| Annual Report of the Central (of Georgia) RR |
| as of December 1, 1861 |
| President's Report |
| |
| Report of the President and Directors to
the Stockholders of the Central Rail Road and Banking Company of Geo. |
| Savannah, Dec. 5, 1861 |
| |
| The earnings of the Road, as shown
in the Superintendent's Report, for the year ending 30th
ultimo, have been |
|
$1,063,639.93 |
| The whole sum paid into Bank from
Road earnings during the year ending as above, has been |
|
$1,056,358.41 |
| Of that amount the sum
of $964,996,84 is on account of the earnings for the year
ending the same period, and the sum of $91,361.57, is on
account of the sum o9f $101,196.34, shown in last report as
due on prior account. |
|
| Thus it appears that the sum of
uncollected earnings is, on account the year just closed |
|
$98,643.09 |
| And on prior account |
|
9,834.97 |
|
Making |
|
$108,477.86 |
| The Government of the
Confederate States owes the sum of $42,793.28; the Government
of the United States $13,274.99, and the State of Georgia
$3,882.84, of the above uncollected. The several amounts so
due will be probably paid during the present month. |
|
| Whole amount paid into Bank from
earnings of Road, as stated above |
|
$1,056,358.41 |
| The ordinary expenses of Road have
been |
|
581,881.85 |
|
Leaving |
|
$474,476.56 |
| The sum received from Bank earnings
has been |
$120,657.99 |
|
| Paid Bank expenses, including
interest on Bonds |
18,812.96 |
|
|
Making net for Bank |
101,845.03 |
$101,845.03 |
| Total net receipts Road and Bank |
|
$576,321.59 |
| A dividend of 5 per cent. was
declared in June, and a like dividend on 3d inst., making |
|
466,680.00 |
|
Balance carried to Reserved
Fund in the year |
|
$109,641.59 |
|
| The Extraordinary Expenses of
Road during the year have been $60,150.27, which amount having been
deducted from the appropriation of $120,000 for Road, leaves as a
balance of that appropriation, $59,849.73, a sum more than sufficient
to complete all the work contemplated. |
| The operations of the Bank
have, during the past six months, been more extended than usual, in
consequence of aid which the Company has, with pleasure, given to the
Confederate and State Governments. |
|
In the item, "Stocks in other Companies,"
contained in the Cashier's Statement, there is included the sum of
$360,935.62, being the amount invested by the Company in Steam Ship
Operations. We have advices of the winding up of the Companies in
which the investments were made, and of the remittance to England, on
our account, of sums which, with the premium, we are likely to receive
on Sterling Bills, will more than cover the aforesaid sum of
$360,935.62. The realization of this large amount of money comes at an
opportune moment, and will much facilitate the operations of the
Banking Department.
|
| The Board avoids expressing
an opinion as to the future profits of the Road, but takes this
occasion to say that the expenses of the Company will, until the
revival of business, be still more reduced. There will be a general
and fair reduction of salaries of officers, beginning on the first
proximo. Tables Nos. 1, 2, 3, appended to the Report of the
Superintendent, will show in what lines of transportation the great
reduction in income, within the past six months, has occurred. The
Passenger traffic has been of late, very well sustained. |
| It has been the policy of the
Company to remove all the Cotton which was found collected in the city
to the interior, and to discourage the sending of Cotton down the
road. There remains very little if any of the staple in Savannah. |
|
Respectfully submitted
|
| By order of the Board of Directors |
| R. R. Cuyler |
| President |
|