Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1852-10-29

Raleigh and CASTOR Railroad Company, in the
month of October last, the Commissioners on the
/ lures to the company. Since that time, the
Road has ceased to be- under the control and man
agement OF the State Since the transfer to the new
company. the road has been undergoing an entirely
new superstructure, which is nearly complete.
! This improvement has already enhanced facilities
TO the State. The stock has been subscribed to form
the connecting link between this Road and the Viii
mngton and Raleigh and Seaboard and Roanoke
Railroads and this important work is in course OF
/ construction.
| At the last session resolution was passed, au-
!thorizing the President and Commissioners of the
Raleigh and Castor Railroad to anticipate the re-
ceipts of the Road by the purchase of two hundred
and htty tons of iron for the purpose of repairing
the road and authorizing them pledge the receipts
OF the road for the iron thus purchased. 1t pro-
vlded that the State should in or in any
event, be held liable for the purchase money and,
when the new charter should be accepted, the iron
should be sold for the benefit of the State IL pur-
suance of this resolution, the President of the road
purchased two hundred and fifty tons of iron from
Anderson of Richmond, and it applied to re-
pairing of the Road A part of the iron has been
taken mp ny the new company, and part of ii.
presume, still remains on the road The COM
pany has made no proposition to purchase the iron
Unless the Legislature shall otherwise direct, the
iron will be sold for the benefit of the State.
Ii is believed that, after the settlement of the
counts and the payment of Liabilities for the
penses of the Road, there will be little if any thing,
applicable to the payment of the debt contracted for
this iron. If the Legislature requires the proceeds
of the sale of the iron to be placed in the treasury
it would prevent Mr. Anderson from receiving any
portion of his debt Should he proceeds be anp ed
TO this debt they would not pay one half of it.
recommend that the General Assembly authorize the
proceeds of the sale of the iron to be applied to-
| wards the payment Of the debt contracted for its
purchase and it is submitted, whether an appro-
priation shall be made to pay the balance
The Report of the President in relation to the af-
fairs Of the Road, while under the control of the
State will in due time be communicated to- The Gene
raj Assembly. In enrolling the Bill passed at the
last session to incorporate the Raleigh and CASTOR
Rail Road Company. it is believed that some of the
sections as it passed were omitted which renders
farther legislation the subject necessary. One of
the omitted sections authorized tie appointment OF
| four directors the part of the individual stock
holders and Of three on the part of the State. The
Board Of Internal improvements only appointed the
number provided for in the omitted section But
the State owns one half the stock, and it is believed
she ought TO have the appointment of one half Of the
! Directors and it is recommended that such provi
sion be made by law.
An Engineer employed to survey Neuse Rv-
err, and the balance of the appropriation made under
the Act of l8505l after paying the expenses of the
surveys, has been subscribed to the NeuSe River
Navigation Company, as directed by said Act and
part of TIE appropriation paid to the Treasurer of the
company. This is work Of Importance, and its
completion promises highly beneficial results. The
Report of the Engineer appointed to make the sur
vey is herewith transmitted
Three Commissioners were appointed under the
| act Of 1889 10 superntend the improvement to
Tar River. This is desirable improvement, but it
is doubted whether the appropriation is sufficient to
accomplish the object for which it was intended.
| The whole amount of subscription of the State
to the Cape Fear and Deep River Navigation Com
pany, has been paid. The work is progressing and
promises to open and valuable commercial ad-
vanlages not hitherto enjoyed by the State.
Under resolution passed at the last session of the
General Assembly, the public Treasurer transferred
two thousand shares Of the stock owned by the State
in the Wilmington and Raleigh Rail Road :ompany.
to the Wilmington and Manchester Rail Road Com
ny, whereby the State became stakeholder in the
imp 'rant improvement under the charge of that
company. In directing the transfer of the stock. the
resolution DID not make change lii regard to the
number of directors to which the State should be
entitled in the Wilmington and Raleigh Rail Road
Company. Under the circumstances, the Board of
Internal improvements did not feel authorized to
make any change in the number Of directors ap-
pointed on the part of the State The stock trans
terred, is represented by the State in the Whining
ton and Manchester Rail Road Company. If the
Legislature intended that the number OF directors on
the part of the State, should only be in proportion
to her stock, farther legislation the subject would
appear to be necessary.
! The Whining ton and Raleigh Rail Road, with en-
ergetic management has of late overcome, to a con-
siderable extent, the early embarrassments this i'm
portant work had to encounter. The Company has
commenced paying Dividends thus enabling the Lite
rary Board to distribute increased amount for the
SUPP ort of Common Schools.
The North Carolina Railroad it is believed. is pro-
pressing rapidly could be expected, considering
the circumstances attending it's commencement and
prosecution This improvement promises to afford
new and increased means of transportation to con-
sidera bic portion Of the State heretofore deprived
of such facilities. The President of the Company
WILL in due time, submit report in relation to the
progress and condition Of the work.
1t is probable that application will be made du-
ring the present year, early in the next. for the
first instalment of the States subscription to the
stock of this road. To raise the sum, State bonds
are authorized to be issued and sold 1t is believed
that this loan. well all others required by the
State can be procured upon better terms by author
lzng the Public Treasurer to issue Coupon bonds.
An act passed at the last session of the Cen
eral Assembly, appropIiating twelve thousand dol
lars out of the first moneys collected after the first
day OF January 1852 from the Cherokee bonds, and
from the sale Of Cherokee lands for the survey of
a Railroad route from Salisbury to the Tennessee
S line. The Agent states that only small sum APP
pcabe to this appropriation has been collected -
1t was not therefore in the power of the Board of
ernal Improvements to procure the execution of the
survey 1t is to be regretted, that this could not be
done before the commencement of the present SEES
+ sion OF the Legislature, The contemplated line
runs through portion of the State where the peo
pie are deprived OF the means of convenient trans
probation, and are therefore deeply interested in the
subject. It Is uncertoin under the present Act
when sufficient will be collected to defray the
expense of the survey Should the Legislature de-
sire 1T to be made at early period. an appropria
ton tor that purpose will be the means by which il
. can most surely be accomplished
n The FAYETTEVILLE and Wnstarn po,1 =. -