| From the Southern Recorder (Milledgeville, Ga.) |
| |
| October 22, 1861 |
| |
| From the Augusta Constitutionalist |
| Official Report of the President of the Milledgeville
Railroad |
| Office Milledgeville Railroad Co. |
| Augusta, Oct. 7th, 1861 |
| |
| To the Stockholders: |
| It is the duty of the Board to submit to
the Stockholders some account of the condition of the Company, and the
progress of the work during the past year. |
| Since the last annual meeting, changes in
the country, too well known to require explanation, very materially
affected the prospects of the enterprise, especially its early
completion, and its entire suspension became at one time, a subject of
serious discussion. As this policy, however, would have involved a
heavy loss in the work already done, and materials purchased, and also
damages on contracts made, which contractors would not relinquish
without indemnity, it was deemed best to make an effort to finish the
Road to Sparta with the means at command, and await a more auspicious
period and improved resources for the future prosecution of the work.
At that point, the Road will probably be a source of some profit, and
may be continued at any time, when the affairs of the Company will
justify. |
| The Board was fully aware of the
difficulties to be encountered in making even this partial effort,
but, under the circumstances, the obligation to make it was almost
imperative. |
| A call of thirty-five per cent. had
already been made upon the Stockholders, and it was calculated, that
by the full payment of that assessment, the sale of surplus iron, and
some small assistance from the Georgia Railroad & Banking Company,
this first division of the Road might be completed. Many of the
Stockholders have paid the full assessment, and many others have
promised payment on or before the 1st of January, whilst others have
paid less, and some have paid more, some have paid nothing. It is
hoped, however, that most of the Stockholders from whom payments were
expected, may be able and willing by the first of January next, to pay
up the assessment made upon them. |
| By reference to the estimate of the
Engineer, and to the exhibit of the Treasurer, some idea may be formed
of the means for completing the road to Sparta, and the time within
which that portion of the work may be accomplished. By reference to
these documents, we have the following basis of estimates. |
| The original estimate of the work to
Sparta, with depots, outfit, &c., was four hundred and twenty five
thousand dollars. It will be seen by the statement of the Treasurer,
that he has received, independent of the receipts of Mr. Turner, the
sum of $258,808.50, and has disbursed for road construction,
independent also of Mr. Turner's disbursements, the sum of
$299,404.73. |
| The account may then be stated thus: |
| Original estimate to Sparta, with depots,
outfit, &c. |
|
$425,000.00 |
| Received by Treasurer |
$258,808.50 |
|
| Received by Mr. Turner |
24,335.50 |
283,144.00 |
| Balance to be provided for |
|
$141,856.00 |
| This the Board hope to
provide for with the following means: |
| Disbursements by Mr. Turner |
$24,355.50 |
|
| Sale of 2,760 tons of iron in bond, at $36.50 |
88,550.00 |
$112,905.50 |
| Deficit to be provided for |
|
$26,951.50 |
|
| This amount the Directors hope to provide
for by further payments by the Stockholders (who have not paid the
full assessment of 35 per cent.) in time to answer the purposes of the
company. It will be perceived that the disbursements by the Treasurer
exceeds the receipts by $40,596.23. This sum has been raised by
temporary credits based on the assets of the company, and it will be
perceived that provision is made for it in the estimate above stated.
It was deemed best not to allow the work to flag for want of ready
cash means. |
| It is proper here to remark that in the
receipts acknowledged from Stockholders, some of them have paid more
than the assessment -- the Georgia Railroad and Banking Company have
paid 62 per cent. It is believed, however, that there will be no
difficulty in retaining the use of these overpayments, until assets
can be converted and future collections made from other Stockholders,
by which the Stockholders may be placed upon an equal footing,
satisfactory to all. |
| When the work was commenced, the means of
the company were deemed to be ample, and the President thought it
prudent to avail himself of the low price of iron to purchase a
quantity sufficient to reach Milledgeville. Had no change taken place,
all would have been well, but independent of our necessities it would
be bad economy in the present state of uncertainty, retain the surplus
iron, with a loss of interest, until the changed condition of the
country may enable us to go on with the work. Hence it is proposed to
make this surplus available for present purposes, and from contracts
and arrangements already made, the directors believe there will be no
difficulty in so doing. The road finished to Sparta will answer many
valuable purposes. |
| First. It will be so much of the main
enterprise completed. |
| Second. It is hoped that it will be a
source of some profit to the stockholders. |
| Third. It will serve a valuable purpose to
many of the stockholders; and to all it is important as a completion
of an important part of the main enterprise, which the Board, by
resolution, are bound to continue, whenever the means of the company
shall be sufficient for that purpose. |
| A very wet season has materially
interfered with the progress of the grading, but the track laying has
already commenced and it is hoped will not be materially retarded by
unfinished work, and will, in the opinion of the engineers, be
completed to Sparta in the spring, or early in the summer. |
| Respectfully submitted in behalf of the
Board, by |
| John P. King, Pres. |
|