Daily Richmond times. [volume] (Richmond, Va.) 1849-1850, 1849-11-29

| Estimated nett income. .$1O6,72l q
These statements will shew that the capital stock
which it is known has not been available, by any means
to its tu extent, as active capital tor the company in
Its present organlZaton cannot promise any return In
the shape OF dividends unless the work progresses
to larger trade than be expected from its
present terminus 1t also shews that very large amount
of the money actually expended in the construction OF
the work, does share the risks of capital stock
butt tar preferred TO the investments of the stock
| holders to embarass the company by the annual
charge of six per cent interest nearly four millions OF
dollars while the stock, amounting to five millions,
divides nothing, and the state in addition its invest
ment OF three millions, is the CREDITOR directly re.
sponsbe for the entire of the companys debts
with the exception OF the annuity the old James river
company, and indirectly tor that, it preferred
charge on the annual income of the company.
ILL., OTHER CONSIDERATIONS OF INTEREST, CONCERNING THE
CONDITION AND FUTURE PROSPECTS OF THE COMPANY.
think that the foregoing exhibit will justify the opin-
ion already expressed, that the stock cannot prove
productive investment unless large increase of bust
ness can be obtained for the improvement. This ii APP
pears to me, can only be accomplished by extending
the works and establishing aconnectlon with the waters
OF the Mississippi at the Ohio river.
How Is this to be effected!
The navigation east of the Allegheny will, in the
course of the next year. be completed for one hundred
and nney-six miles On the other side steamers are
used although the cation is by such the
company ought to have from the Salines to the mouth
otthe kanawha. recommend that application be made
the legislature for loan of state bonds enable the
company to continue the canal from Buchanan to Gov"
ngton, and to improve the Kanawha river from the
Sanes to the mouth OF Gauey river to be issued quarter
y sufficient for the current expenses the work
it progresses, commencing in 1851.
The amount OF expenditure will not probably exceed,
in 1851 and 1882 two millions and halt OF dollars, and
the exhibit already made of the resources OF the
pany will justify the undertaking to pay the interest
the bonds, as the company is doing the bonds,
loaned by the state for the extension OF its works. But
of that expectation should not be realized to its full
tent, the inability exist for only short time,
doubt be entertained that the addition to the COM
panys receipts when the contemplated works COM
pete and in operation, will cover the increased charge
this account.
The connection across the mountain, by which the
companys works must be united will be postponed until
the line on each side shall have been completed and
communication by water established 10 Covington,
the east side OF the mountain and to Greenber bridge
on the west side.
OF the character OF this connection it will be expected
that should say something. | am aware that it is
subject which diversity of opinion exists amongst the
stockholders and the OF the company depends
largely on harmony, that | would be extremely unw-
ling to do anything to disturb It,
When the company did me the honour to elect me
to the office which now hold, had formed no opinion
on the question 1t became my duty to examine the
subject and inform mysetin regard to it as tar could
The solution OF the question depends on facts which
controvered and requires exact knowledge otthe
Biography OF the country and on scientific skill, which
do not possess But in the candour which, trust, will
characterize my communications with the stockholders
long bear any official relation to them, will sub
NIT suggestions, which appear to me worthy OF con-
sideraton. The question is, whether the connection
shall be by water line or canal or by railroad?
Thrust be remembered that the James river and Ka
nawha improvement is essentially thoroughare for
navigation, and at both exremlesi it has been adapt
ed use as water line, at so great cost, and
only be used for the transit OF boats it is true policy TO
continue as far practicable without transfer oteght
from one mode of conveyance by water another by
land Some transhipments will add so largely to the
cost oil transportation as to destroy all the superiority OF
climate and position wNch the route enjoys, and
to give to other competitors for the western trade with
an uniform mode Of transportation, such advan- |
ages as will seriously impair the value OF the improves