Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1849-12-04
IN hand Is, Nov, 1919.

al applicable tho soo- 'Vp
Its 10 be aprhended tal there will be deficiency Of
the for the completion OF the work ne causes are
explained in the report of the chief engineer The omission
of items Of expenditure was prosllnc accidental on the
part the officer who ade the estimates on which the APP
propation was based These objects of expense haze been
found be Indispensable, and no change OF plan mas been
adopted increasing the cost which no justified by the
bcs. of the company, by security To the work. ana
BY economy.
Ii will be prilden; pIecauon make application 10 The
legislature for amendment vi the act 0 ls4i SO as 10 en-
large The issue bonds by The amoun of one hundred
and ten thousand dollars supply the deficiency and TO in
sure payment Of all demands OF the contractors for cGIple
ing the work. -.
IL vii! be perceived that small premium has been reized
in the sales Of The bonds The amount has not been ~
great il appeared 10 ne me market ,a'oe VI h'
o other justified. The subject has received te anS
attention of The Board of Directors Sales 'laHg ner
made with vicw the monthly expenditures carefully 81.
curing the OF punctaal payments oil me contractors
estimates in money and avoiding payment 10 them III ooiias
which hCy would have been compelled 10 force on me mar
kei The effect o such forced sales could not have tailed 10
be depreciation o the state securities injurious ~ inc CON
Tractors Ia the public credit, every Improvement IN
The State dependent the proceeds oi Sltte bonds ne
success of the works Improvement throughout The State
is so essentially connected with te credit Of the State sec
rites that deem il not improper la susgs as me res' :"
extensive communication with capitalist. In our COUNTY, ana
abroad hat increased value would be given to State stock
of coupons cttachcd the bonds and as fur more
important if The Satc would issue its own bonds III
future instead o giving lis guaranty 10 bonds oil corpora
lions \; the time that Ohio SIX per cents were selling IN
mr. market from 10 nine per cent above par, parIs
Brothc Il Co offered par and interest tor the tntlre
amount OF Virginia STATE bonds held 10y the company nh.h
pointed resources of the STATE the comparatively
-.lall amount o ha debt and the ndubabo honorable IL
dcly with which Vgin;, "la and would ever fulfil lcI
gagcmens WAS Answered that Inc Ic" Of the Chesapeake
and Ohio Canal company. with the guaranty Tue State
could be bought less and those al hc James Rive and
Kanavha company would bring more Than par y" =ne
was not made because there reason 10 believe thai Inc
stocks world command better price, and II was thought
dicios The company and for other corporations to await
the changes Of the market.
The legislature has failed 10 pay the accrued interest
on guaranteed bonds where The company could moi meet liz
obligations And hence il will make practical difference
whether the payable directly from the treasury and
refunded bv the company paid from the treasury II e
company shall have failed 10 make no payment Inc ob
cation OF the il the effect i'll bon eases Ana
vel the o.c OF obligation is far more marketable mar
the other And is obvious that wise policy will require
the adoption every give credit and value 10 these
securities.
recommend that application be made the General As
seEby amend the Of the 9Th and 18th March last
a issue the company STATE bonds TO the amount Of
s5000 instead OF the guaranty 10 our bonds Tor that amount
given BY those acts
Anticipating the of such application, none Of
the honda hsve been issued under those
acts.
II Tue STATE or FINANCES
The usual financial statements Of the secretary and OF the
collectors of tolls Richmond and Lynchbrg, herewith
communicated marked |, 3 J. 5 and : These stale
have been prepared with great care and present IN
simple form
! The receipts and Disbursements of the past year
The Receipts and Disbursements of the Company from
its organization 10 The Isl November inst
The annual Tonnage Tolls and ordinary Expenses and
Table showing tho Different Articles and thci- Guam
titles annually transported on tho Canal
IClassled Tables Of the Quantities and Probable Val
g. of the various articles OF Produce and Merchan-
1 ~ die transported during the las, year.
These statements deserve careful examination by the
stockholders, and trust will be found contain salts
factory view of the company's affairs They exhibit strong
evidence OF the increasing utility of the canal of the growing
wealth of the country and of satisfactory increase OF
nuc.
During the last Of receipts cxpcnd-
lures has exceeded that oi preceding YEAR and after
meeting all the liabilities al The company. expenses
the finished works for The general administration of the al
of the company for the annuity The old James river
COMPANY for interest its bonds well those guaranteed
as those due the state and he interest those which the
has issued enable the company prosecute its works
above Lynchburg leaves uneNpended balance of 1880
s. To show the actual balance from this
manning after meeting the heavy charges for interest there
be added the of $50 39 so for interest paid the
bonds which have been expended the new and
We, unproductve work.
! The capital stock of the company under lis
present organization is 100000 90
OF his individuals subscribed Sal 800
Corporations l.l5o.5OU
The state, 100000
The actual expenditure amounts ss,7l9596 %
The Company is inGebfed:
To the State, by bond 2ih February, lS45 26S645 80
18th March, 1872, 100000 90
" for State stock issued, and TO be
issued, under act ls March, lS41, l,236 900 90
To holders of Company's bonds, with the qua
ran'y of the State under act 23d March 1884, 90