Richmond and Danville Railroad.
--The thirteenth annual meeting of the stockholders of the Richmond and Danville Railroad was held at the new Tobacco Exchange yesterday at 12 o'clock.
The meeting organised by appointing Col. F N.
Watkins Chairman, and F. W.
Brocken-Borough
Secretary.
A committee of three was appointed, consisting of
Col. Geo.
W
Townes and
Messrs. T. T. Giles and
Wm. C. Knight, to examine and report upon proxies.
The committee retired to perform their duties, and in their absence the
President,
Lewis E. Harvie Esq, read his annual report.
The President states the cross income of the road for the year ending 30th September, 1860, to be $560,904.43, being an increase of 26,701.37 over the previous year.
The earnings for the present year are $282,328.47. Of the debt of $150,000 due 1st Nov. 1860, $149,700 has been paid, leaving $300 due. Of the $1,000 due and uncalled for last year, $500 have been since paid.
The Directors have issued new bonds to the amount of $64,400, payable at various periods from May, 1861, to November, 1863, which will be met by the accruing revenues.
The funded debts of the
Company consist of $400,000 due to private bondholders, $600,000 due to the
State, and $200,000 guaranteed by the
State, making a total of $1,200,000. Of the $400,000 due to private bondholders, the whole amount has been paid, except $800 above referred to, and the new issue of $65,400. Of the debts due to the
State,? per cent, thereon has been annually paid, which will, in thirty-four years from date, discharge both principal and interest.
This debt is rather an annual charge upon the resources of the
Company of $42,000 per annum, than a permanent debt.--The guaranteed debt of $200,000 falls due in 1875 and cannot be demanded till that time.
The surveys of the
State line to meet the
North Carolina Coalfield Road, and of the
Western extension, as it is called, of the Danville Railroad, have been made; and the engineer is now locating the common stem of the two roads, in order that it may be ready whenever the money is raised to build these two lines.
The committee appointed under a resolution of the last meeting by the chairman thereof "to memorialize the General Assembly of
Virginia to increase the capital stock of the Richmond and Danville Railroad Company, a sufficient sum to enable that company to connect with the
North Carolina Dan River Coalfield Road at the
Virginia and
North Carolina line," discharged the duty devolved upon them, and an act was passed by the General Assembly in accordance with the request in the memorial.
Upon the line of the
Coalfield Railroad, subscriptions have been raised to such an amount as to encourage the hope that Company will soon be ready to fulfill their obligations; and as soon as they shall have exhibited their ability to do so, the Directors of this Company will use the most prompt and energetic measures to hasten the joint completion of the work in which this Company is so deeply interested.
The Legislature of Virginia, at its last annual session, appropriated $350,000, being three-fifths of the sum of $583,333 ½ which was voted to build the
Western extension; and active measures have been taken to procure the full amount of private subscription, and have been so far successful that the Directors may safely congratulate the
Company on the speedy commencement of this valuable feeder to their road.
The
Telegraph line from
Richmond to
Danville is in full operation, having been completed at a cost of about $7,500. There is no doubt that it will be of great service to the road, and as little that it will pay a fair dividend on the investment.
That part of
James River adjoining the
Company's wharf has been deepened so as to admit vessels of the class that come to
Richmond.
This enables the
Company to receive and transmit free of all wharfage and forwarding charges, freight of every description that is consigned to their care.
Both the financial condition of the
Company and of the country, in the opinion of the Board, make it unwise to declare a dividend at this time.
But they trust at no distant day to be enabled to declare semi-annual dividends of
three per cent.
On motion, the report was received and laid on the table.
Mr. Wood Bouldin, from the committee to examine the road, etc., presented a long report, which was read and laid on the table.
On motion of
Mr. J. R. Anderson, the
President's report, and the report of the
Examining Committee, except so much in each as refers to branch roads and wharfage, were referred to a committee of eleven.
The
Chairman appointed the following:--
F. G. Ruffin.
W. W. Carrington,
Jos. R. Anderson,
W. T. Wootten,
H. C. Cabell,
J. F. Wiley, W
Martin,
T. G. Coleman,
John T. Clark,
Wm. J. Crews,
Wm. T. Scott.
Special Committee on Branch Roads and Wharf:
Messrs. R. R. Howison,
C. H. Barksdale,
D. Chalmers, T. D
Neal,
J. B. McPhail.
On motion of
Mr. Anderson, the meeting adjourned, to reassemble at 6 o'clock P. M.
