| Annual Report of the Western North Carolina
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| as of July 1, 1864, |
| President's Report |
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| Report of the President in Behalf of the
Board of Directors |
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| Office of the Western N. C. R. R. Company |
| Statesville, N. C., Aug 25th, 1864 |
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To the Stockholders of the Western N. C. Rail Road Company:
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| Gentlemen, |
| We have the honor to submit
the ninth annual report of the operations of the Road for the fiscal
year ending 30th June last. |
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By reference to the reports of the Treasurer and Finance
Committee, it will be seen that the receipts from all sources amounts
to $371,911.74, which is nearly treble that of last year; $230,574.10
of which amount has been paid on account of Repairs, Supplies and
operating the Road. $36,173.63 has been paid to the construction
department in finishing the Road to the present terminus. This sum
cannot be replaced until the State order the resumption of the work.
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The balance in hands of Treasurer, and balance due from
Post Office Department and Confederate States and other sources, as
per report of Finance Committee, will give us an available sum of
$77,000, which, together with the earnings till September next, will
enable the Board to declare a dividend, and also pay off all claims
due from the Road, together with the Confederate Tax.
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Whilst the receipts of the Company have been large, the
expenses have been proportionately heavy. Included in the accounts of
Repairs and Materials is the sum of $30,000 paid on old claims, which
properly were chargeable to former years. Also, amount paid for a
steam saw and grist mill, which is a valuable acquisition, and one we
could not now dispense with -- and an investment which will pay at any
time.
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The items of supplies of provisions and clothing appears
heavy, but the Company have on hand a large quantity of Corn, Bacon
and Salt; also 40 hogs to kill this Fall. The Company also has a large
quantity of wool for winter clothing.
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On the subject of Rolling Stock and Road-bed we would
respectfully refer you to the report of the Engineer and
Superintendent, but we would remark that both are in as good condition
as at any period since the commencement of the war. We have had the
misfortune, however to have four cars burned and one engine seriously
injured by Kirk's raiders, the circumstances of which are familiar to
you all. The road-bed is in much better condition than a year since,
as a large number of new sills have been laid and the ditches opened.
We also have a good supply of dry wood for the coming Winter, which we
did not have last year. To accomplish all this we have employed a
larger force than usual.
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In conclusion, we would state that the larger proportion
of freight and passengers have been transported at Government rates,
which is much below the rates charged on private account, and when
viewed in proportion to the prices of every article we have to
purchase, will be admitted by every one to be entirely too low.
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Before closing this report, we would ask your favorable
consideration in behalf of the different officers and employees in
charge of their various duties, while no better evidence can be given
of their efficiency than the safety and dispatch attending the
operations of the Road.
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I have the honor to be, very respectfully,
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Your most obedient servant
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A. M. Powell
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