The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1866-10-24

were duly communicated to Messrs. Bcllot
des Miniercs, Brothers 4 Co., and rcso-
luton Of the Board was at the same time
transmitted TO Mr.. Ernest Bellot des MI.
nieres, requesting him to state promptly
whether or not the charter, ss then pre-
sented, was acceptable to him and his asso-
ciates, and II acceptable, when they would
comply with its terms. To this letter Mr..
Ernest Bellot des Minieres replied on the
Path Of March, stating explicitly their ac-
ceptance Of the charter; but that It was
difficult to say when they would COM
mence the work Of construction, as that
would depend in great degree upon the
promptness with which the Board here fur
nished them certain information and docu'
ments Of which they were in want; never
theless, they assured the Board that they
were doing oil in their power to meet their
views. The information called for by Mr..
Bellot was furnished as promptly as prac-
ticable."
"Xarious letters have since been re-
ceived by the president from Mr.. Bellot,
oil holding out the hope and expectation
that he and his associates would comply
with their engagement within the time
limited by the charter, to wit: the 2Sth
day Of December next. On the 4th OF
August the president addressed letter to
Mr.. Bellot, informing him that the annual
meeting of the stockholders Of this CON-
pany would take place on the 22d Of OctO-
Der. In that letter ho was reminded that
it was very desirable that the report of the
president and directors should present in
the most distinct and favorable manner the
exact state OF the relations between this
company and tho proposed now company.
The president therefore requested that Mr..
Bellot would furnish him with his views,
which he preferred TO have carefully
written in the English language, for the
purpose Of being laid before the stock
holders, and printed with the report of
their proceedings. In addition to this, it
was suggested in the same letter that pos
sibly some aid might be obtained in this
country towards raising the minimum capi-
tai necessary, and also that in the event OF
the failure of Messrs. Bellot des Minieres,
Brothers & Co. to raise the minimum of
S2O, ,000, 900, it might be possible for them
to take the loan Of $2,500, 900 authorized
by the act of 23d March, 1860, for the pur-
poses indicated in the act, on condition that
the Legislature extend the time within
which the charter of the Virginia Canal
Company shall be forfeited until the COM
pletion of the canal to Covington. To this
letter two replies have been received.
"Upon q review of the correspondence
which has taken place since the amended
charter of the Virginia Canal Company
was passed in February last, the Board feel
constrained to confess that it is not salts
factory to them; and that whatever hopes
might have been indulged, based upon o
scheme which at one time appeared to
them eminently entitled to favorable con-
sideration, they no longer rely upon it for
the completion Of the water line to the
Ohio river"
With regard to the means Of completing
the canal to Covington, and its necessity,
the report says:
"The act of the 23d March, 1860, au-
thorizes the James River and Kanawha
Company to borrow money, not exceeding
So 500, 900, for the purpose of completing
the canal to Covington, carrying on their
other works and paying the residue of their
floating debt, and to execute bonds for the
amount borrowed, and deeds Of trust or
mortgages, pledging their works, property,
and net revenues for the payment Of the
same provided, that they shall not borrow
in any one year greater amount than
$500, 900. The Board is Of opinion that
every consideration of interest and duty
requires that the loan Of $4,000, GOO should
be negotiated, if practicable, without delay,
and the canal completed to Covington.
! The plain truth is now apparent that in the
conflict of the numerous competitors for
the western trade, the canal must be COM
pleted to Covington or be forever unpro-
fitable; and unless restrained by your
honorable body, the Board will negotiate
the loan If they can"
An act passed on the 2lst Of February
extends the charter of the company and
allows until the 3lst Of March, 1872, for the
completion of the canal to Covington.
At the stated meeting of the Board in
May, Mr.. Burr resigned his place as direc-
tor, and the Board elected Major IL. E. G.
Baskervill, of this city, to fill the vacancy.