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{From the minutes of the
Directors' Meeting of the Richmond, Fredericksburg & Potomac RR,
October 27, 1863} |
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| The proceedings of the last two meetings
having been read & approved, the President reported to the Board,
that under the authority and instruction of the Resolutions adopted
by the Board at its last meeting, he had prepared to make the purchase
of the Confederate States Cotton Bonds referred to in those
resolutions; but having ascertained, before he had completed his
arrangements, for that purchase, that there was not then reason to
expect any advance in the price, as he had apprehended there might be,
he had availed himself of the opportunity to procure all the
additional information obtainable, which could affect the question of
the relative expediency of procuring the cotton needed by the company
to meet its obligations to Messrs Joyce & Co of London, by its
direct purchase or through the purchase of the Cotton bonds. |
| This information he had sought not only
from the various officers of the Government, and other experienced and
well informed gentlemen here, and by correspondence with such persons
in the Cotton States, but by sending into the States of North &
South Carolina the Assistant Treasurer & Auditor of the Company Mr
J B Gentry, with instructions to collect there and report all the
information he could obtain on this subject. The result of these
investigations the President then reported to the Board, at the same
time also submitting to the Board, a written offer from a gentleman of
the State of 179 bales of Cotton at 5.5 cts per lb with a specific
description of its locality, quality & condition and of his title
to it; and having thus afforded the Board an opportunity of
reconsidering and if they desired it, of modifying or rescinding their
action on this subject had at the last meeting, he asked their
judgment on the whole subject, as to which much reflection had failed
to relieve his own mind of much perplexity and doubt. |
| After further discussion and deliberation
on the subject, the Board declined accepting the offer made them,
preferring to adhere to their action on the subject at their last
meeting. |
| The President further reported to the
Board, that through the assistance of the Secretary of War, and the
Agency of Mr Gentry in North Carolina, he had shipped to Messrs
Gilleat & Company of London, to be sold for acct of this Company,
and the Va Central & Seaboard & Roanoke RR Companies then
bales of Cotton, as a means of providing the means of paying, when it
fell due, the interest accruing on the obligations of this & those
companies to Messrs Joyce & Co of London for railroad supplies. He
also stated, that it having been formed, contrary to his previous
expectations and that of the Secretary of War, that this Cotton could
not be shipped in Government vessels, and only as a part of the
Government freight on private ships, for which the Government paid in
Cotton as tolls one bale of Cotton for every bale shipped & must
therefore require these Companies to pay the like tolls (which was
only about half the rate of tolls paid by private shippers) it had
thus become necessary to purchase for this purpose twenty instead of
twelve bales of Cotton at 75 cts pr lb; the lowest price at which it
could be procured accessible at this time to a shipping port. |
| He also reported to the Board that for the
purpose of remitting to Messrs Jno K Gilleat & Co of London the
interest, which will be due on the first day of January next on their
advances of the overdue interest on this Company's Sterling bonds due
in England, he had after failing in his efforts in this city &
Petersburg continued for ten days, to procure a sterling bill of
exchange (for which over 1800 pr ct had been demanded & paid in
this city) procured through a friend as a personal accommodation a
Bill on Paris at 1400 pr ct which was equally available & remitted
the same to Messrs Gilleat. |
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