The Camden weekly journal. [volume] (Camden, South-Carolina) 1853-1861, 1859-02-15
J}!isrrllarlruuu Nta1s.
Report or Presidents Report.

The Committee to whom was referred, at the
late annualmccting of Stockholders, the Report
of the President ard Directors of the South
Carolina Rail Road Company, submitted, through
their Chairman, J. ii. Honour, Esq, the fol-
lowing report, which was accepted, and upon
the resolutions recommended by them being
taken up separately, they were unanimously
concurred in.
The Committee to whom was referred the
annual report Of the President and Directors of
the South Carolina Railroad Company, respect
fully report that they have attended ta the duty
assigned them, as far as the limited 1thnc allot-
ted would allow, by examining and comparing
the official statements with the books OF the
Auditor which they find to correspond, and
which, from the well known ability and long
tried integrity Of that officer, warrant tie belief
that they are entirely correct.
The Committee congratulate the Stockholders
upon the increased income of the road during
the past year, amounting to ss3,537, notwith-
stanlng the occurrence !of;pForidcntial circum-
stances which were calculated to causea di-
minution as well asSdpon the very eoasidefa-
bic reduction of the Indebtedness Of the Com
psny ddiFng tho same time, amounting to 1923,
1858; all which 20 to show that the Com
pany is in high state Of prosperity, and give
assurance of the increased value of the stock
They concur in the Views contained i'll the
report in relation to the propriety Of detcrmin-
ing on the policy of the Company to be pur-
sued with regard to the debt which will fall
due in 1866. This should be so arranged as to
prevent the necessity ofpaying so large sum
1t one time, which mightcausc embarrassment,
while the distribution of the amount over series
Of years would render the payment easy. This
can, without doubt, be easily accomplished, SO
"a that the surplus income may in time extin-
guish the debt, without materially affecting the
usual semi-annual dividends.
They also concur in the epfopricty ofthe Com
pany acceding to the conditions required by the
late act of the Legislature, re-chartering the
Southwestern Railroad Bank, and respectfully
recommend the adoption of the following reso
lutions:
Resoiuea, That the Stockholders of this Com
pany approve the policy Indicated in the report
Of the President and Directors, submitted at
this meeting, respecting the debt of the Com
pany; and they authorize the Board to carry
the same into effect, and to issue new obliga-
tions, 80 far as may be advisable, for the new
arrangement Of the present debt ofthc Company.
The new obligations to be made payable at diff
ferent periods, at the discretion the Board, in
such proportions las near as may be) as will
absorb the annual surplus income, without in
terferring with the usual dividends: Provided,
that in making new arrangement, the Board
do not take up the old debt by the substitution
of q new one at rate greater than would be
equivalent to the issue of bond at par.
Resoived, That this Company do acccdc to
ths slh-rcucWal Of tie Charter OF
the Southwestern Railroad Bank, required by
the Act passed at the late session of the Leg
islature, and hereby agree to rc-assume the
liability for the debts of the bank, according to
the provisions of the Act Of 1885, comforting
banking privileges on this Company.
All Of which is respectfully submitted.