1836.] 



F A R M E R S ' R E G I S T E R. 



703 



ing an increase of §23,310 84, which is 29 per 

 cent, more the present, than the past year. Thus 

 showing an income, whilst we are yet in our in- 

 fancy, surpassing the most sanguine ex| 

 of the friends of the road: nor do the bom- 1 be- 

 lieve this income will ever be diminished. On the 

 contrary, they are convinced, from nil the calcula- 

 tions they can make,that the progressive ad Jifions 

 to it, will be greater hereafter lhan heretofore. 

 Born as the road was, in trouble, frowned upon at 

 its birth, and never yet caressed, the board are 

 nevertheless confident it has now obtained such 

 vitality and strength, that it will more than realize 

 the ardent hopes of its friends, baffling at all times, 

 every scheme or machination which has been, or 

 may hereafter be projected to its prejudice. On 

 the north we have the Richmond and Fredericks- 

 burg Rail Road rapidly completing. On the 

 south within the short space of a year, we have 

 grafted on our road the Greensville and Roanoke 

 Rail Road; and proposals will soon he submitted 

 for a bridge across the Roanoke at Gaston, con- 

 necting that improvement with the. Raleigh and 

 Gaston Rail Road— and satisfactory assurances 

 are given us that before the present year rolls 

 away the connexion will be complete, and part of 

 the road on the other side of the Roanoke, so far 

 made, that it may be used for travel and transpor- 

 tation. 



With these feeders on the north and south and 

 at no distant day a connexion with the Yadkin 

 country, (perhaps the finest in the south,) either 

 at Raleigh or at Oxford, we are insured a contin- 

 ued and increased value to our investment: nor is 

 it too much to anticipate, that the period is almost 

 at hand when from the profit on travel alone, we 

 shall declare such dividends to our stockholders, 

 as will amply satisfy them, and consequently have 

 it in our power to reduce the rates of transporta- 

 tion of produce, to the mere expense of its receipt 

 and delivery. These results we shall more than 

 attain, should our western fellow citizens mature 

 their contemplated improvement; and being at- 

 tained, it is for you to determine its action upon 

 the commercial prosperity of our town. 



Until the past year, the resourses of the com- 

 pany were very limited — the original capita! was 

 found insufficient, and a large debt was consequent- 

 ly contracted, and, besides, the payment of all the 

 current debts which it was possible to postpone, 

 Avere deferred, — all these have been paid with all 

 the interest which had accrued upon them. In- 

 dependent of this, almost all the materials of re- 

 pair are anticipated; and instead now of being a 

 year in arrears, we are twelve months ia advance, 

 in these respects. We have likewise discharged 

 some of the old demands lor land damagi 

 all the known litigated claims, with on 

 ceptions, have either been compromised, or other- 

 wise disposed of) in a satisfactory manner. 



It is our duty also to inform you that we have 

 purchased another steamboat,a1 the cost of 

 to meet the wants ofthe trade on the lower Roanoke 

 and during the past year have rebuilt 

 atJBIakely, in a strong substantial and handsome 

 manner. The cost of this establishment will be 

 $7,600, according to contract. It will thus be ap- 

 parent to you, how the funds of the company have 

 been disposed of, when these items are added to 

 the ordinary expenses. 



You will perceive from the accounts now before 



you. that ! j41.936.19, has been this year expended 

 beyond the actual capital of the company. This 

 amount properly belongs to the fund to be divided 

 among the stockholders, and it may be expedient 

 perhaps to resort to a temporary loan to refund the 

 amount already abstracted from tins fund, as well 

 as what may be hereafter required for similar pur- 

 poses. The board, with all deference, would re- 

 commend this course being pursued, in preference 

 to a further increase of ca| ital; being fully | er- 

 suaded,that from the profits of the company, they 

 can derive good and sufficient dividends, and pay 

 off gradually any debt which is now due, or which 

 it maybe hereafter necessary to contract. You 

 will observe from the statements on your table, 

 that our income for the year past more than meet 

 all the charges against transportation, (we include 

 here all of our expenses.) besides paying a divi- 

 dend of ten per cent to the stockholders. 



The expences the ensuing year will, according 

 to the estimate before you, amount to $45,000. 

 These it is believed cannot be farther, diminished. 

 Every reduction has been made, and all the econo- 

 my introduced, which in ouropinion circumstances 

 permit. 



The Directors have pleasure in stating, that the 

 amount, paid for losses the present year, has been 

 comparatively small. Last year transportation 

 was debited on this account with $5041,22; this 

 year with .^1174,12, and this too almost entirely 

 incurred, by the burning of a car loaded with dry 

 goods in March last. We have, had no similar ac- 

 cident since — have burned no cotton — and trust 

 and believe, have reduced the chances of these 

 calamities materially by our present arrange- 

 ments. 



We submit to you a detailed report respecting 

 our road, locomotives, &c. from our £nginee. r ,Mr, 

 H. D. Bird; and will not omit this opportunity to 

 bring to your especial notice, the merits of this 

 invaluable agent — the talents, energy and zeal 

 displayed by him on every occasion, and in evevy 

 trust, is deserving of ail praise; nor can you too 

 highly appreciate his devotion and zeal to your in- 

 terest, and the valuable services of others in your 

 employ. 



It is confidently believed that the condition of 

 the road is much improved. Every piece of de- 

 cayed timber is carefully removed and every pre- 

 caution used to avoid accidents of all kinds. Our 

 locomotives and cars are all in good order. Our 

 coaches need improvement, and these, will be at- 

 tended to, in the course of the present summer. 



You will observe from the statement, we have 

 now 7 locomotives and 100 cars, having added the 

 past season 2 locomotives and 35 cars to our stock. 

 These we should increase the present year, partic- 

 ularly if this company undertakes the transporta- 

 tion on the Greensville and Roanoke Rail Road. 

 And the board would recommend to the stock- 

 to authorize the Directors, or some com- 

 mittee, to make for this purpose an arrangement 

 with that company, being satisfied, such an un- 

 derstanding would promote the interesl of the 

 stockholders in each company. A similar ar- 

 ;nt with the Raleigh and Gaston Real 

 Road Company would redound fo the. pr- 

 of all concerned, and it is submitted to you, whe- 

 ther or not it is now advisable to give, such au- 

 thority to the board at your present meeting, or 

 defer its consideration to another year. 



