Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1846-11-27

ernor, at the sum Of $3.50 900, the amount au-
thorized by the act aforesaid. Possession was
taken on the first of January, 1916, by the Board
of Commissioners constituted by the Actin the
event of such purchase, and officers and agents
were appointed to manage and conduct the
operations on the road, as the property of the
State report of their action thus far, will
be laid before you by the Board in few DAYS,
embracing the statements of the President and
Treasurer, and the journal of the Commission
ers, as well as all the vouchers and hooks
OF account of these officers will he at any
time open to your inspection Upon the con-
structon given to the Law by the Executive,
no part o. the former earnings of the Rail
Roal secured to the State, by decree of
sequestration against the Company, could go
into the hands of the Commissioners; and the
sum OF 50 600 accruing from that source has
been therefore paid into the Public Treasury.
It will thus be perceived, that to support the
operations of the Road in all its departments,
there was to be no other reliance than from
its own receipts, from and after the first of
January last.
The experiment to this time, removes all
doubt of the ability. of the Road to sustain
itself, if we'll conducted, so that its advantages
will still be continued to the people of the
State, and encourages the belief, that after
all necessary OUTLAWS for repairs and expenses
even at the present rate of income, it will
afford some returns to the Treasury as pro-
fits on its cost The current year has not
been regarded as quite so favorable to the
business of the road, as may be expected in
general, by reason of diminished freights,
from the shortness of the crop of Tobacco,
less accommodation in Stage travelling in
connexion with the Rail Road, other & causes
Notwithstanding these disadvantages, how
ever, the amount of earnings of the establish
ment for ten months, has been near $51 ,678
90, and the disbursements in the same time,
for expenses, including the purchase in Octo-
Der, of an additional Locomotive, about $50,
900 90. The Officers of the Road have been
instructed, that while they observed all pru-
dence and economy in expenditure, no needful
repairs were to be neglected. and its condition
is believed to be now equal to, if not better
than, at the time OF sale. On the 1st of July
last, the sum of $1,000 was paid out of its
profits into the Public Treasury, to defray the
interest on $40, 900 of Rail Road Bonds, then
falling due, for which the State was bound,
as alrea ~ shown; ami on the 31st of October,
there had accumulated balance of about
So, 800 more.
The importance of this public work to the
Agricu ture ana Merchandise of the country,
will be apparent from the exhibit of IS 500
90 dollars of the above earnings, for freight
on transpor at on ofpropery. What DISPOSE
ton shat now be male OF the Rail Road, is
an enquiry OF much consequence. It was not
thought eXpe tent to offer it for sale, under
| the powers conferred on me by the Act of
Assembly; and no ten1ers have been male
ior purchase. | recommend that it be placed
unIer the control CT the Board of Internal
| improvement, or other Commissioners specially
appointed TO rthat purpose, with ample powers
10 make sale in whole or In part, and to agree
in Their discretion upon terms AMI price limited
only by the amount at which it was purchased
| by the State as minimum But in the
meantime, that a Committee of your body
shall make thorough examination of the
entire concern, receive any offers of purchase
that may be male, and give instructions to
such Commission ers in SO far may be deem
e lvisable Such works are more likely to
be aivantageousiy carried on under the keen
eye of Individual interest, than with the
supervision OF public agents only And it is
therefore desirable, that at least half of the
property in this Road be sold, that it may
pass under the control of directory having
|
also male acceptable from the consideration,
the sale of the Roal, will, by so much, relieve
| it from the invoIvement5 contracted on its
account.
The yearly Report Of the Wilmington ana
Raleigh Rail Road Company has not yet been
received, but will be submitted to you along
with the Report of the Board of Internal I'M
| In phorl loot +bax- o,bi
ted reduction of 10000 in principal of their
debt, besides the payment of interest on all
loans in the preceding twelve months; and it
is supposed that the present has been year
of stlll greater prosperity TO that Rail Road.
The Act of your last Session for the fe-or-
ganization of the Portsmouth AMI Roanoke R.
Road Company, by sale of its property, UNI
der the authority of both States, was not &C
ceiel to by the Legislature of Virginia. That
body, however, has made a separate enactment
upon the same subject matter, so novel in some
of its provisions as TO call for moments's no.
tice 1t directs a sale of all the property ana
franchises of the Company in both States, by
the Board of Public Works of Virginia; but
provides, that if at the sale, or at any time
Company incorporated by her for purposes OF
| IlIeTHdl Improvement, SilouIl All any way uC-
come the owner OF the said Rail Road, &C the
General Assembly of Virginia reserves the
right to revoke all the powers, privileges and
immunities conveyed by such sale, and to de-
clare the same null AMI void Now all this
so far as relates to North Carolina, or to the
known purposes of any of her citizens, is the
mere effus,,on of a Jealous and hostile spirit
without object or meaning. She hal neither
manifested nor entertained any wish to be
cone the proprietor of this Rail Road. Hel
Board of Internal improvement; it IS true, stoo-
in the situation of a creditor of the Company
for monies lent, but were amply secured by /;
Mortgage, on part of the Rail Roal proper
ty, prior in lien to any other There is auth
er provision in this act OF mere significance
1t declares in subsequent section, IS that il
case the authorities OF the State OF North Car
DINA, shall at any time. by legal process o
; otherwise, deprive the Petersburg Rail Roa
Company of any of the privileges AMI aivan
, tayes of its charter, obtainel fro n that State
, for any act done, or onittel to be done, by tn
said company, or by any means whatsoever
prevent the said Company from conluctn
: their operations, on SO much OF Their Ia
:. Roa1 as lies within the State of North Caroll
e ma, or any part thereof, by reason of any az
: heretofore done, or omitted to be done by san
:, Company, then all the rights conferred
l that act, on the purchasers OF the Porlsmout
e and Roanoke Rail Roai, shall cease ana De de
terminei until the State OF North CarolIn
e shall reinstate the Petersburg Rail Roai Con
: PAW in all the privileges granted them. In tE
/ several acts passed for their benefit by sa