| 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. |
|