AR, NOO&GW 1/1/1862 P

Annual Report of the New Orleans, Opelousas & Great Western RR
as of January 1, 1862
President's Report
 
Tenth Annual Report of the New Orleans, Opelousas & Great Western Railroad Company
 
Gentlemen,
   The President and Directors respectfully state that on 12th November last, they made a Report to the Governor, on the affairs of this Company, accompanied by one from the Chief Engineer. That on 7th December following, they made answers to interrogatories propounded by a Joint Committee of the Legislature "to investigate the affairs of the Railroads in which the State is a Stockholder," a report of which has been made by the Committee.
   These papers furnish information to their respective dates, and the President and Directors now presenting their annual report to the Stockholders, as required by the Charter, beg leave to have them received as part of the same, adding thereto the account of the Treasurer of receipts and expenditures, the annual report of the Vice President, and other matters to the present date.
   The statement of the Treasurer gives, under appropriate heads, the toal receipts and disbursements of the Company, from its organization to the 31st December, 1861. The amount of Bills Payable is therein stated to have been, at that date, $553,130.07, which is $248,366.60 more than on 31st December , 1860. The cause of this increase is explained in the report to the Governor, -- being mainly the construction of about 65 miles of road bed, the swamp work near Berwick, and the purchase of rails, and this without being able at the time to effect sales of either our bonds or lands. Recently we have made large sales of Bonds, and there being now an active demand for them, the floating debt will be rapidly paid off. It has been reduced $111,602.72, since the 1st instant, and we have on hand $163,692.68 in cash, available for same object. We decline, of course, any new loans, are paying all obligations as they mature, and discount such as can be procured of those not yet done.
   For full information relative to the business operations of the Company, special reference is made to the annual report of the Vice President and Superintendent, in which will be found comparative statements for the year 1860 and 1861 -- an inventory of the rolling stock, &c., &c. Under the able direction of this officer, the track has been kept in perfect order, the movement of the trains marked by the most exact regularity -- strict discipline maintained -- no collisions have occurred on the road, nor injury done to passengers in any instance.
   A telegraph line has been established between Algiers and New Iberia, to connect with another line extending to Texas, and both will soon be in full operation.
   A Company having been recently incorporated for the purpose, there is now a fair prospect of an early construction of a road from New Iberia to the Sabine, which when in operation must add greatly to our revenues.
   The Legislature, as authorized by an Ordinance of the late Convention, has passed an Act, (copy herewith) for the payment in bonds, of the balance of its subscription to the Stock of this Company, say $550,000. This is a very important measure, as it adds about half a million to the available Capital of the Company, and will prove highly advantageous to the State, as is clearly shown in the Convention Statement herewith. With this fund for the purchase of iron, we can go on with our present means, as fast as realized, in preparing the road bed for the rails, about 65 miles beyond our completed road being now ready. These resources are the remaining bonds of the Company, balances yet due and unpaid on stock subscriptions, and some 700,000 acres of very valuable lands. Applications are now on file for a large amount of these lands, and as we progress with the construction of the road through them, they will be rapidly disposed of.
   The affairs of the Company are now in the best condition, and the prospects for the future very encouraging.
New Orleans, 27th January, 1862
William G. Hewes
President

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