I have seen this question being asked multiple times on the R mailing list, but still could not find a satisfactory answer.
Suppose I a matrix m
You could use pmin, but you would have to get each column of your matrix into a separate vector. One way to do that is to convert it to a data.frame then call pmin via do.call (since data.frames are lists).
system.time(do.call(pmin, as.data.frame(m)))
# user system elapsed
# 0.940 0.000 0.949
system.time(apply(m,1,min))
# user system elapsed
# 16.84 0.00 16.95