Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1842-12-31

Excess OF Liabilities over resources, SZl,ouo ~
For more particular information relative TO the ms
cal concerns cf the company, reference 10 maze 10 'ne
Secrearys detailed Of receipts and d'sbnrse
ments for the year ending with the 30th November
1S42, and his summary statement oil recep's una c''
bursemen,s, from the organization OF the company 10
the date - See appendix, A ana d
Having fulfilled the duty required OF me by the
charter TO present the Stockholders, al the annual
meeting statement Of tee condition OF the company
Il viii be expected, that should recommend 10 mem
such measures, my opinion, ought 10 be adopted
on the present occnsion have long given to the sub
iect the most auSious and intense consideration, ana
beg leave as the result Of my deliberations, 10 MAKE
the following rccommendations-simpy promising,
that deem necessary, at The present advanced Stage
of the report 10 refer the queslion oi thclr or
rejection 10 the ncll.encr of he body OF Sockhold.
ers aided only ly the facts and information already
communicatsd-that they are calculated to impose no
unreasonable inconvtnlent tuthen upon the people
ON the ilne--and hat, tic measures recommended,
should the proper sanction of the
and of the Legislature, they viii, in my judgment,
enable the company to meet all lis engagements, and
soon thereafter, proceed TO the gradual resumption
OF the unexccu;ed ard unfinished works on The iic
The ,crla,ions are embodied in the following
resolutions:
R,soirfd TLata memorial be presented by the Stock
holders 10 the Legislature OF the State, praying
l. That the 4llh section Of The act entitled "aa acl
Incorporating The Stockholders of the James River ana
Kanawha Company, passed March 10th, lo''2, De
amended 10 reduce Tie ION VI thiee SCS
per ton of two thousand two hundred and forty pounds
per male, average toll! moi exceeding two and d
half cents per ten Of two thousand pounds, Pc! mite,
on either the ascending descending trade, nut re-
peaInr the the toll on the classes CT
articles enumerated that section, and providing that
the company shall have the right in all cases Ia levy
tolls not less than those formerly paid TO the james ver
Company.
. That incsmuch as il is doubtfnl whether the com.
pnoy will be able to meet the interest which Will become
ON bonds, the ISt January next,
the State VIII make temporary provision tor the SANE,
on the condition that he advance shall be reimbursed
ss soon as practicable by The company.
8 That so mach Of the loan act ot the Goth March
last as REQUIRES return OF 100000 o! the company ;
Guaranteed bonds TO the Treasury, may be repeaec
that the company may receive the state guarantee TOT
,he whole amour, Of the loan originally authorized o.
the &C, of The 23d March, 1885, provided, however, that
sucb guarantee upon amount oil bonds eqnVaent 10
INV advance which The State may deem proper TO make
on account &C ,hc company interest debt on the first
January he withheld until such advance shall! have
been reimbursed by the company
Tha, The portion Of the Company bonds which
muy receive HE States guarantee in virtue of such re
nenI may be pledged or sold BY the Company al any
n-ice not less than the prevailing market price for
State stock for The time being, with view 10 ensG-'
the navment or reitnbu semen Of the Company ia.
nuary neres, and dividend debt, and TO meet It's July
interest and dividend debt, and any other pressing &C.
mands.
: Tbat of,er MI the present liabilities OF the Com
nnnv. other than lis permanent debts, shall have been
discharged, and as az the revenue OF The Compa
ny will permit there shall he established SINKING lone
OF enc half of per cent per annum on me amount
of those permanent debts 10 be applied regularly to
the discharge of the principal thereof which sinking
fnnd shnll be provided out Of the surplus revenue of
the Company, after the payment of annual charges.
ordinary and extraordinary, and Of the interest ceo' oil
An Of which is most respectfully recommended.
JOSEPH C. CABELL, President