The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1867-11-07

JAMES RIVER AND kASAwuA CANAL COM
PANY.-The annual meeting of the stock
holders of the James River and Kanawha
Canal Company was held yesterday at the
company's office, at which the vote Of the
private stockholders and corporations rep
resented amounted to 1850, aud the vote
of the Commonwealth to 3,54O, making a
total Of 5000 being 900 above the number
necessary to constitute quorum.
DR.. Archibald Graham, Of Lexington !;
Thomas W. McCance, and Alexander Hol-
laday, Of Richmond, represented the Com
monwealth.
The city was represented by R. II.
Maury. William Taylor, and G. G. Tinslev.
The city of Lynchburg by Charles Y.
Morris, and Robert Williams.
R. II. Maury, Esq, was called to the
chair on motion of DR.. Graham.
The President read the annual report Of
the Board Of Directors.
The report, after stating that the officers
elected last March went into office on the
9th of April and 1st of May respectively,
a went on to give statements of the business
Of last year.
The actual tonnage moved on the canal
during the year ending with the 30th of
last September was 1892 tons, against
143,267 tons of the preceding year-or, as
expressed in its equivalent tonnage of one
mile, 7,G95,095 tons for the year ending
September, 1867, against 5,6l7,732 for the
year ending September, 1866.
After alluding to the comparative ton
mage of the canal for two or three years,
which we give in q condensed statement
below, he reported:
"Since the meeting in March last, re-
duction of $1,000 has been made in the
ordinary expenses Of administration. This
reduction is permanent"
He then continued with details of the
reduction; and afterwards spoke of the
difficulties Of canal transportation, caused
by lack Of sufficient number Of freight
boats. This created q want Of healthy
competition in order to lower rates Of
transportation. This would probably be
of long continuance. In 1850 there were
/ sc freight boats of the first and second
class running on the canal. In September,
1866, there were As boats of these classes,
and IL boats of all classes. In April, 1867,
60 OF the first and second classes, and Jag
Of all classes. On the goth September,
1867, there were II boats Of the first and
second classes, and 164 Of all classes. OF
the II boats, 90 are engaged chiefly in coal
tranSpOrtatiOn."
The report then recommended the in
creasing the depth of water in the canal
as all important. The depth of water had
been diminishing for some years, and the
deposits made had deiicd all efforts at en-
tire removal. The plan of the Chief En-
gineer for the accomplishment Of this
l fp,y
paths, and also by timely collection Of
labor, implements, etc., was recommended.
The increase OF tonnage by means Of
development Of the mineral resources
along the line was next taken up. The
rolling mill at Judith dam would probably
need 10000 tons of coal, and this, to-
eether with the coal of the Dover Com
: pany, would increase the tonnage during
the present year $1,000 tons, or more than
onc-third Of the entire tonnage Of last
year.
After rcsuming the contract made be-
tween the company and Messrs. Edward
Mcmahon aud Charles II. Lochcr, it was
stated that the Tye River dam was nearly
completed and the Blue Ridge dam was
not satisfactorily progressing.
Concerning the bonds OF the company
the report says:
Goa the lst day of May last the mort
gage authorized was executed. Debts of
; the company contracted prior to the lSt OF
May, 1867, amounting in the aggregate to
So 800, have been invested in the bonds
secured by this mortgage.
"The Indebtedness Of the company was
estimated by the general meeting Of the
stockholders in March last to be 1854, $50,
exclusive of the bonds Of the State of Vir-
gina issued in 1862"
This estimate was an approximate
one. 1t was believed to be probable that
the debt Of the company on the lst Of
April, 1867, was $3.50, 600, classified as fol-
lows
Amount of debt on account of State
bond ACKNOWLEDGEMENTS. Sjn1OUo 90
Interest to November lst............ 2o,,00 90
Total :GDj, 600 90
By amount paid since April lst.... :ls,i7l u
s5e2, Us 70
BY amount funded in mortgage
bonds. sJ-l' 'NVo w
32I07 72S 70
OF this amount there is due to Do-
Yer Company and North River Ma
vigation bonds, with interest...... $4,000 90
BalaHce...... .......,.''L1"r'-o 80 80
Ga this balance about $4,000 has been
adjusted, and the holders have directed
its investment in the mortgage bonds
which are now being issued. There is
satisfactory evidence that a large portion
of tie remainder Of this debt will soon be
furnished.
Receipts md Disbursements.
The following is a synopsis of accompa-
nyiug tables OF receipts and disbursements
for the year ending September so, 1867:
Receipts. $l6s,GjG -
Dsbursements-Ordin ......... rs, $40 SO
f39, 500 -
cnts-Extraordnary 80. 24,p27 ~
Balance e................ $l5,5os %
The receipts and disburs ements for the
latter six months of the year are as fol-
lows:
Receipts. s4go,3ss IS
Balance ............... 81, 499 70
disbursements ts...... l6.6i6 II
Balance ............-.. .oti'o- -
: On motion Of Mr. McCance, the report
} and accompanying documents were re-
fcrrcd to u committee O. i've.
The following commi, 10 was appointed
by the meeting: Messrs. McCance, Ora
ham, Holladay, Maury, and Morriss.
The meeting then adjourned until
O'Clock P. NJ.