| Annual Report of the Raleigh & Gaston RR |
| as of June 1, 1863, |
| Finance Committee's Report |
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| Finance Committee's Report |
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| The Committee of Finance and
Inspection submit the following report to the meeting of the
Stockholders of the Raleigh & Gaston Rail Road Company: |
| That they examined the books
and accounts of the Treasurer and find them well and correctly kept. |
| From this examination they find that the income of
the Road for the last fiscal year from freight was |
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$291,042.86 |
| From passengers |
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526,572.17 |
| Mail |
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9,825.00 |
| Other sources |
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25,965.41 |
| Making gross receipts for the year |
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$853,405.44 |
| Expense account for the year |
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$249,419.60 |
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$603,985.84 |
| Balance from last year |
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37,674.97 |
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$641,660.81 |
| Dividends declared |
$390,000.00 |
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| Amount appropriated to pay in part Bonds to State
of North Carolina |
100,000.00 |
|
| Sinking Fund |
27,200.00 |
$517,200.00 |
| Balance on hand |
|
$124,460.81 |
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| The foregoing statement
exhibits a very flattering and successful year's work, and especially
so when it is considered under what great difficulties the Directors
and officers of the road have labored. The difficulty in procuring
supplies and keeping the road bed and machinery in good order has
required the best management and skill. |
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The Directors have declared in the last twelve months,
dividends to the amount of $390,000, and have still the above balance
left. While this would appear very large, under ordinary
circumstances, yet in the present state of affairs it is not more than
the stockholders ought reasonably to expect. The great change in the
value of currency, and the consequent rise in the value of everything
that has value attached, so much more rapidly than the increase in the
price of transportation, if no larger business had been done by the
Rail Roads, would have left the stockholders without dividends, and
the road and machinery worn out,. Being limited by the charter in
their rates, nothing but the increased amount of the business has
enabled them to earn such satisfactory dividends.
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The proposition submitted by the President and Directors
for investing the sum of $100,000 in cotton, or some other security, for
the purpose of a fund for repairing the road, we regard as prudent, and
should be adopted. Either this or some other arrangement should be made
for obtaining materials for that purpose, or funding and laying up the
bonds; and we would advise that full authority be given the President
and Directors to act in this matter.
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The Sinking Fund is now more than the debt due. The whole
of the bonds given have been paid off, except the sum of $32,000,
which can be paid whenever presented.
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The track-way of the road is as good as could be
expected, from the amount of business which has been done; and the
difficulty in procuring materials and labor for its repair.
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The Depots are all first rate, with the exception of
Warrenton and Littleton, and materials have been gotten for building
new houses at each place.
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The bridges are in good condition, and with proper care
and attention are perfectly safe.
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The engines, cars, &c., are in good condition, and in
view of the large amount of work required since the war great credit is
due the managers of the Company for keeping them in such good repair.
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Owing to the increased cost of living the President and
Directors have, very properly, from time to time, raised the salaries
and pay of the officers and employees on the road. The salaries of the
President and Treasurer having been fixed by a by-law of the Company,
we would respectfully recommend that they be increased by this meeting
of the stockholders.
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In the opinion of the Committee great credit is due to
the President and Directors, and other officers and employee of the
Company, for the prudence and good management shown during during the
last year.
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T. Brown Venable
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Ch'mn,
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Raleigh, July 1, 1863
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