The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1859-10-28

James Rfcer and kdnauha Company.-The
annual meeting of the Stockholders of this
Company was held at the Office in this city
Monday night last. The annual report of the
President and Directors (of which we give Il
synopsis elsewhere) was read, also, the report
of the Kanawha Board. The meetin & ad journ-
ed to Wednesday night, when the following
proceedin rs transpired
Gustayus A. Myers. Esq, resumed the chair.
The committee of thirteen, to whom were
referred the report of the Board of Directors,
the report of the kanawha Board, the resolu-
ton of Mr.. Randolph, and the report of the
committee of eleven on the adoption of a plan
for the improvement of the Kanawha river,
having maturely considered the several SUBJ
lectS referred to them for investigation, beg
leave TO report:
That they have witnessed with satisfaction the
efforts made by the Board to reduce the expenses
OF the company to the most economical standard
OF efficient administration. The committee are sat
isfedAhat the Board will, rs heretofore, by every
b 3 anG the 20 sfae g % Which the
Improvement is susceptIble and they recommend
that the subject Of the tolls be continued IN thelr
hands and conhded to their experience ana as
cretlon. They deem 1t proper especlailJ to Tec9;
nize the spirit evinced BY the Board, in repeatedly
amounts for the purpose of borrowing money fol
its convenience and accommodation.
The suggestions of the Beard on the subject or an
application the legislature Tor the relief OF the
company and the prosecut on of the Improvement
are fully coneuTred in by your COMMITTEE, ano
therefore adopted In seeking relief, however, al
the hands of the Legislature it seems to the Gem
mittee expedent To include application that II
uc better Arrangement can be made. the COMPANY
be authorized to abandon the Blue Ridge turnpike
and ferry and the kanawha road. or surrender
them to the counties throush which they respee-
civels pass. The duty OF keeping these roads IN
good repair, has devolyed upon the company an
annual loss of cons rabe amount for years past,
without conlpensatIng benefit; and it is thou ht
that the several counties might fairly undertake
to keep their respective sections IN repair as connr
ty roads
The committee respectfully recommend the
adoption of the following resolutions by the stock
hoders
That application be made to the General Assem-
bly,,
first day Of July last, and that which will be due on
the FIRST day of January, 1850, on the guaranteed
3. To increase the capital stock of the company
fifteen millions of dollars, and to subscribe lnr
much thereof as shall exinga sh the debt due by
the company to the State, the dett guaranteed by
the State, and the floating debt.
And that application st the same time be made,
/. To provide for payins the interest upon the
bonds of the compang which have been guaranteed
by the State, whenever the Board OF fuRiic nc. TorkS
shall be satisfied. upon the certificate OF the Boa q
of Directors, that an InstaimeHt oi interest," VIII
become due according TO the face OF the bonds and
that the company VIII De unaDe 70 pay the Same OF
any part thereof.
2 TO fund the floating debt Of the company, or
make provision for dlscharsl ing It.
3. To approximate a sum suhicient 10 compete
the canal to COvngton. ,
4. To appropriate sum sufficient to improve tne
navigation of the kanawha river from It's mouth to
I4sup creek shoals
5. To authorize the company to abandon. or 9th,
erwise dispo,e of, the kanawha turnpike roao. and
the Blue Ridge turnpike and ferry,
Resolved. further, That the facts before the com
mittee do rot authorize the conclusion OF the ex-
| piration of the Kanawha BoaId by The limitations
OF the of February, 1888 in the face oil the re-
port of that Board to the company, repFesentihe " m
| the commencement in due time as preserieeo by
said act of the Improvement therein directed; Du'
| in view of the early session of the General Assem-
| bly, and until after its adjournment IT IS consld
! cred nexpedient TO authorize larger expenditure,
| ly the said Board than sufficient to keep the works
! in repair, and to remove distinctions IN the 9han
| rel of the river, which may be effected with ths
| cesh means of the company, under their control.
| Resolved, That the President he requested %
| continue his correspo spondence with Mr.. Il. GO Bet
| lot des Minlnicres. with view Ia the NEGOTIATION
of an arrangement for the completion of the Jane
River and kanawha Canal. upon terms satsiac
tory to the Board of Directors, SUBJECT to the ap
| prnva of the General Assembly.
Resolved. That the report OF the committee o
eleven be received and laid upon the table.
The resolu lions were adopted down 10 ina
one commencing Resolved, further which
was discussed until about IL o'clock. when tn
meeting adjourned TO Thursday night.