Virginia Central Railroad
--The annual meeting of the Stockholders of the Virginia Central Railroad was held at Metropolitan Hall, yesterday afternoon at 4 o'clock.
The meeting was called to order by Mr. John Page
, of Hanover
, on whose motion Mr Jefferson Kinney
, of Staunton
, was called to the Chair.
On motion of Wms. Wickham
, Mr. John Garrett
and Mr. J. F. C. Netherlands were appointed Secretaries
On motion of Mr. John Page
, the following gentlemen were appointed by the Chair a committee on proxies: Messrs. John Page
, R. M Kent
, and John Churchman of Augusta
Whilst the Committee
on Organization were engaged in the examination of proxies, the annual report of the Board of Directors was distributed, from which we gather the following facts:
Revenue and expenses.
|The gross receipts for the fiscal year ending 30th September, are||$634,183.31|
|Expenses of administration||274,934.10|
|Leaving a balance of net revenue||$359,129.21|
Construction and equipment of the road, up to the present time amounts to $5,469,286.43.
The net revenue gives 6.56-100 per cent on the cost of the road and equipments
The road is 178 miles in length taking out the Blue Ridge Road
, which was built by the State
, and its average cost, including equipment, is $30,72.32.
The gross receipts per mile of road are including Blue Ridge
Railroad $3,251.62. The net receipts per mile are $1,841.68
The current expenses of administration consume 43.36 per cent of gross receipts.
The net revenue has been applied to the payment of interest and dividends, the annual in vestment in the sinking fund, &c., &c., viz:
|to the Commonwealth 2 ½ per cent. In March and September||$94,252.96|
|to the city of Richmond||15,000.00|
|to the county of Greenbrier||2,500.00|
|to the county of Monroe||2,500.00|
|to the county of Augusta||1,000.00|
|to individual stockholders, actually paid||38,051.50|
|to the sinking fund||23,000.00|
|the balance has been disposed of in the payment of tolls due the State for the use of the Blue Ridge Railroad, for work on the Tunnel and other parts of the Blue Ridge Road under contract with the Board of public Works, and the purchase of sundry bonds issued to contractors, and for dividends.||91,377.05|
|total of gross receipts||$634,083.31|
|Deduct expenses of General administration||$274,954.10|
|tolls to the Commonwealth for the use of the Blue Ridge Railroad, as required by law||24,006.04|
|dividends declar'd within the year ending 30th Sept, 1860.||156,565.46|
it will be observed that the gross receipts are not as large this year as the last, and consequently the net revenue is also somewhat less.
The gross receipts are $18,321.69 less than last year, and the net revenue $24,567.78 less.
The loss has occurred entirety in the passenger fare, which ought reasonably to have been expected, as during the year previous we were carrying a large travel that was never looked to as one of the sources of support for this Company, but was only temporary, and must naturally have been transferred to the Orange and Alexandria Company as soon as its Road from Charlottesville
would be finished, which was done early last winter.
On the contrary, it is a very encouraging fact that the revenue from freight has increased, although he crop of wheat was a very short one.
in the last report the stockholders were reminded that not more than $300,000 of net revenue was expected until the year 1864, at which time the Covington and Ohio Road
was assumed to be finished to the White Sulphur Springs
; and as a net revenue of $300,000 at the present time is sufficient to enable the Board to meet all expenses and carry out the scheme for extinguishing the debts of the Company
by a sinking fund, the operations of this year resulting in a net revenue of $359,129.21, ought, under the circumstances, to be satisfactory.
Covington and Ohio Road.
whole debt of the Company as compared with last year.
Bonds secured by mortgage, viz:
|Due in 1872 and '80||$298,000.00|
|Due in 1884||926,000.00|
|Debt to the Commonwealth on account of loan authorized by the Legislature.||30,000.00|
|Bonds issued for dividends payable in 1865, 1856 and 1875||226,593.00|
|Floating debt, consisting of bonds, &c. &c, after deducting debts due to the Company, and cash on hand 30th September, 1860||50,929.48|
|Total liabilities of all kinds, after deducting debts due to the company, and cash on hand 30th September, 1860||1,531,521.48|
|Total last year||1,528,951.58|
The appropriations made by the Legislature to this work in the beginning were wholly disproportionate to the estimated cast and its vast importance to the whole Commonwealth.
$1,000.000, $500,000 and $800,000 were the three several sums successively given to it at different times; but at the last session the General Assembly seemed convinced that an unwise delay had been practiced, and appropriated $2,500.000, this appropriation being more than the aggie ate of the three first, and making in all the sum of $4,800,000.--This amount will be expended over a considerable extent of the line, both west and east of the Allegheny Mountain
; it will complete the difficult work in crossing that mountain, and carry it beyond the White Sulphur Springs
This road, it is believed, will be completed and in operation to the White Sulphur Springs
in a little more than 18 months from this time — that is by the 1st of June 1860; and in view of the amount of work which will have been accomplished by the expenditure of $4,800.000, and doubt which may heretofore have existed as to the determined prosecution of the work must be entirely removed.
Although we have in Virginia
a large extent of land well adapted to the production of this most important article, yet until recently we have, as in too many things, been a most wholly dependent on the North
for the supply of our cities.
The arrangements now made for its transportation in the supply of cars for its special accommodation, are deemed sufficient; several very commodious cars have been built for that purpose during the past year and more will be as the necessity may be indicated.
Owing to the absence of the State Proxies
, a motion was made and carried to adjourn until 10 o'clock this morning.