The Cecil Whig. [volume] (Elkton, Md.) 1841-current, 1864-06-18
CHEsAPEXKE AND DELAWARE CANAL.

From the Forty fifth Annual Report of
the Company, just published, we make the
following abstract:
From the statements of the Treasurer,
it appears that the Revenue from Tolls, for
the year ending May 3ist, 1864, amounts to
the sum of 1859. 1898 from other sources
SO, 1897; making total of 1912, 255. co.
Expenses for the same period amount to the
sum Of S227, 9to.O9; leaving a surplus of
S144,st5.sl.- Thsre has been applied dur
the past Year to the purchase of the Funded
Debt and Mortgaged Loan Of the Company
from this surplus. the sum of III, 675. - /;
balance Of surplus revenue, 49,, G4039.
The whole outstanding funded debt of the
Company has either been converted into the
mortgaged loan of the Company. or has been
purchased under the direction of the Finance
Committee, in fulfilInent of the terms Of the
mortgage, which requires the expenditure
OF 25.OO0, out of the annual revenue, for
| the purchase Of saitt loan.
There has been thus expended since the
date of the mortgage, the sum of $780,
600 for the purchase of the Funded Debt
and bonds to the amount of S277, 400
SO purchased, have been cancelled and CON
verified into 1887 shares of the stock of the
Company, which are held by the Treasurer
as a Dividend Fund for the use and benefit
of the Stockholders.
The ordinary expenses of The Company
for the past year have been larger than in
any former year.
The Board advise the substitution of u
pivot, for the present Summit Bridge over
the canal, which must soon be repaired or
its place be supplied by IA new structure
The present bridge. they allege, is too near
the water to allow vessels to pass under it
without lowering their topmasts, and many
vessels are prevented from passing through
the canal on this account.
There is also another item of extra ordi
nary expenditure, which we are admonished
must soon be attended to. The boilers at
the Water Works have been in constant use
for nearly thirteen years. and new boilers to
take their places will soon have to be con
structed.
The funded debt of the Company, which
is its only debt, now all secured is large
The punctual payment of the interest thereon
as it becomes due, the obligation to set aside
the sum of $25.O00 per annum for the sink
ing fund, and the payment of all expenses
for the malntainance of the Canal and its
works in full repair and efficiency, have
always been subjects of solicitude, demand
ing the strictest economy and caretulness in
all expenditures. 1t has therefore appeared
W thC IcSiucHI anu blTtCtOIS lLt WlSeSl
course, to use all the funds that can be
spared from the revenue of the past, and of
some years to come, in II reduction of the
Funded Debt within undoubtedly safe limits.
The amount of Funded Debt now outstand-
ing against the Company is $685., 1874. S3.-
Annual interest on this amount, Sl42. 943. 60.
The investments made by the Trustees of
the Sinking Fund, for the purposes stated
in the last snnual report, have, since the
date of that report, been increased. and
now stand as follows amount of Invest
ments at date of last report philadelphia
City per cent. Loan, S4,4OO: Pennsylva-
MIA per cent Loan, 81 $50 !; making total
of S6,650: to which add investments since
date Of last report camden and Amboy
Il per cent Mortgage Loan of 1881. $4,000;
Pennsylvania per cent $1,000; Philadel-
phia per cent. $4,000 present amount of
said investments 17, 80.
The Canal and its works are in good con
dition and repair.