supervision Committees re-
port shows that upwards # 600 worth Of
cotton has been carefully watched nd guarded
within this year, from the time Of its receipt at
New Orleans until final deposit in the h Id
BILE pride, point to the aggregate loss. made
from unavoidable causes, durin1 the year
1867, tine maIlest aggregate ever known in
sta'cmeuta can be ohtainedD. Ms conclusivey
showing, thai New Orleans tolerates neither
carele . han1ding nor petty pilferng OF ,he cot
ton irtru7ed to he care OF b merch nts
Al your last annual meeting reference was
made to the eff rls Of various cotton cities lin
GUIDING Nnw York; that wer, endeavoring t,
succe 3sfully inaugurate our plan If supervi-i ion
and in pcction, detail OF which ha been fur
nished them on application This WAS men
our efforts by 0 her communities, some Of
which were our direct competitors The infn-
ence Df our exam le has reach d the great prrt
Of Liver OO, from which We have received the
Unqual'f fled lndGrsemeat Of her greatest mer
chants and leading business men, as will be
seen hy the following extracts frnm the pub
shed proceedings Of the International Cotton
Convention in July last
te.xtract from the address Of Mr.. W For
wood, president Intentional Convention and
president United Cot on Association If Liver
ponli
We have noted with much pleasure
the eSt ablishment of hetber supervision of
cotton in New II leans before shipment. which
has borne most satsfa tory ults, and we
pc TO see the system extended to other ports
particularly the ports o. Mobile and Galveston
fr m which pl fces we continue to receive much
count = damagt cotton"
Ia introducing resolution at the first days |
meeting # the same convention. relative to
losses sustained by country damaged" Mr. |
ken twice president of he United G tton Asso-
citation Of LiyerppoD alluded I'VE quote from |
the published nute-l TO the frequent COM
plaints agai ST Mobile and Calves ON, and made |
comparis n with New Orleans. where sine. the !
of supervis rs, cotton has been |
carefully shipped and cases of country dam
aged bales Coz paratyely rare.
We quote further res luton offered by Mr.. |
Simpson, drlesate from New Orleans, which |
after d sous ion, participated in b, the presi- |
d Mt and vea president OF the Liverpool Co ton |
Br kers Association, The President OF the |
United COtt n asso ia'ion Of Liverpool. was
adopted ,nnairaontsIy, viz:
4 hat it is d s,rabl.. some mode of inspection
or super ision sh tuld be established OF cotton /
on arriyai at IiyerDool a small imp st being