The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1869-02-11
THE SOUTH CAROLINI R4ILRO-4D
COMPANY.
Annual Meeting of the stockholde'

Annual Meeting OF she Stockho1ueTs'
SECOND DAY.
The stockholders of the South Carolina Rail-
road Company reassombled at II A. NJ. yester-
day. in the hall Of the Southwestern Railroad
Bank, pursuant to adjournment.
The minutes OF the previous meeting we're
read and confirmed.
Mr.. Welsman submitted the following report
from the committee t, whom was referred the
report Of the President and Directors, with tue
accompanying documents:
The committee to whom was referred the
report of tho President and Directors OF the
South Carolina Railroad Company. with the
documents accompanying it. and the resoiu-
ton OF James &. Homes. ESQ.,. respectfully
report that they have given to the same tho
consideration which the short interval allowed
to YOUR committee would permit.
Under the circumstances SO generally affect-
inc the receipts of railroad companifs South,
as exclaimed in the report OF the President
and Directors, the committee hhd cause for
coucratulation that the result or the year =
operations, as compared with those OF 1851,
show so small decrease, and this they are
and econo nical administration of the affairs
of the company in every department.
Notwithstanding there has been vigorous
competition with other roads for the traffic
which this road formerly enjoyed without q
rival-renderlng necessary the extension OF
through connections at recuced tarlhs OF
freight, and there has been q decrease IN tho
receipts OF the road, yet the operating eApen-
ses have been kept at nearly or quite the same
ratio Of decrease, your property has been I'M
proved, and the Directors have been enabled.
from the net earnings, to apply the sum OF
s23S 651 % to the reduction OF the general IN
dsbtedaess OF the company.
Upon the subject of dividends, the commit
tee concur with the Board OF Directors IN the
conviction THAT the true interest OF the stpck
holder lies in the combined application OF act
earnings to the reduction Of debt aud improve
| ment OF property they, however, take leave
to cxprcss the hope, upon the adjustment OF
the past due debt (waich they have reason 70
believe will shortly be accomplished(, and with
the improved prospects OF the road, that inc
time is no; distant when tie stockholders may
reasonably expect the payment OF dividends.
The committee feel warranted In recommen-
ding the adoption of the following resolution !:
Rcsoloed That the report OF the President
and Directors and the papers accompanying IT.,
are highly satisfactory, as showing contln-
ued Improvement in the condition OF the com,
pany, and that Its affairs have been conducted
10 it's various departments with ability, econ
~ ~~o~--
holders.
With reference to Mr. Holmes resolution,
the committee are ofopnion that as the Board
of Directors have adopted plan for the ar
raneement Of the sterling d,bt (rescmtlins in
some of its details plan some years since
proposed by Mr.. Holmes), which has been
submitted to the bondholders, and their agent.
Charles 81. Furman, Esq, is now in England
for the purpose OF perle"tlng the arrange
ment. it is nexpedient at this time to propose
| a plan for the adjustment Of the debt.
Respectfully submitted.
j. T. WKLsMAN, Chairman.
JNo. 81. HONOUR.
A. o. ANDREWS.
! @. CANNON.
JOHN MCkAE.
Charleston, February, 10, 1863.
MIR. ]. G. Holmes, in seconding tho motion
fer the adoption of the report, said that the
committee had taken the very coursein regard
| to his plan OF debt adjustment which he had
expected, but that ho desired to havoit record
ed on the minutes, that he did now bring be-
fore the company, as he did in 1857, scheme
by which the debt could be gradually paid and
at the same time scrli.annu;.l dividend he
declared, even if the company did not carr
any more than it did in the year just past.
The report OF the committee Vas then unani
mously adopted.
Mr.. Boston Garrison submitted tho follow
ing report from tho committee appointed te
consider the report OF the President and Dlrec
tors Of tho Southwestern Railroad Bank:
The ommitee appointed upon the cepor
of the President and Directors VI tho South
western Railroad Bauk have duly COL sidered
the same respectfully report:
That they find the condition OF Its affairs as
heretofore reported to the board.
The Hoa. James Rose, WHO for near thirty
years past has presided with great ability oveI
the affiirs of the bank. has rendered his resls
nation. This cannot but be- . source OF sincere
regret. He has been identified with the inter
ests of the road and bauk by his high chardc
ter, financial ability and devotion to their ad
j 4a hos aratitIed hinasef tn thu