7.^ LIVERPOOL AND CHARLESTON fSTE^JMlSIilPB, PROCEEDINGS OF A MEETING HKI.U AT THE HALL OF THE BANK OF CHARLESTON, February 22, 1861. CHAELESTOiN : STKAM-POWKR PRESSES OF EVANS A COGSWELL. No. 3 BroBd and 103 East Bay StiMt. 1861. THE WILLIAM R. PERKINS LIBRARY OF DUKE UNIVERSITY LIVERPOOL AND CHARLESTON PROCEEDTXGS OF A MEETING HELD AT THE HALL OF THE BANK OF CHARLESTON. February 22, 1861. CHARLESTON : feTKAM-rOVER PRESSES OF EVAXS * COOSWELI Xo. 3 BrnaO anH lor, Eut lUy t>tre«t. 1861. Digitized by tine Internet Archive in 2010 witii funding from Duke University Libraries littp://www.arcliive.org/details/liverpoolcliarlesOOIive J'ii'crpflol aiu! (EhnrlcHion ^Steamshijj.'i. PROCEEDINGS OF A MEETIX(i IIET-D AT THE HALL <)F THE HANK OF CHARLESTON. 22d FEHlirARY, IKfil. The meeting was organized by calling G. M. Coffin, Esq., to the chair. Mr. Coffin explained the object of the meeting to be the adoption of snch measures as will secure the establishment of a direct line of Steamships between Charleston and Liverpool. Proposals of a very favorable nature had been made to some of our prominent citizens, who, upon consultation, referred them to a Committee of persons of experience to examine carefullv. This Committee was now ready to report. Mr. Mure, on behalf of the Committee, then read their report as follows : The Committee, appointed to consider the proposals submitted by Mr. Barry, on behalf of persons in England, with a view to the establishment of a line of Steamships between Liverpool and Charleston, beg respectfully to REPORT : 1. That, in common with the whole community, they recognize the necessity of a Steamship line to Europe, as a means of preserving the Commercial importance of Charleston. 2. That upon a careful investigation into all the details of expenditure, and a moderate estimate of the probable earnings of boats well adapted to this trade, they are tirmly persuaded that such a line of Steamers, judiciously man- aged, would pay handsome profits to the Stockholders, 3. That the proposals submitted by Mr. Barry are, in brief, as follow : 1. The parties v/liom he represents, Mr. A. M. Weir, a very respectable gentleniau of London, already largely interested in Steamships ; and Messrs. Laird k Co., whose reputation as builders of iron steamers is unrivalled ; will agree to raise in Great Britain one-half the capital requi- site for this enterprise, if the remainder can be raised here. The proposed capital is £150,000, or nearly $750,000. 2. A Joint Stock Company is to be formed in England, under the Limited Liability Act, in which the Charleston shareholders will be on the same footing with all others. 8. The Company, once formed, is to build three iron screw-propellers, and to place them in a regular line be- tween Liverpool and Charleston. 4. The steamers are to be built by Messrs. Laird & Co., with special view to the peculiar necessities of our port and its commerce. In the preliminary specifications it is stated, that steamers of 1,800 tons measurement, capacity 4,000 bales cotton, (taking the bale at 440lbs.,) and with engines of 250 horse power, will cost X47,000 each. (The horse-power is nom- inal under the admii-alty rule. The effective capacity of the engines so rated is about 600 horse powei'.) These proposals seem to the Committee to be made in good faith ; they certainly emanate from parties entitled to the utmost confidence. The means of information possessed by those with whom the measure originated, is such, that their willingness to take half the risk should convince us of the intrinsic merits of the enterprise. The proposals are extremely advantageous to us; inas- much, as if we avail ourselves of them, we secure all the advantages of the line to the commerce of the port, while we bear but half the cost. It is also but too certain that if, ' with our profound con- viction of the importance of steam communication with Europe, at a moment when that importance assumes the proportions of a vital necessity, we decline to seize such an occasion of establishing a line, not only will foreigners undervalue the honesty of our declarations, but we shall lose so much consideration in our own eyes and those of our neighbors; that similar projects will hereafter seek other communities, and we shall be left in the repose of an inglorious inactivity, forgotten and contemned. On the other hand, a prompt and vigorous prosecution of this enterjtrise to a successful termination, will not only accom- |»lish the immediate end in view, but will invigorate the commercial energies of our people and establish a prestige in their favor, which will be of no little consequence in the future now opening upon the South. Your Committee would therefore propose, That a Committee of twelve be appointed by this meet- ing, to make a subscription list, and solicit subscriptions to the enterprise upon such conditions as will agree with the pro]iosals submitted bv Mr. Barry. M. BERRY, Chairman, ROBT. MURE, FRED'K RICHARDS, GEO. S. CAMEROX, W. L. TREXHOLM. On motion, it was Bcsolird, That the Chairman of the meeting should be ex officio Chairman of the Committee. The following gentlemen compose the Committee under the above resolution : Geo. M. Coffin, Esq., Chairman, Theodore D. "Wagxer, Esq., William McBurney, Esq., William C. Bee, Esq., William C. Courtney, Esq., William M. Sage, Esq., RoBT. Mure, Esq., Francis J. Porcher, Esq., Fred'k Richards, Esq. Henry Gourdin, Esq., William Lebby, Esq., J. Clough Farrar, Esq., T^ T? o s T> f: c t i^ s OF TIIK LIVEEPOOL AND CHARLP]STON Steamsliip Corapaiay, (limited) OF LIA^ERPOOL. INCORPORATED U:>^DER THE JOINT STOCK COMPANIE:^' ACT. CAPITAL, £160,000. In 15,000 Sliares, of XIO oach, with power to increase. This Company is proposed to be formed for the purpose of establishing a direct line of Steamers between Liverpool and Charleston, Avith power to call at an Irish port for passengers. It is designed to build three iron screw-propellers, specially adapted to this particular trade, and affording the highest degree of comfort and convenience to the travelling public. Negotiations have been commenced with JMessrs. John Laird, Sons & Co., for the construction of such Steamers, each of which it is contemplated will be of about 1,800 tons, builders' measurement, with a pair of engines of 250 hoi'se power (collect- ive), costing about £47,000. It will be expressly stipulated that these vessels shall be of sufficiently light draught of water, with capacity to cai-ry about 4,000 bales of Cotton, and with suitable accommodations for first and second class passengers. A careful estimate has been made of the probable expenses and earnings of the proposed line, based upon accurate and reliable data obtained in Great Britain, from which it appears that there is every reasonable prospect of the stock being- a highly remunerative investment. This estimate has been examined by persons possessing a practical knowledge of the commerce of Charleston, and lias obtained their unqualified approbation. Parties of high resjjectability in Great Britain ha\-c under- taken to raise half the pro})osed capital, ])rovided the rest can be obtained here. Paynient for the stock will be required in five equal instalments, at intervals of not less than two months- First j>aymenl to the buildei's will be made when the contract is signed. The articles of association will be drawn u)» in such a man- ner as to secure to tlie stockholders in this country, equal priv- ileges with all others, and will be subject to the approval of such ])ersons in England as they may designate. The Compa- jiy will be registered untler the Liniited Liability Act, which protects the shareholder from any liability beyond the amount invested.