| Annual Report of the Charlotte & South
Carolina RR |
| as of January 1, 1864, |
| President's Report |
| |
| To the Stockholders of the Charlotte
& South Carolina Railroad Company: |
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| Gentlemen, |
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By the report of the Treasurer, you will perceive that
the income of the road has greatly increased during the past year. The
present condition of the currency and country would very properly
justify this expectation.
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| While the receipts have thus
increased, the expenses have advanced in a greater ration. Indeed, the
relative increase of charges and expense to income have been too
great. This proceeds chiefly from the fact that your rates of fare and
freights have not kept pace with the advancing charges of the country
upon many articles of use and consumption in the maintenance and
operation of the road. Much the larger portion of the freight
transported has been on account of the Government. For this the
Company has been paid less than its average prices in times of peace,
in Confederate currency; ten dollars of which, in the purchase of the
aggregate supplies, were not more than equivalent to one in ordinary
times. Many articles of necessary consumption cost from twenty to
thirty hundred per cent. above their average prices. |
| The tonnage of the road has
far exceeded that of any former year. The consequence is that the
engines, cars, and track have suffered much, and with our limited
resources, require great energy and vigilance to maintain them in
proper condition. For this purpose, an increased number of operatives
will be required next year on the track, in the shops, and cutting
wood and ties. While many railroads are apparently declaring large
dividends, it is questionable, if all these were applied to the
purchase, at present prices, of rails, machinery, cars, and other
property necessary to their proper maintenance, whether they would be
sufficient for this purpose. The impossibility, however, of procuring
these articles has left no other policy for the Directors, and while
the stockholder may have received nominally double his usual dividend,
it has not been equal in value to one-half his ordinary income from
this source. |
| These difficulties arise from
the inequality of supply and demand, and the deranged condition of the
finances. The former is, to some extent, unavoidable while the
blockade exists; the latter can only be remedied by just and wise
legislation, and it is to be hoped that the Confederate Congress will
not disappoint the just expectations of the citizens in its future
action on the important subject of the currency. |
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For more detailed information in regard to the condition
and business of the road, your attention is respectfully invited to
the reports of your Superintendent and Treasurer.
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Trusting in the determination of a united people, and in
the favor of an omnipotent Ruler, it is hoped that your next annual
meeting will be under more favorable auspices.
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Respectfully submitted
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Wm. Johnston
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President
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