Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1841-03-16

and we're reported to the stockholders IN the our.
Annual Report, they assessed Inc @h"ir 81 'e ~
taken for the use OF the canal upon the i'''e
miles extending from Lyncho"rg 10 'ie 'ou'' = w
III the aggregate 10 SIs'''''' &c W $500
(See Appendix 3D. .,..,d -,
der contract, and the cams me iocR-sa'es, anu uie
BRIDGES all the work IN the sec"lu ef.ho oS',"n -
on.5ac:ed for in November, 1880. In July last, the
=, dams and the lock gates also put under con
tract since which lime, the contracts for dams Nos a.
nd g. hal We been abandoned h. the contractors ncse
three dams together with the bridges and one cuvert
constitute the whole of the work not now under con-
tract within the limits of the 27i miles.
The work placed under contract IN the second grand
division Of the canal has thus far been prosecuted WIN
energy. and has progressed rapidly as could nave
been anticipated Fifteen sections, equal IN extent 10
thirteen and one half miles will be completed te5Giu-
siye of mechanical work. 5y the Isl OF January. me
masonry OF the lncks has not yet been commenced out
LARGE portion of materials, such as stone, timber and
,,nI has been collected and nlny Of the pits have
gv a detailed statement. furnished by the principal
assistant en- rneer Mr. Gil, which - herewith commit.
nicated il will be perceived that Tor Inc lock pits, o1o
cube yards have been exea'"ed ana lot 'he iocks,
81 81 cubic wards Of stone prepared, together with "a,
son Lnoa f.et Of timber and Josi, und 14l0 feet Of
,a nh nrovid.d and that for the canal 5, ,494 cubic
y,1s excavation have bee made. 81 1923 cubic yards
Of rock cuarred 22G cubic yards Of rpsap formed and
25IO cubic yards OF wall constructed
Toeusure an adeq uatc supply. oi hydraulic cement,
a. reasonable price, for The use of!he canal and 10
r,se mn md establish the manufacture of this article
upon the line nf The improvement, Ae directory enter
cd into contract in February lGst, with Nelson Tins
ley ESQ for the erection Of an>cs,ablshnent for tins
purpose at the upper dam the Hne Ridge Canal, the
company furnishing the water from the canal, and con
tracing take at stipulated price 100000 bushels,
with provision to extend the supply to 100000 bushels
This establishment has gone into operation, already
furnishes cement Of approved quality, and is likely
10 be attendc'i with successful result.
To the preceding outline of operations IN the second
grand DIVISION Of the canal have only to add that due
attention has been paid during the progress of these
atons 10 the Obligations of the company IN regard
10 the channel and suces Of river above the town
OF Lynchturg
Within the last two years nearly $4,000 have been
spent upon the led of the river, the town OF
buchanan and the mouth of the Cow Pasture river
In the present year. $1,000 have been applied upon the
ucps situated between Lynchburg and the Blue Ridge,
and bet yeen tn. North and Buchanan IN addition
To $40 appropriated 10 clearing nut the river through
the Ridge about 1885 expended in graseng the dams,
and about $4,000 The probable Of the river lock al
the upper cam In every case, dlligent efforts have
been made To secure the faithful execution Of the work.
and the economical disbursements OF the funds
FISCAL CONCERNS.
L. NEGOTIATION WITH VIEW TO LOAN rSDFR rHE
Provisions OF THE AcT OF THE 23D MARCH, 1893.
Information having been received in tie month Of
February last that Gen. James Hamilton Of South
Carolina was about Ia proceed 70 Europe Tor the pur
pose Of negotiating loan tor the Republic o. lexas
the President and Directors deemed proper 10 endea
yor IL avail themselves Of I'll" we'll known abilities Of
that gentleman as negoiia,ur and Of his high charac
ter as man. 10 efrc; the negotiation of loan under
the provisions Of the of The 5d March, 1889 Gen
Hamilton on the invitation ot the President and Direc
n The
month of April last, and entered into personal comnu
nica,ion with them the subject, which resulted IN
contract between himself aud the Board, by which he
the COLLATION. the authorized agent o.. the
company. The board having By thai t,me ascertaned,
pom investigation THE company funds, that from
the exchange al per cent guaranteed bonds, already
made and in progress large portion Of the 100000
dollars authorized to be borrowed, would be obtained
in another mode considered Il unsafe 10 contract for
a negotiation through General Hamilton to greater
extent than 200 dollars He accordingly Ii
mixed 10 that SUN, and per cent, sterling bonds 10 an
equivalent amount, guaranteed By the State, were deli
vered him along with power Of attorney, and suitable
from the President and Directors. OF this
amount Gen Hamilton was instructed 10 negotiate as
soon as practicable, for 500 0C0 10 meet the immediate
emergencies Of the company, and To make it, If pos
sible part OF the permanent loan; otherwise give il
the shape Of Temporary loan reimbursable ont of the
proceeds ofhe European negotiation Previously 10
barking for Europe early in May last, lie obtained from
the New York Banking Company temporary loan,
which, a, lis maturity, was me, BY the proceeds of
Their temporary loan effected b. him with the house OF
Palmer, NJ Killop, Dent & Co. Of London. While in
Europe General Hamilton visited Lopdon, Amster.
dam, Brussels and Paris, with view to procure the
most advantageous terms for the COMPANY. E'""'
the latest information received nom MN, nc hao mol
succeeded in cf.ec;ing the permanent loan, owing
To the depressed state Of American securities: but III
all his communications, lie has expressed conhden;
hope Of ultimate success. He 10 sail from Eagland
on the 4h December of the steam packets, and
his arrival in this city may be daily expected During
his absence abroad correspondence was carried on
between himself and the president of the company
which, if desired, will be laid before the committee d
the stockholders.
II. RECEIPTS ASD DISBURSEMENTS FOR THE YEAR, ASH
PRESENT STATE OF THE FINANCES OF THE COMPANY
On the lst December, S39, there was due
TO the fund Of nett revenue derived from
the old Improvements of the company,
(but applied TO the construction Of the
new improvements, and liable to be re-
funded,) balance of 43,03I i
The income from the same source, du-
ring the year just closed, after deduct
ing all expenses chargeable thereon,
(includng the semi annual interest
paid on the company guaranteed bonds
already issued and the annuity of S;2l,-
0G0 10 the stockholders Of the old
James River Company has resulted
balance OF ol,olu 81
Which has also been expended on the
new improvements, and is 10 be refund
ed; making aggregate due 10 the
fund Of nett revenue, S74,647 4
On the Is, December, 1899, there remain
ed in bank, TO the credit of the
pany, after deducting warrants afoat,
balance of Si,304 Q
During the year just closed, the receipts applicabi
TO the new improvements have been as follows
From stockholders, other than
the State, on their subscrip-
tons to ca pl,al stock, S5s,17o Ga
From the sale of State and cor.
pora,ion scrip received
like account, $500 90
Total realized from stock sub.
scrip.ions, sl36,s7o s
Add, for interest received
stock and other arrearages, 1889 %
Also foT receipts from sundry
Miscellaneous sources, appli-
cable 10 expenditures for the
ncw improvements, 1866 50
Also, Tor loan from the New
York Banking Company, on