| From the Wilmington Journal |
| |
| February 12, 1863 |
| |
| South Carolina Railroad |
| The annual meeting of the
stockholders of the above road will be held on Tuesday next, the 10th
instant. The Charleston papers, of Monday, published the annual reports
of the officers, from which we make the following interesting abstract
from the report of the President and Directors of the operations of the
Company for the year ending on the 31st December, 1862, and of its
financial condition at that date: The earnings have been $1,840,214.03;
the operating expenses, $?78,984.70, leaving a balance of earnings of
$1,13. Against this sum there have been charged for interest, damages,
dividends, etc., $64?,379.58; leaving as net income for the year,
$528,849.75, which is largely in excess of any previous year, and an
increase of $589,923.83 over the receipts of 1861. The condition of the
rolling stock and machinery is referred to as being in a rather bad
state, from the excessive strain which they have been subjected to. The
bond debt of the Co. is now stated at $3,194,500. A comparison of it
with that at the same period last year will show an increase of
$465,666.83. This increase has been occasioned by an issue during the
past year of bonds to the extent of $450,000, for the purpose of paying
the subscription to the Augusta & Milledgeville Railroad, the obligation
of the Company to the City Council of Augusta, and of extinguishing the
bills payable and other floating liabilities of the Company. These bonds
have been arranged to fall due in annual succession, in such amounts as
will not be likely to interfere with the usual movement of the Company's
affairs. If from the debt as above stated the securities and other
assets usually applied to this object be deducted, the balance of
indebtedness will stand at $2,104,059.74; and in comparison with the
same period last year will show a reduction of $405,552.02. |
| South Carolinian, 4th inst. |
|