I transmit a printed copy of a new project of a joint stock company which
has been sent to me anonymously, with the marginal annotations as you
will find them. I beg to call your particular attention to the reference
to open ports for a full supply of the finest
descriptions of cotton. The names attached are those of persons
heretofore well known as rebel agents or sympathizers.
Hon. William H. Seward, Secretary of State, Washington, D. C.
[Untitled]
[Private and confidential.]
ATLANTIC TRADING COMPANY—LIMITED.
CAPITAL £200,000, IN £100 SHARES, WITH POWER OF
INCREASING TO £500,000 STERLING.
Prospectus.
The Atlantic Trading Company, limited, has been formed for the
purchase of first-class paddle-wheel steamers, of light draught,
great speed, and an average capacity of 800 bales of cotton, which
forms the basis of the business to be
transacted, (blockade running.)
It is intended to employ the steamers in trading with ports in the
Confederate States, and participating in the large profits attendant
on this business.
The practical experience in the trade enjoined by
the promoters* affords a guarantee of
success, and they are enabled to offer the additional advantage of
trading with open ports, where a full supply
of the finer descriptions of cotton is obtainable, for which the
light draught of the steamers is peculiary adapted.
Arrangements are being perfected with C. J. McRae, esq., agent of the
Confederate States, to carry in merchandise, and to bring out on the
return voyage full cargoes of cotton, in exchange for supplies, or
for bonds of Confederate States cotton loan.
The first steamer will be despatched in April; the second and third
in May; the fourth in June; and the fifth in July.
The vessels are in the hands of builders of celebrity, the materials
of best description, with all the modern improvements in the
machinery and boilers which experience suggests, with a guaranteed
speed, loaded, of 17½ statute miles per hour.
The following sketch of account shows the amount of capital required
and probable results.
[Page 583]
| Estimate. |
|
| Five paddle steamers |
£125,000 |
| Outfits |
10,000 |
| Appropriations for purchase of cotton loan, bonds or [and]
merchandise |
40,000 |
| Reserved for additional steamers |
25,000 |
|
200,000 |
Results of two successful
trips.
| 8,000 bales of cotton, 450 pounds each, sold in Liverpool,
to net 2 shillings per pound, free of all charges and
commissions |
£360,000 |
| Freight earned by steamers between neutral port and
confederacy, say £ 5,000 per
voyage |
50,000 |
|
410,000 |
| Less working expenses between neutral port and
confederacy |
30,000 |
|
380,000 |
Allowing as above for only two successful trips of each vessel, the
profits realized will amount to £180,000.
This calculation, however, may be considered the least favorable one
that should be taken. The life of vessels of the class to be
employed by the confederacy may be computed as worth five trips
each, with the following result:
| 2,000 bales of cotton, net in Liverpool |
£900,000 |
| Freight earned between neutral port and confederacy |
125,000 |
|
1,025,000 |
| Less working expenses five steamers, each five trips
between neutral port and confederacy, 25 trips at £3,000 |
75,000 |
|
950,000 |
| Cost of steamers, outfit, merchandise, cotton loan,
&c |
200,000 |
| Profit |
750,000 |
