Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1857-02-13
Proceedings of the Cape Fear and Deep Rive
Navigation Company.
-
Thursday Morning, Jan. 5.

Thursday Morning, Jan. 5.
The Convention met according to adjournment. On
motion of DR.. F. ]. Hill,
Pesolred. That a committee of five be appointed 10
prepare business for the action of this meeting
with a request thai he be excused from serving on
said committee.
Which resolution was amended as follows That
Hon W S. Ashe Co.. John MeRae, DR.. j. H. Dick
SON John D. y ijliams and M. @. Waddell be appoit-
ed committee to consider what plan if any be
devised for the prosecution of the works of this
psnv and any person having any scheme to present,
be requested 10 report the same to said committee.
On motion Of John Fl. HaughtOn.
Resolred, That Committee of three be appointed
by the Chair, whose duty it shall be TO investigate
the affairs Of this Company from its organization 10
this cate to inquire into the OF the failure of
the Company heretofore to complete the improve
mept and also, if possible the of the refusal of
the late Legislature to grant to this Company the
aid asked of them, and that said Committee is here.
bv clothed with all the powers and authority which
this meeting can confer upon them for the purpose of
accom- pIishng the object of this resolutions and that
they report to future meeting OF this Company.
! On motion of DR.. F. J. Hill, the meeting adjourned
to 81 o'ClOc5, this evening.
! AFTERNOON SESSION
II . convention met according to adj ournment,
when M Q Waddell, Esq, on the part OF the com
mi,tee made the following report
The committee, to whom was referred the matter
of The condition of the Cape Fear and Deep River
The relief ard aid of that Company have had the
under consideration, and directed me to report,
That after an examination into the affairs of said
company with all the diligence which the short time
allowed them would justify, beg leave to report the
following plan for Ire relief of this great work.
Your Committee find the Indebtedness of the Com
pany to be $4,000 of which sum 900 not
due until 1859 leaving balance of $4,000; oil
which $4,000 are now in judgments, and the re.
naming SIS, 600 soon will be, if not provided for
} 1t therefore ecomes indispensable preliminary
that the SIS 600 above mentioned, must be provided
for by the Company in some way, or the equity Of
redemption of said property is liable TO be sold, which
if attempted, would prevent persons from engaging
in the prosecution of the work.
o In regard to some plan to extrcate the company
from the debts spoken of, your committee scarce
ly able to recommend any specific plan for that pur
pose, but would venture TO suggest 10 the stock
holders the following plan, TO wit To authorize the
sale of preferred stock at 10 per cent but this
will not meet the immediate pressing exigencies o.
= the company, they would recommend that $4,000
' be provided for Immediately, by loan, in any
other mode that the judgment Of the stockholder
would suggest.
If the Immediate and pressing necessity of the com
pany be provided for, your committee have rea
: son TO believe that favorable contract may be mad
for the entire completion of the work 10 the Coal
fields, without calling the company for any othe
t or further advances