Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1859-03-25
THE WILMINGTON JOURNAL.
Cape Fear and Deep River Navigation Company.

pany convened tuesday forenoon at the Court House DR.
+. D. Hill was called to the Chair and Henry A. Lon
uon' ESQ., Oh Plttsboro, and Dom McRae Esq., of Will
mngton appointed Secretaries and the Secretaries re-
quested to act as Committee stock to verify proxies
ana ascertain the amount represented Governor Ellis
in person represents the State
AT 10 minutes to II the Secretaries announced that
majority ofstock represented, the State being en-
titled to cast twofhs of all the votes cast in anv meet
ing that is to say-two votes for every three vos cast
by the Individual stockholders.
After some discussion, committee of nine was an
pointed to take into consideration all matters before the
stockholders and report at adjourned meeting to he
held at o'clock this afternoon
The committee consists of Col. John McRae VIM
A. Wright, John III. Haughton, COL A. S. McNeilb
John D. Williams, II. A London, N. n Nixon DR..
j. Mckay, DR.. A. j. DeRosset
The meeting adjourned until o'clock, D. H.
The Stockholders reassembed pursuant to adjournment,
in the Court House at 4 o'clock Tuesday afternoon
when report presented by the committee of nine
This report was embodied in two resolutions the first
accepting the provisions of the recent act of the Les
ature and the second expressing the opinion that the
Legislature of North Carolina ought to provide for the
payment of certain debts of the Company.
Pending the vote on these resolutions Dr. F. j. Hill
made some pertinent and sensible remarks in expana-
ton of the course he about to adopt in voting for
the acceptance of the bill 1t was really the best, if
not the only thing that could be done under the crcn
stances.
In reply to some remarks made incidentally by Dr.
Hi Governor Ellis awaited himself of the opportunity
to state candidy the course which he shoud pursue in
the event of the rejection Of the terms of this act by
the Company. In any event. should there be sale, he
would be a bidder on behalf of the State To this the
consent of the Stockholders would not be required
The only portion of the recent act which calls for the
consent of the Company that in reference to enforcing
sae and permitting it to take place within thirty
days. instead Of ninety days provided in the original
mortgage having prior len to that of the State He
should bid the amount of the States mortgage and of
the further sum necessary to take the prior mortgage
and no more, and he should make but the one bid
The vote was taken upon the first resolution which
passed Pending action upon the second resolution, the
Governor stated that upon that resolution lie could not
consistently properly vote. AS the chief executive
officer of North Carolina he could not thus fetter his
official action by pledgng himself to such expression
of opinion in advance would it be right for him to
obtrude his views in this form upon any coming Iegs
lature of North Carolina. He must reserve to himself
perfect freedom of action and of opinion in this matter
The resolution appears to have been passed by the pr
vate stockholders as was further one calling the ater
ton of the Directory to the digestion Of plan for
the relief of certain gentlemen Directors of the Compa
ny in 1872 who had at that time become personally
responsible for certain debts Of the Company Over
these gentlemen executions for these sums are hang
ing.
It was resolved to authorize the Trustee, Ii. A. Lon
don ESQ., to sell after thirty days notice given in two
papers in Raleigh anAtwo in Wilmington.
1t was resolved to publish the proceedings in the pa
pers of the town.
resolution of thanks to the Governor for his per
sonal attendance at the meeting, and the pro
per and liberal course which he had pursued passed en-
Enthusiastically The Governor acknowledged the com
pement in fitting terms expressing his determination t.
employ all the ability and industry ne possessed to bring
this great work to a successful issue. He had Away
regarded the Development of the mineral resources
the State as one of the greatest objects pressing upol
public attention, and when sufficient progress haC
been made in the right direction to show its feasibility
there would then be no further difficulties that could
easily be removed.
And the meeting adjourned after a shorter and NOR
harmonious session than had been at one time ooke
for.
We are glad that the Governor in person came down
The people of Wilmington liked to see him down, an
we really think that where large interests are involved
is always desirable that the Governor himself shout
attend for reasons which will readily suggest themselves
We have endeavored to give, in this brief article, tn
substance of the explanations given by the Governor
the course he would pursue in certain contingency an
also of his reasons for declining to vote upon the secon
resolution submitted by the Committee of nine. Thes
explanations conclusive Of the propriety of h
course The real business done by the meeting consist
in the acceptance of the terms of the recent law and tt
consent of the Company to sale in thirty days A
the other resolutions merely expressions of opnic
without any binding authority.
IA There certain persons at the North, Poop