The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1857-12-10


terms q the act viii extnguisf the debt ii tklTt,
with III sU .hs u ~ .e he
tofore punctually paid ana there can be no dificuif
in continuing to pay Il with slual punetualty her
after. The guaranteed bonds are due IN ist5. an
will be met, when due, without difficulty; and III
residue cf the MORTGAGE bonds will readily be pal
at or before maturity.
1t viii thus be seen that the condition of the Con
pany without any increase of business, sound an
easy, and that reasonable profit can be confident,
! relied upon b. the stockholders.
The road itself il in good condition The SuperiT
fenuent and Ais subordinate officers are con,
ed FOR Keeping .she rolling stock in good state Q
one small and two large first class passenger ears
four baggage cars aud thirty freight ears have be-
constructed in the shops of the Company No aec
dent has occurred during the year causing injur q
either persons or property, transported over tn
road The condition of the shops ects credit upgl
lhose who have the management OF them, and tn
secretary and Treasurer has discharged his dutie
In an accurate and faithful manner
| Lbs freight depot at Richmond has been recon
structed; an engine house, TO accommodate. q. en-
sinss Is progressing towards completion on the Man
chester SIDE OF the river; and house. capable
The means Of accommodations freight has teen neafl,
eoueted Inc tres<ei WORK upon this road has been
70 some extent. substituted BY, masonry and sn'
pankmsnts, and it - proposed by the board 20 re
| move all that can be so substituted
Ihe smail crsp OF wheat made in 1857 has caused
Iang on IN the transportation OF that article, aud
the dtci lie In the price consequent upon the p.cu
mary pressure. has drlayed the delivery of large
part OF the crop. Moreover the transportation q
soai ma. been much reducs by the accident to the
Mdot' ian coal nunes. These CASUALTIES which ar
not likely TO occur again to the same eAtrnt will
account, in large degree for the resttrcfio Of down
freight. Al there be an increase Il more tlpn sfs
IN the aggregate business of the road unoer these
uo.owaIu ny, ciremHauces 1t would EN- to be reason-
| ture. -
The new system, adopted in September. of receiy-
ing ana forwarding produce, gives greas satisfaction
AMI has thus lar been attended with no aitiota,
expense to the Company.
lnt pass niger business of the road fhou1h urea TER
than Tue last year by the sur0 of 81 4s. has been
considerably curtailed by difficulties growing oni
OF mall and schedule afrangenelTfs which it il
| hoped may be 50 adjusted hereafter as 10 prevent
similar results for the future
Tue report goes tn state that the Company is
ss ss io1er ny tne freight arrangements upen
ths oouih side Road all en1eavors to yet them n =
usted Ia accordance with the Boards oppion III the
law, sustained ~ that Of the Board of Public Works
having thus lar iaed it is the purpose ofthe oard
70 In those efforts and 10 use all the means
IN Their power to secure the trade and
| rgntiutiy belonging TO the Company
| = 1n conclusion the President congratnfates the
Company upon its present condition and its success
M mus iar ana duiges IN the following anticpations
Already our road ia link in the great chain O,
| railroads from Richmond to Memphis II has bni
DeGun 10 deveiope the resources of the country
which II runs. True, the lands upon its borders
doubled, II not quadIupled in value and In many IN.
stances IN produc'seness True. it has changed the
ehafactsr ana, toa large extent the sujecfs of or
husbandry has swelied our profits and iibs rze or
| views; mas broken down aud removed the jealousy
l ",
| made us hopeful aud coafdent in the pfosperity ot
our State But II has yet begun TO fulfil his mis-
SION lt has to extend these and greater BLESSING
not only TO our people. by its extension from ia pfe
| sent terminus westward, through the counties on
TINS s,, slae Oh .he Eius hldge-rich in agricultural
also that vast couatry west of the ount,ns mt an
y eeming with uBdeveloped riches on It's surface
but pregnant with an amount cf mnr raj ealth sa
vst as 10 bafiie desci ptioa only awaiting The nro
gtess Of this grea TO burst the bonds by which
i, has been fettefed from the beginning al i,ne. ~
| IN fb...
dressings to our own people it must aud will brea
down the wall of partition between this and opr ia
ter State OF Nor Carolina and will bind the stat
together By iron baud which can neyg be i,rs an
aad teach their people and to distrust eac
other, buc 10 cooperate in joint md noble eff rt Ia
uniie not only them and us, but our friends and
neighb0rs and fel'ow-etizens even to the bitterness
p pItous of our common country.
When this has been DONE then shall we enjoy tbe
u iruitlon oil those advantages resulting from th,s
great enterprise, once much derided. When ii,
Briarlaa arms shall have been extended to pra,t
the trade and travel of the West Southwest aI,'
south it will then become thoroughfare worthy o
the concepton OF its originators then will il he Al
artery in the grand system of American roads nonr
ing persons and produce-the ie-bIood OF its nrs,s
| perty--into the bosom of our beloved stat a.
beautiful Met opa H. Then, indeet will il be a MAJ
ument attes ing the wisdom and forecast Of lis firs
and earliest friends aud projectors, one among th
chief of ~hom alas, has not lived 10 witness the sue
Cess of his devoted and untiring efforts :
Report MIR. Giles, from the Committee on proS
les, reported that they had ascertaned that quC
rum was present
On motion, the report of the Directors was lai
| on the table Ee
Committee of E7eeen-On motion of Mr.. A. d Die,
insona committee OF eleven was appointed, to whoI
the annual report of the Directors and accom-,
: nying documents were taken up and referred :
| Conaitee-Messrs. james NJ. Smith of Irnr,
Henry Darlington of Charlotte, Tho's Watki {
Halifax, Thos Z. Haskins of Prince Edward wn
W. Crump and Tho's W. McCance Of Ricbmou,
VIM. J. Cheatham of Amelia, Gs) Uairstop of Her
, ry Vim. L. Scott of Charlotte, ID. A. Claiborne q
| Halifax and Wm T. Wootton Of Prince Edward
| Investigating Cbatmatee-Mr. John r. Edmund
of Halifax, from the committee appointed ut III
last annual meeting, presented report upon th
"condi ion and management OF the affairs of thi
company" which was read and adopted We pre-
sent synopsis:
The present debt of the company may be state
at 81 200, 600, payable at various dates aud upun d
fereut conditions One half Of the whole amoun,
. sG0c 600, was loaned by the State upon the cond
tion Of paying seven per cent. annually for thirty
four years-or forty-two thousand dollars per an
mum for thirty-four years-in full payment o. hot
principal and interest. The company has punct,
ally complied with the terms, and that debt ma
| be regarded as charge of $4,000 per annum III
| on the revenues of the company for thirty fuu
| years, instead of a permanent debt of $6o000O. /.
| lurther debt of S200,000 was contracted by th
| company payable after 1875, and the creditor ha
not the right to demand, nor the company the rigl
to pay any portion of the pTi acipal prior to tina
date. The interest Is an annual charge upon til
| revenues and the principal will be demandabl
after 1875. further debt of S250O00 will fall do
on the lst of August, 1859, and S1500D0 ON the Ii
| of November, 1860. These two debts amor uting I
100000 in the aggregate, constitute the entr
debt of the company payable before 1875, and til
| debt of S300,00o, the entire debt payable subst
quenty-proyided. the company continues to con
ply punctually with the conditions of the loan q
5000 900 from the State by the payment Of Si3 0D
annually, for thirtyfour years from the period Q
the loan.
The floating debt is entirely discharged or pre-
vision made for its payment and at the close of tb
fhas had
| Si2 0U0 a sinking fund for the payment Of tn
debts falling due in 1S59'60. The net resources O
the company, with no increase of gross income
will be ample to discharge. those debts and the in
terest upon all before maturity.
These results may be confidently anticipated
without restricting the available resources so ia
as to prevent the gradual replacement offhe fla
rail by the heavy as the necessities of repair ma
rea-re-or the completion of the buildings in prt
for the protection and safety of the propert,
of the coDT any and the produce under thsi
charge, nor the motive power aud such increase a
may be needed These are the estimate of you
committees based upon the present transportatiol
aud business OF the road Butt is reasonable 4
anticipate steady and sure increase of revenu
ron the Insariable development Of the resource
OF the country, consequent upoa the completion o
a rail road.
Should the stockholders not divert the net rev
enues of the company from the payment of III,
debts falling due 10 1859 and lS60, the adninistrs
ton of the affairs may be most economically ant
efficiently conducted. The capacity Of the opers.
tions may be expanded 50 as 70 meet the increas
| of business--the freight and travel may be trans
ported in the most prompt and satisfactory manner
-and the full success OF the road placed above an,
unexpected casualty. The bonds Of the eompan,
are now purchased at a diScount, and by sbe pur
chase OF those bonds before they fall due, mucl
larger profit is secured to the stockholders than b
declaring small dividend. ~
The total liquidation of the floating debt at pre-
| sent, the puneiual payment Of the interest upol
l oh uf 6eb an bH rtan fag1n ant n
IL principal it falls due, will tend far &
give copfidenceto the public aud 10 raise the valu
OF the stock than any premature declaring OF div
idends with existing debt and doubtful abiiit
| to pay The committee therefore recommens,
postponement OF dividends until the prompt pay
meut Of the debts OF 1859 and lsf;0 are secured
The committee report tbs books and account
Of the Treasurer to be we'll aud correctly kept