| Annual Report of the South Western RR |
| as of August 1, 1863, |
| President's Report |
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| President's Report
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| South-Western Railroad Company
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| Macon, August 15, 1863 |
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To the Stockholders:
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The operations of the Road for the year ending with the
31st ultimo, are clearly and fully set forth in the accompanying
report of the Chief Engineer and Superintendent, Virgil Powers:
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| The net earnings of the Road amount to |
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$437,380.75 |
| From which there must be deducted what has been
paid for interest on Bonds and for annuity to the city of
Macon |
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21,081.97 |
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$416,298.78 |
| A dividend of 4 per cent. was declared in
February last |
$117,096.00 |
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| And a dividend of 8 per centum has been declared
this day |
255,592.00 |
$382,688.00 |
| Leaving a surplus of |
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$33,610.78 |
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The Board deems it proper to be prepared, on the first
day of January next, to pay the amount of tax imposed by the late act
of the Congress of the Confederate States. By the Charter of
the Company, it is provided, that no higher tax shall be paid than
one-half of one per centum on the annual income. That tax has been
imposed by the State of Georgia, and it has been regularly paid. It
seems clear to the Board, that the Congress of the Confederate States
has no power to impose any further tax upon the revenues of the
Company. But the tax act declares, that whenever a corporation does
not set apart, for the Government, ten per centum on the amount of
their dividends. Thus, in one form or the other, the Government is to
receive the tax. The Government will be benefited greatly by the
Company's paying the tax, and the stockholders cannot be injured by
that course. Considering the trouble of collecting from the
stockholders, the fact that some of them may be alien friends,
and thus escape taxation, and also, considerable loss might happen in
gathering the tax from so large a class of persons, the Board thinks
it best, whilst it protests against the authority of Congress to
impose the tax, to pay it promptly. By this course, the Board gives
evidence to the General Government, of a continued desire to do all in
its power to maintain the cause of our country.
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The completion of the Railroad, across the Chattahoochee,
into Eufaula, and the depot buildings at that place, has been delayed
by causes beyond the control of the contractor. There can be no doubt
that the whole can be finished before the first day of January next,
and within the estimate heretofore given by this Board. From the
balance-sheet, it appears that the cost of the Road and outfit,
including several negroes purchased for it, stands at this day, at the
sum of $3,538,211.94, whilst the amount received for capital paid in,
and from bonds issued, stands at $3,641,466. The difference between
the two amounts, $53,254.96, is more than sufficient to pay for all
work yet to be done.
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The items of $39,173.56, stock and bonds of other
companies, would probably command in currency, if the property was
sold, over $60,000. There is, however, no necessity, at this time, to
dispose of the property. It yields a fair annual interest. At a future
day, it might be sold and distributed, in the way of an increased
dividend.
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From the tables appended to the Engineer's Report it will
be seen, that but little of the cotton in the country, at the date of
the last annual report, has been transported over the Road. Our
revenue has been derived chiefly from the carriage of grain and of
passengers. The growing crop of corn in the South-west is promising,
and there is no reason, apparent to the Board, to apprehend a
diminution in our revenue in the coming fiscal year.
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The Road and its depot buildings and fixtures have been
recently inspected, personally, by a majority of the Directors,
accompanied by the
Superintendent and Chief Supervisor. It gives the Board great pleasure
to assure the stockholders, that everything was found in good order.
The Superintendent, Mr. Powers, and his subordinates, are entitled to
much credit for their untiring exertions.
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Respectfully submitted,
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R. R. Cuyler
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President
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