Savannah morning news. [volume] (Savannah) 1868-1887, 1882-02-08
lExHIBIT Al

In consideration Of the sum of - dollars,
the receipt of which is hereby acknowledged,
--is entitled to receive from the annual
net earnings Of the Ocean Steamship Company
of Savannah. to be ascerteined as hereinafter
provided, annual interest upon -d dollars at
such rate, not to exceed six per cent. per an
mum land not to be cumulative in case of either
entire or partial default during any one or
more years., as the whole of the said net earn
ings so ascertsined will avail or be sufficient 10
pay upon a principal of five millions of dollars,
OF which said five millions the aforesaid
amount forms a part and is entitled to equal
and pro rata participation with the remainder,
the whole berg entitled to receive not exceed
ing three hundred thousand dollars 1870. GQ0}
per annum as interes7 from the net earnings
OF said steamship company under the con-
ditions herein-the net earnings applicable 10
the payment of interest as ABOVE shall be as
ceFtsined as follows, by the Board of Directors
Of the said Ocean Steamship Company, of Sa
vannah:
From the gross earnings Of the said company
from its ships, wharves, congresses, ware
houses and all other property or investments
whatever for each fiscal year. from and after
September 1sf, 1881. there shall be deducted,
first, the expenses OF operation for the fiscal
year, which shall include the usual and neces-
sary expenses OF conducting its various forms
Of business, taxes. costs of fire insurance and
ordinary repairs Of property and any unusual
loss by marine and fire disasters during the
year.
Second, interest upon its bonded and other
indebtedness as the same may exist from time
to time.
Third, Of an annual reserve fund Of one hun
bred end fifty thousand dollars (s1500O0l for
the retirement of any outstanding bonds or
other Indebtedness which msy exist from time
to time, and for the gradual income of the
companay's property, and for a surplus or
reserve fund, for such uses as the board of
directors OF said company may deem proper.
The remainder of the company's gross annual
earnings, or three hundred thousand dollars
(s300,000 thereof. should they exceed that
amount, shall be applied to the payment OF
interest, as pledged by this instrument. And
annual statements of the gross and net earn
iDgs OF the said Ocean Steamship Company
for the preceding fiscal wear, ending Au-
gust 3ist. shall be published in one or
more public journals Of the city
Of Savannah, Georgia, daily, dur
ing the first week in November of each
year, and the annual interest payable shall be
advertised Herewith, and shall be paid en- or
before the first day Of December OF each year.
This certificate of interest may be transferred
in multiples OF one hundred dollars on the
books of the company at any time Except
during the month of December) by the party
in whose name it is registered in person or by
an attorney duly authorized for that purpose,
No certificate will be issued for less than one
hundred dollars.
In witness whereof, the Ocean Steamship
Company of Savannah has caused this instru-
ment TO be signed by its President and attested
by its Secretary, this - day of - sS-.
---- President