ROANOKE NAVIGATION COMPANY. WELDON, N. C., October 29th, 1851. To the Board of Public Works. GENTLEMEN, I herewith transmit to you a copy of the annual report of the president and directors to the stockholders of the Roanoke navigation company, with a statement shewing the condition of the company on the first day of the present month, and a list of the stockholders therein, with the number of shares held by each. I am, very respectfully, Your ob't serv't, A. JOYNER. REPORT OF PRESIDENT AND DIRECTORS. The president and directors of the Roanoke navigation company make the following report to the stockholders in general meeting: At your last meeting we had to give you a mournful account of disasters to your works at Danville, produced by the fresh of the past year. We at the same time anticipated diminished dividends for the present year. But in spite of a very short crop of tobacco and a very small amount of wheat for exportation, such has been the great increase from the transportation of goods up the river, that your directors were enabled to make a dividend last spring of one and a half per cent. on the capital stock, and now feel justified in recommending a like dividend from operations during the last six months, which will leave a sufficient balance in the treasury to meet all probable demands upon it. Your directors, in placing in your hands the trust which has been confided to them, congratulate you on the excellent condition of your works. The locks are all in order, and are passed with safety and despatch. The sluices are in good condition, and their passage easy and safe. The canal at the Great Falls has been, at some places, slightly obstructed; and though it has not interfered with navigation, has not in very dry seasons admitted water enough for the mills at its foot; but this inconvenience will be soon corrected by the company's hands, and a slight amount of additional labor which will involve but a trifling additional expense. It is known to the stockholders that in order to get rid of a very vexatious engagement with the owners of the Danville mill property, your directors were compelled to purchase that property, not with a view of holding it, but for the purpose of a resale with conditions more favorable to the company. There is one subject that your directors wish to bring to the consideration of the stockholders as deeply concerning their interests. Not withstanding the dividends which have been declared for the last few years of from three and a half to four per cent., and the probable dividend of five per cent. for the next year, yet we continue to be mortified by sales of our stock at a price which ensures to the purchaser an interest on his investment of fifteen per cent. One reason for this -and the most important by far-is the extreme difficulty of making the transfers of our stock from the seller to the buyer. The stock by our charter is made real estate, and is transferred by the troublesome and expensive process of deeds to be regularly made, acknowledged and recorded; and such is the particularity required by the charter, that the purchaser is sometimes years in getting his title completed. The directors earnestly recommend a petition to the legislature of North Carolina and Virginia for such a change of our charter as will make our stock transferable with the same convenience to vendor and vendee as is enjoyed by almost every joint stock company in the United States. All of which is respectfully submitted. October 24th, 1851. SAMUEL PANNILL, President. Return of the state of the Roanoke Navigation Company on the 1st day of October 1851. Capital stock. originally $412,000; now reduced to $ 395,900: Subscribed by individuals, 2,820 shares of $100 each, 282,000 00 80.000 00 50,000 00 412.000 00 Profit made on the purchase of bank stock, Interest collected from stockholders, Interest received on $3000 of six per cent. stock of state of Virginia, 208,898 20 10,658 66 9,628 55 345 68 14 24 4,719 50 8,401 20 1,144 91 Hire of negroes, 536 19 51 80 521 07 Balance. Dividends due on 31 shares of stock sold to the company, but not yet transferred, Amount of individual subscriptions for stock unpaid, 736 25 5,570 60 12,166 71 Debt due the company other than on account of stock, good debt, 78 27 1817, Debts due the company Expended in repairs for same time, Property now held by the company: Paid for land and mill property at Danville, Epended for interest and repairs on property at Danville, 14 negro men and 3 batteaux and tools, estimated to be worth, Dividends declared from commencement, Cash on hand 1st October 1851, Statement of Receipts and Expenditures within the year. Balance of money on hand, per last annual report, 12,507 32 Add receipts during the year, viz: Tolls collected at Gaston for the year ending 30th Sept. 1851, 13,114 51 12,589 94 Tolls collected at Weldon for the year ending 30th Sept. 1851, 581 10 28 99 552 11 Total, 26,519 84 Deduct disbursements during the year: 12,554 59 2,519 42 Improvements and repairs on river below Danville and Roanoke canal, 1,702 89 On account of purchase of canal and mill property at Danville, 1,591 68 550 00 Salary of secretary, A dividend of 14 per cent. was declared 25th October 1850. By order of the president and directors. A. JOYNER, Secretary. SMITH'S RIVER NAVIGATION COMPANY. HORDSVILLE, Nov. 3d, 1851. The Honorable Board of Public Works. DEAR SIR, Since my last annual report to you on the operations and condition of the Smith's river navigation company, I have now, in compliance with my duty as president of the company, simply to state, that the operations of the company this year have been confined to repairing dams washed down by the freshets, contructing new ones where they were wanted, and blasting rock out of the sluices where it was not sufficiently done the year before. In consequence of having only to repair and improve the work heretofore done, we employed about half the number of hands as heretofore. It is believed this river is now in as good a condition for sluice navigation of batteaux as most other rivers at the usual tide of water. Batteaux have not yet begun regularly to run the river, nor is it expected that any great use will be made of it, farther than carrying grain, iron &c. to Danville and the circumjacent country for domestic consumption, until the Richmond and Danville railroad shall be completed. The board of directors have not yet met to fix the tariff of tolls, but is expected shortly to do so. For the financial concerns of the company I beg leave to refer you to the report of our treasurer, Mr. Anthony M. Dupuy. Respectfully, your ob't serv't, GEO. HAIRSTON, P. S. In addition to the $4,948 19 already paid out for the improvement, as shewn by the treasurer's report which accompanies this report, there yet remain claims unliquidated against the company for work and president's salary, amounting to about $1,100, making the entire cost of the improvement up to 30th September 1851, say $6,048 19. For the extent of the improvement, length, &c. &c., see my last annual report. GEO. HAIRSTON, Pres. 51 |