56 The Phosphates of America. 



RIVER PHOSPHATE COMPANIES. 



Name. Address. Capital. 

 Beaufort Phosphate Co.. P. O., Beaufort ; works, Beaufort River. $100,000 



Coosaw Mining Co P. O., Coosaw ; works, Coosawand Bull 



rivers 600,000 



Carolina Mining Co P. O., Beaufort ; works, Beaufort River. 250,000 



Farmers' Mining Co P. O., Beaufort ; works, Coosaw River. . 125,000 



Oak Point Mines Co P. O., Beaufort ; works, Wimbe Creek... 150,000 



Sea Island Chemical Co. P. O., Beaufort ; works, Beaufort River, 250,000 



Of the river companies, the Coosaw, which for many years 

 has been one of the chief operators, has lately been compelled to- 

 suspend its production on account of a serious controversy with the 

 State, and in this connection it will be interesting to refer to a 

 message which was sent to the Legislature by the Governor of 

 South Carolina on the 1st of March, 1891, in which he makes the 

 following statement: 



"In 1870 the Legislature granted privileges to a corporation 

 known as the River and Marine Company to mine rock in the 

 navigable waters of the State for twenty-one years. The State re- 

 ceived nothing for this valuable franchise. The Coosaw Mining 

 Company obtained from the original grantors exclusive right to 

 mine in Coosaw River, and with a paid-up capital of $275,000 com- 

 menced operations. In 1876 the General Assembly passed an act 

 confirming the exclusive right of the Coosaw Company to mine in 

 that river for the term of twenty-one years at a fixed royalty of $1 

 per ton, and this lease has now expired. The act of 1876 was drawn 

 by the attorney of the Coosaw Company, and so adroitly worded 

 as to give color to the claim that the grant of that river was per- 

 petual 'so long as that company shall make true returns,' etc., and 

 under this the company claims that its tenure is not a lease expiring 

 in 1891, but a contract running for all time. This claim is pre- 

 posterous, and this General Assembly must not hesitate to move for- 

 ward and act promptly and decisively. 



"The Coosaw River, to which this company lays claim, is, per- 

 haps, the best phosphate field in the world, and the lease under 

 which it has been mined for twenty-one years has made every stock- 

 holder wealthy. Their plant, which has been obtained from the 

 surplus profits, is valued at $750,000 or over; and in the mean time, 

 by fabulous dividends, the original capital of $275,000 has been re- 

 turned to the stockholders, as I am informed, over and over again. 

 When you are told that the output of this company this year has 

 been 107,000 tons, worth $7 per ton f. o. b., and that the cost of 



