Richmond daily times. [volume] (Richmond [Va.]) 1850-1853, 1851-11-26

Messrs. O. NJ. Crutchfeld, A G. Pendleton
and II. Smyth were present as proxies OF the
State.
The organization having been perfected, the
President of the Company Judge Mason) read
his annual report. Aware of the interest with
which the affairs of the Company are regarded
by very large portion of the public, we insert
portion of this document to-day, and will con-
clude it tomorrow.
The financial exhibit contained in the report
is less favourable than the friends of the company
could have hoped. 1t appears that the cost OF re-
newing the Judith Dam, the extraordinary diff
culties experienced in constructing the aqueduct
across Cedar Creek, and the vexatious failures of
contractors to comply with their contracts, have
caused the cost of the division between Lynch
burg and Buchanan to overrun the appropriations
by about $4,000. The Underwater, Rivanna
and South Side connections, will, partly, in con-
sequence of higher land damages than were anti
cipated, exceed the estimates about 100000.
The current business OF the company for the
eleven months ending 30th of September (when
the fiscal year is now made to close) is thus
stated-we discard cents;
Gross Receipts from all sources 1921 500
Disbursements for administration, repai &C. S2O20
Netincome ACKNOWLEDGEMENTS l69,o39
Annuity to old ]. r. S2l 900
Post Notes, We ........... vs. $3.50.
Interest on bonds. l96,275 2lS, iGS
Deficiency. ACKNOWLEDGEMENTS S 62S
The deficiency is partly attributed to the sus-
pension Of tbs Dock and the Ryanna naviga-
ton.
In the ensuing year, the interest on the Com.
pany's bonds will be increased to $s239 CTS; and
the aggregate of disbursements is estmatsd at
$382,978. Assuming the tolls on the LIST Divi-
sion Ito Lynchburg) to reach 1870 900, and on
the I'd Division $50 900, and the income from the
Western Improvements to be $4,000, the
whole receipts will be 1892 900; leaving a def.
cheney of $5O978. Against this it is hoped
that 100000 may be realized from the debt o
Gen. Hamilton, and $1,000 from William B
Chittenden's estate.
It is obvious that it behoves the Stockholders
to observe great circumspection in whatever
measures they adopt; or, in the state OF their af-
fairs disclosed by these figures very mischevious
results may be hazarded. 1t SHOULD be remem-
bered, however, that the Company is, at present
]abouring under very peculiar disadvantages. The
President states that "since the I'd Division was
commenced, to the end of the last fiscal year, the
company has paid S43l ,273 OF interest on money
borrowed to construct works which to that date
had not contributed one cent to its revenues -
This fact furnishes a ready explanation OF the
present embarrassment.
The President suggests the plan of the States
converting its large debt into stocks as that
which would most certainly secure the success
of the Company's enterprise, but more directly
recommends an application to the Legislature for
loan of 100000 TO pay the interest which
will accrue by the lst of July, 1852.
Accompanying the Presidents report, we are
happy 10 find very interesting report by Profess
ser Tuomey, of the Alabama University, exhibit.
ing the results Of the geological survey conduct.
ed by him during the past summer, of the sum
nit lepe1 by whichitis proposed to carry the canal
across the Allegheny mountains. This dstin.
guished gentleman declares that the praciicability
Of the plan, and the ample sufieiency Of the
supply Of water, are unquestionabe. He states
the interesting fact, that the reservoir proposed to
be formed in the valley of Anthony's Creek will
occupy ground which was once evidently lake.
A dam of 100 yards in length across a narrow
gorge, will suffice to restore this lake But we
must postpone fuller notice of Professor Tuo-
meys valuable paper.
The report Of the Chief Engineer, Walter
Gwynn, ESQ., was presented; and, on the motion