The Camden weekly journal. [volume] (Camden, South-Carolina) 1853-1861, 1860-02-21
Annual Convention of the steckhoid-
cps ortl,c South Carolina Mai! asoaa
.Cn,:s,,s,.y, and OF the S01ss2a.g cstern

teC-AlcSsrS. B. l). Lazarus, Ahurc" W ai'''Ici
and c. E. Stewart
- SoUrHwEsrERN RAIL ROAD BANK,
Charleston, February IA, 1850.
/ have the honor to submit to the Stockhold-
ers the following statement, Of the operations
of the Bank for the past year, with an estimate
of the value Of the Assets at the commence
,hent Of the renewal Of the Charter:
;rhe Discount Line amounted to :3,373,S~3.o6
Domestic Exchange. 2,3ll ,1So.59
Foreign Exchange. 5l6, l24.e9
The surplus at. credit of Profit
sssand Loss, on 1st January,ls59,
-. .........5.....sll3, lo3.l3
9Isastl1iis add Profit oflast year,. 70,563.56
!; @sIssSs Making gross amount. :. .slsa,ecG.Go
a,Fsail s.F ma dis deduct. two Dividends,
~, ssatY and January. 59,34s.5o
s 4s1l1eavvimg a balance at credit of
~ Profit and Loss Observation-Disclosures
No loss has been sustaincdin any Exchange
Ibrought theview Of the eStock-
holders, or, a former occasion, the deficient
capital ofthe Bank, and 2tle doubt on the part
Difectors as to the policy of making
Dividends until it had been made whole. The
question being submitted to the meeting, we
we're ir,strrcted4o continue paying Dividends
from the annual profits. We nave accordingly
paid six pei: cent. on the nominal capital, and
carried two per cent. to the credit Of Profit and
Loss, making in fact, over ten per cent. on the
actnal capital forthe past year. ss-p -
The Committee appointed to examine the
Assets. Of the Bank, report as bad sundrY items,
I consisting listin Of Stock in Ocnulga Bank, Branch at
Knosxvile-Fosc;iign and Domestic Exchange -
and doubtful Assets covered by Collaterals,
now in progress OF collection, amounting in the
I TO One uHndred and Seventy-fyc
TG6usalia liars sor 4 i've Dollars per Share on
III. ~ 49,. 3, 8 & &,
have EstsosTeport two vacancies il; the Board
Respectfully submitted, ..,.
g7ags JAMES ROSE, President
Jolffs Caldwell, Esq, President Of tic Rail
Road Company; submitted the Annual Report
ofthc aff;iiiigs OF that Institution, which Was
referred to aC Committee of Five to report upon
;eonnnittce Messrs ]. d. Aiken, ANDREW
Sssimondz; J ohuENF.C CALDWELL R. NJ. Johnston
James sDunlaaassst ..z e.ss
onanotion of Mr.. Rice, the Convention thcr
adjourned, rTtoa mcetF again this morning a
eleven c,cIoek, in the-sanic place: s5.. -.
US l4 EaDNesDXy, February Is, 1850,
4 Pursuant to adjournment, the meeting con
ned at II o'clock, a.. in tllf Bank Hall
ia; ~ + --. - -,
read and confirmed.
The Committee on the Report of tie Pres
dent of the Bank, submitted q Report, wLicI
on nloGion of COL .RTowhcs was laid upon til
table. sn1rsae7 u iz2@';a h2'
The Committee on the Annual Report of til
Rail Road Company, submitted the following
Report:
The Committee to whom was referred th
Annual Report of the President and Director
of the South Carolina Rail Road Company
respectfully Report: That they have give
such consideration to the important matter
contained in the Report as their limited tim
would permit. The Tabular Statements of til
Auditor have been verified by an cxaminatio
aud comparison with the Books, and it is ,
mcrtcd tribute to his fidelity and ability to say
that they have been found entirely correct a.
usual.
1t is with much satisfaction THAT your Com
mittcc observe, that Notwithstanding the re
ccipts from down freiglts have fallen short til
past year, upwards OF $4,000, the aggregat
income Of the Company exceeds that of an
previous year. from Which the conclusion
is reasonable, that the permanent business pros
pcrty of the road is not likely to be material
affected by transient causes, entirely canccllc
In obedience to the instruction Of the Stool;
holders at their last annual meeting, q meth
cd Of cxtinguisihg the funded debt CT tn
Company has been digestcl' by the Board 0
directors, 'and is row pescntcd for yout con
sideration; the important suggestions containc'
in this part of the Report have engaged til
special attention of your Committee, and the,
herewith unite in the recommendation to tn
Stockholdcrs.to to confer the necessary power
upon the Board OF Directors TO carry tTei
proposed measures into effect, and they be!
leave accordingly tosubmit the following rcsolu
tions:
Resolred, That the Directors be, anda the,
arc hereby authorized to issue 3S,790 ncv
shares of 800 each, and distribute the SAM
ratcahv among the shareholders, in pr6potiol
to the number of shares scvcrally held by cacl
OH the 3lst day of March, 1860. That the,
be required to give credit. on the new scril
thus to be issued for $50 on each share, to re
present in part the Sums hitherto reserved on
the annual income and contributed to th
capital OF the Company. That the $50 thu
credited bc entitled tc draw dividends at tn
same rate per ccntum as the old shares, an,
that the remaining $50 per share be liable Il
be called in at the discretion OF the Directors
and DC subject to the same condition Of for
iciturc for the uou-paymcAt ofinstaIments as il
the original subscription. P,~videcl that u,
more than s. per share shall be called in an.
one year, and which amounts, when paid il,
| shall be entitled TO dividends at the same rat
per ccntuiin as .hc. old shares. and not less thai
sixty days notice shall be given OF such nata!
| ments as may, from time 10 time, be called
and, ProTdcd, that no forfeiture shares sha
be enforced against any stocllholler WHO slIaI
within sixty days from the date fixed for tn
payment Of the instalmcnt upon which hc sha
have made default, paynp Sl'c same with intcre$
thereon.
RcsolreJ, That, in addition to the loregon
provision for the payment OF the debts of til
Company, an annua! average Of at leqst On
Hundred Thousand Dollars of the surplus re
venue be applied i'll liquidation of the same
and that nothing contained in these resolution
shall bc construed to prevent or prohibit Z,
Directors from rc-arraneiug the funded deBt {
the Company, and so distributing thcpaymcnt
as TO pay The entire sum thereof out of til
srrrlus income of the CDmpanv, if the sam