Richmond daily Whig. [volume] (Richmond, Va.) 1842-1861, 1842-12-29
VI Il VI % IL 4 A L.
Secretary Of the Treasury.
President Of the Senate.
OF THE
JAMES RIVER AND KANAIVHA COMPANY.

To the General assembly Of Virginia:
The memorial OF the undersigned n committee of the
Stockholders of the James river and Kanawha company
respectfully represents:
That annual general meeting of the stockholders Of
the James river and Kanawha company, held the 18th
day of December 1912, the following resolutions, among
others, adopted:
"Resoued, That memorial be presented without delay
the General Assembly in session. praying the pas.
sage of embracing the following provisions
l. That the 4Ith section OF the entitled an act incor
porating the sockhode. of the James and Kanawha
company" passed the 18th March 1882, be amended
the restrictions upon the enumerated articles, and
authorize the company charge tolls by the ton of
thousand pounds instead Of the of thousand
hundred and forty pounds and providing further that the
company shall have the right oil levy tolls high
as those formerly paid TO the James river company.
2. That inasnuch the company will not be able 10 meet
the interest which will due their guaranteed
bonds the FIRST of January the will make tenn
porary provision for the the condition that the adj
vance shall DO reimbursed practicable by the
Pany.
g. That much OF the loan the 25h Of March last
requires Of hundred Thousand dollars of the
companys guaranteed bonds the treasury, may be
peaed that the company may receive the states
for the whole of the loan originally authorized
by the of the 23d March 1885, provided however, that
such guarantee upon amount OF bonds equivalent to
any advance which the state may deem proper make
account the compays interest debt on the first OF Janua
~ next may be withheld until such advance shall have been
reimbursed by the company.
f. That the portion Of the companys bonds which may
receive the StateS guarantee OF Sucn repeal,
be pledged sold by the company, with view ensure
the reimbursement of the companys January interest and
dividend debt and 10 meet its July interest and dividend
debt and any other pressing demands provided however
that these bonds shall not be pledged sold by the cOmpl
ny price less than the prevailing market price for the
time being Of State stock, unless il be necessary do
for the purpose Of meeting the dividend debts Of
the company and then far only shall be necessary for
that purpose; and
s. That after all the present liabilities of the company
other than permanent dobs shall have been discharged
nd tho nj tho xyl
there shall be established sinking fund of half Of one
per centum per annum the amount Of those permanent
debts TO be applied regularly to the discharge Of the prn
cipa thereof; which sinking fund shall be provided Of
the surplus Of the company aer the payment
annual charges ordinary and extraordinary and OF the in
terest debt Of tho company"
"ResOired That n committee Of five be appointed to
prepare and present the memorial to the legislature"
And the undersigned appointed the committee
tenpated by the last resolution above reced
Your meiuoraists in performing the duty assigned TO
them Of asking behalf OF the James river and Kanawha
company the passage Of embracing the pro.
visions specified in the resolution first above recitod beg
leave respectfully Of the which caused
the adoption Of that resolution by the company and which
recommend il TO the favourable consideration Of the les
lature.
The fret provision asked for contcmplaosa mod .r. IN
Of the charter Of the company respect the "a
/ James and Jackson's rivers
One object Of the proposed modification Is to obtain
some increase OF the revenue arising from tolls Such
increase for the present al least is rendered necessary y
important element in the scheme which the resolution.
adopted by the company their late meeting present. fO
relieving the company from It's present enbarrassncnts
gradually paying off ts funded debt without loss and Will
~ little Inconvenience possible the State. The pro
prety ol allowing ct This time increase Of the toll
upon this obvious rule Of Justice and policy
that the necessary charges and expenses Of maintaining
improvement, such road canal, be borne prin
cipaly by those who derive most benefit from IT, that il
say, by those who II.
NJ the time Of the adoption Of the charter II 1892
supposed that the trade in articles enumerated
4ith section might be great make the average toll
Of the company three cents per per mile, notwhsand
ing the restrictions upon the enumerated articles But
perence has shewn the effect Of these restrictions be
reduce the average toll 10 les than per pc
milc,an average far lower than that contemplated by IN
charter and, II will be generally acknowledged, far io
low, oas in the present early stage Of The improvement
Its not contemplated by he company abolish ell dscri
minaton in evying their tolls for the interest Of tho
pany and Of the public coincide in requiring those article
70 be most highly taxed which best aiord bear hg
taxi but IL Is believed that this discrimination would be bet
ieT lesio the company and their Presden, and directors