Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1844-01-20


| loaned by the Stale, 80, ~" -"
| Unpaid assessments, i''io ~
| First and second instruments
for the purchase oil the 900, -
Richmond Dock fo'''i 70
| Certificates receivable Tor = 200 q,
/ dockage, 80 :,
Balance of debt in Holland, $40 10
Sundry minor debts ascef- -,- ca
4 tanned, ','i' -
Amount estimated necessa.
i ~ 10 cover unl,quda'ed ooo "a
debts, i'o'' W
Total liabilities 4''''o' :.
when, deducted rum S59,s75 %
For more detailed Information touch'h2 'e - r.,
and disbursements of the company, rs wen lot VIC 49,.
fiscal wear as for the whole period since 't- Organize
| -" .ta,anc, ,,ou he had TO the documents a and b,
in the appendix.
3 Resumption Of Cash payments by the Company
Al the period of the adjourned meeting OF the STOCK
holders in March last, it was anticipated mat 'eie
would be considerable reduction OF the company
outstanding scrip by means OF an exchange LOT gua'
antaed bonds. Experience, however, soon P'o. III
the increased demand for 1t means oil paying o''
and other dues 10 the company, afforded more prom -
the holders than an investment in bonds ne resu'
was that the receipts at the toll houses cons'seu INV
retIer nj Scrip and promised so to continue Tor con-
siderable t,ne At their October meeting, The ooafu
of directors became satisfied OF the necessity OF PTocu
ruc the means of avoiding further issues OF scrip, ana
of more speedily extingnlshlng the outstanding amount
They therefore determined I, negotiate temporary
loan of $50 600 To enabl. them 10 meet the cuf
rent EXPENSES of the company cash, and TO pay lhe
interest and dividend debt falling due in January next
A NEGOTIATION was accordingly commenced IN TIE carry
part OF November in the course OF winch the views o.
The board were fully disclosed to the two pr'Hc'Pa
banks in the city of Richmond, accompanied ny an np
plcsfion for n loan To the amount just mentioned lie
Mt md directors of the Farmers Bank duly APP
nrecatinp the objects and plans OF the board, readily
consented {, take half of the loan, and The oer
moeiy was subsequently procured from the Two oanch
banks in Lynchburg, upon like communications oeipg
made TO them the subject.
The company being enabled by means Of this ar
ranuemeni [, announce lis readiness to resume cnsh
pa yments and 10 meet its January interest rapd
appreciation Immediately ensued IN the market value
of ills scrip and guaranteed bonds so much SO, that In
addition TO the receipts the toll houses the exchange
of scrio for Guaranteed bonds actively resumed al
the office of the company The effect OF The dtscon-
,nuance of the tcer.cates OF debt and oil TINS
double draft upon the outstanding scrip, has, IN the
short space which has elapsed since the lst OF Novcm-
her, been already sufficient TO reduce the aggregate Of
1901 800 81 WHICH was aloat at that dat, to about
SII0 Az - and there be doubt that the con-
tnued and rapid operation OF these combined causes
will speedily extingulsh the whole amount
The directory have the satisfaction TO announce
10 The stockholders that in consequence Ut the aug
mentation of the tolls operating upon the quantnm OF
the company's revenue, aad IN consequence also, ol
the cash receipts soon To take place NJ the
toll houses giving 10 that revenue IT. proper "f, tey
have no doubt OF the ability of the company, without
any further assistance from the Legislature regularly
and pnnctualy TO meet, future the successive IN
stamens of interest and dividend debt They tlke
pleasure also in stating their confden! expectation, IN
the event Of perseverance III the present course o
measures that at distant day the company Will be
enabled refund to the State the amount oil It's late
advances for interest.
Having now fulfilled the duty enloned upon me BY
Tho charter, of presenting full and faithful account
of the operations OF the past year, and OF the present
condition of the company, | beg leave to remark, b.
fore conclude, that do not feel II incumbent. upon
me nj this time 10 recommend any new measures to
the consideration of the stockholders. My views in
regard the general course of the company IN fu-
ture fully expressed IN The annua! report before
the last mt which time had the honor OF presenting
an important modification Of the plan of the improve
ment and financial scheme which then appeared n
me best calculated for It's execution Those RECON-
mcndatlons had the good fortune 10 meet the ap'
probation of the stockholders, who sanctioned them
}by an almost unanimous vote Bat when the subject
was BROUGHT tn the attention of the Legislature, the
advanced subscription the part Of the State, Which
this plan invited for the purpose oil extending the lne
of works 10 the west dd,not find favor with that homo
rable body AT the session bsiore the last, when TINS
Recommend aton was made, the Legislature was pre-
vailed upon 70 grant limited pecunary aid TO the COM
pany with to assist in the preservation aud com
pie ton of the works progress and Mt the last ses-
sion, it granted further sid, but to still more limited
amount for the purpose os ensuring the payment oil
The interest TO fall due in January and July last the
guaranteed bonds BY the provisions "t the first oil
the two acts thus giving limited aid TO the company,
mortgage taken upon the whole OF lis property Tor
the purpose oil securing the reimbursement not only oil
the loan authorized by that act but also to protect the
State from any loss whatsoever ifon her guarantee
upon the loan Of 81 $40 900, which had been au,ho
rized by the act of I'D March, 1880. By the provi-
sons Of the last of the two acts above referred to- pow
e of seque all the property of the company
wa, reserved 10 the State, order TO the rem
bursemcnt of the loan therein provided for and the
ment of the annuity 10 the old James River Company
By the provisions Of the former act moreover the COM
pany expressly prohibited from making any new
contracts for the further prosecution Of The line oil
Improvement The whole spirit and scope Of the policy
Of the Legislature, indicated by its proceedings, in
reference the company at The two last sessions show,
conc nsyev that its leading object was, that the
pany should extrcae its affairs from existing pecunary
endorsements, previous TO any further extension OF
the works the line. To the views ut the Legislature,
thus indicated the stockholders of the company have
evinced their determination to conform, BY course OF
measures which has left doubt TO their intentions,
in the minds of the directory To the execution of the
restricted line Of policy thus chaked out for The
pany, we'll by the Legislature as by the stockholders,
the efforts of the directory for the last two years. have
been assdnously directed.
However repugnant TO my individual views and
nne1ecued and unfinished works the line, and to
the prompt extension Of the improvement into the
Western parts of the State might be the thus
prescribed, exclusive system felt it my duty 10
submit, with the utmost Difference, 10 the of
authority from which the instruction proceeded, and,
for the last years. have lent my Jealous endeavors,
in cooperation with my colleagues the Board of Dr.
rectors, 10 carry out the views of the Legislature OF
the State.
mus. confess, however, that, in the deep mor,ifca-
ton which | experienced under disappointed expecta-
TONS found lttle cunsrliion IN the reflection, that
the dictated TO the directory lad tendency the
rapidly the fiscal credit OF the company,
and thereby to sustain its present organization, which
upon the joint stock principle as its fundamental
basis For, after repeated journes of observation and
enquiry made into Stltes where other syst,ms prevail
have returned deeply convinced that, however such
systems may be suited t. those States the organl2a
ton which we have adopted is, under the peculiar cir.
crmsiances of suation emineny to be preferred.
In the views above expressed, in respect to the line
Of duty prescribed to the directory, trust thee wall
be found sufficient we'll for my declining
linn no nj IN 10