Richmond daily times. [volume] (Richmond [Va.]) 1850-1853, 1851-11-28
JAMES RIVER AND KANAWHA COM
PANY


The Stockholders re-assembled in large NUM-
Der on Wednesday evening.
MFR. G. N. Johnson, Chairman of the Genera
Committee, presented its report as follows
REPORT.
The Committee to whom were referred the report oil
the President, and accompanying documents The re.
port of the Special COMMITTEES on tolls and sundry me-
MORALS have been busly engaged III considering the
subjects referred TO hem and are prepared 10 report
upon all except the subject ofoIs, which they were
able fully to consider, because the printing OF the doc
uments connected with that subject was not finished
They proceed TO report upon the other subjects COM
mitted 10 them.
Ist The proposed change of the time OF holding the
annual general meeting OF the Stockholders:
The President having recommended IN his Report
that thu time for holding the annual meeting De
changed to the fourth Monday OF October, with a
view to conform the change OF the tlsca year, and
10 meet the wish OF the Board OF Fqollc :" orks'-tne
Committee propose the adoption OF the following reso-
luton:
Resolved, That the future annual meetings of the
Stockholders be held on the fourth Monday IN Oeto
Der.
2ndly. The financial affairs of the Company.
1t appears from the Presidents report that notwth-
standing an increase of the income from tolls, and
dlmnution OF the expenses OF tae general admins
traon of the company, the disbursements OF the com
pany tor the late fiscal year exceed Its fece PTS by the
SUN S IS 62S 4S, and similar excess OF dlaburse
ments for h curreat year is anticipated to Inc amount
of about $50 900 90. These Deficiencies viii hay
accrued In consequence oil the large snount OF M
terest which has been, and Is TO be- PAID by the com
pany upon bonds issued to pay tor works yet IN pro-
gress and unproductiYe Moreover, anoher deficien-
CIV is anticipated OF not less than SS23oO00, ailslng
from the excess OF the of the CONSTRUCTION OF the
second division OF the Improvement, and OF the loe-
water, South-slde and RVanaa connections, ABOVE
the estimates OF these deficiencies, together amount
Jag to about $3.50 900, all TO be provided Tor dolS the
coming year. the company expect to be able 70 meet,
from their own resources not less than SS5000O eaV
ing about $500 600 unprovded Tor, IN respect to which
they will be compelled to ask aid from the State, ex-
pectng repay whatever may be advanced , on mat
account from the larger income which Will be re-
ceived after thei; works, now IN progress, are
completed.
In relation to this subject, the Committee recon-
mend that the Stockholders adopt the following feso-
Resolved, That the President and Directors, on be
half of tina Company, apply to the Legislature
for aid in relation to The existing and nucateu de-
ciences IN their revenue, so enable the compa-
ny punctnay to pay their semi-annua interest
Resolved, That committee OF i've Slockhotders
be appointed to aid by their efforts. IN giving effect to
that application to the Legislature
Resolved That if the General Assembly shall con
slider compatible with the interests OF the state, ana
of this company 10 fund the bond debts OF the COM
panv and assume the payment thereof on the part OF
the State, the Stockholders hereby assent TO- such an
arrangement and to mod Gcaton OF the Charter so
as to increase the capital stock OF the company, by
the amount of the said bond-debts, and to the issue
of script for the the State, as additional STOCK
3dly. Upon the subject of the future progress OF
che Improvement to the West, the committee recon-
mend 10 the Stockholders the following resolutions
Resolved That the President and Directors OF the
company. apply to the Legislature to provide the
means necessary to extend the Canal towards OoV-
ington. Dir.otors asL IF
the General Assembly, IN their memorial 10 tnat pouy
that, in any genera system Of lnleIhal
ment be adopted, provision be made Tor he extension
of the water-iine OF the James River and hanaWha
company, Westward to the Ohio
4thly The committee had under consideration
the memorial of citizens OF Lynchburg, asking tor
certain alterations of the Dam and works, near tIs
town with view increase the head OF water IN the
Canal ard pond; and certain resolutions Were oheieo
by Mr.. Early, relation thereto Inc committee
commend the following resolution:
Resolved, That the Lynchburg memorial and me
resolutions of Mr.. Early, be referred to the president
and Directors, who are requested to give prompt at
tention thereto.
Mr.. Johnson stated that the committee had
been fully occupied with the matters reported
on, and had not had tims to act upon the suS-
ject of the Tariff of Tolls.
The resolutions OF the committee under the
LIST and al heads were agreed to without dlVl-
sion.
Mr.. Richard G. Morriss, from the minority oil
the committee, offered the following resolution,
as substitute for the TWO resolutions proposed
by the committee under the 81 head;
Resolved, That the President and Directors apply
TO the Legislature to provide the means necessary 10
extend the Canal Clifton Forge, and the means ne
cesssry 10 enable the Company 10 construct thence
rsroad to the Ohio river leaving the Company at lib
ery 10 complete the water line when hereafter 1t may
be practicable
Uoon this proposition discussion arose which
extended to a late hour of tho night; Mr.. NORRIS
and Dir. Mr.. VIM. II. mcfarland advocating the
substitute and Mr.. G. N. Johnson, Mr.. ). ID.
Denoon President Mason and Mr.. P. R. Grat'an
sustaining the resolutions of the Committee The
Rev. Mr. Early, representing the vote of Lynch
burg. opposed the substitute. but we did not I'M
derstand him to favour the Committees resolu~
tons.
On one side, it was urged, that the construc-
ton of a railroad from Ccvington, or Clifton
Forge, to the Ohio is certain thing; that 1t would
be better therefore Tor the James River d IA
nawha Company to interpose and ooialn The pr
yilege of constructing the railroad, rather than
permit it TO be made by, and become the property
of rival company; that the experience of the
world has established The superiority Of railroads
to canals that the difference in the cost Of trans
portation on the two modes Of Improvement is so
slight, that it could not materially affect the /
success Of this enterprise; that though con- |
tnuous water line may be practicable it would |
cost more than railroad, and would require /
much longer time in the construction.
On the other hand, the friends fthe water line |
commended that the company was egiiEetsly
Canal Company, and should adhere 10 its main
design; that whilst it should not oppose the con-
ztruction OF a railroad it should maintain It's long
cherished policy of uniting the waters of the East
and the waters Of the West; that the mixed spe-