The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1867-03-29

Interest, average of three years........ $3.50
Debt contracted since January l, 1867,
Including interest. .................. 10000
1854 ,7so
In addition, this company is held re-
sponsible by the General Assembly
of Virginia for 4 debt of $4,000,
with interest on same of about S5i,-
900, set forth in the act of March l,
1867. By the terms of said act this
debt can be discharged in bonds Of
the State Of Virginia, which, at 37h,
the present market rate, would re-
qulre in money. ..................... ei,i0
Total debt. $622, 4So
The committee believe that all the debt
due from the company is included in the
above statement.
The committee recommend the adop-
ton by the meeting of stockholders of the
following resolutions, which are based upon
the act of the General Assembly of the
State of Virginia, passed March !, 1867,
entitled Gan act to authorize the James
River and Kanawha Company to borrow
money!:
l. The President and Board of Directors
of this company are hereby authorized to
issue the bonds Of the James River and
Kanawha Company to the amount of $780,
600, each bond to be given for 500, or
for sum which is multiple of 500, and
to execute mortgage which shall convey
the property, franchises, and net revenues
Of the company in trust to secure said
bonds said bonds and mortgages shall con-
form to the provisions Of an act of the
General Assembly of Virginia passed
March LIST, 1867, entitled can act to autho-
rize the James River and Kanawha Com
pany to borrow money!; and said mort
gage shall convey all the real and personal
estate of the company.
2. Said mortgage shall contain provi-
sion that, if at any time the President
and Directors or the stockholders of said
company, in general meeting assembled,
shall surrender to the trustees for sale any
real estate which may not be needed for
the operations of the company, and the loss
of which will not interfere with or impede
its business, such estate SO surrendered
shall be sold, and the proceeds applied in
payment Of the debts of the company, or
any of them, at the discretion of the Board.
3. Said bonds shall be payable at the Of
flee of said company within twenty years
from their date, or sooner, at the option OF
the company. They shall bear interest
from their date at the rate Of six per cent.
per annum, payable at the Office of the
company semi annually.
Said bonds shall be disposed Of by the
President and Board of Directors as fol-
lows:
They shall use said bonds in pay
ment of the debts of the company, eX-
cepting the debt Of $lSO,O0O, which is
hereinafter mentioned, but in no case at a
rate less than the par value Of said bonds.
The debt of $lS0,000, which is set forth
and described in the act aforesaid, passed
March l, 1867, may be settled and paid by
an exchange of the six per cent. bonds of
the company for the debt aforesaid of
$3.50, 900, or any part thereof; but in such
exchange the bonds of the company shall
be rated at not less than their par value,
and the debt aforesaid Of $4,000 shall be
rated at not more than the market value
of the registered bonds of the State Of
Virginia, estimating such value as of the
date Of the exchange. The remainder of
said bonds shall be used only for the
permanent repair or Improvements of the
works of the company, and shall in no
case be used for the current expenses of
the company.
i
1867, instructed the State proxies to con-
slider whether some plan can be adopted
in the management of the canal to make
it self-sustaining and prevent any increase
Of indebtedness" Your committee have
given their most earnest considera-
tion and attention, and have come to the
conclusion that the canal can be made
self-sustaining. and all farther increase of
Indebtedness prevented.
IL Is true its finances now are in the
most embarrassed condition, yet your
committee have no hesitation in saying
that, under an economical and energetic
administration of its affairs, the canal can
be made not only self-sustaining, but will
be able to pay its entire Indebtedness. To
accomplish this end your committee re-
commend that all the Offices of the COM
paDy be abolished on the first Of May next,
except president and directors, and that
the following be substituted in their stead,
and shall receive the salaries stated below:
Secretary and treasurer SIS, 900
Chief engineer and superin tendent. 1000
oa aa clerk and book-keeper in office OF
secretary: observation-disclosures. 1900
rs S,stant clerk in secretary's office. 500
III satherer and collector in Richmond L. 500
second e,a OF same at shiplocks. ......... $50
Inspec,or =, vi same In Office. ......... 1000
oli-gatharar y. hd:................. ZOO
Toll gatherer,s ei hshchourg ........... 1000
Toll gatherer al a. AZ Lynchburg..... 600
insnssc a,nerer at Lexington Cofce rent, -o0
Inspector NJ Point Caha,,' ''............. 400
Distributing agent on comnan, ,;........:. 400
o'ts ''......... .......... 'J
assistant superintendent Of deemed M. 700
., cessary by the president). ne' 90
Master carmen tor =, 2,4O0
= 1'iohihoha.......... 1000