Year: 1859

We have received copy OF the Report of the
Board of Directors and Chief Engineer of the
above work which reports show that this impor-
tant improvement is progressing in very salts
factory manner. We copy the following extracts
from the Report Of the Directors:


At the date of the last Report. the distance re-
maing to be excavatcd to complete connection
between the Aibemare and the Chesapeake, was


During the year this distance has been excava-
ted, a ID the lock has been completed, so that
there Is HOW continuous channel through the
entire line, of sufficient capacity for lighters and
barges, and for steamers and other vessels not
drawing more than five feet of water


The bridges have been completed and in fact,
all of the mechanical work the entire line, ex-
cept houses for the bridge-keepers, is now com
plete and will compare favorably with that of any
other public improvement i'll the country.


From the Report of the Chief Engineer it ap-
pears that for about two-thrs of its entire length
the Canal is excavated to the required width of
sixty-one feet at the water-line and for the re-
mainder to one-half the required width, the whole
having average depth of six feet water, tho
least depth being five aud half feet.


The steam dredges or eXcavatOrs are constant
ly at work, and at the rate Of progress they are
making, the North Carolina section will be
excavated to the width of sixty-one feet by the
first of March next, and the whole Canal will be
excavated to that width by the first of August
September next. with a constantly improving
navigation from the preseut time forward. After
August or September, the depth of water through
the whole Canal will be seven feet


The Company have purchased steamtug,
and making arrangements for the other
necessary steamboats,, in order to be ready for the
fall and winter business.


Since our last Report, the State of North Caro-
lima has subscribed to the stock of this Company
the additional sum of SI00, 900, authorized byth3
Act of 1857 thus making the whole amount of the
State subscription S350,000, all of which has been
paid in six per cent coupon bonds.
The original plan of the Company was to open
Canal with six feet depth of water, and the con-
tract first made calls for only that depth; but
when the State of North Carolina came in as q
stockhoder, she required as condition of her
subscrp ption, that the Canal should have sufficient
depth at all times, TO pass vessels drawing seven
and a half feet, and the Company having become
satisfied that six feet Canal would not accom-
psh their design of accommodating the entire
trade of Eastern North Carolina, the plan was
changed to that ola Canal with eight feet depth
of water. The lock has been constructed with
reference to that depth


During the past year the Company have enter
ed into a contract with MesSrs. COPYRIGHT & Bar


ton for all the additional work consequent upon
the change of plan.


With regard to the cost of the construction and
equipment of the Canal upon the enlarged plan.
the Board still of the opinion that it will but
little if any, exceed the amount heretofore csti
mated, viz: 3 $50 600


The avails of stock subscriptions at par, incu-
ding received and to be received, amount,
as Will De seen Dy the accompanying statement, 10
5000, 400.


In order to raise the additional sum necessary
to complete the Canal, the Company have eXccu-
ted mortgage upon their property for ! 100000,
to secure an equal amount of coupon bonds the
avails of which will be sufficient, even in case


no means are received from other sources, to COM
plete and stock the Canal.


Though the mortgage is for s 400 900, it is not


the intention of the Company to offer, at present,


more than $2C0,000 of the bonds; the avails Of
which, with the amount coming due on subscrp
ton, will furnish all the equipments and motive
power, at present required upon the Canal, and
carry the work along until after the meeting of


the next North Carolina Legislature, when it is


confidently expected that the State will take


stock for whatever additional amount may be


necessary to compelte the Canal. In this event


the Company will be relieved from issuing the


balance Of the bonds provided for i'll the mort
gage.


In view too, of the fact that this work has
lieved the General Government from making the
channel to the ocean, which they had commenced
at Nag's Head, and which would have involved
IN expenditure of some - 900 900, the Board
have good reason to expect that appropriation
may be obtained from Congress, for the improve
mcnt Of the natural waters connected with the
Canal In this event also. the Company will be
relieved from issuing than the $2uOOOO
now offered As yet, none of the bonds have been
disposed OF.


WHERE ARE THEY 1.-The Richmond Dispatch