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


the state would issue its own bonds in future, in.
stead of giving its guaranty to bonds of corpo-
ratons AT the time that Ohio six per cents selling
in the market from to nine per cent above par,
Barring Brothers & Co offered par and interest for
the entire amount of Virginia state bonds held by the
company When pointed out the resources OF the
state the comparatively small amount Of her debt and
the indubtabe honorable fidelity with which Virginia
had and would ever fulfil her engagements, | was
answered that the bonds of the Chesapeake and Ohio
canal company with the guaranty OF the state could be
bought at less and those Of the James river and Kama
wha company would bring no more than par The sale
made, because there was reason to believe that
the stocks would command better price, and it was
thought udcous for the company and for other corpo
rations TO await the changes OF the market.
The Legislature has not failed to pay the accrued IN
terest on guaranteed bonds where the company could
not meet its obligations And hence it will make no
practical difference whether the interest payable direct
y from the treasury and refunded by the company or
paid from the treasury, if the company shall have failed
TO make the payment The obligation OF the state is the
same, in effect in both cases. And yet the one form OF
obligation is far marketable than the other And
it is obvious that wise policy will require the adoption
Of every to give credit and value to these secur-
ties.
recommend that application be made to the general
assembly, SO to amend the acts of the 9Th and 18th
March last issue the company state bonds to the
of $500 600 instead of the guaranty to our bonds
tor that amount given by those acts.
Anticipating the OF such an application, none
of the guaranteed bonds have yet been issued under
those acts
H. THE STATE THE FINANCES.
The usual financial statements OF the secretary, and OF
the collectors of tolls Richmond and Lynchburg, are
herewith communicated, marked l, 2, B, 4, s. and T.
These statements have been prepared with great care
and presentin simple form:
J. The Receipts and Disbursements OF the past year
| 2. The Receipts and Disbursements OF the Company
from its organization to the LIST November inst.
| g. The annual Tonnage Tolls, and Ordinary Expenses
and Repairs of the Canal.
A. Table showing the Different Articles, and their
Quantities, annually transported on the Canal
S. Classified Tables, Of the Quantities and Probable
g. Values of the various articles OF Produce and M er
r. chandze transported during the last year.
These statements deserve careful examination by the
stockholders and trust, will be found to contain
satisfactory view OF the companys affairs They eXhl-
bit strong evidence of the increasing utility OF the canal
the growing wealth OF the country and OF satsiac-
| tory increase of revenue.
During the last year, the increase OF receipts over ex
pendtues has exceeded that OF any preceding year. and
after meeting all the liabilities OF the company, for ex
penses the finished works. for the general admins
traon of the affairs OF the company, tor the annuity TO
the old James river company tor interest on lis bonds
as well those guaranteed those due to the state, and
the interest on those which the state has issued to enable
the company to prosecute ITS works above Lynchpurg
leaves an unexpended balance OF S22 $50 80 10 shew
the actual nett balance from this source, remaining alter
meeting the heavy charges Tor interest, there must be
added the sum S39 so for interest paid on the state
bonds which have been expended, on The new, ana as
yet unproductive work
The capital stock Of the company under its present or
ganization, is. ..o,OoooUo w
| OF this, individuals subscribed. S4l ,3OO
| Corporations ...-...... u ,io o'2 ooo
| The state .3,Ooo,OO0 -
The actual expenditure amounts to-. .$S,7l9,596 "
| The Company is nO,1 indebted: -.
To the state, by bond 24th Febry ls45 26S 6d5 50
| &c for state stock issued and
to be issued under act LIST March, lS47 900 w
To holders of companys bonds, with
| the guaranty Of the state, under act
| 23d March, 1899 ........ 100000 90
| 3,254645 SO
And when the works are completed for
the connections authorized by the acts
| of 9th and 18th March, 1S49 it will
| owe on its bonds guaranteed by the ~ =.
| state for those objects 5OOOO0 W
S3,754 654 80
In addition to this large cunt, the perpetual
nuty to the Old James river company, OF twenty
| thousand dollars
The annual liabilities of the company, when the works
Annuity to- The Old James river company $1,000 90
| Interest company's bond to the state, 49,
| given in 1915 16, l1S II
| I" for loan 25th
| March, 1912 $4,000 90
the state 10000 90
Interest on loan of State bonds for ,sseooo
LIST March, 1S47 .............. IA $50 90
| on guaranteed bonds for connections 10000 90
i Lynchburg 10000 90
| canal,
| from Lynchburg to Buchanan. ......... $4,000 90
1881, 27s u
The Resourcesof the Company:
| From the LIST division, esti-
mated rece PTS .2o0OOO OO
l Estimated from dock Rivanna
| and other connections. 900 W
I Nett income western improve
ments. .................. 5000 90
Il From I'd division, directly and
incidentally. l2O,OOo w
| 43s, 900 90