Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1846-03-10


inc Office The Board OF Directors may Gil the va
cancy until the next animal meeting oil the Stock
holders" Although such contingency, as is pre-
Vided ior b. this recommendation, is not likely
10 arse al present. and may never occur yet il is
possible contingency, which We think should be
guarded against.
The committee further recommend that the
nfst bylaw ii The Company be amended BY
substituting Tie "iourh Monday oil November
ior The Second Monday Of December" as The
time Tor The stated annual meetings of the stock
holders. Weare induced TO propose this change,
ior Inc reason. That The present late period al
which the annual meetings are held, makes i,
impfaciicab!e 70 place The condition OF The Com
pany, together with lis wants and necessities, be.
lore The Legislature sufficiently early in The ses-
son-ihns throwing the action oil ,ha, body upon
any application, which may be made in behalf
oil The Company, in the rear Of other schemes,
and exposing il 10 the odum of every failure OF
such schemes. The committee are convinced,
that this circumstance has operated most preju.
diclally upon The interests OF the Company, and
that he evil will be lemeded by adopting The
change suggested by Them. The fiscal year
closes on he 3lst Of October, and there will be
ample time by The fourth Monday in November,
for The President 10 prepare his report and finan-
cial estimates tor the general meeting, wnilc the
interval which will elapse before The meeting Of
the Legislature, will be suiiicien. 10 digest am
scheme which il mas be thought desirable 10
lay before the Legislature
Your commute also recommend, "lhat Com
mi;tec Of Seven be ap, oin,ed 10 lake into consi-
Iteration The past management and preSent con-
Germs OF The Company, 10 prepare such plan Of
the future operations OF the Company-to make
such Investigations of the situation OF The Compa-
ny, and 10 lay before the Stockholders al their
next general meeting, such general information
OF The affairs and prospects OF The Company, as
tothem may seem best"
II Is thought by your committee, that the repor,
OF committee thus empowered with the privi-
lege OF pursuing their inquiries during the whole
year, might lead 10 very important results. We
suppose, that in reviewing The past history OF the
Company, they may, by pointing outlhe errors Of
rs policy, il there have been any, throw valuable
safeguards around lis future action; and that
being unlrammelled By participation N, and
commitment 10, particular set OF views. they
will be more likely TO canvass mpanially tie
measures under review, and 10 strike out other
plans, which nlay oIier some hope Of Iedeeming
the Company from its endorsements and placing
il again upon its feet.
Your committee further recommend that re-
solution be adopted Ia the effect, chat Tor the
purpose Of meeting The payment Of the nieres,
due by the Company in July next, TIE President
and Directors be required 10 apply all the re-
sources OF the Company il they should be need.
ed; and, in the event OF deficiency, that they
be authorized ard diIecled 10 pledge such
amount Of Ike coming revenues Of Inc company
as may be necessary"
Although these Glore Immediately and direct
~ engaged in the administration Of the Com
pany, and whose opinions are entitled TO every
confidence, have no doub! 0! the Company abb
lity TO meet the interest due CT lis debts, for the
payment OF which The State is RESPONSIBLE vel
your committee consider it 50 essential 10 The
interest of The Company and 10 the character Of
Inc STATE that the hono. Of The Commonwealth
should be placed beyond all contingency, that
they nope their suggestion will be adopted.
According 10 an estimate, necessarily conjec-
m'al 10 great extent, with which We were pro-
vided by The Secretary, al our request, il appears
lha, The balance, in favor of he Company On the
@Te ini interest Is ducMthai IS, from The hhfsr Is;
April 10 the fis, OF July, taking the receipts OF The
past wear as The criterion, will be about 81 ,5cc.
TIE income from the rents 3, $50 dollars, anc me
ne, revenue from the Western improvements
900 dollars; making an aggregate OF '339-
dollars and SO cents 4 funds al lhc ti~ro:ai oi
The COMPANY. The liabilities, al The correspond.
ing dale, will be the half yearly interest on The
I.4C0G 00dollars OF guaranteed bonds, amounting
Ia $4,000 dollar; the semi-anDGal intc!csi
on The loan Of 10000 dollars Of Stale Stock,
amounting 10 800 dollars; the annuity OF H.
500 dollars TO The old James River Company
s,059 dollars and sc cents semi-annuai interest
nron the Cornpanys bond 10 The State for 26s,-
6i5 dollars and By ccn's-and u 600 dollars 70
cover salaries Of officers and the expenses oil NE
maintenance OF the canal. The aggregate otall
which makes the liabilities OF the Company ON
the first OF next July 80, 059 dollars and SO cents;
showing deficiency in The means Of The Com
pany of 35,O67 dollars, which the directory ex-
pect 10 supply, by borrowing upon the iaith oil lle
revenues OF the Company 'or The months OF July
and August, and which, il is supposed, VIII DC
more than sufficient TO cover the deficiency.
In this opinion OF their adequacy, provided
there should be no stoppage in The navigation of
The canal o. some other unusual and unforeseen
contingency the Committee concur; but as these
difficulties are within the range OF probability,
and the Legislature is about adlcnrnns with the
impression induced By our expose, that The credit
). The State is safe in our hands, We think that
every consideration Of policy and justice requires
ha. We should use all the means in our power 10
shield that credit from dshonor, anu thus snow 10
the Commonwealth Just appreciation OF The re-
sponsblilies she has incurred Tor us.
Your Committee further direct me 10 report,
that the prosecution of the wnr', being stopped
Cor the present. they think il would be advisa Die
that The Directors should be requested 10 reduce
The expenses OF The administration oil the compa-
nv 10 an amount as low as they may deem con-
ss.cnt with lis Interest.
All Of which is respectfully submitted.
w. NJ PEYTON, Chairman.
The report, and a series OF resolutions IN &C
coriance with il, were adopted without dissent.
The following gentlemen were appointed on
the Committee Of Investigation, recommended N
me report, viz Hin. ~ Peyion of Roanoke John
Thompson, .Jr. Of Amherst YIN. II. Macfar.-aa,
Baae Durcnp0,f, James W JFickham, jesse .Snead
and Nicholas mis- OF Richmond
a resolution was also adopted, providing that
the members Of The Committee Of Investigation,
while actually engaged in the !abors devolved
upon then, should be entitled 10 the same coinpen-
sation as Directors OF The Company.
Another resolution complimentary 10 The lac
Presiden, Of the Company was unanimously
adopted, and directed 10 be communicated 10 HIM,
and published oy the Chairman.
MAJ. HaRer grimm was elected President Of
the Company; aud Capt. Charles Dtmmock D'-
rector. in the room CT Gen. Bernard I'syto" re-
Iigned.
IMPORTANT AnRssr.-Wc learn thai CaptNew
comb la.e u. S. Surveyor General for this stale,
was arrested a, Galveston few days since by
Major Stiles, u s. Deputy Marshal, and brought
IN he Baliz, ia pilot boat He came 10 this cry
ca the ;owboa Caledonia last evening. -
Nm fJrl,0,s Pic0ylac, Fen -