The means of payment are as follows: Nett income per annum for the next five years commencing Oct. 1st, 1865, $265,000 x 5,

The interest at six per cent. on $1,095,000, $65,700, $328,500, leaving balance due of $198,500 at the end of five years. But let the payments run over ten years instead of five, and we can pay a dividend of eight per cent. to the stockholders after setting aside a sinking fund that will surely pay the debt in ten years.

The amount of an eight per cent. dividend will be $116,000. The ability to pay a dividend, of course, depends upon the nett income, setting aside for the payment of interest and principal a sum that shall not be diminished-say $140,000, which in ten years would give $1,400,000, besides interest which would be quite sufficient to pay off all the indebtedness of the Company. This will leave more than an eight per cent. dividend to be paid to the stockholders.

There can be but little doubt that the next ten years will be a period of unusual prosperity so far at least as the railways of the Company are concerned.

From the opening of the road this fall we may expect our usual business-the crops were never better, as a whole-in fact, with the exception of some thirty miles about and south of Goldsborough, along the line of the road, the crops are very good.

This insures us our usual local business, and by October 1st, 1865, the connections will have been made to New York, and New Orleans, which will give us a heavy through travel and trade. We cannot then be far wrong in estimating the nett income for the next ten years at $265,000 per year. I

have but little doubt it will exceed $300,000 before the end of ten years-and it may fall short of $250,000, for the first year, yet the average will exceed rather than fall short of $265,000 per year.

I have made a careful examination of the receipts and expenditures since the commencement of this work, from which a certain law of increase per annum has been determined. From this calculated increase of business from increase of population, and the consequent increase of transportation of persons and things, I have based my estimate of the average nett income for the next ten years. From which follows the time required to pay off the debt, amount of dividend, &c.

With a road of 180 miles of main track, including Tarboro' Branch, worth when in good working order and well equipped, $3,600,000 or $20,000 per mile in specie, and which can be put in such order for the sum of $600,000 in specie, leaving us now with a property of $3,000,000, represented by a capital stock of less than $1,500,000, and a debt of $730,000, the whole debt and stock not exceeding $2,200,000, will show to every stockholder that his stock to-day is worth intrinsi cally its par value.

Let each stockholder look into this matter for himself, and not sacrifice his interest in the road upon false reports. The other great line for through travel from Richmond by Danville and Greensboro' need not cause us any uneasiness. Let this line be put in good order, and it will, from its better location, command a larger portion of all the travel.

The distances do not differ three miles from each other, and with as good a line as this across the "Atlantic plain," we need not have fears for our road.

Respectfully submitted,

8. L. FREMONT, Eng. and Sup't.

Statement of_the_liabilities of the Wilmington & Weldon Rail Road Company on the 1st of Aug., 1865.

The following exhibits the condition of the com

pany on the 1st of August, 1865:

Liabilities as per foregoing statement,
Capital stock paid in,

Profit and Loss account,

1,104,264 44

1,463,775 211

2,445,413 02

$5,013,452 67

Cost of Railroad and equipment,

$3,048,577 04

29 Shares of Company's stock purchased, &c.,

3,850 00

100

DOCUMENT NO. 1.

X

[Session

COL. S. L. FREMONT,

Eng and Sup't W. and W. R. R. Co. :

DEAR SIR-The foregoing statement is an extract from a report made to the Directors by a committee appointed by them to audit the accounts of the Company from the 1st of October, 1864, to the 1st of August, 1865.

In the statement of liabilities the accrued interest on the Company's Bonds is not included. This will amount to about $150,000. None of the item due to agents, $179,137 04, will have to be paid, as the sales of tickets and collections in their hands, which had not been charged to them, will balance this amount. Exclusive of the Bonds payable in England $587,555 56, and the accrued interest on the same, $150,000, I think $75,000 in currency will discharge the whole of the Company's liabilities, as there is but little of the debt but what was contracted within the last two years.

I estimate the assets to be worth about $25,000. I value nothing but the cotton that was saved from destruction, and some small individual obligations.

Very respectfully your obedient servant,

J. W. THOMPSON, Treas.

Wilmington, N. C., Sept. 16, 1865.

OFFICE ATLANTIC & N. C. RAIL ROAD Co.,
Raleigh, N. C., Sept. 12, 1865.

JONATHAN WORTH,

Public Treasurer of North Carolina:

DEAR SIR:-The capital stock of the Atlantic & North Carolina Rail Road Company is $1,600,000, of which amount the State owns two-thirds.

The cost of construction and equipment of the road was

1965.]

DOCUMENT No. 1.

17

UNIV. OF CAL

101

$2,032,445.45. The company is indebted to the State a balance of principal and interest due on mortgage debt, which was, as reported by the Treasurer on the 31st May last, $178,456.59, and it is otherwise indebted about an amount not exceeding $100,000.

The road, together with quite all the rolling stock left is still in the possession of the Military Authorities, and, is being used by them now mainly to transport citizens and to carry private freight, to the great damage and embarrassment of our company, and I cannot, therefore, satisfactorily reply further or more particularly to your inquiries contained in the circular letter of June 23d last.

I am very respectfully yours, &c.,

OFFICE OF ALBEMARLE & CHESAPEAKE CANAL Co.,
Norfolk, Va., Sept. 12, 1865.

HON. JONATHAN WORTH, Treasurer, N. C.

SIR-I have the honor to acknowledge the receipt of your circular of 23d June, postmarked Petersburg, 29th July: owing to the want of proper mail facilities, it has but just come to hand. In answer to your several enquiries, I have the honor to reply, as follows:

1st. “What amount of stock the State holds in your Company?"

The State holds 3,500 shares, or $350,000 of the capital stock of this Company.

2d. "What is the amount of your innebtedness, distinguishing what you owe the State from what you owe others? When such debts fall due or will fall due?"

Our indebtedness is as follows: