The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1854-03-04

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Inte'st paid to holders of bonds,
for which the Commonwealth
10 liable, since the LIST inst, 81, $50 80
1854 50
Balance expended in completing works on
the "a division and south side connec-
uous. o,flS ~
Itthus appears, adds the Presidents report,
that the instalment received by the Company
for the tidewater connection, has been ex-
pended on that work alone, while of the in
stalments received for the third division,
s155,s56 AZ has been expended on that divi-
sion; s135,324 35 has been expended in pay
ing interest to the Commonwealth, and to
others to whom she was liable for it, and the
balance, ss,719 20, has been expended in
completing unfinished works on the Compa-
ny's line, east of Buchanan.
The contracts for work on the Sd division,
which are to be paid for out of this appro-
priation, require the work to be completed
in two years from the LIST of January, 1854;
and payments under the contracts are to be
made monthly, upon estimates, according to
the amount of work executed. AS these pay
ments fall due, it is anticipated, says the Pre-
sident, they will be met out of the accruing
revenues of the Company, so that the whole
amount due to the appropriation, will have
been repaid within the year. And, adds the
report, it is not doubted that every dollar of
the appropriation authorized by the act of
the I'd of March, 1853, will be thus in effect
expended for the purposes intended by the
Legislature, and that the Company will be
able to meet promptly every liability as it
becomes due under the existing contracts
In the meantime the Commonwealth receives
interest on the instruments, from the respec-
tive dates of their advance to the Company.
The course of borrowing temporarily from
one fund.- remarks the President, to meet the
urgent necessities of the company in another
respect, while looking to the main intent of
the Legislature, and endeavOring to promote
the best interests of both the Company and
the State, was deemed by the Company more
.ludicious and economical than to incur an
additional interest paying debt, burdened as
it is already, with most Onerous debt of a
similar character. 1t is added, that there is
no reasonable doubt of the ability of the
Company to refund the amount from the &C.
cruing revenue. Thereceipts for 1853 amount
ed to 1880, 6l4.75. A considerable increase is
expected for 1854 from various causes, but
more especially from the opening of the
dock connection. The Stockholders of the
Company approved the manner adopted of
meeting the interest. The President states
%b.k %b oprl; q; m, Of . IN %l,o nav
ment of interest due to the State, and upon
obligations for which the State was RESPONSE
BILE, he was induced to consent to by the view,
that even if it amounted to diversion of
the fund from the destination prescribed by
law, the State, by whom the money was ad-
vanced, got the benefit of it; moreover, be.
cause he was convinced that before the mo.
ney would be required for its specific object,
the company would be in condition to re-
place it; and he adds that he found that the
act had its sanction in the former usaees of
the company, and in the concurrence as he
presumed, of the Legislature, as for fifteen
years in succession, extending from 1889 to
1858, both inclusive, similar transfers of funds
appropriated, sometimes for the payment of
interest and sometimes for the completion of
unfinished works, had been communicated to
the Legislature and no dissatisfaction there
with had ever been declared.
In regard to the question whether the num-
Der of officers and agents employed by the
company may be judiciously diminished, and
their salaries reduced, the President replies
IN manner perfectly satisfactory to the le-
gislative committee. The committee state.
that after as minute and extensive an exami.
nation as can be made under the circum.
e'ances' .hey can suggest no mode by which
Tue NUMBER OF agents employed can be di.
m'nisned' a due regard being had to its in.
terest and that its salaries compare with the
rates paid for similar services throughout the
State. Ae