An important report.--We have received a report of the Joint Committee of Roads and Navigation, in reference to the ability of the house of Messrs. Bellot des Minieres, Brothers completion of the James River and Kanawha Canal. This is an important report, on an important matter, and one which has been the subject of much inquiry through the State. The advantages of a compliance with the contract on the part of the State in this contract were so manifest that many have feared that the French associates either could not, or would not, carry out their contract. Both of these fears have been set at rest by the report of the committee and the accompanying testimony. Much of the latter is exceedingly voluminous, more so than, in our opinion, is necessary or proper; but in it we find proofs of the standing and character of the company of the most convincing character. The report of the committee upon the character of the company says: ‘ "It exhibits a combined power of capital, of commercial connection, of political strength, and governmental sympathy rarely formed."’ And further: ‘"That the house of M. Bellot, Brothers & Co., and their associates in Europe, constitute one of the most powerful financial organizations of the present day, abundantly able to complete the Virginia water line on the grand scale projected by them; and also to establish and maintain steam and sail lines between its terminus and foreign ports, thus giving promise of realizing, in the fullest manner and in the shortest time, the splendid results long anticipated by the many friends and advocates of this great State improvement."’ The Joint Committee also report ‘"an equal confidence in the disposition of the French capitalists to carry out the stipulations of their agent here, as soon as the condition of the country will justify men of prudence in undertaking a work which requires time, peace, and financial assurance, for its accomplishment."’--This conclusion as to the disposition of the company to carry out their agreement, seems fully supported by extracts of late letters from Mr. E. de Bellot to Col. Ellis, which are given at considerable length. The report closes by saying: ‘"Your committees take great pleasure, therefore, in saying that, in their opinion, there is ample ground for the General Assembly to act upon the propositions which have been made, and that it would be safe and justifiable to grant the charter asked, allowing a reasonable time for the restoration of the condition of things existing when the proposition was submitted"’--a recommendation that seems fully justified by a political and financial embarrassment, over- whelming and unexpected. The report gives interesting biographical sketches of several of the De Bellot, Bros. & Company, showing their high position, the evidence heretofore furnished by M. Paul, French Consul in this city, and other information highly favorable to the contracting party. Among the proofs furnished by the report on this point, we find the following letters — the first two from gentlemen well known to our readers as two of the first engineers of Virginia, and the other from M. Mercier, the French Minister in Washington.
I read also the following letter addressed to me by Col. Charles F. M. Garnett, formerly Chief Engineer of the Virginia and Tennessee Railroad. and more recently of the Don Pedro, the second Railroad in Brazil:
"Your friend and ob't serv't.
"Chas. F. M. Garnett."
"Mr. Ellis, President, &c."