Burlington free press. [volume] (Burlington, Vt.) 1827-1865, 1851-08-29

From the Report of the Treasurer, herewith
submitted, it appears that the corporation is in
highly satisfactory condition. With debt
comparatively small, a road thoroughly equip
ped, and an amount Of business already large
and rapidly increasing, 1t requires but single
effort on the part Of the stockholders to relieve
themselves from their debt and to realize per-
manent and handsome income from their stock.
The mode recommended by the Treasurer,
for The payment of the floating debt meets the
hearty concurrence Of the Directors, and they
recommend o the Stockholders to authorize the
Directors to issue bonds of the corporation to
an amount sufficient to cover the floating debt
the bonds to bear six per cent. interest and
be payable in three years from the first of Oc-
tober, 1881, and be issued at ten per cent. dis
count-the subscribers to pay an nstalmcnt of
ton per cent, on the first of October next, and
OF twenty per cent on the first Of each of the
four succeeding months. with an allowance
made to those who anticipate their payments.
As in the present condition of the money mar
ket, these bonds will not probably be taken, ev-
en- on these favorable conditions for an invest
| ment, by those who have no interest in the Com
! pany, the directors urge upon the stockholders
the necessity Of taking these bonds, at Least in
| proportion to the shlrcs which they h id. If
ers will receive regular dividends on their
shares, on AMI after the first day of January
next ; and the Directors feel confident that an
Arrangement 50 much for the interest of the
Stockholders viii be carried into effect by
| them.
! 1t will be seen that the earnings Of the road
| for the first SIX months of the year were suffi-
cicntto have enabled the directors to pay small
dividend to the stockholders but it was not con-
sidered safe or prudent to pay dividends, when
il mo ally certain that such a course would
Involve either a large increase of the floating
debt, or deficiency In the equipment indis-
/ pen5aby necess Try for the business of the
rold The ea", winch the Directors expressed
in their last report, that the equipment of the
road would not be sufficient for its business,
was relIiz2d sooner than they expected. The
road w,- unable to do the bushes which Offer
| ed Itself during the last winter, and prompt and
vigorous measures had to be adopted to meet
the eNlgency. For this purpose an eXpendl-
ture was incurred amounting to S3l3,20l j3.
BY this large and necessary expenditure, the
current net receipts for the year were more than
absorbed, and consequently the toatng debt
Is now by that sum larger than it would others
wise have been. 1t depends upon the Stocks
f holders themselves to determine at this time
I whether they will fund the debt in the manner
, proposed an rece We re ular dividends on heir
4 stock from and at terthe first Of January next.
! 1t will be observed that. in the opinion Of the
D.. Engineer, the road is now in good order through
t. out, and equipped sufficiently to do a through
business o 100000 tons per annum. in addition
e to the present large and rapidly increasing way
- business.
- At the last session of the Legislature an act
was passed authorizing the Vermont & Cana
e da Railroad COMPANY to construct draw