Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1853-02-04


The Board have exerted themselves and have
used all the resources in their power 10 push for
ward the completion of the road as directed by
the resolution of your last meeting, and regret
much that accidental and other causes peyond
their cntrol have prevented the accomplishment
of as much work as they expected at the time
of submitting their last report.
In using these resources they have devoted
them to the extension of the track on each end
as matter of the first importance, as every mile
gained either way tends to increase the receipts
of the Company from travel and freights, and
especially the eastern end, which has only been
opened for business during this month. The
business already doing and in prospect at that
end is fully stated in Mr.. Jennings report, and
must be highly gratifying to not only all cons
nected with the Road but to all who feel an in>
terest in the interesting country to be developed
bv it. The business of that section has been
greatly moderated, and as the road is extended
to the Great Pee Dee it will be found that the
promised advantages in the early stages OF our
work, though apparently extravagant, will not
reach what may be realized.
The prospects before us as the track extends
each way is ore which demands an early and
efficient application of funds, and the Board ap-
prehend from the preparations made and the
expensive character of the Pee Dee Bridge and
Eagles Island that they may not be able to res
alize on the present amount OF assets In time to
meet the exigencies of the work, as portion OF
the subscription, due are suspended and in suit.
To do this it may become necessary tor the
Board to Issue End mortgage bonds to the extent
of $4,000 900 already authorised by two>thlrds
vote of the Stockholders, as it will be remember
ed that only 100000 were issued under the
authority to issue 100000 in April, 1851.
They feel no apprehension that even the "a
mount of 100000 mortgage bonds would be
sold a. much sacrifice to meet the demands Tor
the necessary funds as the amount expended,
even without the increased price of their Iron
purchased at near half the present rates. would
make the security ample.
In addition to this, the good faith that has
marked the transactions of this Company in
meeting promptly all their obligations at matu-
rity, will, it is believed, with the prospects be-
fore them, have no little tendency to give COM
fdence to the securities offered by them. AT no
time in the history of the work have its prospects
been brighter, and as it progresses the progress
of agricultural and other labor embraces the adj
vantages held out to it.
The alusion of Mr.. Fleming to line to the
Coal Fields of North Carolina and bringing to
view Rail Road communication by Fayetteville,
with grades of only Is feet to the mile are worthy
of the highest consideration.
The immense impulse given 10 every branch
oftrade and industry by opening cheap com>
munication to these mines cannot now be est-
mated, and the increased business on portion of
our road can scarcely be calculated. By our
Charter we have the authority to construct BRAN
ches in this State, and it is well worth firm at
tention to consider its advantages at the proper
time.
One just duty, however, is to build our Road
stock it and put it in operation. To this all
other considerations should yield, and it will be
fortunate indeed for US, under all past diff
cuIties, five shall do this in short period as
circumstances now promise.
By order of the Board
w. w. HARLLEE, Presidenl.