| From the Wilmington Journal |
| |
| November 26, 1863 |
| |
| President and Directors' Report |
| President's Office, W. & M. R. R. Co. |
| Wilmington, N. C., Nov. 25, 1863 |
| |
| To the Stockholders: |
| The President and Directors
submit for your consideration the Sixteenth Annual Report upon the
affairs of the Company for the fiscal year ending on the 30th
September last. |
| Accompanying this Report will
be found the usual Abstracts of Receipts and Expenditures, as also the
Tabular Statements setting forth the business of the Road in detail,
its character, amount, and the points to and from which it has been
done. |
| For information respecting
Roadway, Machinery, Water stations, Warehouses, and what pertains to
transportation, you are respectfully referred to the Report of the
Superintendent. |
| The Abstract of Receipts will
show the earnings of the Road for the year to have been as follows,
from their respective sources: |
| Through Travel |
$449,680.55 |
| Way Travel |
144,493.79 |
| Freight and minor sources |
503,792.51 |
| Mails |
30,598.45 |
| Total |
$1,128,656.30 |
|
| The Expenditures have been
$521,963.53 -- leaving a nett revenue of $606,601.77. The items of
these expenditures are exhibited under the several heads, in a
classified form, in the table set apart for that purpose. The
aggregate shows that the cost of operating has been about 46.25 per
cent. of the gross earnings. The per centum of cost to operate, though
in excess of what it was for the previous year, still falls short of
what is deemed an average cost of operating roads. |
| The nett receipts show an
earning upon the entire cost of the Road of 23.38 per cent. Upon the
Capital Stock of 52.90 per cent. But perhaps, to exhibit more truly
what has been the business of the Company in this respect, it would be
proper to deduct from the nett earnings the amount of interest which
has fallen due for the year, and the balance would show the per centum
of profit upon the whole investment. This done, it would be 20.59 per
cent. And upon the Capital Stock 46.60 per cent. |
| The Treasurer's Exhibit which
sets forth the fiscal condition of the Company as incident to the year
only -- differing in this respect from his current account which sets
forth the fiscal condition of the Company from the commencement of the
work -- will show that the entire amount which has passed into his
hands for the year, including the assets which he held at the close of
the fiscal year 1862, has been $1,745,082.41. How this amount has been
disposed of, the various items in his statement of the annual
expenditure will show. Among these will be found one for the sum of
one hundred thousand dollars invested by the Board in the stock of a
Steamship Company. The object of that Company was to run the Steamer
through the blockade with a view to the importation on freight of
those articles most needed by our people, and particularly by our
manufacturing and railroad interest. For it was stipulated at the time
of the subscription by this Company that it should be entitled to
import pro rata any merchandise which it might place at the
foreign port to and from which the Steamer should sail, the benefit of
that stipulation being also extended to other subscribers for the
stock who desired to import for manufacturing purposes. Unfortunately,
the vessel was captured on her first outward voyage, and we regret to
say our investment failed of its purpose and is a loss to this
Company. We believe that the motives which actuated the Board is
engaging in this enterprise will be fully appreciated and justified by
the stockholders. The rapid depreciation in the wear of rails, in the
locomotive machinery, and the insuperable difficulty in procuring the
materials necessary for conducting the repairs and sustaining the
continued operation of the Road, united in pressing upon the attention
of the Board the necessity of, at least, making some effort to remedy
the evils arising from these causes. |
| During the year there has been
an investment made on Company's account of some ninety thousand
dollars in cotton. This cotton is stored in sheds, erected for the
purpose, adjacent to the line of the Road. It is covered by insurance.
A portion of it has been shipped abroad, and these shipments will be
continued as opportunity offers. The purchase was made during the last
Spring, and its average cost per lb., with all expenses included, is
about 28 1/2 cents. |
| A sinking fund of $65,000 in
Bonds is set aside to meet our future wants, which, together with the
cotton on hand, which has become much enhanced by the rise in price of
that commodity, and the investment of a portion of the means in the
Treasury which it is contemplated to make, we hope will enable us to
meet the contingencies that may arise. The fund consists of
Confederate Bonds of the fifteen million loan, which have become much
appreciated in the market since they were set aside for this purpose. |
| The exhibit shows a large
amount to be due from the Government. This is as it stood at the close
of the fiscal year. Since that time two payments have been made, one
for $237,094.01, and another for $172,761.83, these together making
very nearly a full settlement of our accounts with the Government up
to the 1st Oct. last. |
| There has been charged to
construction account the sum of $24,772.94. Of this, however, the
greater portion has been devoted to the purchase of real estate, being
for the wharf (consisting of two lots) lying contiguous to the Depot
at Wilmington, which has much enlarged the depot space at that point
and has proved a valuable purchase for the Company. The remainder has
been appropriated to improvements along the line of the Road. |
| It was stated in the Report of
last year that the amount of unpaid interest at the close of that year
was $65,000. This sum has been increased this year by the amount of
$44,000, making the total amount due for coupons that have matured,
but not presented for payment, $109,000. |
| The Board has declared during
the year two dividends, one of 10 per cent. payable in November, 1862,
and another of 12 per cent. payable in May, 1863. Since the close of
the year a dividend of 25 per cent. has been declared, payable the 23d
Nov. instant, which, however, will be embraced in the accounts of the
current fiscal year. |
| The business done by the Road
has been largely in excess of that done any previous year. Much more
than double that of the year 1861, and approximating to double that of
the year 1862; and it would have been even greater than it has been,
but for the fever which prevailed the Fall before the last, causing an
almost entire cessation in our through passenger business and
confining our freighting traffic to the narrowest limits, thereby
greatly reducing receipts, it may be said, for about one-fourth the
year. This will appear upon an inspection of the table of receipts.
But the prospect for a still enlarged business for the ensuing year is
flattering. With the additional rolling stock which we have secured,
we trust that without some unforeseen occurrence preventing, we shall
be able to add considerably to the aggregate of this year. |
| The Superintendent in his
Report, has called our attention to the necessity of the Road for iron
rails to be laid down for renewal of track. As he has very justly
remarked, it will be necessary that the Government should furnish us
its aid to obtain these. The only two rolling mills in the South,
where these rails could be procured, have been so much engrossed in
manufacturing for the Governments various wants that the rail roads
have been entirely deprived of them as sources from which they could
derive their supplies of this kind. One of then has been wholly, or
very nearly so, occupied by the Government, to the exclusion of rail
roads, in the manufacture of gun-boat iron. Whether this is a wise
policy is yet to be tested, if past experience has not already done
so. The future, perhaps, will bring forth a clearer demonstration. All
will agree that the rail roads are absolutely essential to the
country. It will be for those who rule, to say whether their interests
shall be cherished, and they be preferred to some other interests, and
preserved, or whether they are to be disregarded and held only as
secondary and left to the chances of accident for their preservation.
And besides, it will be necessary that the Government should aid us in
another respect. We have suffered very much indeed for the past twelve
months in the want of men to do the actually necessary repairs upon
the rolling stock of the roads. The impulse for volunteering, which
seized nearly everyone at the opening of the war, deprived us of many
whose services were extremely valuable to us, and of the remainder
many were brought within the requirements of the Conscript Act. This
spirit to serve the country in its time of need was certainly a most
laudable one; but what we desire to say is, and in which we think the
whole country will concur, that in order to preserve its communication
the roads must be sustained, and to do this, it will be necessary that
a more liberal policy shall be pursued in the future in according to
them ample facilities for procuring the mechanics necessary for doing
their work. We are pleased to see that a livelier interest is
manifested of late in regard to this subject, which we trust may
result in affording to them that aid so imperatively demanded by their
present exigencies. |
| Thos. D. Walker |
| President |
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