118 



CALIFORNIA. 



These net receipts were subject to deduction 

 by some items as follows : 



Interest $3,716,984 



Taxes , 



Miscellaneous and general expenses 



Legal expenses 



Civil engineering 



Discount on currency 



Land Department expenses. . 



482,559 

 146,112 



22,045 

 810,893 



18,610 



Leased railroads, 2,266,166 



Total $7,288,240 



Deducting these items of legitimate expen- 

 ditures from the net total receipts, we have 

 the following as the net income for that year : 



Net receipts for 1877 $9,208,558 



Expenditures 7,288,240 



Keal net income $1,915,813 



This amount was too small to justify the 

 usual April dividend, and so it was passed. 

 This balance is subject to a further deduction 

 of $1,200,000 under an act of Congress known 

 as the Thurman act. Early in 1878 Senator 

 Thurman of Ohio introduced and was instru- 

 mental in the passage of a bill by Congress 

 which compels the Union and Central Pacific 

 Railroad Companies to pay 25 per cent, of their 

 annual net earnings, including the whole of 

 the compensation due them for services ren- 

 dered to the Government, to the Treasurer of 

 the United States, to be by him applied partly 

 in payment of the accrued interest upon the 

 bonds issued by the Government to the two 

 companies, and partly to the establishment of 

 a sinking fund in the United States Treasury 

 for the final payment of the Company's bonded 

 indebtedness. The companies contested the 

 law in the courts, claiming that it was uncon 

 stitutional. The decision rendered by the Su- 

 preme Court early in 1879 was not unanimous, 

 three judges dissenting from the opinion, but 

 it probably settles the question. 



The report of the Central Pacific Railroad 

 Company for 1877 shows the following indebt- 

 edness to the United States for bonds : 



Central Pacific $25,885,120 



Western Pacific 1,970,560 



Total $27,855,630 



The amount of interest paid on these bonds 

 by the Government to May 1, 1879, is $17,- 

 600,000, as follows : 



The annual interest on the bonds held by 

 the Central and Western Pacific is $1,671,341, 

 which hereafter must be annually paid over to 

 the Treasurer of the United States, less the 

 amount reserved for carrying the mails. This 

 decision of the U. S. Supreme Court is noticed 

 above. 



The amount of bonds issued by the United 

 States to Pacific Railroads is as follows : 



Central Pacific. $25,885,120 



Kansas Pacific 6,808,000 



Union Pacific 37,236,512 



Central Branch Union Pacific 1,600,000 



Western Pacific 1,970,560 



Sioux City and Pacific 1,628,820 



Total $64,623,512 



These bonds were issued under the acts o 

 July 1, 1862, and July 2, 1864. They all beat 

 6 per cent, interest, and are payable thirty 

 years from date. Part of them are therefore 

 payable Jjily 1, 1892, and the remainder July 

 2, 1894. The annual interest on these bonds 

 aggregates $3,877,511, and is payable in Janu- 

 ary and July. Thus far the interest has been 

 paid by the United States. As an offset, the 

 compensation that should have been paid to the 

 companies for carrying the mails has been with- 

 held by the Government. 



According to the surveys which have been 

 made, the area of the State is 100,500,000 

 acres, which is divided as follows : 



Agricultural and mineral lands surveyed to June 

 80, 1879 



Agricultural and mineral lands unsurveyed 



Private grants surveyed to June 80, 1879 



Mission Church property 



Pueblo lands 



Private grants unsurveyed 



Indian and military reservations 



Lakes, Islands, bays, and navigable rivers 



Swamp and overflowed lands surveyed 



Swamp and overflowed lands unsurveyed 



Salt-marsh and tide-lands around San Francisco 

 Bay 



Salt-marsh and tide-lands around Humboldt Bay. 



49,054,114 

 39,065,654 

 8,459,694 

 40,707 

 188,749 

 15,000 

 818,631 

 1,531,700 

 1,610,087 

 110,714 



100,000 

 5,000 



Aggregate area 100,500,000 



The exports of wool for the six months end- 

 ing June 30, 1879, were 23,291,500 Ibs. The 

 spring clip was under the average of the pre- 

 vious five years. That for 1871-'73 was from 

 12,600,000 to 14,600,000 Ibs. ; in 1874, it was 

 19,400,000 Ibs.; in 1875, 23,600,000 Ibs.; in 

 1876-'77 there was an average of 28,000,000 

 Ibs.; in 1878 the crop fell off to 18,800,000 

 Ibs. ; and in 1879 it was 20,651,000 Ibs. 



The export of wheat and flour from San 

 Francisco during the eleven months ending 

 May 31, 1879, was as follows : 



Including flour reduced to wheat, there was 

 cleared over 31,000 tons of wheat in the month 

 of May, making the total for eleven months 

 ending on May 31st, 556,675 tons of 2,000 Ibs. 

 The month of June scarcely increased the total 

 to 575,000 tons. More than 270 ships and 

 barks were dispatched loaded with this export. 



