Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1857-07-31
New River Company.

At the second annual meeting of the Stockholders of this
Company held Jacksonville, the 2Sd May Dr. Philip
Koonce called to preside and W d. Humphrey appoint
of appOntedtO ascertain the amount
of Stock represented and said committee after short time
reported that the State represented whereupon the
meeting adjourned to the 9th of June.
Stockholders met according adjournment and the
committee appointed for that purpose reported that ma
orty of the Stock was now represented, o. B. Sanders
being proxy for the State.
Jasper Etherdge President of the Company then SUBJ
mted the following report: -
The 4th Section of the Act of Assembly poatne the
New River Navigation Company makes the duty Of the
President to report annually the Stockholders and the
Governor OF the State, full receipts and expen-
ditures, and general statement of its affairs
In making that staemen, regret not being able to report
ng anas OF the Company in more prosperous condition
Inc want OF hands and additional Jumping boat for
carrying If the deposit seriously mpeded the for the
T%ter part or last year and sickness Of some Of the
eanery almost entirely prevented progress during the
The month of January almost entirely consumed in
procuring an Engineer and fitting up machinery these
and other reasons operations did not until the
last OF the month During the month of February, there
were frequent Interruptions occaned by the breaking of
machinery but since that time the worhas progressed more
satisfactorily though at very heavy cost.
The Company has in its employ Engineer and his
servant, at salary of two hundred dollars per month"; an
oVerser at three hund dollars per annum and fifteen
wants at cost of two thousand and five hundred and eighty
seven dollars and fifty cents these added to the salaries of
President and Treasurer make the of thousand
hundred and thirty dollars and fifty
amount entirely too large considering work performed
In addition the above mentioned expenses the Com
pany compelled to have the of the machinery repair
ed in Wilmington, distance forty miles, which neces-
ar invoices much delay nothing of the time consumed
III procuring some one to perform the JOURNEYS.
Operations have been suspended purpose of repair
ing the redge and putting copper having
sufficiently coppered first ALSO the purpose of
the Woo Fiat and bumpers, OF which is considerably
Up to the first CT January last the Company had onened
channel from twenty-five thirty feet wide twelve hun
dred and seventVe yards long and feet deep
water where before the excavations were made the
depth did not exceed two feet anda half since that time
the channel been extended the width and deph six
hundred and fifty yards hundred and fifty yards Of
! that, from fifty to sixty feet wide.
The remaining i've thousand of the individual subscrp-
ton have been paid into the hands the Treasurer the
Company.
statement of receipts and disbursements in the
cd report of the Treasurer
All of which is respectfully submitted
May 23d, 1857. JASPER ETHERIDGE, President.
supplemental
majority of the stock in the New River Company not
being on the day for the annual meeting
May at an adjourned meeting the Treasurer enabled
more extended report, which have thought pro-
per to receive and submit up to date
JASPER ETHERIDGE, President
The meeting then went into election for Directors for
the ensuing wear and tee following is the result:
D. " Simmons L. W Humphrey, d. w. Sanders and
W. p Peetie the part OF the State ON the part of in
dvdua Etheridge and Owen Higgins
On motion, a committee appointed to examine the
report of the Treasurer, which was found correct.
On motion, the Wilmington Journal and Herald were re-
quested to publish the proceedings.
The meeting then adjourned.
PHILIP KOONCE, President.
w D. HUMPHREY, Sec'y.
TREASURHR'S REPORT.
Showing Receipts and Dbwsememts up to the 10Th of June,
1857.
To amt. received from former Treasurer.. $274 90
Stockholders 5000 90