The independent press. (Abbeville C.H., S.C.) 1853-1860, 1859-04-22
A N N U AL REP o RT
Of Me President and Directors Of tie
GreenriXe and CoiumJtu Il. e. Co.,
to tie Stockholders.

condition thereof on the lst January ut the
present year:
The reports Of the General Supcrutcnd-
"nt, Auditor anl Treasurer AMI Master Of
Machinery. are full and particular as to the
business III their different departments.
The Tabular Statements Of J l.. South
crn exhibit the fiscal affairs
Table No. is an exhibit Of the Capital :
Stock and liabilities and the property and /
assets. From this it will he seen that the !
capital stock and assessment amounts to-, !
Sl,429.OU7 % /
Bonds issued, l,l45.OUO 90 !
Other Hqni!atcd Debts, 2lI.UO2 IS
Surplus Income, l.544 ii |.
Amounting in the whole TO $2,9l9.554 G2 F,
This sum is balanced lv the Road, its ,
! equipment and a<>el>. This falls short of
the true value Of the Road, or wealth Of the
Company. 1t is believed that the Road
could not now hc built and furnished as il
Is for less than four millions of dollars.
There have been added to the cost Of the
Read, during the year, S09,S92 ~. The
entire cost Of the Road and lis outfit, in.
| cluliug all that has been added for it's re-
construction, amounts 10 81 7G3 $50 33, or
| SlGS27 per mile. Under ai the cirrum-
Stances, we think that you must be satisli-
cd that it has not cost too much money
Table No. . is a statement Of the annual
| receipts and disbursements of the Treasurer,
whose accounts well kept, being both
neat and accurate.
Table No. is an exhibit Of the expenses
Of working the Road.
The expenses as shown hy it
amount to, S2l5,32o o+
The expenses of the previous
! year were, 2lO,4O5 II
! Excess of expenses Of the last
over the previous year, S4,915 so
| In this amount of expenses is included
the sum Of $4,000 81, which was paid for
cotton. burnt Oh the joint platform in C"lum
l'ia in 1855. II this sum is deducted from
the expenses, which should I've done. as il
forms. no part of the expenses of the year
will he less than for the previous year, by
$2.074 81.
Table No. 1 IS All exhibit Of -,
the business done amounting
TO, S34o,l50 &c
To which may he added
amount received from minor
sources, 1910 10
S34l,l9O Sc
The business Of the previous
year amounted to, 294,G27 II
Showing an increase of. 46,562 e5
! To which add expenses dunn
iSLcd, 2,O74 81
And we have Il business Of s4s.G37 10
better than that for The previous year.
When we consider that this increase of
business has been done ut less expense than
heretofore, We are led to believe that as soon
a> The Road shall have been built, that a
mnch larger business may he done will,uul
increasing the expenses. When it was said
i'll the last Annual Report that the falling
of i'll the business Of that year was believed
to be caused hy the Withholding. ly t e
planters of the crop of cotton Of 1857, and
that il might be expected that it woul,l be
brought forward i'll the year 1858, and that
the falling off which amounted 10 about
$4,000 would he made up. it was not cx-
prcIeI that the business would increase to
the handsome sum of forty.six thousand
dollars. This increase. under the cirrutn-
stances, Is encouraging. and leads rs to hope
that You may yet realize a profit from your
Investment.
Table M. 5 is mn exhibit Of the business
ut the different stations. The deb. Of the
company is not yet all funded. small
amount still remains as u floating debt
The Bonds ordered TO he issued. if sold al
n fair price, are sufficient to cover the debt,
so that in the judgment Of the Board it
would be unwise and unnecessary to make
further ISSUE OF Bonds. We are also Of
opinion that, if from any casually or press
of circumstances it should become necessary
to issue an additional amount of bonds,
good faith requires that The Bonds already
ordered to be issued should have a preference
and prior len upon the Road to any subsc-
quen'Iy TO he issued, except it be to discharge
those already having lien.
1t is also Ale deliberate jud gmcnt Of the
Board that, as SOON as the first Bonds fall
due. the mortgage. which is the only lien
upon the Road, should be discharged BY
: the payment Of the debt secured by it. and
that then all ,l.e Bond creditors should he
equally secured in. their debt. In order to
meet oljecliosstossthe Bonds which had
some effect npopabem i4reducing the price,
We telt it to bSnlrsdmy, il! lle form Of res
olutions, 10 publish our opniohs as expressed
aboye, Which VIC trpstwill meet your ap-
probation. s~ oi'-s 60 's*.--
1t is with pleasure that We can say that
throughout the pressure in money matters,
the credit Of the Company, bas remained
good, and that it is now fair In maintain
lug this sound state Of credit we have been
, greatly indcbed TO John s. Ryan, of the
: Lciy of Charleston, whom we selected as our
broker. We have upon all occasions, when
we needed aid. found him. willing, active
and efficient. .- -.
From the report Of +. F. Rawortb, Gen.
, eral Superintendent, it will be seen that the
work Of construction and repairs has been