"The total amount of receipts from the business of the road, for 3 months prior to January 1, 1840, was, For transportation of passengers, 3 months, $13,472 94 The amount of capital paid in, is the proceeds of 6 assessments of $150,000 each, laid upon the stock, amounting in the whole to And there had been collected upon these on $900,000 "This small deficiency is constantly diminishing by means of collections. And the treasurer anticipates but a very small eventual loss upon all the assessments, including notes secured by a pledge of stock. And it is believed that a contingent fund on hand, will cover a considerable part of it. "The act of the Legislature of 1838, authorized the loan to the corporation, of the scrip of the State, having 30 years to run, for the sum of $2,100,000, on the condition of the collection of certain proportions of 6 assessments upon the stockholders. The whole of these assessments was $900,000, and there had been collected thereon, on the 1st of January last, as before stated, the sum of $893,915, being a much larger amount than was required by the act. A small portion of the 4 last assessments was in notes, secured by sureties or a pledge of stock. "The act further required, that the corporation should execute to the Commonwealth, a bond, to apply the proceeds to the construction of the road, and to pay the principal and interest of the scrip as it should fall due; and should mortgage the whole road, and all the franchise and property belonging to the corporation, to secure the performance of the conditions of the bond. This requisition has been complied with, the bond and mortgage were given, and the interest on the scrip has been punctually paid by the corporation. "Another provision of the act required, that the premium or profits on the sales of the scrip should be paid to the Treasurer of the Commonwealth, and, that to this should be added annually, after the road should be opened for use, a sum equal to one per cent. on the amount of the scrip, from the income of the road; and that the whole should by the Treasurer be placed at interest, and the same, with the interest annually accruing thereon, should constitute a Sinking Fund for the future purchase or final redemption of said scrip. The premium or profits on the sales of scrip heretofore, so far as the accounts of sales have been received, have been duly paid over to the Treasurer of the Commonwealth, as will hereafter appear. And the whole is now under the care of the Commissioners of the sinking fund, as provided in an act of the last Legislature. "The act of March 23, 1839, authorized a further issue of scrip, upon terms similar to those of the first act, for such a sum as might be necessary to enable the corporation to complete their road, not however exceeding $1,200,000. Of this sum, the issuing of $400,000 is on condition that the corporation previously collect the sum of $75,000 upon a 7th assessment upon the private stockholders, and another $400,000 is upon condition of a similar collection upon the 8th assessment. "The act further provides, that the Commonwealth may, at any time after its passage, purchase the road, and all the property of the corporation, by paying therefor the cost, and 7 per cent. interest. "This act has been assented to by the stockholders at a legal meeting; and the bond and mortgage thereby required have been filed with the Treasurer. The whole of the scrip authorized by the act of 1838, has been received by the corporation, being, And also the 1st instalment under the act of 1839, $2,100,000 Of the former, there had been sold in England, at the date And the Treasurer of the corporation has drawn upon the agents, against the balance of scrip unsold, and in anticipation of farther sales, Making total amount drawn for, 655,114 52 $1,883,114 52 "The scrip disposed of has been sold at an advance or profit above the par value, averaging 31 per cent. and it has always commanded a much higher price than any similar American scrip. Sinking Fund. The profits arising from the sale of the scrip above mentioned as already sold, being $1,228,000, result, 1. from the premium for which the same has been sold above the par value, and 2. from the premium on the exchange drawn for the same, and they amount to the sum of $137,605 30 These profits are regularly paid over to the com missioners of the sinking fund, as fast as the accounts of sales are received from the agents; Brought up, $137,605 30 and, occasionally, transfers are made to that fund in anticipation of those accounts. The amount so paid over from time to time, was, on the 1st of Jan. $115,528 29. And about $22,000 more will be paid over during the month of February. To the above sum is to be added the premium on the exchange heretofore drawn against the scrip unsold, as before stated, viz. $655,114 52, which is And which makes the amount in hand to accrue to the fund from profits on $1,228,000 sold above par, and the premium on exchange already drawn on $1,883,114 50 This is exclusive of any advance on the future sales of the scrip to meet the $655,114 52 drawn against it. But as the whole scrip has been sold at an average premium of 3 per cent. it is safe to say that the amount of scrip will, on sale, yield an advance of one per cent. net, say Total profits on $1,883,114 52 of scrip, or a little over 11 per cent. 64,251 25 201,856 55 6,551 14 $208,407 69 "If it shall be found necessary to use the whole of the $1,200,000 of the scrip authorized by the act of 1839, in order to complete the road west of Connecticut river, there will remain unsold and undrawn for Jan. 1, 1840, the whole of that amount, Add the balance of that issued under the act of 1838, Total as the basis of further profits here $1,200,000 216,885 48 |