REPORT OF PRESIDENT AND DIRECTORS. OFFICE RICHMOND, FRED. AND POTO. R. Co. In conformity with the provisions of chapter 72d of the Code of Virginia, I hand you herewith tabular statements shewing the condition of this company on the 30th September 1851, the receipts and expenditures for the year ending on that day, a list of the stockholders of the company and the report of the president and directors to the stockholders at their annual meeting on the 26th of May last, with accompanying documents. The whole income of the company during the past year, it will be perceived, was $243,732 55, and the whole expenditures of the company for expenses for transportation, improvements of road and property, and the payment of a judgment in favor of Margaret L. Heth and others, were $141,427 78, leaving a balance of $102,304 77. Out of this balance the board were enabled, after paying the usual dividend of seven per cent. and all charges of interest, amounting together to $92,657 88, to add the sum of $9,646 89 to their available means for the payment of the usual dividend, in the event of a temporary diminution in their receipts. Their contingent fund provided for this purpose, and entered under the head of profit and loss, it will be seen, amounted, on the 30th of September last, to the sum of $164,519 74. The income of the company during the past year, it will be perceived was, $24,768 29 less than that of the year ending the 30th September 1850. The diminution has been owing to the completion and use of the eastern extension of the Louisa or Virginia Central railroad, the receipts of which have of course been increased in a corresponding proportion. This diversion to another road of what the board deem the legitimate business of the work committed to their charge, and one guaranteed to it in its charter, they trust will prove but temporary. They hope so, as well on account of the cause of improvements generally in Virginia, as of this company, for it can scarcely be supposed that subscriptions will be made willingly to the stocks of other companies in the state, unless the rights conferred on this company in its charter should be recognized and sustained. The board of directors are continuing to lay down a heavier rail than that hitherto used by them, and by the date of their next annual report to the Board of public works, there will probably have been laid down a rail two and a half inches wide by three-fourths of an inch thick (or of nearly twice the weight of the original rail) throughout the whole length of their road. The board would have preferred changing their plan of superstructure entirely, and laying down a heavy edge rail; but in view of the competing lines authorized by the legislature, (more especially that between Richmond and the Junction,) the stockholders were unwilling to incur any outlay on their work in anticipation of an increased business which might not be realized. The present superstructure, with the heavier rail now being laid on it, is amply adequate to the present business of the company. If this business should increase, as the board hope it will, and the travel now diverted from them by the Louisa extension be restored, the board are satisfied that the stockholders will gladly authorize them to incur any expenditure which may be requisite for its proper accommodation at the lowest rates. The board of directors need scarcely add on this subject to the Board of public works, that the larger the business on a line, the lower the rates at which it can be accommodated. Of course any unneccessary diversion of trade or travel from a route must, to a corresponding extent, increase the burthen on those who necessarily make use of it. Submitted on behalf and by order of the board of directors. ED. ROBINSON, President. |