The Camden journal. [volume] (Camden, S.C.) 1836-1851, 1850-02-19

that the sooner and the better the road is prepar
ed for the business in prospect, the sooner and
the more fully, will this and the outlay already
made be rendered profitable.
This favorable anticipation does not rest on
conjecture. With the restrictions which large
debt has placed upon efforts to provide adequate
means of Transportation, the receipts of the road
increase every year. The average annual in
crease for the last six years, viz from Decem-
her, 1S43, to December, lS49, has been ST., ,S7l
and the new avenues to our road, now inpro-
gress, authorize the expectation, not only con-
tinued, but of greater increase.
The interests of the stockholders, and of the
company, are identical. fthe company be dis
embarrassed the individual members will inme.
diately feel the benefit.
Nor ought they to think hardly of the propo-
sed call.
our roads and properly sG,9l7r46
This cost appears to lave been provided
BY "a. .6JO shares, t"riginaD at 10, S2.6lO,7ou
BY 1000 Camden Bamch Shares,
held by individuals, 100000
ssslo,75o
By instal,npnts forfei ed 3ll.6T2
By income reserved aud thus applied 44SI52 367954
Shaving the amt. met by loans, to he ss,s47yo72
Whilst the present shares have contributed by
direct payments only S2,9l0,750, loans have
furnished g., PAT 900 of the cost This proper
ton of debt, to original money capital, would,
in almost any enterprise, prove embarrassing
and discouraging.
Such are the considerations, which iii the
opinion of your Committee, indicate the policy
and reasonabeness of the measure proposed
In connection with this measure, your Commit
tee would suggest the expediency of adopting a
system of greater simplicity in our accounts.
Hitherto we have been constantly construct
ing, as well as working our Roads. A fact of
itself involving complexity in the application OF
means, and at least apparent complexity in our
accounts. The consequence has been, that twth
large and increasing receipts, encouraging ex-
pectations of benefit, the Stockholders have been
disappointed, and the public mind has labored
under uncertainty and doubt as to the real con-
dition and results of the enterprise.
But the prospect is, that in n year, or little
more, the whole Hamburg Road will have been
reconstructed with the heavy iron rail now gen.
such, as is deemed adequate to the work in im-
mediate prospect on our several Roads. Your
Committee hope that additions to the outfit
thereafter, may be provided out of income
They therefore propose that upon the. compile
ton of the works mentioned, in the estimate of
expenditure submitted in this report, all expen.
ditures whatsoever upon the Road and Depots,
the purchase aud reparation of locomotives,
cars and machinery generally, be charged to
expenses, and deducted from the receipts of the
year.
The proportion which these expenses bear to
the receipts of Road, have been the subject,
us your Committee understand, of careful enqui-
ry and calculation, and they conclude, from
statements and opinions given them, though to
some extent cowectural, that the ordinary ex-
penses of working Road may be estimated at
about 45 per cent; and the deterioration, the
repairs aid renewals of Road, Buildings and
outfit, at aicut Is per cent. of the gross receipts;
the two making 60 per cent. chargeable on
gross receipts-upon which allowance exPerl.
enced men think it safe to form an estimate OF
net profit.
The charges on our receipts may, therefore,
be in that proportion. But by the actual charge
of the expense incurred and paid, the profits To-
ultimately divisable among the stockholders
would be better understood.
Experience would soon show whether any
and what reservation of profits, prudence may
require. Extraordinary losses may occur from
fire, for instance, or other causes-cases of the
kind cannot be the subject of any general pro-
vision; and when they occur, (which is rarely
the Directors must use discretion in meeting
them by reduction of dividend, or by spread
ing the loss over a longer period, according to
the extent of the damage. But in the opinion
of your Committee, the dividends ought to be
brought up to the standard of dividends upon
other stocks, provided the net profits are sutfi-
cient for the purpose Regular and fair divi.
dends are a just and reasonable expectation on
the part Of stockholders; and in general, they
are the necessary condition upon which invest
ments can be made in any stock.
The benefit of certain and good dividend,
would soon react upon the Company itself. So
soon as the stock Of the Company shall perma-
nently produce per cent. or more, per annum,
from actual profits your Committee think there