Savannah morning news. [volume] (Savannah) 1868-1887, 1881-11-11

Annual Va eeting-The Report of the
President.

na1- past SIX O'cIOcks anu Was very largely
attended. After the disposal Of routin,
business the annual report OF the President
for the past year was read by the superin
tendent, Mr.. E F. Bryan, as follows:
ANNUAL REPORT.
To the Members of the Savannah Cotton Er
GENTIEMEN-Your Board of Directors here
with present to you their ninth annual report
and take pleasure in rendering congratulationi
for the high prosperity of your Exchange the
stability of its financial condition, and a yea
of success and advancement uneoualled by any
previous period within your history
The arduous duties assigned the various com
mittees have been performed in a manner
highly satisfactory, as the results of their labor
will bear witness. Their reports have beer
read to you in detail, and it is only necessary
in this report, to give review of them. touch
ing upon the more important points in each
At the last annual meeting there were borne
upon the roll one hundred and twenty-five
members and attorneys During the fiscal yeal
just closed, lightweight new members anC
seven new attorneys have been admitted, while
| seven new members and fifteen ATTORNEYS have
been lost leaving the roll at the commence
ment of the new year with one hundred anC
| ninety members and eight attorneys. OF the
seven members lost to the Exchange, two were
| by death-Capt Jno. Mcmahon and Mr. Charles
| Green, men of sterling worth, whose probity
and business integrity are worthy of emulation
| -four have resigned and one member Garry
| ing Win MIN MS Attorney was dropped from
| the roll for non-payment of dues. The large
| decrease in the number of attorneys is due tC
| the fact that many Of them have become mem
bers of the Exchange.
| The investments for the year amount to
| Sls,400. detailed statement showing the
character and amount of the permanent fund
| is exhibited ia the report of the Finance Com.
| mittee, which is sufficient evidence of the Sc
C rity and availability of the assets of the Elk
| change.
The very low figure recommended for the
current years dues, viz. $40 will not entail a
| tax that can be considered burdensome, and is
/ far below the average OF annual dues of other
/ organizations of a kindred nature.
One of the most noticeable events during
| the year, which has a bearing upon your his
/ tory. is the sale of shares of the capital stock
/ to the extent of the charter limit, say two
hundred and fifty shares. The large number
OF shares sold during the past fiscal year are
all represented by memberships in the Ex-
change, and the capital stock under the char
ter, namely, fifty thousand dollars, is now &C
| compliShed.
The potent influences OF your Exchange
| were brought into action during the past year,
and through the calm but resoute efforts of a
| judiciousIY selected committee succeeded
| early in the past season in adjusting complica-
| tions which had arisen with the master steve
| dores, which, until checked, bid fair to entail
| serious inconvenience to the merchants and
| loss to the business of this port.
From the statistical tables compiled by your
| Superintendent we find the receipts OF cotton
| at Savannah during the season of 1880 81 to
| nave D66n W1Cnln q rev D2I6S OF SUu,UtU, VIZ.
/ 89i.681, the largPsJ seasons cotton receipts
/ ever known at this port It is gratifying to
| note that the percentage of the gross receipts
handled by Savannah merchants shows an in
| crease as compared with the previous season,
| an evidence of satisfaction on the part of inte
| rior shippers at the results of prices received
and cost Of selling in this market.
| Prices during the past year were remunera-
/ tive, yielding an average of fraction over
| eleven cents for middlipg for thirty weeks from
the 1st Of September, 1880, during which period
| the bulk of the crop was marketed.
| Anticipating what might be considered the
| wishes OF the membership, your board has kept
| in view the securing Of proper site Subject
| to your approvaD upon which at some future
| day the exchanges might see proper to erect a
| building. Although efforts in that direction
| have been mace. no progress can be reported.
| In December last an effort was made by your
| board to induce the managers OF the railroads
centering at this port to adopt measures for
| the protection. from rain and bad weather
| generally of cotton before being laden upon
| cars in the interior and after being discharged
| from cars at this point. Nothing has been ac-
| complished, from the fact that the railway
| companies state that it would entail very
| heavy expense upon them, notwithstanding
| which they would be willing to undertake were
| it not for the restrictions placed upon them by
| the Railway Commissioners of this State. there
being no guarantee that they would be per
| mitted to collect the customary storage
| charges in cases where cotton was not re-
moved within a reasonable length of time 1t
| is to be regretted that this additional advan-
| tage to our city as great cotton port cannot
| for the present be hoped for, yet, withal, we
/ find our facilities fully up to the standard of
| other places.
During the month Of April, 1880, a COM
| munIcation was received from prominent mer-
| chants in Augusta, calling attention to the
| loss sustained from country damage" and
| expressing the belief that the trouble grew
| out of careless and improper handling of cot
| ton on the part Of railroads and presses
while in their possession, and suggesting that
this Exchange adopt the system of inspection
in operation at the Gulf ports. The attention
| of your board has also been called
through the American Chamber of
| Commerce, Liverpool, to the prac-
| tice of steamers leaving cotton ports of the
| laden on deck, stating that the legal opinion
| was that such practice was a breach Of con-
tract-vtiating the insurance, from the fact that
bills Of lading are signed for cotton under deck
when the cotton is not so slowed, and aside
from the above considerations, if vessels were
overtakea by heavy weather with large deck
loads, they would not be in sea.worthy con-
dition, and the consequences might prove
disastrous to both life and property
In reference to the communication from
Augusta, 1t was found that while
complaints had been generally received
at ali the cotton ports in reference to country
damage, that there were less complaints from
Savannah than at most of the other ports, and
that when the complaints received in Savannah
were carefully analysed, a remarkably small
percentage applied to cotton actually handled
and compressed here It was therefore, con-
sidered that the necessity did not exist for in
auguratiDg the system of inspection asked for.
The complaints which we're so general in this
particular, were, no doubt, due to the unusual
and protracted term Of wet, rainy weather
which prevailed during the f ,Sso fall and
winter thrn,.c c,.sCcit me entire cotton belt
The communication from Liverpool was
referred to the National Cotton Exchange of
America as proper topic for discussion at its
meeting in July last. From the report Of that
body we find the committee, having the mat
ter in charge, recommended, THAT in every
instance where cotton is thus wrongfulIv car
ried on deck, the local exchange should for
ward, under signature and seal OF its President
and Secretary, to the proper commercial body
at the port of destination, certificate setting
forth the number of bales SO carried, and, if
possible, giving the marks of the cotton. This
certificate should be posted in the exchange
rooms at the port of destination as a notifca-
ton to the consignees and underwriters"
A request from the Chief Signal officer ask
ing cooperation in the matter of establishing
new signal stations in the cotton growing sec
ton, was referred, with the strongest indorse-
ment this board could give recognizing the
Importance of the same to the managers of
railroads centering here. and it is our pleas
ure to report that the officers of those lines
have responded in rendering the necessary
assistance for accomplishing the desired
object The result has been the establishment
of stations at Millen, Griffin. Davisboro, Way
cross, cambridge, Macon, Eufaula, Columbus
Jesup. Live Oak and Albany-the district tribu-
tary to the Signal office at Savannah-from
which reports are received daily OF rainfall
and temperature during certain period of the
year, the government furnishing the necessary
outfit, and the railroad agents performing the
service of taking observations and making the
reports. These reports are posted daily in the
Exchange, and are of much importance and
value
From year to year in the past we have noted
the gradual inroad being made by steam over
sail as a medium Of ocean transportation, es-
peeially applied to the early movement OF
the crop, and we observe that the season which
mas Just fairly opened is not an exception
Up to the first Of November of this year ninety
four per cent. of all the clearances of cotton
for foreign ports have BE- en- laden on steam
vessels. Last season, during the same period,
steam vessels carried ninety two per cent. of
the foreign exports
1t has been brought to the notice Of vour
ooaro tnat lie are members who question
the necessity of this Exchange remaining a
member of the National Cotton Exchange OF
America, using the argument that the benefits
derived are not value received for the expense
connected Herewith. While the benefits de-
rived from a connection with that body may
not appear Of importance on the surface, there
are benefits which must present themselves to
anyone who will carefully investigate. We
would mention, in connection, that within the
past few days, for the first time since the or
ganization of this Exchange, we have received
Liverpool and other reports on q New York
election holiday. This result is due to the
efforts of the National Cotton Exchange.
Again, there is agency under direct control |
of those interested in the cotton business, TO |
compilation of crop statistics. except it be the
National Cotton Exchange. This alone is highly |
desirable il for no other purpose than to check |
the reports emanating from other sources 1t is |
conceded on all sides that the overland move
ment has meyer been so correctly compiled and |
L.. Al, i