Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1860-04-06

crcaSing, should you estimate that there would
be a reduction from the nett receipts of last year
Of So, ti9G 10, and that the debt Of the COIN
pany should be increased by half 4 million, u
dividend declared upon sum $27J, ,0UJ larger
than the present capital (and which capital
will not bc increased that then lhcr would
pay the interest upon their debts, dividend
Of ) per cent. per annuIn, set aside sinking
fund of $i:j, 900, and have Il surplus OF So, 600
Can there be Il doubt, then. Of their ability To
pay ) per cent. dividend: They can pay
aud should pay, a per cent. dividend.
Mr.. Chapman said there was another railroad
Of which he felt proud It's wise managemen,
and extraordinary Success cannot he anything
else than gratifying to every Virginian. IL has
more than realized the iondcst hopes Of its
most ardent friends. He alluded TO the Rich
mond and Danrille Railroad. 1t is ll7i miles
in length, and its gross earnings during tie
last fiscal year were $Jj4.2 Of. and its nett
earnings $29e 1855 5S, or % SG.l0O per ccntIlm
on its gross receipts-and being more than II
per ccntuni Of nett earning upon It's capital,
and more than ten per cent. upon its capital
and outstanding debt In the last fiscal year,
this Company paid not only the interest upon
the debt due by it, bnt more than $2000U0 of
its outstanding debt, and Il dividend to its
Stockholders Of 1 per ccntuln OF which. the
State treasury received $47, ,5l% -. And MIR.
e. was informed, by the able and intelligent
President Of said Company, that they would
hereafter make L dividend of not less than 4
per centum per annuln, unless the revenues Ul
the Company should Lc diverted to some object
not now contemplated; that whilst there seemed
to he almost q certainty that & per cent. diyi-
dend would hc made by this company, which
would increase the surplus in the treasury on
the 30th Of September 1861, by the sum Of
$47, ,I43 "a, yet he would hot in his estimate
include it. Mr.. c. said that he begged gentle
men 10 remember that this was another SiE-
king instance of the immense benefits that NJ.
crur from Virginia railroads, under :. prldent
and wise administration.
Mr. c. read from the Report ui tic Board JI
Public Works, as follows:
THE road OF the South-Sidc Railroad Com
pany is, with the addition Of the old City Point
Railroad, which now belongs to them, l32
miles long They report their nett earnings
for the past year to he $2Ol ,3H.%6. The intc.
rest on the loan of $500, ,000 made by the
State has been regularly paid since lst July,
1858. There still remains unpaid over $780, ,Oup
due on account Of arrears, for which they have
at present made no arrangements"
1t will here be seen, said Mr.. CHAPMAN, that
the Sonth.Side Railroad in the last fiscal Year
made Of nett earnings the sum Of S20l ,344.3i
(the gross earnings were $40, G6.SS)-a sum
sufficient to pay the interest and sinking fund
on their loan Of $780, and leave the SUN
of S145,3 ,344.3G to be applied towards the pay
ment Of $780, 900 Of arrcar Of interest due the
State; and, no doubt, 100000 Of the sum could
he conveniently applied to such payment, and
thus, in the fiscal years ls6u-'Gl, the whole
OF the sum Of Sls0,000 would he paid into the
treasury But, fearing that some gentleman
might be found who night doubt the ability ur
the company TO pay, as they imagine that this
road will be greatly injured in its business i'y
the completion OF the Orange and Alexandria
extension to Lynchburg, he would nDt include
this sum in his estimate
There is now in the treasury to be invested
the sum of about $ LII, 900, principal and intc-
rest belonging to the Literary Fund, and bill
is upon your table, reported by the finance
committee, 10 invest il in the stock Of the State
leaving the money in the treasury. This till
will Of course pass, and will add to the Surplus
in the treasury the above sum Of $l4G,0O0.
Mr. CuArMAS said the amount due from de-
inquent sherifIS, has been growing for several
wears, until it now amounts TO the SUN Of
SAG, 2a!. Until lately stringent measures lave
not been taken against the Shrrills and their
securities, but within the last year, as hc had
been informed by the Auditor, judgments had
been obtained against delinquent sheritis and
their securities for at least three-iourths OF the
amount due, say for 1884, ,o00-ali Or nearly
all of which is solvent; and ought it not, there
fore. all 10 be collected and paid into the Trea-
sury in the fiscal years 1SG0-Gl: II officers
should do half their duty it surely would; but
that he might not over-estmatc, he would say
that but one-half Of the amount Of the judg-
mens would be paid; and no part Of the
SIl2, 600, for which there were not judgments
vet obtained. Then there would he added to
the surplus in the Treasury the sum OF
$lG7,2j0.
The charge against the Treasury for the tis
cal years lSG0-Gl, exclusive Of those estimated
hy the Auditor and the Finance COMMITTEES,
,Air. G. estimated Is follows. and which hc
thought would fully cover all charges, viz
for the Allegheny Lunatic Asylum. TO
edivided between the years 1850 I'll, pQo;
the contingent fund, So, 900; expenses IN
Cred on account Of the John Brown raid,
s.. 600; interest on the $500, 900 authorized
toe borrowed for the telences of the State in
th,xtension of the Armnry and the purchase
OF ms, say So, 900; but Il small portion 0!
thislm will be expended in the present fiscal
year nd probably not half in the next; so
that sum Of $50, 900 will certainly more
than yer the interest and one per centum
sinkiMund. Then he would allow for addl-
| toDnl L l,,,t tl,o, | ptrIsinturC
other IN those Tor internal improvements,
$4,000 and for the delinquency Of sheriiis
the sunni 1900, which is Il SUN create:
than thererage deficiency for the lust eight
years--ai then We have the following result:
; REHABILITATION.
, The anolEor surplus in treasury aS estimated
by the OJmittcc Of Finance, upon Auditors
bases. .;.........S SGjl, ,jS3 81
Add amount interest in arrctT
. from tho fsinia and Tennessee
Railroad Gnnany .g2, Ga o.
Five per celm dividend from
Central rail,d instead o, Il. 1874 On
Amount invcstin in bonds of State
by Literary nd ....... lii,opQ ~
Amount rccclyerom shcriI!S and
securities on jrmcn!S ...... lG,, 200 20
Total ...... 81 ,5rG a3g s.
GAHGEs.
: To amount lor lrS.Allcghany
Lunatic Asylum. tl0O,00p
For Contingent Fur. j,vuu
Interest on $50n,o0o
defenceS ....... -, 900
John Brown raid. d....A la5, 900
Apr oprations oths
than for internal i'm
provcmcnt. NO, G,,u
Delinquency Of sheriff. j, COG
= juu 100 90
Leaving. .........'.. : ,pIf,2 81
Should no apprOPFia!ss, therefore, be
! made by the present Legs 'slnc, iur works of
: internal improvement, the slus in the 'rrea-
i sury at the end Of the fiscaF;,r. 1851. would
be 81, 1,o7G,2sa 81. Mr.. {. hha, y few days
, previous he had stated on Il floor that the
finances were in Il condition toIov Of aupro.