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

Presidents Report.
WrLMrSGToN, N. C., Jan. 22d, 1853.
To the Stockholders of the Wilmington and Man
chester Rail Road Company:
GENTLEMEN The President and Directors
beg leave to submit their fifth annual report ups
on the condition, business and progress OF your
Company for the past year.
Your attention is invited to the report OF Inc
Treasurer herewith submitted, showing the re-
ceipts and disbursements for the year ending
81 December 1852, and also the resources OF
the Company applicable to the work.
The re :eipts from all sources
have been S626,55o ~
The diSturbursements amounts TO S|oO, 40 10
The available assets of the Com
pany now applicable to the
construction and equipment OF
the road meeting Bills payable,
&C., considered good, amo'ntto $473,lll ~
In hands of Agents, and cash on
hand 53,ooo on
,7sO SO
This last sum is made up of the following par
ticulars:
Amount of Stock subscription due
and to be called in $2O1,296 10
21OO Shares Wilmington and Ra
leigh Railroad Stock par value 10000 OO
400 Shares South Carolina R. R.
Stock par value oO'OoO w
Bills receivable good ll'olo IL
473,11l 80
In hands of Agents, cash in tSuk, 33,66S 80
5O6,7sO 60
In addition to this, the amount due
on subscriptions Of Stock con-
sidered doubtful, $55,7O6 ~
1t is believed however, that a proportion OF
this amount, set down doubtful, may yet be
realised.
The gross expenditure thus far including all
disbursements on the work and other OUTLAWS,
amount to $l,2i2,4I5 ~
The payments for Iron, the past
year and expenses attending it,
amount to S4l6,6S2 IA
which will account for the very large amounts
dsbursed in comparison with the previous year,
The whole amount of Iron, has been received,
except about 200 tons, and has been paid for
except the duties on portion OF 1t, upon which
the Company have an extension of credit by act
of Congress for four years. and for which, Bonds
have been executed to the Custom Houses in
Charleston and Wilmington, payable in the mail
service of the government, portion of which
service, the Company are now performing by
carrying daily mails on each end oil their Road.
The 400 shares of South Carolina Rail Road
Stock, which is the last insament on the State
subscription OF the State of South Carolina,
were not received until October last, and not in
time to realize the dividend declared in July
thereon. This was owing entirely to the delay
Of the track, by failure to receive our Iron from
Charleston; as you will perceive by the report
Of the Superintendent and Engineer, Mr.. Flem-
ing, that full preparations were made 10 COM
plete the road to the 40 miles sation from the
junction of the South Carolina Rail Road within
that time, and that large force on the work
at an actual expense to the Company, in conse~
quence of the non~reception of our Iron.
This state of things can in no way be attribu-
table to any fault of those in charge of the affairs
of this Road, as full assurances were given them,
that the Iron would be forwarded in sufficient
quantities to meet the requirements of the track
| laying force: and to keep them employed.
The Dividend declared on that Stock on lst
inst, has been received, and put TO the Compan~
VS. credit in the Bank of the State ofSouth Car
DINA.
On The 21OO shares of the Stock held by your
Company, on the Wilmington and Raleigh Rail
Road Company, dividend of six per cent, per
annum was paid in November last, and with
spirit of commpndabIe lberalty, that Company
advanced 100000 on their subscription to the
Capital Stock Of your Company, we agreeing to
allow Interest at six per cent. per annum, till by
the terms OF that subscription, it becomes due
and payable.
The exhibit of the affairs of that Company is
familiar to most of you, and cannot fail to be
gratifying to the friends of both enterprises. The
steady increase OF their pts from freights
and travel, as we'll as the favourable condition
and MANA cement Of the Road, give every assu-
rance that the Stock held by your Company in
that, will, at no distant day, enable your Cons
pany to realise on it, all its par value. The
Board feel every confidence that they will be
able by pledge of this Stock 10 realise a fair
proportion of it soon, as they have done on the
Stock Of the South Carolina Rail Road Company,
and as in that instance be Unidentified for any
interest they may have to pay on such loan as
they may obtain, by dividends OH the Stock; for
thus far notwithstanding the doubts and misgiv>
ings of many in relation TO the amount of Inter.
est we would have to meet on the issue of our
first mortgage Bonds Of 100000 the report of
the Treasurer, exhibits the gratifying fact that
the whole Interest paid on Bonds and other loans
on pledge Of Stock, as we'll as the Bonds of the
Town of Wilmington, only exceeds the dividends
: received Oh Stocks accepted as subscriptions to
!, our Capital Stock by 5,454,ll.
IF from this sum, the dividend on the 400
= shares of South Carolina Rail Road Stock paid
, during this month, were deducted, the excess OF
Interest over receipts from dividends would not
reach the sum of $4,000, and now all apprehen>
sion on the of paying this interest," is at an
. end as the income of the Company from its bust
ness, all must feel fully assured will be more than
l. adequate, even before the completion ofthe Road
IS to pay the Interest on our Bonds, and expenses
of transportation, leaving the Company the whole
of lis assets to apply to the completion anC