Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1840-01-11
DOMESTIC.


FIFTH ANNUAL REPORT
Of the President 10 the Stockholders Of the James Rrsr
and kaaa,cha Company, t0gsther ,cih the Proceed
tags Of the Stockholders at their fifth .7aauai Meet,
ing ~ December, 1880, Sc CoSCLrDED.
N.-FIsCAL CONCERNS.
The loan of 81 800 ,0G0 authorized to be made IS
the company by the &C, Of Assembly Of the 23d March
last:
/ sincerely regret be under the necessity of
ing that outstanding the desire and
cndeavors OF the Board of Directors ~ negotiate the
oan they have heretofore been unable 10 effect this OBJ
ec..
Before proceed to state the proceedings of the
Board subsequent to the passage of the act, It pro-
per 10 mention the result of the informal communities
lions which adyer;cd III the last annual report
as then going between the President Of the Bank Of
Virginia behalf n the Company and several respect
able German gentlemen residing III this country, hav
ing for their object the arrangement of the terms of 4
lean. In consequence of those communications mem
bef of rich commercial house III Rotterdam came to
this city, and held frequent conferences with The Pre-
-;dent of the bank bat as lie insisted OH terms in
gard 10 liability of the State, which The Directory Of
the Company had authority 10 grant, and believed
,ha. the Legislature would be unwilling to concede
the negotiation proved unsuccessful, and tins gentle
nan returned TO Holland without having to any
arrangement upon the subject. | however embrace
this occasion state that 10 Mr. a. W Noting, OH
" intelligent and respectable merchant OF this city, the
company is indebted very courteous and cordial ei
forts produce different result from these coiun
cations.
AS soon as the provisions of the act Of March 23d
had received the sanction Of The stockholders at the
called meeting in the month of May, the Board oil D
recors proceeded without delay TO adopt measures with
q view to the negotiation of the loan. In regard to
the proper to be pursued the Board sought and
received freely the advice of the agent Of the State
and of the President of the Bank of Virginia. and
tinued their consultations with those able friends of the
company up 10 late period Of their subsequent pro-
ceedngs They furthermore endeavcred to engage The
Al, ',t,E
company for the purpose OF negotiating the oan in
which effort, however, viii be hereafter, they
did not succeed to the full extent Of their wishes.
In order to meet the immediate wants OF the coinpa-
ny and to make provisions for the residue OF the year.
The Board decided to open negotiation III the North
Urn cities for onethrd Of the amount of the proposed
loan. Having resolved to adopt this course they fur
themore decided to authorize the creation of agency
1T The North in the event that such an agency should
be found advisable with view TO the disposal III Europe
of the whole any part of the amount.
The latter determination was formed in conscp
of the Board being advised that the Bank Of the Uni
led States had established agency in London, and
could consequently afford to conduct suc! negotiations
al less expense than any private agent advantage
Gus arrangement nj y possibly be made with that
s::,ton for the sale of the bonds in Europe, and for
snch advances in anticipation Of the proceeds as would
meet the aud relieve the necessities OF the James
River and Kanawha Company To ensure as far as
practicable the of this mission the Board pro-
cured the acceptance of the appointment BY the Prcsl-
dent Of the Bank of Virginia, i'll whose friendship, pa
triosm, prudence and Judgment they had such album
dant cause to reposc the highest confidence.
Upon his arrival IN Philadelphia about the Goth OF
May, Doctor peterborough made application TO
the Bank of the United States to undertake the pro-
posed agency aud to grant the desired anticipation:
and sustained the application b. proposal, that The
advances should be made IN the first instance ny the
Roni, Of Virginia. and that the drafts for reimburse
ncnt upon the Bank Of the United States should be SO
regulated probably not 10 exceed the accruing pro-
ceeds of sale OF sterling bills 10 be drawn upon the
credit of the company bonds which were 10 bc sent
10 their agent abroad.
But although the Bank of the United States had re-
Gently undertaken similar agency for The Snsqnc-
hanna canal company to the amount OF ,2O0Goo, II
declined proposition upon the ground that It's en-
gagements already 80 extended that i, could no,
prudcnty augment It's advances. Having thus tailed
TO effect the desired arrangement with the Bunk OF the
United States, Doctor Brockcnhrongh made applica-
tons in several other quarters with view to The ne
.setiation of limited portion of the loan But ali
csc efforts proving equally unsuccessful and Doctor
Brnckcnbroughs engagements at the Bank ni frslnia
not admitting Of his longer stay at the North Mr.
Thomas Bidde Of Philadelphia, spirit OF the most
friendly and courteous cooperation, consented at has
particular request proceed immediately TO the cIty o
New York and entcavur dispose of half million OF
the companys six per cent bonds. But the efforts OF
Mr. Bddle in the city OF New York proved equally as
unsuccessful those of DR. Brockcnbrough IN the city
of Philadelphia.
The state of the money market in Europe was a.
this time understood be highly unfarorable for the
negotiation of any description of American securities
Nevertheless the hoard of directors indnging the hope
that the pressure would be temporary, decided to make
the experiment. abroad but they found the difficulty Of
procuring suitable agent much greater than they al
sget expected
At the June meeting of the board they offered the
agency TO the President of the Bank OF Virginia, ant
we're exceedingly dcsrous that he should undertake IT
Doctor Peterborough, after some consideration, ex
dressed apprehensons that in the then untarorable ant
unconpromsins state of tie money market, the nc
rotation Of the loan might require him to remain Tor
Greater length of time abroad than his engagements
the Bank Virginia would permit aud ultimately sign
fed his unwilingpess to accept the appointment. Or
Brockenbrough having declined, the agency was ten
dered to the president of the Farmers Bank, whose
acceptance was also earnestly desired IN consequence
of the impression entertained that from his high per
aonal entowents the nature of his pursuits and the
positions he had occupied in the Stale, ne Likewise
would possess the confidence of the stockholders ana
rive success to the negotiation abroad. Mr. Maciar
land was personally disposed to undertake the agency
but made his acceptance dependent upon the assent OF
the directory Of the bank; the directors, however, OBJ
iec,;ng TO the injurious TO the institution
he also finally concluded to decline the appointment
II was not until the August meeting at Scottsville
that the board of directors enabled TO effect the
sbjsc. by the acceptance Of the agency BY Mr. james