The enquirer. [volume] (Richmond, Va.) 1804-1815, 1812-01-30

IDLY. That the prost arising from the sale Of the
residue OF the new stock, the 10000 shares at OF
less than 90 per cent. above par, shall belong exeh-
svely To the state.
Should these proposals be accepted, the banking
capital oil the commonwealth will be extended To
three millions OF dollars certainly, and TO three aid
hall millions, should such be the pleasure OF the
stockholders and hence il results, that unless the
banking capital nj the cominonw calti be extended
beyond the las, amount, no new bonus, premiums,
can be demanded b. the state, before the Is; day Of
NAV, 1885.
The above terms are ASSERTED, TO Lee more favora-
Die To the state than any others, equally practicable
that can he devised for the extension oil the banking
capital OF the commonwealth to the limited amount
oil half millions OF dolls. within the given peri
cd above mentioned.
Let this assertion be tried by the test OF fair caicu-
lation-
II the scheme oftLe committee prevails, the state
is to receive,
lst For $4,000 shares of stock
500, ut an advance at not less than 20
per cent. above par, n profit Of s olo0o)
out oil this sum She is 20 pay for 1000
shares reserved to her use, 100000
Which will leave to be otherwise ap-
piled, Ito oao
2dly. The state is also Tn reserve 5000 shares of
the new stock, to be paid for in four equal annual in
sta'mcnts, with interest of per cent n year till
paid. So that, computing the dividends on the
1000 shares, for the list years. at per cenum on
> 10000 year; and deducting that sum from escl,
nstament and the interest, as it becomes due, the
state will have to pay for the 1000 shares the end
| of the ist year, 6 $4,000
At the end of the I'd. 10000
At the cnd of the Sd. $4,000
At the end of the 9TH. $4,000
If the above sam of s 10000 be loaned at 6 per
cent year, it will enable the State pay those in
stalments, aud leave at the end of the ith year. or
on the LIST of May, 1916, the sum of S $500 unap-
piled. Should the State accept the proposa,s of tho
| committee, she will, therefore, on the 1st of Nav,
lSl6 have derived from the extension of the banking
capital OF the commonwealth, new stock, to the a
mount of & 500 ono
Dividends on 1000 shares, at s
per cent. year, amounting, for four
years, to 90 OoO
And an unappiied SURPLUS of the 6 oiO,Ooo-s 500
Pursuing this calculation down to the
| lst of May, 1888, when the renewed
charter of the bank of Virginia will ex-
pire and adding TO the above sums
the amount of dividends, which will be
received on the 5000 shares of new
stock, after the LIST Of May 1916, that
is, the sum of 1880
there results to the state, from the ex-
tension OF the capital of the bank to
millions n,', OF doars profit of S74S,soo
but surprising that the stock.
holders OF the hank of Virginia
Will avail themselves of the priyi-
eSe which they have reserved. to
extend their stock, half million
further; that this extension will
he made on terms equally bene-
iiciai to the state witt; the above,
| and that it will take effect in the
year 1918, then the state will ac-
quire, at that period, from a sale
OF 4l70 shares Of additional stock
at 90 per cent above par, $50
new shares OF stock, or the sum
of Sss,Ooe
and there will remain,
of this bonus, unapplied
surplus of 400
To which, let there be added
the diyidendsuntil lSS3, or for
IS years, on $50 new shares,
amounting to 9,6oo--iss,Ooo