The independent press. (Abbeville C.H., S.C.) 1853-1860, 1855-08-31
by REoUEsE
Report Of the Committee on the Report of
the President of the G.. 8 ORR. 90.
tBY REQUEST


son, A. NJ. SMIIH, DANIEL BRowN, II. H.
K1SARD, JSo. \. MARTIN, J. w. COLEMAN,
and GEO. ANDrRsoH,) submitted the follow
ing Report:
That they have examined the papers sub.
,nitted to them as carefully Us their limited
time wou Id permit, and are gratified to be
able to state, that the exhibits Of the cond-
tion and prospects Of the Company are
entirely satisfactory.
During the past year, which in mauy re-
spects was an extraordinary Que, the road
has accomplished the purpose which was
designed and accommodated the country by
doing, without delay, all the business offer
ing. This busiaess has been done, it seems
tosSour Committee, with promptness, reg
ularity, certainty and safety unsurpassed if ev-
er requalled. 1t certainly is a matter of which
we may be justly proud 10 be able to say,
with truth, that the past year has been un-
broken BY disaster,--not day Of miscarriage,
not mail lost, not q passenger injured du
ring the whole round. May we not in view
of all that has been said about our road,
with excusable exGitation challenge a COM
parson with any other? The Greenvile
Road has not only done the business Of the
country with extraordinary promptuess reg.
ularity and safety, but they have maintained,
without tarnish, the credit of the Company,
during protracted monied crisis which
has had perhaps no precedent in the coun-
try. To Company situated as the Green
vile Company is, credit is capital, and if
good faith and an honest desire to meet en-
gagements constitute just claim to that
virtue, then we may say, that no Company
is more justly entitled to it than the Green
vile and Columbia Railroad Company. 1t
is hoped and believed that from this time
forward the money market will be less strin-
gent.
As to the finances Of the Company, it is
remarkable to observe, how nearly the an
ticipations Of last year as to the probable
income from the road have been realized.
Your Committee have not the slightest
doubt that those expectations would have
been more than realized but for the remark
able scarcity Of money, and the very short
crops made in the whole region of country
intersected by the Greenvile Railroad, and
they think that Judging from the past, they
are justified in predicting that the gross
receipts for the current year will be greatly
increased
The income Of the Road for the past year
has been disposed of as follows. The in
terest upon the coupon bonds has been
promptly pald-amounting to near the sum
OF fifty-six thousand dollars and the remain
der has been paid in lquidating the debts
of'the Company, in paying the current ex-
pcnses, and in paying for iron and perma-
nent improvements upon the road. Your
Committee approve OF this disposition of the
profits of the Company.
They are satisfied that it is better and
more for the permanent interest of the Com
pany, to maintain and improve the road,
and to liquidate their debts gradually tout
of the profits of the road which may re-
main after paying the coupons falling due)
than TO leave the floating debt unpaid and
declare dividend prematurely.
Your Committee therefore approve of the
recommendation of the Direction to fund
the whole debt, including that which it was
hoped the State would pay as her assessment,
by new issue of coupon bonds bearing in
terest at seven per cent, payable semi-annu-
ally to the eiamount Of two hundred and fifty
thousand dollars.
. Your Committee approve of the action
Of the Direction in reference to the impor-
tant subject of extending our road from
Greenrille TO the North Carolina line, and
from some point below Greenwood to con-
meet with the South Carolina Railroad at
or east Of Aiken. AS to this latter branch
upon which a partial survey has been made,
Jour Committee are gratified to learn that
the grades are so light and the route in all
respects so inviting. L.
- Under ordinary circumstances it would
perhaps be prudent in our Company, as we
have now finished our original undertaking
4 to make no further expenditures in construc-
? ting extensions or branches Of our road, but
from the peculiar circumstances in which
{ we find ourselves placed we have no option
must 60 further, or in the struggle Of
s competition loose the ground we have al
ready occupied. 1t is not question of
{ standing still, but whether we shall advance
= or retrograde. Your Committee approving
the .actionof the Direction in the premises
4 would leave the whole matter in their hands
to complete the contemplated surveys, and
to take such further action as to them NAV
seem fit and proper to protect the interests
sof the Company and promote the, general
prosperity andwelfare Of the country.
with these suggestions thrown out in
.agreat haste, and necessarily very imperfect,
Z your Committee would recommend the adoo.
n ton Of the following resolution to carry out
sssthe measure Of immediate Importance to the
Company.