760 



FARMERS' REGISTER. 



[No. 12 



of Washington and Walnut streets during the 

 present season, and ahhough it is ahnosl abso- 

 lutely necessary ior our present and increasing 

 business, the board have not yet decided upon the 

 propriety ol" contracting for it under existing cir- 

 cumstances. It' not completed this season, it must 

 only be delerred until the next. The cost of this 

 warehouse will be about ^ 7000. 



Under the authority of the resolution adopted at 

 your last general meeting, the board have made 

 arrangements with the board of the Greensville 

 and Roanoke Kail Road Co., to do the transporta- 

 tion on their road, and are prepared to discharge 

 their obligation the moment that road is finished; 

 no permanent contract, however, has been entered 

 into, as some difference of opinion existed as to 

 the value of the labor and the amount of capital 

 which would be requisite, and consequently the 

 proportion of the receipts each company vvould be 

 justly entitled to. It was deemed salest, therefore, 

 to waive completing these arrangements, until it 

 \va3 ascertained, by fair experiment, what should 

 be the just distribution of the receipts between 

 these separate companies, and no dilTiculty is ap- 

 ])rehended in adjustiiiij the proper proportion in 

 such a «nanner, as will satisfy and prove mutual- 

 ly adv'anlageous to the stockholders of each com- 

 pany. 



With the Raleigh and Gaston Rail Road Co., 

 the basis of an arrangement for this company do- 

 ing their transportation, has been agreed upon. A 

 bill giving us the power to make this contract, is 

 now belbre the legislature, and no doubt is enter- 

 tained of its passage, and all that remains to en- 

 able the board to enter at once into the proposed 

 contract, is ^our sanction and authority. That 

 you may understand the arrangement, the board 

 have simply to state, that this company have 

 agreed to furnish all the locomotives, cars, and 

 coaches, &c. that maybe required, and provide all 

 proper train and depot agents alonij: the line, for 

 one half of the gross receipts arising li-om the 

 transportation of produce and the mails, and for 

 one third of the travel — the Raleigh and Gaston 

 company, binding themselves to keep their 

 road, depots, &c., in good order, at their own ex- 

 pense, and of course, furnishing the requisite labor 

 and superintendence for this purpose. This ar- 

 rangement is believed by the board to be highly 

 advantageous to the respective companies ; to this 

 company, because it will require comparatively but 

 a moderate addition to the power required for the 

 transportation on our own road, to meet the busi- 

 ness on theirs, and by concentrating in our own 

 shops, all the repairs, for the whole line of road, 

 give us the means and facilities to have them at- 

 tended to in a more efiectual, prompt and econom- 

 ical manner : and the Raleigh and Gaston Co. will 

 therefore be saved the heavy expenditure for shops, 

 machinery, locomotives, cars, and workmen, and 

 greatly economize their labor and superintendence, 

 besides having at command the requisite power 

 and means to render their road, or any part of it, 

 immediately available and profitable. Situated as 

 we are, in the vicinity of the coal region, and of the 

 large and long established foundries and furnish- 

 ing shops of Richmond, and those now erecting 

 in this place, we have fiicilities which they cannot 

 possess for a long time to come ; and identified in 

 interest as these two companies are, the board are 

 disposed to promote the welfare of their ofi'spring, 



to the extent of their ability — the more especially 

 in the present proposed arrangement, as it will in 

 their opinion, greatly enhance the profits of our 

 own stockholders. The board, therefore, recom- 

 mend the adoption of a resolution, sanctioning the 

 arrangement which they have made, and giving 

 the necessary authority to carry it into effect. 



You are already informed of the charier of the 

 Raleigh and Columbia Rail Road Co., gnwted by 

 the last legislature of the state of North Carolina. 

 This road continues the Raleigh and Gaston road 

 to the South Carolina line, and a sufficient sum, we 

 understand has been already subscribed to secure 

 the charter. This being another link in the great 

 chain of communication between the north and the 

 south, deserves the support of the stockholders of 

 al! the companies on its line of connection, and so 

 important must it be deemed by them, that no 

 doubt exists on the minds of your board, that it 

 will receive the patronage it deserves, and be ur- 

 ged forward with becominu- energy and zeal. The 

 citizens of Cheravv are now causiiio; a survey to be 

 made, for a road from the vicinity of the Waca- 

 maw, which carries them within six hours sail of 

 Charleston ; and another survey is making from 

 the Yadkin to Fayetteville. Should these im- 

 provements ever be made, it is nnore than proba- 

 ble that the southern terminus of the Raleigh and 

 Columbia road will connect with the former, and 

 will intersect the latter forty miles west of Fay- 

 etteville; thus securing to our line, all these auxil- 

 iaries, without deviating from the original purpose 

 of a great continuous north and south mail line. 

 Nor should we omit to announce to you that the 

 Danville ami Junction Rail Road Co., has been 

 organized with good prospect of success, and al- 

 ihouizh mentioned here among the last of the con- 

 necting roads, it is b)' no means reckoned by us the 

 least in its importance. We should earnestly desire 

 its success, and feel deeply solicitous that every ef- 

 fort should be made to strengthen and sustain it. 



At your last meeting, a resolution was adopted, 

 authorizing the board of directors to borrow any 

 sum not exceeding ."§60,000, to improve our own 

 means of transportation, and to meet the demands 

 of the trade and travel on the Greensville and Ro- 

 anoke road. In consequence of the state of the 

 money market during the past year, the board 

 were convinced of the inutility of any application 

 to borrow money at a fair rate of interest, and con- 

 sequently Hiade no effort to procure it. 



The delays which have occurred in the execu- 

 tion of the orders transmitted to England fpr ma- 

 chinery, rendered a loan less necessary, our own 

 resources proving, until recently, sufficient to meet 

 all the immediate wants of the company. The 

 board being advised within the past few months 

 of their orders being nearly complete, and havinir 

 received, recently, two locomotives, and wheels and 

 axles for twenty cars, determined, if possible, to 

 make the loan authorized by you ; but up to this 

 time, they have been unsuccessful in their appli- 

 cations, althoii£rh they have asked wherever a 

 hope could be indulged of the probability of suc- 

 cess. The board, it is true, have been fiivored 

 with some temporary loans, as the accounts be- 

 lbre you exhibit ; but all these are expected to be 

 returned in a short time and were granted on this 

 express condition. 



The stockholders will perceive, that with' our 

 amount of capital, always too limited, but wisely 



