The Democrat. (Scotland Neck, Halifax Co., N.C.) 1884-1896, 1893-03-02

COMMITTEE.
A bill to be entitled an act to amend
the charter OF the Wilmington &
Weldon railroad company, and TO
provide for taxing the property of
| said company 10 like msnner as
other prope-.y IS taxed. and to ad-
| Just all differences between the
State Of North Carolina, or auv
county, city or town in said state,
and said company.
Whereas. 1t is claimed that tie
General Assembly Of North Carroll.
"a b" the orIgiual charter Of the vii.
mington & Raleigh railroad compa-
ay, which IS now the WILMINGTON &
Weldon railroad company, granted
an exemption from taxation on GER
tain property and stock Of said com.
pany, and conferred upon said com.
pany the power to tx freight and
passenger rates; and it is represent
ed to thls General Assembly that
said company is now ready to errren-
der all its exemptions from taxation,
and all its powers to tx rates 90 the
terms hereinafter set forth, and it is
desirable that all matters of contro-
versv between the State or any coun-
~, city, or town therein and the said
company shall be amicably adjusted.
The General Assembly of North
Carolina do enact:
Section l. That the &C. Of the Gen.
Assent bly, of the State of North Caro-
lima, ratified on the thi:d lay Of jan
uary, 1884, entitled Gan act to incor.
porate the Wilmington & Raleigh b
railroad COMPANY" be and the sane
Is hereby amended as follow: "Thas
the 10Th section Of said act be amends
ed by striking out the words 'and the
property Of said company and the
shares therein shall be exempt from
any pubic charge or tax whatever
and thai section 26 Of said act be
amended by striking out the follows
ing words, to wit: 'And they shall
be entitled to receive and to demand
the following rates, to wit: not ex-
ceeiing four cents mile for toll,
and nine cents a mile for transports.
tion Per ton of 1000 pounds; and for
the transportation Of passengers not
exceeding six cents per mile for each
passage, until the ne: profits received
shall amount to sum equal to the
capitol stock expended with six pc"
cent. per anum interest thereon from
the time the monev was advanced BY
the Stockholders until received back
In the net profits; but when the net
profits received as afore said from
the tolls aforesaid SHALL have amou ut.
ed to sum equal to the capitol
stock aforesaid with interest thereon
As aforesaid, then the tolls which the
said com oany, or the president nd
directors shall be entitled to receive
for the transportation Of produce or
other commodities on the said rails
ROAD shall be fixed and regulated,
from time to time, by the president
aud directors o? the said company,
80 as to make them sufficient 10 their
estimation to yield net profit equal
to fifteen per cent. per arnum on the
capital stock Of the company over
aud abo1e what may be necessary
for the repairs, improvement, or re-
newal OF the same, together, with ali
other Incidental expenses Of sale
COMPANY
Sec 2. That the said company
shall and is hereby required to pay
to the State of North Carolina for
State taxes a sum equal to the taxes
for the three years Of 1890, 1891 and
1892 on its main line and equipment
between Wilmington and Halifax,
on all its branch lines and equip.
menss according to the assessments
made as hereinafter provided.
Sec. 8. That the said company
shall and is hereby required to pay
to the several counties and towns in
which any of Its branch lines are 10.
Gated, all the unpaid taxes which
have been assessed against the said
branch lines for the years OF 1891
and 1892, and in addition thereto the
taxes for the year 1890 according to
the assessments made as hereinafte,
provided.
Sec. 4. That the said Company
ehsIl and is hereby required to pay
to the several counties. cities and
towns in which It's main line is loca