| Annual Report of the South Carolina RR |
| as of January 1, 1862, |
| President's Report |
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| Report of the President and Directors
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| Office of the South Carolina R. R. Co. |
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Charleston, January 22, 1862
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To the Stockholders of the South Carolina Railroad Company
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Gentlemen,
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The Board of Directors have the honor of presenting to
you their Annual Report of the operations of the Company for the year
ending the 31st December, 1861, and of its financial condition at that
date.
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| The Gross Income, as shown by Statement A, is |
$1,161,742.18 |
| And the expenses of management, ordinary and
extraordinary |
588,466.95 |
| Leaving |
$573,275.23 |
| From which deduct interest, damages, stock
killed, etc |
168,697.31 |
| and there is left a Net Income of |
$404,577.92 |
| Against this we have charged two semi-annual
Dividends of 3 per cent each |
349,164.00 |
| and carried the balance |
$55,413.92 |
| as heretofore, to Surplus Income account. |
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| The usual Statements
and Tables from the Auditor's Department, containing all
necessary information, are herewith submitted. |
| The Income of the year shows a decrease from
that of 1860 |
$337,894.17 |
| At the same time, however, there has been a
reduction in our expenses of |
213,928.00 |
| making an actual loss of |
$123,966.17 |
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The condition of the country affording the amplest
explanation of the cause of this decrease, the Board deem it
unnecessary for them to attempt any, hoping, in view of the disturbed
state of the times, that the result of the operations of the year will
prove satisfactory to the Stockholders.
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It is gratifying to the Board to refer to the Report of
the General Superintendent, particularly with regard to the fact of
the good condition of the Company's property, and equally so
respecting the reduction of the operating expenses for the past year.
It will be observed, that a further reduction is contemplated by him,
in at least one of the departments -- and the probability is, that the
expenses of the ensuring year will not be greater than those of the
one just closed.
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By reference to the Debt account, it will be seen that
there has been a reduction of the balance of indebtedness during the
year of $69,372.79.
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The Board have arranged with the holders of $200,000 of
the Bonded Debt, payable in 1863, to extend its time of payment at par
for ten years, at an interest of 7 per cent per annum, payable
semi-annually.
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Since your last meeting, a favorable opportunity has
occurred for securing to the Company the long desired improved
connection by Rail between Charleston and southwestern Georgia and
southern Alabama, through the construction of a Road from Warrenton to
Macon, Georgia {the Milledgeville RR}. A
free and uninterrupted transit of freight will be thus secured, the
advantages of which to this Company must be very great. This object
was accomplished, on our part, by a subscription of $200,000 to the
capital stock of the above mentioned Road. It will be built, it is
expected, in the next two years; the amount of our subscription will
consequently be distributed over that space of time, and will not
materially embarrass us in any financial respect. When the amount to
be expended comes to be compared with the almost certain benefits to
be derived from the connection that will be secured to us, the Board
hope the Stockholders will appreciate the motives that induced them to
make the subscription.
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The Board take great pleasure in acknowledging the
liberal action of the City of Augusta in promoting the building of the
Road by subscribing largely to the enterprise, and consenting to
remove the most important obstacles to the free transit of freight
through the City by this Company.
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In view of the present uncertain condition of the
country, the Board think it best not to indulge, at this time, in any
speculation as to the future prospects of the Company.
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All of which is respectfully submitted.
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John Caldwell
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President
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