Daily Richmond Whig. [volume] (Richmond, Va.) 1840-1842, 1841-03-12
JAMES RIVER s. KANAwHA COMPANY.

isesor-.
JAMES RIVER & KANAwHA COMPANY
REPORT OF THE PRESIDENT.
at the annual needing IN December, lsio.
tcosrNuED.l
FISCAL CONCERNS.
I. Negotiation NTH a vis'o 10 a loan under the
prSpisions Of the act Of the esd March, 1889.
Irfar,,ation having been received in the month
of Febra.ry last, that General James Hamilton Of
South Carolina was about to proceed TO Europe for
The nurpoSe OF negotiating loan for the republic of
Texas. tie president and directors deemed il pro-
Der TO endeavour TO avail themselves Of the well
known abilities OF that gentleman as nesotiator
and of his high character as man, TO effect the ne
gotiation of a loan under the provisions of the act
Of the 23d March, 1859. Gen. Hamilton, on the
invitation Of the president and directors, came to
Richmond, on his way to Europe, in the month Of
Apri last and entered into personal communication
with them on the subject, which resulted In con-
tract between himself and the board, by which he
undertook the negotiation as the authorized agent
ofthc company The board having by that time
ascertaned, upon investigation of the company's
funds that from the exchange OF per cent guaran-
iced bonds, already made and IN progress, large
portion of the 100000 dollars authorized to be
borrowed, would be obtained in another mode, con-
sdered j, unsafe contract for negotiation through
General Hamilton to a greater extent than $4,000
dollars He was accordingly limited to that sum,
and per cent. sterling bonds toan equivalent
amount guaranteed by the state, were delivered TO
him along with power OF attorney, and suitable in
s,rncons from the president and directors. Ofthis
amount Gen. Hamilton was instructed to negotiate
as soon as practicable, for $50 600 10 meet the lmme
date emergencies Of the company and to make it, if
possible, a part Of the permanent loan; otherwise,
10 give il the shape Of a temporary loan, rembur-
ga Die out of the proceeds of the European nesotia-
ton. Previously TO embarking for Europe, early
in MAY last, he obtained from the New York bank
inc COMPANY a temporary loan, which, at ITS matu-
rity, was met by tn. proceeds oil another Tempo
raTy loan effected by hun with the house Palmer,
M,killop Dent < Co. of London. While in Eu-
rope. Gen Hamilton visited London, Amsterdam
Brussels and Paris, with view 10 procure the
IN st advantageous terms tor the company. From
the latest information received from him, he had not
succeeded in effecting the permanent loan, owing
TO the depressed OF American securities; but in
all his COMMUNICATIONS, he has expressed confident
hope Of ultimate success. DE was to sail from En-
gland on the 4th December IN one of the steam
packets and his arrival in this city may be daily
psc,ed During his absence abroad, a correspon-
denee was carried on between himself and the pre-
sident of the company, which, if desired will be
laid before the committee Of the stockholders.
g Receipts and Disbursements for the ,s0r, aud pre-
sew, state Of The Finances Of the Company.
On the st December, 1885, 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 improve
nents, and liable 10 be refunded,)
balance Of 1907 IA
The income from the same source, du-
ring the year Just closed, after de-
Quoting all expenses chargeable
thereon, Including the Semi-annual
interest paid on the company's guar
anIeed bonds already issued, and
the annuity Of 50 900 TO the stock
holders of the old James river COM
pany, has resulted in a balance of $3.50 As |
Which has also been expended on the
new improvements, and is TO be
funded; making an aggregate due 10
the fund of nett revenue, s74647 p |
On the LIST December, 1889, there re-
manned in bank, TO the credit OF the
company, after deducting warrants
aAoat, balance Of s4,sO4 81 |
During the year just closed, the receipts spppca-
bic to the-new improvements have been as follows
From stockholders, other
than the state, on their
subscriptions 10 capital
stock, 5s,l7s Ga
From the sale of state and
corporation scrip receiv-
ed on like account, 1890 90
Total realized from stock
subscriptions l3S,s79 81
Add, for interest received
on sock and other AREA
RACES, 1882 27
Also, for receipts from sun
dry miscellaneous sour
ces, applicable TO eIpen-
Siiures for the new I'M
provements. 1866 so
Also, for loan from the New
York Banking company
on pledge Of per cent
sterling bonds with the
states guaranty, and
substituted, al maturity,
by another loan on like
security, from Mcssrs.
Palmer, M'kiop, Dent
& Co OF London, $4,000 90
Also, for temporary loan
from individual members
of the board OF directors, 1870 90
Also, for nett revenue for
the year, expended on
the new Improvements,
end to he refunded, $3.50 IS
Also, for per cent. bonds
issued by the company,
and guaranteed 10y the
state under the act Of the
23d March, 1889, and
applied principally to
the redemption Of the
eomPany's post notes. 645, 200 OO
Also. Tor cash on hsnd al
the commencement OF
the year, as above stated, 4,3O4 81
Total resources, other than
stock subscriptions, - 1894 81
Making an aggregate Of s9O6l3 &c
The disbursements for the
year, other than for ex-
penses chargeable 10 the
old Improvements, and
including the redemp-
ton Of post notes and GER
uhcates Of debt, together
with interest on the same
and on loans, have a.
moun.sd' to s73,343 %
Leaving on hand, in bank, after de.
Quoting warrants afoat, a balance Of AZ 27n g.
during the year. post notes either payable i'm SIX
months, or convertible into guaranteed bonds with
ioiercsi, have been issued, Of the dates and 10 the
amounts following:
LIST December, 1882 IOg, 500 90
lot January 1910, $4,000 90
LIST February $4,000 90
Jet March 47,4OO 90
LIST Apu 7I'IOO 90
LIST May 6T.2I5 on
LIST June Sc $50 90
lgt July 5s255 90
ISL August 81, $50 On
ist September $500 90
LIST October $3.50 90
LIST November 4314O 90
Total, -- ect9eo m
ADD amOIul issued previous 70 the Ist
December 1889, 7O3e5o 90
Whole amount Of post notes issued ,3ys 22O 90
The post notes received
bnck during the year, for
deJts due the company,