| Annual Report of the Norfolk &
Petersburg RR |
| as of March 31, 1861, |
| President's Report |
| |
| Report of the President and Directors |
| |
| Norfolk, April 11th, 1861 |
| |
| To the Stockholders of the Norfolk &
Petersburg Railroad Company: |
| Gentlemen, |
|
In obedience to a requirement of your By-laws, we submit
to you in this place an account of the operations of the road for the
fiscal year ending the 31st ultimo. Regarding perspicuity as of the
first importance, we shall make this exposition with reference to the
several co-ordinate departments constituting the executive
organization thereof.
|
|
Treasury Department
|
| At the commencement of the
fiscal year to which this report refers, the floating debt of the
road, estimated then at something less, was however subsequently found
to range in the neighborhood of $255,000. |
|
The immediate pecuniary resources of the Company at that
date were, in Norfolk city scrip $8,360; in the railroad company's 1
m. 8 per cent. bonds $117,000; and in the State appropriation which
had then been authorized, but yet to be received, $300,000; -- in all,
rating everything as cash, $425,000.
|
|
Very much the larger share of the indebtedness of the
road, to which reference is here made, was due to individuals whose
indulgence had already been enjoyed beyond any further accommodation,
without a compromise of their interest more than could reasonably have
been demanded. One of the first objects, therefore, which claimed the
prompt attention of the Directory, was the raising of means from these
resources whereby to satisfy this part of our indebtedness. The
previous condition of the Company's credit had rendered, at this time,
any resort to our bonds for this purpose inadmissible.
|
|
Under these circumstances, we became at once dependant
upon the State appropriation of $300,000; and at the first meeting of
the Board of Public Works, application was duly made for a sufficiency
of that sum to meet these more urgent demands upon the Company.
|
|
These requisitions upon the Board of Public Works, with a
respectful deference to their views and convenience, were from time to
time repeated, until the whole appropriation was absorbed. This sum,
however, has been received in State bonds, and not in money --
not as a matter of choice with us, or of option with the Board of
Public Works.
|
|
The act of appropriation contemplated payment in ordinary
currency, but provides, as in other like cases, that the means for
this purpose shall be raised by (loan) sale of State bonds, while the
organic law of the Commonwealth forbids the sale of these securities
at less than their par value -- a rate which we all remember they have
not commanded since the winter of '54. Therefore, it will be seen, in
as much as the means of payment could not be raised by the Board of
Public Works as thus prescribed, this Company, as others who were
recipients of like appropriations, had to become in point of fact,
first the purchaser of State bonds to the extent of its demands upon
the State. IN this wise the means of payment were legitimately
created, and the Board of Public Works enabled to satisfy our demands.
|
|
The manner of realizing funds from this means of our
resources, as most expedient for the interest of the Company, and for
the protection of the better credit of the Commonwealth, became at
once an important measure of consideration cotemporaneous with the
object to which I have already adverted, as the first claiming the
attention of the Directory.
|
|
At this time, the market price of State bonds ranged from
90 to 92, with every prospect, in the opinion of the Directory, of a
steady appreciation in value. Money was everywhere abundant, ant the
banks were discounting freely. The country was full of prosperity, and
yet hopeful of a more brilliant future. The storm which has now
contracted the currency of the country, which has paralized every
species of trade and of industry, and depressed the value of all
descriptions of property, was not in that day visible to eye.
|
|
The Company, in its application to the General Assembly
for relief, had carefully considered to solicit the least possible
amount adequate for the immediate exigencies of her condition, and
therefore could not afford without incurring the risk of future
embarrassment, to make the material sacrifices which would even then
have attended a pressure of so large an amount of State securities
upon the market; besides, such a course on the part of your Directory
would have been manifestly inconsiderate of the credit of the
Commonwealth, and forgetful of the spirit and measures of aid and
relief received at her hands.
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|
In this view of the subject, it was determined to avoid,
as far as practicable, the sale of those bonds below an average of 95,
and to this end, to raise by loans based upon these securities the
requisite means for the immediate purposes of the Company. In pursuit
of this policy, by which it was anticipated we should not only be
enabled to regulate the sale of our State bonds, and in this way
realize a material saving in the transaction, our indebtedness soon
became, as it is now, almost wholly confined to the banks of Norfolk.
|
| For the fiscal year just closed, it
stands as follows: |
|
| Due banks in Norfolk |
$106,041.82 |
| Due M. and M. Bank, of Portsmouth |
9,840.00 |
| Due on account of individuals |
3,565.63 |
| Due on account of arrearages of interest to the city of
Norfolk |
627.50 |
| Due arrearages of interest to the State on loan of
$300,000 |
52,500.00 |
| Due arrearages of interest to the State on guaranteed
stock |
9,900.00 |
| Due on open bills on account of the current expenses of
the road |
5,000.00 |
| In the aggregate |
$187,474.95 |
|
|
Of this sum, the
present floating debt of the road, about $39,000 is chargeable on
account of transactions for the past year, $29,000 being for current
interest on State loan and dividends upon guaranteed stock, not in
fact enumerated in our last year’s exhibit of outstanding
obligations. The curtail, therefore, which has actually been made in
the indebtedness of the Company as we found it at the beginning of the
past fiscal year, may be stated at $106,000.
|
|
The resources of
the road applicable to its present “Floating Debt” of $187,474.95,
are as follows:
|
| 1. |
In Virginia State bonds deposited as collateral for
bank debts |
$140,000.00 |
| 2. |
In Virginia State bonds in hands of Treasurer |
33,000.00 |
| 3. |
In Norfolk city scrip, deposited on account of bank
debts |
7,130.00 |
| 4. |
In the company’s 1 m. 8 per cent. bonds, likewise
deposited |
11,500.00 |
| 5. |
In the Company’s 1 m. 8 per cent. bonds in hands of
Treasurer |
95,000.00 |
| 6. |
In mail pay now due |
2,037.50 |
| 7. |
Cash and due bills |
5,212.82 |
|
In all, treating every thing as cash |
$302,880.32 |
|
|
In other times than
these, in which the whole country has been brought to suffer, and has
yet to contend with the disastrous consequences of an “irrepressible
conflict,” one item alone of the resources at our command would be
found quite sufficient to satisfy the existing debts of the Company,
leaving other means ample for the provision of all further objects of
construction and equipment, now important in the more thorough
completion of the road. We mean that of State bonds, of which we have
in all $182,000; while our whole indebtedness, including arrearages of
interest to the Commonwealth and open bills on account of current
expenses, is as above stated, $187,474.95.
|
|
If constrained to
convert this species of our resources into money, under the
extraordinary influences which now depress their value, the loss will
be serious to the Company, and the risk of future pecuniary
embarrassment unnecessarily imposed. There can be, however, no well
founded expediency, as we believe, in the requirement of this policy
by those of our creditors who have the power to enforce it. Almost the
entire sum of our indebtedness is owing to the banks and the
Commonwealth; the insignificant share due all other parties amounts to
but $9,193.13, for which our cash resources are sufficient.
|
|
The interest of the
Commonwealth is unquestionably opposed to the sacrifice which would
follow any sale of her bonds at this time, or while the wide-spread
distress which now prevails continues. She owns 15 of 23 parts of the
whole work; and while an opposite policy would bring into her treasury
the best part perhaps of her account against this Company, injury
would be done to her credit, and direct loss upon the payment itself
sustained, as a discount in fact, to the extent of 15-23 of the whole
sacrifice made in the transaction. In connection with this part of our
indebtedness, it is proper to remark, that its settlement was
proffered in State bonds, the same species of payment in which we were
obliged, as hereinbefore explained, to receive our State
appropriation; but it was very properly declined by the Second Auditor
for the want of authority merely to receive such dues to the
Commonwealth in that way. Payment in money
is the only means he is allowed to recognize in such cases, without
special authority from the “General Assembly.”
|
|
This was solicited
at the late session of the Legislature, but too late in the progress
of its business to receive final action.
|
|
The better interest
of all other owners in the road, the city of Norfolk being the main
one of the remaining 8-23 parts thereof, would likewise materially
compromitted in such diminution of the Company’s resources as would
e thus sustained; the same amounting in reality to so much new debt
against the whole work, and the interest of every shareholder and
creditor thereof.
|
|
The banks of the
State are public institutions, established not alone for the
enrichment of its stockholders, but mainly for the accommodation and
protection of her people. The State is a large owner in these
institutions, and in those of our vicinity our people are likewise
interested; these two communities, and the latter vitally, are
interested in all that concerns the welfare and success of our road.
Much the larger portion of our indebtedness is due the banks of our
place; in round figures$105,000, on account of which $137,000 of State
bonds are held. A continuance of the loan, even unto the maturity
of the bonds, if necessary, would not, as we can see, work any loss,
risk or inconvenience to the banks, while all the evils to which we
have adverted as measurably consequent upon a sale of these
securities, under the influence of discredit and depression of every
species of trade, of industry, and of property like those which now
hover over the land, would be avoided.
|
|
The amount of the
accommodation is really limited compared with the magnitude of the
interests to which it is extended, and surely would not inconvenience,
constrain or embarrass the most munificent expansion of their
circulation.
|
|
The accruing
interest upon the bonds, of the regular payment of which no reasonable
fears can be entertained, will be adequate to meet the like demands in
the current renewals of the debt. These securities are now adequate to
cancel the whole sum, even at the low rates within which they range in
the market. They may yet be lower, but if not within a reasonable
period sensibly higher, they cannot ultimately fail in more than ample
satisfaction of the obligation.
|
|
The retirement of
our whole indebtedness has been, as it is now, a matter of earnest
solicitude and anxiety on the part of the Directory; but we would feel
to have been censurably derelict of the trust confided to our hands
were we to sympathize with any other policy than that which ha been
indicated. We feel that this is no time to precipitate the sale of
securities wherein there is a blending of interest, and which in the
end, let come what may, cannot fail to satisfy every claim for which
they are now pledged, and especially when it is clear that neither the
interest nor convenience of the creditor precludes indulgence.
|
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The statement of
the treasurer marked 1, is herewith attached.
|
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2. Auditor’s Department
|
|
Here all the
receipts and expenses of the Company, on account of the legitimate
operations of the road, are properly classified and audited.
|
|
The results of this
office are to be found in tabular statements 2, 3, 4, 5, 6, 7, 8 and
9. The first indicating the earnings of the road; the second its
expenses; the third its comparative receipts and expenses for the
fiscal years ’59-’60, and ’60-’61; the fourth an abstract of
earnings by different units of comparison; the fifth and sixth, its
passenger and tonnage transportation respectively; seventh, the
classification of tonnage; and the eighth all further expenditures on
account of construction.
|
| The earnings of the road have been |
|
$96,621.74 |
| and the expenses |
|
62,906.88 |
| leaving a balance of |
|
$33,714.86 |
| on the year’s operation, which will
be found equal to something over 12 per cent. upon last year’s
work. |
| The increase of gross earnings for the year is |
|
$12,185.54 |
| and the increase of current expenses is |
|
10,417.11 |
| showing a clear gain in nett receipts of |
|
$1,768.43 |
|
The fiscal obligations of the Company outside of its
current expenses are on account |
| 1. Of mortgage bonds held by individuals $200,000, at 8
per cent. |
$16,000 |
| 2. Of State loan of $300,000, at 7 per cent. |
|
21,000 |
| 3. Of guaranteed stock held by city of Norfolk |
55,000 |
|
| By State of Virginia |
82,500 |
|
|
$137,500 at 6 per cent. |
8,205 |
| In all |
|
$45,250 |
|
|
from which it appears that the nett revenue of the road has not yet
quite reached a sufficiency to cover all of its natural and financial
demands. An explanation, however, of this bare inadequacy of nett
earnings for all the necessary purposes of the Company is to be found
in the year’s operations by reference to the tables already
enumerated, which fully sustains our former estimates in this regard.
|
|
Upon careful
consideration of these interesting statements, it will be seen that
had the ratio of increase in monthly revenue continued throughout the
“fiscal year.” As it had up to the 1st of October
steadily grown, the result would have been a surplus beyond all current
expenses of management and of permanent debt; but while this
interference with our interest is chargeable to the political
convulsions which then began to invade the country, and which have in
the meantime more or less prostrated every species of trade and of
industry, we cannot forebear to contemplate for a moment the
magnificent field of future usefulness and of infinite prosperity
which the propitious occasion
presents to our view.
|
|
The mere perpetuity
of our road had ceased to be any longer problematical. The great line
of its connections had become one of the important trunk routes of
trade, as between the Southwest and the North Atlantic cities, and its
won pecuniary fortunes were now mainly involved in a successful
competition for this business. The issue, in fact, had been reduced to
one of management simply on the part of our route,
possessing, as it incontrovertibly does, natural advantages superior
to any other in the country, contending for the same trade. But the
higher destiny of our road, the very conception of the South Side
system, lies beyond a mere transit business from Northern cities. In
the commercial development of Norfolk, its usefulness and its own better fortunes are more deeply
concerned. The advantages which now operate to divert the trade of
the great West over this route to Northern cities for foreign
exchange, cannot, we are confident, fail to inaugurate successfully at
Norfolk a full system of “direct trade” on account of the South
and Southwest, whenever and not
until the commercial vassalage under which her development and the
prosperity of the country lying upon the legitimate trade line of her
capacious harbor have been so long constrained by the power of
Northern capital and the influence of “Federal favor” shall have
been subjugated and driven from our midst. Free from these
influences, Norfolk with her superior and attractive advantages for
the conduct of direct trade,
with her railroads, canals and rivers penetrating the fertile area of
the American continent, which produces the great staples of our
exchange trade, domestic a well as foreign, would at once begin to
realize and to reflect the beneficent influences of the commercial
expansion which has been so long the hope of her friends, and to which
she is by nature and by art so justly entitled.
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3. Road Department
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|
It
is a matter of much regret that we cannot report any material progress
in the further ballasting of the road, satisfied as we are of the
great economy, comfort and increased safety which the employment of
this material ensures. Our operations in this direction have been
suspended in part on account of accidents to our motive power,
rendering this arm of the
service barely adequate to the current business of the road.
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|
The track,
however, and the roadway generally, has been maintained throughout the
year in very fair order, and even though without any material additions of
ballast, and yet under an increase mileage
of trains at less expense
than for the previous twelve months – a result which bears practical
testimony to the value and wisdom of “thorough construction.”
|
|
The expenses of
this department for the year have been, all told, $14,654.28, as per
Table 10. This cost of maintenance of way is equal to $172.40 per mile
of track, including Ys and
sidings, and to 19 71-100 cents per mile runoff revenue trains, as set
forth in detail in Table 11.
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4. Machinery Department
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Our motive power,
which has always been limited for the business of the road, had at the
commencement of the year already gone through much severe duty in
connection with the construction and opening of the work, without
receiving that attention and
repairs which are observed in regular service. On this account it
was for the most part then
requiring special attention and considerable repairs.
|
|
In the meantime
there has been three accidents upon the road, to which reference will
be more fully made in another part of this report, by which
extraordinary expenses under this head have been imposed.
|
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Under these
circumstances, the expenses of the department have been heavier for
the past than they were for the previous year; for although there has
been in the aggregate, including material trains less mileage
over the road, this, the measure
of computation, has been more than counterbalanced by the increase in
the mileage of revenue
trains; the latter being more expensive than the former grade of
service.
|
|
The expenses for
the fiscal year have been, as will be found, fully set forth in Table
12, $11,766.56, which as shown in Table13, is equal to 15 82-100 cents
per mile run of revenue trains.
|
|
The quantity,
description and condition of the motive power and rolling stock on the
road are presented in Table 14.
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5. Transportation Department
|
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The activity of
this department during the year has been very much greater than would
seem to be due to the enlarged business of the road, owing to great
irregularity and a want of ordinary equilibrium
in daily currents of trade, and especially in the movement of through
tonnage, which will be found manifest from an examination of the table
of tonnage transportation marked 7; on this account mainly an increase
in the expense of this department for the year has been incurred,
although we find such increase to bear, as near as may be, an
arithmetical ratio to the
increased business of the road. The amount is $25,105.20, as shown in
Table 15, which sum is equal to 33 75-100 cents per mile run of all
revenue trains, as furnished in detail in Table 16. The performance of
motive power is set forth in Table 17.
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The amount of
through cotton which has passed over the road during the season, a
statement of which will be found in Table 18, may be very fairly
regarded as positive evidence of the growing disposition of the great
Southwestern trade towards our route. The quantity which we will
obtain of this trade is to be measured alone by the proper conduct and
energy of the line. In connection with this division of our report, it
is proper to remark that the Adams Express Company renewed in October
last their contract with this Company, but upon such modified terms as
we had demanded.
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6. Telegraph Department
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|
The efficiency and
importance of this adjunct in the management of the road has been very
fully established, and the wisdom
of this Company in refusing to barter
this part of its franchise has been more than vindicated by the
experience of other companies who pursued the opposite policy.
|
|
The line is
generally in fair order, but now begins to require considerable
renewal of poles and insulators.
|
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Upon
the investment it continues to afford a satisfactory revenue.
|
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7. Construction Department
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|
The progress made
under this head, in the more thorough completion and equipment of the
road, has not been such during the year as we would have desired, and
as was anticipated at the date of your last meeting. Our operations
have been materially restricted by cause altogether beyond our
control; in part on account of the accidents in the meantime occurring
to our motive power, which is but fairly
adequate to road duty and the present business of the line when in
vigorous condition; but advance in this direction has been mainly
constrained by reason of the difficulties heretofore recited, which
were encountered at an early day in the negotiation of our pecuniary
means. When we consider these draw backs, much important work however
has been performed.
|
|
At the “Black
Water,” the permanent bridge, yet incomplete at the beginning of the
late fiscal year, was speedily finished. The character and magnitude
of this work has been fully described in previous reports. The service
which it has now rendered furnishes additional evidence in behalf of
the eminent economy and safety of such structures. The extraordinary expenses, the frequent
interruptions in the movement of trains, and the invariable liability
to more serious consequences which attended the trestle bridged,
superseded by the construction of this work, have all been avoided.
|
|
In the further
elimination of the temporary works of this description, eleven stone
culverts of appropriate dimensions have been constructed, and for the
most part filled over, it
being observed to remove first those pieces of trestle work which were
found to require more than ordinary repairs. Besides this, the
foundation of a small bridge at the “Burnt Mills,” and of an
important culvert near Ivor, have been added.
|
|
There remains to be
done, upon the entire line, of this character of work, some forty
jobs, none of which, however, are works of any magnitude, either as
respects difficulties or cost of execution. The stone for a large
number of these is already upon the ground, and it is designed to
prosecute their construction as the convenience and pecuniary ability
of the Company will allow, observing particularly to avoid the
expenditure of any extraordinary repairs upon the temporary structures
thus to be superseded. At Windsor, a station house well adapted to the
business of that place has been put up and the bulk of the materials
are now in hand, already framed for the erection of a similar building
at Wakefield. The interest of the Company, and the convenience of the
community trading through this station, have for some time alike
demanded the construction of this house; but under the influence of
the circumstances herein before indicated, which have depreciated the
business and other pecuniary resources of the road, restricting our
expenditures to such objects as could not well be deferred, its
completion has been delayed.
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|
At the time of your
last meeting, the steady increase of business upon the road, and the
prospect of rapid development, especially in the line of “through
trade,” had already begun to require material additions to our
rolling stock. In pursuit of the policy then announced in reference to
the further supply of these works, the construction of the necessary
freight cars then demanded under the circumstances of our business,
was commenced.
|
|
The bodies and
truck frames of 22 box cars have been in the mean while completed, and
three of the number, in fact, have been mounted, and for some time in
service. The remaining 19 thus ready for the wheels have not been
mounted, because the business of the road under the depressed
condition of things has not actually required them, nor justified the
outlay necessary to mount them.
|
|
All this work has
been executed in our own shops of domestic
materials and home labor, with
a result in respect to character an cost in the highest degree
satisfactory and commendatory of the policy. The cars constructed have
cost us twenty per cent. less than the market price for such denomination
of rolling stock, and in our estimation are in all respects, as to
materials and workmanship, worth 100 per
cent. more.
|
|
Besides this work,
a second class coach conveniently arranged for the accommodation of
smokers, mail, baggage, and an ordinary amount of express freight, has
been added, which enables us now to make a regular shift in the
movement of our passenger trains. Thus economy, safety and cleanliness
are all promoted, and the misfortunes of any accident or pressure of
travel are provided for. This car was constructed at the Union Car
Works, Portsmouth, Virginia, because our won facilities were not
adequate to the job.
|
|
Statement 19
furnishes all desirable information in respect to the locality,
character, dimensions and cost of the masonry work, which has been
performed during the year.
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8. Remarks
|
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We regret to have
to report the occurrence of three accidents, and on casualty during
the year. The latter was the case of a fireman – a free boy – who,
while oiling his engine when in motion, had his foot caught in one of
the glide frames and seriously mangled, from the effects of which he
died in a few days.
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|
Two of the
accidents were the result of intolerable negligence on the part of the
parties immediately implicated, and of considerable loss to the
Company. The most trivial of the three occurred to the freight train
on one of its western bound trips, in October. From some cause or
other, not perceptible or definitely ascertained, supposed, however,
to have been occasioned by the breaking of a pedestal,
several cars of the train were thrown from the track, and more or less
injured; but in the aggregate, of little consequence or loss,
comparatively.
|
|
At the Summit cut,
near Petersburg, where all the track is curvilinear,
a collision took place in June between the regular freight and a
special train, which the Yard Master of the Petersburg Station had
wantonly run out upon the road for the purpose of testing merely the
new boxes of a passenger coach. This officer very well knew, as it was
his special business to know, as he was at the moment considerately warned
by one of the employees under his direction, that his own movements
were directly invasive of the freight train schedule,
and would likely lead to the result which followed; but regardless of
the axiomatic rule, “in all matters of doubt, take the side of
safety and of the least risk,” he persisted in the exercise of his
own will and reckless indiscretion.
|
|
The more serious
for its consequences, however, was the accident which happened in
February at the South Branch draw bridge, wherein an engine and two
flats were precipitated into the river, causing, very strange to say,
little or no injury to the bridge and flat
cars; and although considerable damage to the engine and s tender,
yet the injury to these were found to be much less than might
reasonably have been expected, in an accident capable of the most
disastrous results.
|
|
In this, as in the
collision, there was a manifest want of consideration for the
Company’s property, and a reckless inattention to the regulations of
the road in the highest degree reprehensible.
|
|
The rule of the
Company in reference to its draw bridges, requires that the draws
shall be kept open at night, so as to avoid any possible hindrance to
navigation, and purposely to disabuse the mind of those in charge of
trains of the idea of perpetual safety at those places of imminent
danger, which the opposite policy would generally beget; but in these
regulations it is plainly conditioned, that all trains in approaching
a draw bridge at night shall
come to a full stop within five hundred feet of the draw, and no
attempt shall be made to pass the bridge until the draw tender is
heard to say all right! pass on! Besides this, the enginemen are
required to give frequent notice of the approach of their trains,
beginning as far off as three miles from the bridge, so as to allow
the draw tender ample time to put his draw in readiness for the train,
and avoid thereby any unnecessary delay.
|
|
The engineman it
seems, in the case of this accident, observed the draw tender’s
light as he was making his post
to close the draw, and concluded that it was a signal
of the readiness of the draw to pass his train; and thus under the
exercise of his discretion, and that too in direct conflict with the law requiring him to bring his train to a full stop, this
unfortunate accident was perpetrated. At the same time there is no
point of apology for the engineman in this matter; the inactivity and
carelessness of the draw tender on the occasion is more than manifest.
With a proper degree of energy on his part the draw might easily have
been closed, or, with the exercise of ordinary discretion, the train
which was proceeding slowly, might have been arrested in time to have
avoided the disaster.
|
|
In the face of
regulations, as explicit and imperative as those which have been
indicated – regulations purposely conceived with a view to absolute
safety, and only requiring observance to insure it, the road was made
the victim of an outrage, for which there was to be found no redress
beyond the mere discharge of those who have thus wantonly taxed its
treasury and reproached its management.
|
|
The character and
circumstances of these accidents add important testimony to the vast
accumulation of evidence which has been derived from like sources –
in support of the necessity of such legislation upon the subject –
as will allow in al these cases of negligence,
incompetency and violation
of rules legal investigation, and impose upon the guilty parties
commensurate with the nature and degree of their criminality. Now the
only remedy in defence of life
and property is the mere authority of removal, which serves as a
restraint of but little moment to others, and seldom affects either
the fortunes or reputation of the offender. His explanation of the
offence, which at best is soon forgotten, is readily accepted by the
public generally, and he as readily obtains employment elsewhere as
though he had had no connection therewith.
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At several time
during the past five years, and especially of late, considerable
interest has been manifested by the people of the North Carolina
counties bordering upon the Albemarle and its more immediate
tributaries for the construction of a road from some point in that
country, to connect with a branch of our road, leaving the main line
at or near Suffolk.
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In anticipation of the more substantial development of the feeling in
this matter, at an early day, the necessary authority to carry out the
project was obtained at the hands of the late “General Assembly.”
A copy of the act is herewith communicated, and its acceptance
advised.
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The
importance of this proposed connection from our knowledge of the
resources of the country which it would drain,
cannot be too highly estimated or earnestly invited.
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In our annual
reports to the Board of Public Works, required by law, the fiscal year
is made to terminate on the 30th September. The convenience
and propriety of confirming our fiscal year to that observed by the
Commonwealth, cannot, we apprehend, fail to command your approval.
Besides, the time now intervening the close of the year, as know to
your By-laws and the day of your meeting, is wholly insufficient for
such preparation of statistics and report as for your consideration
ought to be made. We would therefore advise that the fiscal year of
the Company be hereafter made to terminate on the 30th day
of September, and that your annual meeting be held in the month of
November, on such a day as your Directory may from time to time find
most convenient to designate.
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Your committee of
examination have made their inspection of the works and management of
its affairs, and to their report we would invite your attention.
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A statement of the
names, duties and compensation of persons employed in the service of
the Company, marked 20, is herewith attached.
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All which in behalf
of the Directory is respectfully submitted.
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William Mahone
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President
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