NP, MT 8/12A/1861

From the Macon (Ga.) Telegraph
 
August 12, 1861
 
South Western Rail Road
   The annual report of the President of this company to the Stockholders shows the earnings of this Road, for the fiscal year ending 1st August, to be:
From Freight $373,064.61 -- Passengers 205,159.23 -- Mails, &c., $20,342.69 -- Miscellaneous $1,350 599,916.53
Expenses -- Current, 312,853.01 -- Permanent 319,453.01
     Net income 280,463.52
   The decrease in total earnings of the Road owing to the disturbed state of the times has been 76,979.34, and out of abundant caution for the future the directors for the first time in the history of this property have declared a semi-annual dividend of three per cent. They have heretofore never failed to divide four per cent. and last year they declared two dividends of four per cent. and an extra dividend of five. 
   The views of the company in regard to the future are expressed in the following extracts from the report of the President, Mr. Cuyler:
   The existing blockade has cut off entirely the transportation of goods, one of the main sources hitherto of our profits. It is the policy of our government, as long as the blockade continues, to discourage the movement of cotton to the sea-ports. For some time, then, we shall make nothing by the carriage of the present cotton crop. The planters generally, will make abundance of grain, and we shall have but little more of breadstuffs to carry. We cannot, reasonably hope for a revival of business before the end of the year. By that time the necessities of the European world -- the success of our arms and the greatly increased burthens upon the people of the United States will, it is believed, produce a great change, for the better, in our condition. In the mean time, our stockholders will suffer in common with the rest of the people, but they will bear, patiently, burthens necessarily imposed upon them as the price of establishing our independence. Considering the malignant hatred of the North toward the South, their mortification at defeat on the field of battle, and their well grounded fear that their section will be overshadowed by the Southern Confederacy, peace is not to be expected at an early period. The determination of the North to pursue and subjugate the South will continue until sufficient time shall have elapsed to convince the world that the South cannot be conquered. That we shall be able to carry this conviction to the people of the North -- no matter what may be the cost of blood and treasure -- cannot be doubted for a moment.
   But although the blessings of peace and amity with all nations may be postponed, we believe that the Government of the United States will be compelled to abandon the blockade before the first day of January next. That government will find it more difficult to carry on their war of invasion, then the Confederate States will find it to maintain their position, and when their people shall see, as they surely will, notwithstanding their present blindness, that the vast appropriations of money and insatiable calls for "grant armies" of men by their despotic rulers, are likely only to impose upon them and their children for generations to come, and immense public debt and consequent heavy taxation, the small voice which has already been heard in their Congress for peace will swell into a loud demand that the Confederate States shall be acknowledged to be a free, sovereign, and independent nation.
   All the Banks -- all the Rail Road Companies -- all the men -- all the women -- and even the children within the Confederate States, (save the disgraced few in Western Virginia and Eastern Tennessee) have already given, and daily give, the most indubitable proofs of firm resolve to support and aid our government with their money and their lives. To such a host putting their shoulders to the wheel, and humbly supplicating the Almighty Ruler of events for help, there never can come disgrace or defeat.
   The confidence of the Board in the value of our Rail Road is unimpaired. Although dividends may, for a while, be suspended, it is certain that our business, when the tide of affairs shall turn, will yield larger profits than any we have hitherto made.
   A general retrenchment in salaries has been ordered to meet the exigencies of the times. The Road has now in operation 206 1/2 miles, and is completed, with the exception of the Chattahoochee Bridge, opposite Eufaula, the construction of which has been delayed by unexpected natural difficulties.
   This magnificent Road, as soon as peace returns, next to the Central, will be the most valuable Railway property in Georgia, and continue to increase in value, from year to year, as it develops the productive resources of the great cotton region it permeates. It is in splendid order, and has always been under the efficient and prudent direction. R. R. Cuyler, Esq., President, Virgil Powers, General Superintendent and Engineer.

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