1837.] 



FARMERS' REGISTER. 



761 



not extended, the impossibility of meetiri;^ our own 

 expense?, l^aying larije dividends semi-annually, 

 and at the same time I'rom our own income niak- 

 iiiiT the requisite investmenls to carry on the great 

 trunsj)ortaiion of roads eounected with us, double 

 our own in extent. This cannot be expected, and 

 at the same time the beneht resulting to the siock- 

 holdcrs in this company undertaking this trans- 

 portation, notwithstanding this impediment, is too 

 ajiparcnt to need argument to prove it. 



The board would therefore reconnnend a per- 

 manent loan ot' >3 100,000, which would be sulfi- 

 cient for all the wants of" the company, and would 

 advise that the elFort to procure it should be re- 

 newed — but it" the attemjjt [irove again urisu(;cess- 

 lul, they see no alternative but to withhold the di- 

 vidends lor the present. 



Should a loan be made, the future income of the 

 company will be ample to. pay oil' the debt in a 

 short time, meet all demands, and give to the 

 stockholders full and fair dividends, besides re- 

 turning to them as a bonus, in the shape of stock, 

 the fund already invested in capital, amounting 

 now to :§ 47,167 14 and udiich has hitherto been 

 abstracted from their profits. But should the loan 

 not be maila, and the payment of the dividends be 

 deferred, the board entertain the opinion, that so 

 soon as their engagements with these new com- 

 panies are fully entered into, the maximum rate of 

 dividend (15 percent.) will at once be attained. 



Contracts have been made with the post office 

 department for the trans|)ortation of both the great 

 and the express mails, by one and tiie same train, 

 at ,S 300 per mile. At the time this contract was 

 entered into, the department did not feel itself au- 

 thorized, in consequence of its existing contract 

 ■with the stage and steamboat owners between 

 Washington and Richmond, to allow the Rich- 

 mond and l^^redericksburg Rail Road Co. more 

 than § 150 per mile, for their iransportation of tiie 

 great mail ; and as it was very important for this 

 company that the travel and the mails should 

 come on at one and the same lime, and tiic de- 

 partuient consenting to arrange the schedule of 

 the great and express mails so that both should 

 be carried by this company in one and the same 

 train, the board deemed it judicious, in order to 

 attain this object, to agree to allow, out of this con- 

 tract, -S 50 per mile to the Richmond and Freder- 

 icksburg Rail Road Co., they being unwilling to 

 accept less than .^ 200 per mile, and the depart- 

 ment declining to give the one company the con- 

 tract, without the other. The board hope this 

 matter will be hereafter remedied ; but in the 

 mean time, believe the sacrifice they have been 

 called upon to make, satisfiictory and proper, un- 

 der all the circumstances. 



The various accounts before you, exhibit, in ev- 

 ery aspect, the affairs of the company, and show 

 their situation so lully and clearly, as to need no 

 explanation. 



The e.N;penses of the company the past year, 

 have been sg 45,330 70, the total receipts S 108,- 1 

 342 19 — exceeding the receipts of" the preceeding | 

 year, *S 4031 70, notwithstanding the great dimi- | 

 nution of the crops of tobacco and corn by frost. \ 

 and f"reshets unprecedented for their devastations j 

 on the Roanoke, and the entire destruction ofi 

 the wheat crop, throughout the country tributary 1 

 to our road, as elsewhere in Virginia. The in- 

 crease from travel is more than 14 per cent, an in- j 



Vol. IV— 9«? 



crease greater than could iiave been anticipated, 

 in consequence of the numerous dilHcullies hith- 

 erto prevailing both north and south of us. These, 

 are now being removed, ami we ti>el warranted in 

 saying that our income li'om this source presently 

 will be vastly augmented, its increase being daily 

 perce[)tible. 



The estinmte ofourexpenses for the current year, 

 amounting to 8^)0,931 16 is submitted to you. 

 In common with all the world, we fiicl the pres- 

 sure of the times. The great advance in the price 

 of labor, tinjber and materials of all kinds, causes 

 this estimate to exceed that of the past year. 



The repairs of tite road have been greater than 

 was anticifjated, although the general estimate is 

 scared)^ t'xceeded. 



Accomijanying this report, is a statement of the 

 number of' feet ol"railinir and iron, andlhe number 

 of spikes and sills used on the road the past year. 

 You have likewise submitted to you the quantity 

 of |)rovisions consumed by the laboi'ers attached to 

 the company, for the year endinu- SOdi December, 

 and the quantify on hand at that date. 



We have on hand eight locomotives, two of 

 which have just arrived from LiverpooL All, save 

 one, are in good condition. Two others, expected 

 from England in the course of the present year, 

 complete our orders. Our smallest locomotive 

 was disposed of by the board during the past year, 

 for ^ 6000, (rather more than cost,) its power be- 

 ing too limited for our heavy grades and transpor- 

 tation. 



We Jiave 120 cars in daily use, 5 having been 

 destroyed by the fire, and have wheels and axles 

 for 55 more. When these and the 20 additional sets 

 which are expected, are fitted up and mounted, we 

 will then have a sufficient number for all l"uture bu- 

 siuf'ss. 



With two additional engines, and six additional 

 coaches, we believe, ue shall be f"ully prepared to 

 do all the business of our own road, the Greens- 

 ville and Roanoke Rail Road, and the Raleigh and 

 Gaston Rail Road. 



The board, in conclusion, beg leave to state, that 

 the officers, agents, and all others in the employ of 

 the company, with the exception mentioned, have 

 faithfully (lerfbrmed the several duties assigned to 

 each, during the past year. They have, in no m- 

 stance, permitted fatigue, discouragements or diffi- 

 culties, to relax, damp or retard their eflbrts, in the 

 promrition of your interest; but have unilbrmly dis- 

 played [)urposes inflexible, and nnmners concilia- 

 tory, in the proper discharge of every appointed 

 duty. Their alacrity, zeal, and fidelity well deserve 

 this tribute, and your especial notice. 



By order of the board of directors, 



CiiAULEs F. OsBORXE, President. 



[In accordance with the recommendations of the 

 foregoing report, the following resolutions were 

 adopted unanimously by tlte stockholders.] 



Resolved, That the President and Directors be, 

 and they are hereby authorized to make such ar- 

 rangements and contracts with the Board of Di- 

 rectors .of the Raleigh and Gaston Rail Road Co., 

 as in their o[)inion are expedient and advantageous 

 to the general interests of this company. 



Resolved, That the Presiilent and Directors be 

 requested to renew the application for the loan au- 

 thorized b}' the resolution adopted at the lust an- 



