| From the Wilmington Journal |
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| November 25, 1863 |
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| Wilmington & Manchester Railroad
Company |
| The annual meeting of
stockholders in the above company convened this forenoon in the Court
House, and organized by calling Col. John McRaw, of Wilmington, to the
Chair, and appointing Wm. A. Walker and Wm. H. Bayne, Secretaries. |
| The Secretaries, with Mr. Wm.
Rogers, were appointed a committee to verify proxies and ascertain the
amount of stock represented. |
| The committee having reported
a majority of the stock present in person or by proxy, the meeting was
declared ready for the transaction of business. |
| The stock held by the
Wilmington & Weldon R. R. Co. is represented by S. D. Wallace and
Wm. A. Wright, Esqs.; that held by the Town of Wilmington by S. D.
Wallace. |
| No proxy on behalf the State
has yet been presented, and it is a matter of doubt whether any has
arrived. |
| The usual reports, submitted
by T. D. Walker, Esq., were received and their reading dispensed with,
after which the meeting adjourned until two o'clock, P. M. |
| From the report of the
President and Directors and the General Superintendent, we learn that
the receipts of the Fiscal year, ending September 30th, 1863, have
been as follows" |
| Through Travel |
$449,680.55 |
| Way Travel |
144,493.79 |
| Freight and Minor sources |
503,792.51 |
| Mails |
30,598.45 |
| Total |
$1,128,565.30 |
| Expenditures |
521,963.53 |
| Nett Revenue |
606,601.77 |
| Nett Revenue previous year |
426,351.67 |
| Increase of Nett Revenue |
$180,250.10 |
|
| The cost of operating the
road, including the cost of two new engines, has been about 46 1/2 per
cent. of the gross receipts. If the cost of these is excluded, the
result will show about 42 1/2 per cent. The nett receipts after
deducting the amount of interest which has fallen due for the year
show an earning upon the whole cost of the road of $20.59 per cent.
and upon the capital stock of 16.60 per cent. |
| The entire amount of the
assets which have passed into the Treasurer's hand for the year,
including those which he held at the close of the fiscal year 1862,
has been $1,745,082.41. How this amount has been disposed of, the
various items in his statement of the annual expenditures will show.
Among these will be found one for the sum of one hundred thousand
dollars invested by the Board in the stock of a steamship company (the
Merrimac.) The object of that Company was to run the Steamship through
the blockade with a view to the importation on freight of those
articles most needed by our people, and particularly by our
manufacturing and railroad interests. The right of importation in this
ship, in proportion to its stock, was stipulated for on behalf of the
Company. Unfortunately the Steamer was captured on her first voyage
our and the investment became a complete loss. |
| During the year the Company
has made an investment of some ninety thousand dollars in Cotton,
which is stowed in sheds adjacent to the railroad. it is covered by
insurance. A portion of it has been shipped abroad, and these
shipments will be continued as opportunity offers. The purchase was
made during the last Spring, and its average cost per pound, with all
expenses included is about 28 1/2 cents. |
| A sinking fund of $65,000 in
Confederate fifteen million loan has been set aside, and this, with
the investment in Cotton, and farther investments of a portion of the
means in the Treasury which it is contemplated to make, will, it is
hoped, enable the company to meet any contingencies that may arise. |
| The amount of interest coupons
due but not presented is $109,000. |
| The business done by the road
has been largely in excess of any previous year, and the summing up
would have been much larger but for the yellow fever which prevailed
in the Fall of 1862. |
| The superintendent reports
that the track is in good order. There has been considerable renewal
of timber in the track, bridges and trestles, and it is designed
during this present fiscal year to do much more. The iron on the road,
as on all the leading roads in the Confederacy, is beginning to show
considerable signs of lamination. It will be necessary, if possible,
to obtain at least ten miles of new iron. To secure new rails the
Government will have to give its aid. This, it is hoped it will do. It
is designed also to remedy this trouble about rails to a certain
extent during the present fiscal year, by renewing the ends of rails
requiring it. This can be done in the company's shops and at a
comparatively small cost, and it is hoped that the iron can be kept in
fair condition by the adoption of the above two courses. |
| New wells and pumps are being
put up along the entire line. Contracts have been made for enlarging
the freighting facilities at Wilmington and Kingsville. It is also
designed to erect a new passenger house at Sumter, and a new warehouse
at Mars Bluff. |
| The fulfillment of contracts
made for the erection of a wooden roof over the Round House, for the
protection of engines from the weather, has been unavoidably delayed,
owing to the conscript act taking away certain men engaged on the
contracts. The work, however, is progressing, and it is hoped this
very needful improvement will soon be completed. |
| Difficulties have been
experienced from the failure of the rolling stock during the past
year. These difficulties have, to a considerable extent, been removed
by the purchase of two first-class freight engines, and the renting,
on favorable terms, of nine locomotives and seventy-five freight cars.
This will not only facilitate the business of the Road, but give an
opportunity to repair thoroughly some of the engines belonging to the
Company. |
| Notwithstanding the heavy
business done on the Road, and the large numb er of trains run, both
regular and irregular, but one accident of a serious nature has
occurred. |
| The Superintendent bears
testimony to the general zeal and fidelity of the officers and
employees of the road. |
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