| From the Augusta Constitutionalist |
| |
| May 11, 1864 |
| |
| Annual Meeting of the Stockholders of the
Georgia Railroad |
| Tuesday, May 10th, 1864 |
| 11 o'clock, A. M. |
| |
| The Annual Convention of the
Stockholders of the Georgia Railroad met at their Banking House in
this city at 11 o'clock this morning, and adjourned to the Masonic
Hall -- Judge John P. King presiding, and Messrs. Joseph Milligan and
John H. Jones, Secretaries. |
| In consequence of the small
attendance, the calling of the roll was dispensed with, and a
committee of three, viz.: Messrs. E. Starnes, Asbury Hull, and W. H.
Conyers, appointed to ascertain the number of Shares represented. The
Committee reported 7,091 Shares represented, and 14,598 Shares by
proxy, making a total of 21,689 Shares, and being a majority of the
Shares. |
| The President then read the
usual Reports of the Railroad officers, which were, on motion,
adopted. |
| The following are extracts
from the President's Annual Report, showing the receipts, resources,
and present condition of the Road, &c.: |
| The Directors have but little
to report to the Stockholders touching the business operations of the
Company for the last year, in addition to what will appear in the
Superintendent's Report, and the documents appended. It appears in
that Report that the Gross Earnings of the Road |
| have been |
|
$2,375,354.97 |
| and the Expenses |
|
$1,916,348.00 |
| Leaving net from Road operations |
|
$359,066.97 |
|
| The income from Banking, and
in other investments received through the Bank have been |
| Discount, Interest, Premium and Rent |
|
$273,290.98 |
| Dividends on Stocks |
|
328,301.50 |
| Gross Receipts through the Bank |
|
601,592.48 |
| Charged with Salaries, Incidental Expenses, and
Interest on Bonds |
|
131,892.24 |
| Net Income through the Bank |
|
$469,669.24 |
|
| The actual receipts and
disbursements of the Company for the past year may be stated thus |
| Receipts from Rail Road Earnings |
$2,154,284.52 |
|
| Receipts through Bank |
601,592.48 |
$2,755,877.00 |
| Charged with Rail Road Expenses |
1,962,738.75 |
|
| And Bank Expenses |
131,893.24 |
2,094,626.90 |
| Net Profits from actual Receipts |
|
661,251.01 |
| Add Reserve Fund |
|
1,516,218.23 |
| Net Profits and Reserve Fund 31st March last |
|
2,177,469.24 |
| From this a Dividend was declared in October
last of 10 per cent |
|
415,600.00 |
| Leaving Reserved Fund on 31st March |
|
$1,761,869.24 |
|
| The earnings of the Company,
compared with last year, may be stated thus |
| Gross Earnings from Road for 1863 & '4 |
$2,375,354.97 |
|
"
"
"
1862 & '3 |
1,120,313.10 |
| Increase of Gross Earnings of Road |
1,255,941.87 |
|
| Gross Earn'gs of Bank for 1863 '4 |
$601,592.48 |
|
|
"
"
"
1762 '3 |
435,191.53 |
166,400.95 |
| Total increase |
|
$1,424,421.82 |
| Net Profits of Road for 1863 '4 |
$359,006.97 |
|
|
"
"
"
1862 '3 |
659,476.91 |
|
| Decrease net profits 1863 '4 |
$291,460.94 |
|
| Net Earnings from Bank for 1863 '4 |
|
$469,699.24 |
|
"
"
"
1862 '3 |
|
302,592.18 |
| Increase for 1863 '4 |
|
$77,107.06 |
| Decrease from Road |
$291,469.94 |
|
| Increase from Bank |
77,107.06 |
|
| Total decrease net profits |
$214,362.88 |
|
|
| Thus it will be seen that with
increased gross earnings from all sources of $1,421,442.82, we
have a decreased net profit for the last year of $214,362.88!
This result is not at all surprising when we consider the low rates at
which Government business has been done, and its destructive character
to rolling stock, and that private rates have only been increased an
average of about 90 per cent, while every element of the cost of
working and maintaining the Road and stock has advanced an average of
3865 per cent, as will appear by a comparative statement of prices
appended to Superintendent's Report. |
| ***** |
| It will be perceived that the
usual half-yearly dividend was not declared in April last. The
Directors deemed it best, to reserve any disposable resources they may
have, to aid the Stockholders in paying the late Tax imposed by
Congress, when the amount of that Tax may be settled by the action of
Congress now in session. |
| It is believed that the last
Congress, under the peculiar circumstances by which it was surrounded
did not clearly understand the inequality and extent of the burthens
they imposed, by a literal interpretation of the act. |
| The Directors will here
observe, that they have not considered the Stock of the Company, as a
subject of taxation to any other, or greater extent, than that limited
by the Charter, to which the Company owes its existence. But they have
been unwilling to claim any exemptions, in the present condition of
the Country, and the pressing wants of the National Treasury. The
Stockholders are doubtless willing, without legal obligation,
to contribute their full share, to the public burthens. It will
scarcely be insisted that they are under any moral obligation
to do more. |
| In behalf of the Directors, |
| John P. King, Pres't. |
| It was then resolved that the
Convention proceed at once to the election of a President and sixteen
directors for the ensuing year. |
| Messrs. Geo. W. Evans, John
Davison and M. P. Stovall were appointed a committee to superintend
the election; which resulted as follows: |
| John P. King,
President |
| John Bones |
George W. Evans |
| James S. Hamilton |
William D. Conyers |
| Asbury Hull |
Elijah E. Jones |
| George T. Jackson |
Antoine Poullain |
| Richard Peters |
Benjamin H. Warren |
| Samuel Barnett |
Massillon P. Stovall |
| John Cunningham |
Edward R. Ware |
| Nathan L. Hutchins |
James W. Davies |
|
| The total number of votes
being 21,199 Shares. |
| The Convention then, on
motion, adjourned sine die. |
|