Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1861-11-28

Road after exhausting all of our which had been
derived from the negotiation of bonds and the subscrp
tiOns made by individuals, had incurred very
siderable debt which it was found at the time impract
cable to fand. Heretofore it has been constant aim
and effort to liqudate this floating debt, and hence all
of the surplus available of the Company have
been directed to that end, until may be said to
have reduced it to an almost nominal amount. We felt
assured that this could be Effected then being
possessed OF great public enterprise such is,
with property costing some two. and half millions OF
dollars, with debt OF bout OF million, and this
in funded shape, and having amongst our assets stock
amounting to seme two hundred thousand dollars, we
should then have placed Road upon firm and solid
footing
At the last annual meeting it declared by the
Stockholders that from the condition OF the Company
then presented they entitled at early day
10 receive remuneration upon their investment in
the way OF dividends Though this declaration true
in view of The profits which had been realized for that
year. yet in consideration Of the fact that these profits
had been disposed OF by applying them towards re-
ductiOn of the debt, portion towards meeting BAL
OF the debt for which stock had been hypOhecated
and larger portion towards removing floating debt it
not deemed prudent to make dividend at that
time, though the Board felt extremely desrous doing
at the earliest moment but better little longer to
await events and when DONE it could be done with ae
tv and without incurrrg any risk of embarrassment to
finances. 1t was consequently postponed until the
month of October, when the Board declared dividend
of per cent, payable to Stockholders and after
the ls OF November, three per cent of which due
to the S0t khOders n compliance with their expressed
WISH and six per cent. for the current year. Though
large dividend for the first declared by tie Com
pany inspection of the the Road for the
years business will fully vndicate the prOprety Of it.
he receipts for the fiscal year have been larger than
they have been before. The expenditures for cp-
Grating have been below what they have been for
al years. After paying this dividend there will then
remain surplus hand TO provide for any future
tiugency.
The Stockholders, at the same meeting, passed re-
solution nstuctng the Board to take steps for raising
sinking fund to provide for the debt of the Company.
The Board in compliance with this resolution have APP
propriaed twenty-five $25000) Confederate Bonds for
| this purpose.
The double daily mail service which has been perform
ed by the Road for years past has been dscontn
ued. Upon the organization of the new Government
the Department deermlDed with view to retrenchDg
the expenditures requisite for maintaining service of this
class, well because it deemed absolutely
necessary to the wants of the country to continue the
mails with great frequency has heretofore been the
case to enter into contracts for the carriage of but
single daily mail. Under this new arrangement con-
tract was made with the Department to commence on
the lst July and continue for two years The cOmpen-
saton to be allowed divided into three classes ac-
cOrdng to the Importance of the mails to be transport
ed. Forming link in the main mail route our line
wys assigned the first class For this service We re-
ceive one hundred and fifty dollars per me with twen-
tyve per cent additional for night service, SO long as
continue to perform that service, which is be-
ing performed under schedule ordered by the Depart
meut The absence of the former daily mail trains rem
dered it necessary that some provision should be made
for accommodating the local travel of the Road which,
from considerations of comfort and convenience had
been chiefly done by those trains TO meet this require
ment, it regarded economical and expedient
to unite the two classes of service and daily through
freight trains, with passenger coaches attached running
upon schedule, have been put into operation Though
not running at so great speed the former trains
thi0 that they will be found to answer the purposes e
this travel.
At the invitation of the Post Master General Con
ventOn Of the representatives of the various Rail Road
Companies assembled in Montgomery in pril last, tc
confer upon the change which about to be naugur
ated in the postal system The Secretary of War; avail
ing himself of the presence OF the Convention in that
city, addressed to them communication asking their
assistance in arranging plan for the conveyance
troops and materials of Their deliberations re
suited In their agreeing to receive for this service to the
new government pay yment in Bonds Treasury NOtes
the Confederate States at the rate OF two cents per m
for troops and half the regular local rates for munitions
provision and materials This portion of the business fol
the year has been done subject these rates and
quenty the actual amount OF work done by the Roa(
for the year has greatly exceeded what it would have
been, under ordinary Gil cumsance to have earned th
same amount of revenue This concession on the par
of the Rail Road corporations was prompted by mo
tves Of patriotism, to aid the Government in the grea
in which it is involved and with which the DESTINY
> of all is identified. Had there been no disturbing
in the affairs Of the country, think that
revenue would have been much larger than it is, ant
feel we'll assured that upon return of peace and
resumption of their wonted avocatons by our people
onr Road must continue to thrive, and participate
tie renewed prosperity of the country.
Respectfully, submitted,
TlIOS. u. WALKER, President.