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44 .J ri.._.... ... ... ....- - - I)DE VOTED TO SOUTHERN RCIGHTS, DEMOCRACY, N EWS, LITERATURE, SCIENCE AND THE ARTS w~~~~~a,~~~1 'p.l un P-1r.ieo.n5Tm --w ur e 1~ in Advance. V .V T IV. C., AROH 2 N U wien WIL... : -MAN. R- It- ' o. 31arioin C. 11., Jan. 29, 135-3. TO ite Stodkhho)<!ers of, Mhe I IVinmingtoni . una'1anch ester Reail Rowd ondpany. SDirectors heg leave to submit their Fourth Aimal Rlport upon the coni dition Zf your C.-inpainy, the progress if the work, and the prospects before you. For tle finanicial condtion of the Cmipaiy's alities, you are rfolerred I'o the Reiport of the Treasurer, here. with shumittel, which sliews the ex penditiures on account of the work, to the first iistant, to aniounint to *397,800 42. This sum inie~ud.2s ill pay meints male for excavatitini a1d (mbaIkieits, lbrid.es and trestle work, as well as palvmenti for Iron, muachjinery, suip ersltructure, and all other expenses. The am mot colecei as reported unon the caital stock ot the Coimipa nyv, inehrlin contracts not yet com. pleted anii not credited to Cent ra' tort. I7s1,35a 7i Ofithim ru~m the collection-s have beenl 41n the "Iub. F-criptin (If [Ile Rtatte #if S-outh Carolina ini 8-rth Carolinam itai Roadi SIoCiE IL par vahie .15mJOj3 in subm-ription o~f State of. North Cnrolina in WVit. 11 inspOn 4V ialigh it6il Itoad dioek tit par SubWhrip Iions of the Towin (if W ilmilm i n.a i -onds of the Cwzpora. . ; ioned llim ,0 rei3 timeo oaei anaving uimanint en!!0t c- e onuprivat: maw t.h cr with vriptins of ca lp ital stmwk of 912r1.15r 76 SOr thle Stocks and Pponds above ingoiied all now are iti the poses mor the Company, except -50'000 thle South Carol-,ina Rail Road 1 .ek, which waA'6ld durin-tIm last srmi , aidl ill mleetmgi thle pay halving been contracted fr 'with Messrs. Crutwell. Allies & Co. All of this iron has been receivel, excelit from one to two Iiudreil tons, nd advices hIave been received thit the remainder is oi its way to Charleston. By the aid of a loan from the Bank of the Stato of Souith Carolina, made upon the ledge of one South Carolina Rail IRoad Stock, together with the proceeds of the sales of the Company's mortg.ige Bonds, payments have been regular ly met as this iron has arrived. The Campany now own $100,000 of this Stock at its par valne, and above have received upon that sim + the last two semi-anntual lividenls 0declaredl by the South Carolina Rail Road Company. By the sales of the $50,000 above mentioned, which was made at $108, and its dividends on the rest, ihe Company's note in Bank has been reduced to $30,000, and will be met whment required. You will perceive by the Treasur ers's report a loss on the sale of the South Carolina Rail Road Stock ot $6,537 50. This has been held by the Company, and the reason it has n rot been sooner dhisposed of is, that it was regarded the better policy to S hold the Stock yielding, a diabilend equal to the interest on $100,000 of our Bonds in lieu of sellinig off this~ + Stock at a sacrifice, wvhen the funds iour hands from the sale of Bonds were not otherwise imperatively Nord is it now deemed the policy ol thNorpn to throw this stock up. ain the market at present, or until exigences require it as the inmcreased receipts of the South Carolina Hail Road Company, and the uniform divi. dends pafid by it, are .such with its prospects of further iucrease of busi ness for many years to come, as to justify the belief in a reasonable mind that thu stock must increase ini vahue, and will hold a better price even after the Exhibit of its affairs by the present administration is laid before the public. As was'ainticipated in our last re. p rt, the Corporate authorities of the .ITown of Wilnington, in April last issued their Rands pursuant to theb -subiscripition made under thme authori tv of time Legislature of North Care hina, for One hundred thousand del lairs bearing 0 per cent. interest, worm necepted by the compaay ace .rdin; to the terms of thu agreement mad< with curtain citizens of Wilmington in .January 1850, atnd confirmed b' the Stockhohilers at their meetings a Snmtcrville, in the samne month. O) ne Wtalhi ainersr b the Tet'a urer's Re.'pnrt "75,500 were solk dti6 tho 1st inst.. by Messrs-. DVeRIuist I & r11'own, who Were appointed by the I B .ard of Directors, Agents to inake I the sales. These sales were all at par vale, and1 it is believed that if arrang'ements are iot already con- I st)ma ted, they son;. will be, to dis- S pose of the remaining 2':21,500 oni the Same tr111s. The proceeds1 of the~se bonlis were e specially appropriated by the ieet ing of Stockholders in Jan uarV last, for tile purcllase of ir)n to be deliver- S Vd il Wilmington. A c'n tract for 3000 tons of iron rails wvas nide in A pril last with the Ellbervale Com paniy to be deilivered- in Wihniing!(on duing' the th of *November lat, h al the pres-ut month. The o - traet is herewith suhitted for your p exaniinaton. 1 d The ir-on has not yet ac-tived"; butb Mr. Fleming, the Uesidenit Enineer, I has received alvices that 723 t.ns are on the way and a portian lviii 7 reach i W:Iniington by the 1s:t proxi. a m1, as You will e by his report, Y heiewith siubmtllit ted. This :000 tons of irOn, as well am that emTraeted for wilh Mesrs. I M ily, Brot hers &. Ca.. (74-00 loll'; an1 all that is reu(lire 161o our.2 entilr 1 1 Mad) to he noticed 1)2C(inwnv, the O Riard have determidnod to Qo i the Csitoml ILouses at Ch:rl:'ston, md p Wvi'l ingt.on, and pay the0 duitieswi shoulil noIt StICCLeed in an al Sication e to Con;:ress, i' w pending, to g:ant it ant extension of titme to them upon n the dhaies, aml receive tihe I avilent s; themrefin maid service, (.an arrange- a ient nade with the Wilming on : Raleigh Rail R),dCom ,a few tv years since.) It is hopeui, hoever, I this latter arrangenent may bie a-et. a ed in. Cong -ress, iftt itso, oirnC~ol4 . nwar m1000,uieb .the: cam ap- a pr1opriate to tle m o re speedy c;miL'- J G'i1n of the Ro-ad.d At an adj-in- m owthe Comiln'my hll1, here in Mar-ch last, di.sAretion was ivenl to thle Us.)n-d Xf Directors to an.ept or rtjOet tihe silb scritiol of - :100,000 on tt,' iart of* the State of No th Cari l 1ina, ten- i' dered by the Legislature in Jauttary at. This sutcritill yon are U aware1wa provile I to ie paid int the . Stoicc of tie W ilminLgton & lIaleigh t R. I. Comp'y, owneid l the, Ste . at its par value. The jbard de- ti ferred a decishin in this suljet till i October last. whent upo ascet-aiining p fromi the increasedl receilpts of' the at Com1ipany adI a steadily ilcreasin'g busiLess, with a large reduction it its o expelles, cn'sequitent lpol lviing tlt new ami heavy rails in place of the flat bars renoved tha t the a Company would n.ot only conolneice paying dividenids, but ho.1l every U prospect ofcontinuing, t-, play larzvr ones in future, anl thus enhance the 1 value of their N:ek to near if in A quite to par value in no great timeW, deemeIId it to the in.terecst of this CJoimpainy to acce pt tat subiti i on s as heyhaddone that ca the par t ot athey tae ofi SthIl Cair'lina Raili Road Stuck. 'The differeneco in th2ei re'spective mtarket value of the two Soks wa eysala h cierd< Road Co-upanmy at the timle it wasi authlorised to be subscribedl beiuig at the time it was atuthoriused to be sub sc'ribed, beinig at 02 form S100u paid ini, an~d that ot thte Wihningtont & RaleighI Ha il R1oad Comny 1 beingI about (GO, at, the time of its tit. ceptan~ce.-T'o this siom it hadi' rap idily risen friom a very low figurec in jI theo course of a few year's, and1 the B~oard now See 1o. reason why it i should not rise in proporition to the< Stock of' the Southi Caiolina flail Road Coampainy, as thme respective dIebts of' the two Comnpanies, itn pro por'tion to tihe cost of' the Roads, aren not such as to crente much dilhfeeeI inl the value of' thaeir' Stock. Cer tilicates for' two thousand shares of theu Stock of' this Compa~ny were consequenttly issued to the State of North Carolina in exchange f'or two thousandI shares owned by them mn the Wilmington & Ridoigha Rail Rload Company. 'fThe Priesident attended tho mieetinig of' the Stoek holders of that Company, in persam, mi Novenmler last, whien the dlividends1 on the Stock owned by us were reccived andi deposited in Bank to the~ Company's credit. Tfhe Rep~ort of' thn .Pis'tfhmt nml 1)ieeoma., Ihe wig the business, Conditon and WospCcts of that Cumpay, and the iroceedings of that iceting, are irewith submitted for your coI. ideration. This subscription adiled to that cretofore reported, will inci ease tie ubscription of the capital ;,-)ck to 1ithi a1 friactioll oif $1,200,000. In let, it is not certainl- uhel all ti.. ouitracts to be paid for and credited, ot fIo mally subseribcd on the liks of the Coniipa.y , that the sub eription of the Stock is itt Ally $1,200,000. In pin -siac lee of alithority givenl y tlie adjurned meeting of Stuck oblers, iCId n Wiililmngtoin ill A pril ist, and urier the directions of tie 'ard of Directors, the Preside nt r(o4cIe to the city of New York uring the month foi the pur1pose of suing and negotiatilg the liiirtgaige )nls of the Culpalnv to the (!.tent I' $600,000, bearing inte;est at per Cent, pa-yable semi-anngual v tid redecinlable inl tenl to 1%inentv ears, as inight be deeaidil miost aI. Tf'wo mnihe'r rs of tlhe Board of )irecMts, lessrs. Nutt and Gregg, t his rt'inest, int him there fo'i the I rposse o lecidiig llpon the bist ma-:is of preseliting tile E 'inds IIf the 'oinu;aiiY tu the piblic. and to :p rjIt -1 1 folr the pirpose rf In. )tiati their sale. Upon a fu*1l1 is%:usSKIon antd considcration ,-T the 1)hjtct wlith ')IeFsse~s. Wnlw a ier &k Co., ]hmlkers of' thalt ty Im~ln they.\ appoinited a-zents; F,1r tile S&e., it waI demild the m v ~'.isable ile.' to issue mora md s f or GO00,000, redeemblenl) (n ' 1st day of' Jun, 180;, h'earin per cent interest, payable in Jinw. mi I mhe(r f each year, at the aam' Bank of New York, III *iampaiv it the 41ltion01 of the hilers, San v tim11 previius to tie first of '111, 1S1,5. The. manll-r sm111 Nwas sedduponI ill Contemplation ofthe roble10 aceeptarce of the Sill). -ripti mI of the State (f North Car lna, 1 f Id 0,00; al nIlider tihe, hli hat as no pilt of the 1i0 .:i as- thenl l - rf inl 4perati. n1, h1 muin-, ita irzer amm'oiit on the lortglage of, the Road, teir vaI i lI I)ub"l be ( dim11inIIish I- , a ,:n I Ithe' 'o14Inan wvol( be forcedI to s;u1oit6 i a reater sacrifice t):11m to issIk 200.000 on I secnl iortg, a.ge Iii i Jloa.1, it necesary, whli it waI, ior% nearly coml1t1, anI l h-ge e' enilites 11na1. , W wic w 11- give. 1-1ition:1 secturity and- c*nid nc t, ie pmrehlaner. The :t.1 liti.,na:l litem I interest, taso, was; not OVerloik ed t com01in to the C mhoii m. TIIC -ere ieemu-aPd in this conclusion, , ilisiich. as the exerience If therl imjpilrtalt elitel plises had dt Ons ratedl that their s(econdmort :-.;e I - s, isSued alier a Lo-r i: rion, hai -genrally, i, it I i ersa v, Ila d a n t igher mllalkt, pric3e than the 11nds ibl for, securled by the first nort iuterest at l er' cent, p.aale tas ii securet the paymen~it ofj ubith a nortao of20C tilt whle I10:i1, ti eiither!; withi itIsI C prtperty adh eil;el, ;infoniri, Ti us-tee', which'f has lbeen liuiv recordeud inl the respiective joiintie.s and Diistricts in te two tates5 tralversed' hv ourl line of liad A contrlac:t was unie w ~ith Ii i e-sr A'iisw, Lani'r & Co., whieb is e rewiith sub~itLted fori your con deral'tjin, anmi thle Bondiis actomi anlied byv a fuill Fxhibiit of' tihe coni iimion ani prtospiects ofi the (Coihany vt're left iln thir~ hanilds to be nie zi iat ed. WYith the sales made of' these Bondis andi the prce whuichi they >roughit, you arie famuiiliar, as thecy verie repo~lrtedi ini the press ofii he *outrty . Theiy wereC such as few of' 1s at our List meeting had ani icipiateid, andlt it is believedl will heartl f avora'iblo compilisonf, wA ith the atles of tihe first mor~ltgage iBon~ds of' my Rtail Roladl in tile coutryi, wAithi io) pat of its track laid and no miore hvor'able conidition I tan & ne ocied. i 'hice then our Agenits in New Yorl. lave made -a conltract fior the iiur :hase of' 7000 tons of Ironm rails with Slessrs. Bailey, Brother's & Co., of' Londo(ln, which is sutbmited for' your mnxatiiain to ho delivred in WVi. iringtoii il C)1(hariles toni, ill Mn reh 31i191 Julne (if thle pes.,iit yeai u -t. 4W1 '50 per ton. rri gli (idaitity l ill. 41111111CCmi itili'i1 , 11.y.,1111 ill these B3-milli rit 90. Fr till lit tile primeic C"St of' tile 11r4)11, hmwcer 20O.{iO0, (amouint of' Bonuds to be (liVer. C11) thle CotliiallI.,* to) 1-rovi.he tie C'14111 whithl is to be-3 (el'ditd hiriii tile pice to Ice paidh, $41 !W0 Ili A tint lact, nq \-ci wiil sco b the retInrt of' Mri. FiIeming, lie coi; tracded for ci.iit L cinmoti ye Enl~illes, b; he~ jail 111i in t'i-nes hindlls a tile pr~f ie I ril St idCi TIhp saiiei liat orC these Tlinir1v 111tinl te Con tral.. s ill \d ich 1:!O ft nr, to be~ 1oi v ('4 in IayVii it, have fi s. Pl't".ul or -1:59,0(1t.)01 t 41 the ZO0,. (1, 0,) i:;.'?1IC' - 1. l..j ' . v g et t, he rhilliiijlX4 or IL-wwiliotiv.'s xve had hl.e, it Ivan iIt ql?i4' We"i0 i N Aihd to plit thle ret iut ol e oh th1 ese 1I' i ds-Onl t~li ithit a.- thie cCi4heIr tthe 1u. 't41 ippa roaekl Cli i IS el pier.il i tilres 6 ,r wv' rk ali 1 Iat I ' i alC4 lililig t44 tile soo'C4itv.(r 1, 1'e i I ':I ic V't :1 Colifidl(. wV4 40! he. g'ivel th(. n raiiing their nmarket vailule. alid til (",mi pany thereb~y mig!- a' til in L.rest a s w et as SaCtibe 14y h-hl Itmas I'm!" as w u Prope7ilv could. Undler a-mv en coin.;t mi c wie mwim lt wt :11l11 to; hold oIt to, thornl I Ai$-I C ZrcPiter part. of' the \'1r -Ole. !Iii 'If i!j it ib 1 ei.v'-d & h~ %o 1')5 14014'S of onp ltK i $0 h Alie hIalds of time (il -anyi 7eswadiv 'be expecte 0.t Exh'dibit or the cot~ or' iii.'lk!S Ile' thtoI)bi415.ni 1'J111110ien Irier (hit thii.'ii' I1itS~h IMay 1L'e ~I'ile-l I:; to wn.4 aij!it v tol ir 'tilt tie( 1mil1..' rtakila g, and oh uc-skhiny m.ipitlo~. it. .!1 .'si~nii 'stor tho wink, the ')llIItIIIE~ OXII0CiiCA, awl tOw 4adii,',C1 thmu in jth pIC'we r X t he Ccoin I~ilY it the jar valute or the spenmities Ar (.11k, an (41 W R I-nd ill-- uiil Etf triii~ hi 1.1.te - .0 I~~t..jt444r~~ 15) 12'.) J4 71.4 i~7CO; itriilI ow,4 L d 1- i !h1t .4444 i II I It. -4 1-: I d I" )', M4 1.111;, 14' ..) I 111 4 1% ' \Vihi44 14' NJ( ' I t er-4 In ilm wii 3P at pa(r1.,. *~4 4 i v:Ih w -'-' l'.~hijt- end t ld tti 064 Rport, sICws -ill Costimuate of tile cash pay. mients reltlire1 thigi yeat. 17.1 tle* va. Ii()is I)01tionql of the work rand thov itemns to w~hich it Call liec olveIlienti V approPIxima13ted, andII 110 tile IC 11W3118 ill thle ContlrtIol 0,thle 1B.iari to 1) ,et the ill. It is thought. thait h1ii Cal bu dulIC tutuh theII~.i ill 1111)11 I!VVII ii it A o~li I ii. lleCL'.-3l 1y to Sell S'3Il1 of OMl PSCIY t at thir JIPOsL'iIt lloark Li va3i I, whill theO. Sutpp:S0 tIllk v Ile. (a1141i'lI by pe -n h - t ee-a ry Ill getill ieg tilel)ioit ios Fa vreSC lit rqi\'(jliels ICII IICII t ii lilt 1eU14 11E Il 14)1hol t~e i. l II)t il the v ( ll be re [Ic3ld1)), other1 tIb'tlildIs ;Xd tilCln P UQoG I, .-S O F T1i11.' WO01K. You Avill peceive by tile Iteirt. A Mr. I' emiuin~g, that 15 1-2 inletS XoAl OIIPw l'Il froll its Junlctionll with S cvlbpleted ald ill Olveraiivii, 1iu11d ho 11iecuraite acutuiit (it the .0! t~ (3fl1t now lie fSLrtailwd 1'rul1 I 11ttlMd state of S"JI.0o* Ow1 ae Xats" y et they .1 1) 114 Sit LCIently 0osle sIn. t it t hai Iiqtx eI thle Is ,tl[iates% thig 4 that portion (A* thle ft')(d has. fi Plo itS hell tioll '11A d ih,.i -tilt 'P'llhs ill 1114 .I tcree i~vm.'Ua Iiid- tit SearcityVo tifiniber l.'Ce eSti. I . lted as tile IiliSt expeIISI to. .lThe hullwszi till that [01itiozl ut': Rload, 3)i)11 perl icIeive, is sIIiIh1 :0 Wal iPl &t divC C1iIlull i U it liUS lot Iieretf-'hoIV e uClI OVLT V.Cililtl~t. 1 The 3 1 cl'se lluI: t iollj. I ill tOxLu viflCCIs Rello t tol ti e ',*.v l Coaln. Ae~thl.g this~ part,1 et tile Rqakd, Coiuld lilt hav- eas23il I ec V )1obviated ur iVresCI2 at 3.0111 last tilecCi1 lu'] !'Vcz ithyCouljd, (Ouch aLs. thIe - mML-tyan ':hprice ill labur)" we 131 111 l' I bell L I oltltl 01' S111*lli 114:1!s 1to) have fi 1111) ci iated t! CU)l. W\lo~d) it Nvafl 3CCvt.tlv ti I61 fta re I ilI )ol-Uxt2Vce Oil the Clu V' Iccoillilt lek 111ilished~ grajlr Coll. PaIetS ili othlers it Nwas ait a SO':1,' 11 x th C vet.l zm:oid ii, a lue3ai,1 N\ !iich IPC IC 1.11ie1c' Ei o tiitl.A, a "; 1: fiiL;oIit .,Xtohbi:I t 1.I''- d.hiich it, Mls Ili.u 'I'Itd Irkiew and IIi It I I -'e v ~d~1 ~~~ A,011t juStil . T ILie iOUVP ):is ti.'lo Ft4lt ii 1Y 1.ihell4. IIV A I r. ["itllillg iti'll th Oi1ce niPC t his Coli tI(olP Ill hisi l.C3CviI 1:ll'IC tile ICr. 11015i\ILd I .1 Zut 0 h I 'Mi l as 1 cit - ii i *te bit an 1 e il .g1, 11 Cl11111 t Il ut tioc il terms ko)II :l c onm14 i' (II't PCil . AtS tile eCC'~lt ~t' It 1,1 It Wile tI-i11'gu)asI 13 b ~elved .11j p!xe':tI:tI ot, th I a ieilt1- 1tLtL It 15 ll ulld. I llillg tfi) -t tor taeoti~ll 11t[ liht C't'1l IY attwIed '1111 M"Ic S ilC l UCCiI lit oel lilti 111 t!Iie eulI dutizigte lit pr, its \:1wr i*9t' mw11 te Pele l; to) t I u.'t CIIC' II theWII~ tiPthe I.C at . Ic c Ii ; ( 11_11,.;.1 hI s itW Bc ] w ie ui t1 I I I i ' awil was ima-le repo'arted to, ail coi. finned b)y tle meeting of Stockhohl ers it Wih n toI, in January, 1849 In 1850 a sne1vey was directed to de terianinae i1 Ih's were the best route aid inl the j pril g of that year, a thorough inastrament-A survey %%,ms had, 1ai1 the cause way recomiminded by the Enacgineas. It was 'lecided by the Board to l'oeate the R 'at there'e, anla. work was cmennicerd wes: ()I the lrurnswick River, opposite to it. Dat upon ascer:tainlinlg that is 11 pub!ie hiliwav there iiht arist siome difiCaulty In it3 tse, by thae om pany, application was im cade to tle County Ciurt of Brunswick, th hiormal consent of which it waij be. leivel wvoii reimUove tall ob'jectioInS t< its use. The President ut.emled tlc Court the Court ina Decciber last, ill person, but . could 1at sIIceedl in effectin g ai arrange ment without irn eurring expenrditmres wieh it wNas doenao I dspro urtionate to thc Il. vantages of that rouIte, anml unIer the arrangunent assented to) bv the Court it was not cortin that all le Il o'>stacles were remuved. T ie B)aid then de.te'rIli (d to locate tan other routek whichi wvoubl relieve themir tromrn staife tL ad litigatiu (if bth a publie anid private cbar-acter. 'The i'lcation has been miole and repeortel by Mr. F :eing, :and Irom is favir able character, it is believed caatnnt il to meet general approbation. 'The 1ony lIss which ilhe Coumpanv Ni il A ustan 0f any c.oient, i is be-. lieved, will be the grading which will be let t by tie nlew linue as it is vet hClLived to have been a iust fort'nn ate and timely purchase to have se cuared th ie Ferry and Caiscway and Charter which Xuas perpetual. By" it, (the Chrter) all persons Were lprohibited from transportinr pas'sen alty o '5 each, which woabl have f'orced the! Companay to have stoppedl their RoadLIII at the Ursick i Rver, or to have purchased the right to do so from the owners of' the Feray, ald thiere is now little doubt it' we had niot biught the Ferries at the time we did. that the cost of' the right ta ei uss the Ishool with passengar rin w ould hav e beeni qiteC a reat Is the whole purchaSe t tothe Con'ua. A'er exhratistin. ever' me ans ala ,l* I'Wle' Le 'get a colatrietor fi the hri-i "e overa the re'at. Pee Dee 1fiv er, bV which itwa tahoight the Crm i any, fruin thIe Scarety ot the neces S:11) amaterais tr cnructio, woihllI late beel greatly relieved, it wa ran ia amprcicblo to do so except at ;a riceu which t was thaughat by ourl Lief Fnginaeer, Mar ( wvin, culdart nut he sil Irt tedt to w ithout a'itt sacilhee. I'e was consileuent y instructed to Login the work on C"11mlp:1y 's accOuna t, taall the contract for eastin g and si ihe piles oal t1 ahe l:o" aaaen tieid ina the Iepoa of 'Mr. leming wa enatee iatL, ail is b arevitl sulilittd. Ma ;jr Gi I% syn i as en~ Ctir l3c 'n. Ii It'ance ina the uc cCss of' thIis 1.lair ad ill ciramrlenee the woriik soP Sui as the' a teriarl ean lhe collecd til preparain 'le at thepitt p ie ire wihoart intermnissionr. Ina thi saigof tim:ro an I e.xpense15, asr wel asI th'le stafe'ty arid securaity of' thni struecturou on this plair, it is thouaght tt lie prefe rabtle to anyi otheacr wi et coul. i be adil e foci I r this BIardge'. W'i that hie riospeiLct ' befre us w< thrink there isn every eafsonl foi' en couraigeameant aind canse for' cola atattihitiolr. 'Lie r'cenit Ii5e1 a' ou11 1 r lnd has placed in our ctra the whovi a le of* thet Irion nieedeid for th, Rouad and ai i l icien i lt nmbe of' Lo Cci os to0 pu111t it inata ful oprtiina. WVit h thle conadition of' the wirk, it state ofi prnepar'ation, tad the iin c r'eased firci e ow engagedi andI to h< a lied , will bans sa the l ayinig of' tlaa t rack : a apidly- as it is p rac ticabrle fain both t he tea'rmini until thei juntion tat the G~ ent Pee Dec. TIhere0 ii no reasona to lie (di statistied with or' to appriehenaded tha tihe (st iated buineiass oif the Rua< af'tei' its comprleltiona will riot be re talized. Th'iat por'tion)l of the worik al .ceady in opeation is one which ie fleets thae highrest ci'edit on thne 1n gina~aee dpartmieant., aind hasx met wi tl the universal coimmendationr of thosi whao havo over it. Thne time sinico whrch faeghts hravi boon taken, is too short to mrake any practical toot as to thaat busineoss It would doubtless be increased an< Madet 1101- favorable to the pul1lic if .ijfactiir ant i'rvmtnt-s could hiave 6).elII iiitii with tile Smth, Calofiwi M1 i ~nt Com,.pany For Mitliuriitl iu Witr pavt to have' de~liveredl anidp e "Cliv'eullegd ri tIle jlnctiol or th'u ,', nhog ii exertion liui beeji spaii IA l) 115 hiargi.d %' itli 0his dit %vp hiave hlut lwe~lI sIuCcetill in Colbil)"to terms whiech it is (eiCC ed Ildvisablkewlli prpe 1,r this aXui tny to nece"?t It is eieerely to bie hoped hr'weVi.ri hiat somenr I11 ll inny be devisei1ci Will lonI:..' it to tOw nIutiun! intore-6toV the two CoI1,iiIaiels to i-h tbsar tile (JIetit Pece D.Le. Ri'ver, as it WilUh CiiIJ."C tat aIn UCh 1.1 1.,Qr amou t. t fivii ''Ii*s to wilt 110,w.1 and( con stitie at new*~ L sil to th11 other. 11110 iiiblity to cMfcct aty ar raiIgineii ,,It It :wem!Yit his lmade it.)w theL *jitci.iiu our JRo~d awld thio (a" I11rtuiel. which 1) e COUI. ilik! at .111 Cad y day. With il. we iamit c e.iiv4.w to get oil till oni ili~tilg~Cll be cfi eeted, ,I'.If not, it %%III be for thte St'oiodeIB to say %%hat other ae~ioii i the nittter mnay lie hall. ie4etulv subinj tted by order (if W . IV. ILArT f.17.. Pjcb 'iL-iia hative l iivi I it !St ung fire -oil h Ii: un, t'or thle prilnciples it late]% l; aivowed :iiid till policy it hanspul "lliI. IL-; it. :ittv.ilij4-i at,'fahiitiom or e'.iin't iisi raIo.t ; andil 'tlevvi d osa Olaf. b"1"r .ihov.-~UAtllo4 iniclIC.iiito t6 .,liii oe with it, halve eJAI C zo .~L'tilIb tll C0J414laI4llt lh 1, . i~II u.rc''t''I two Of. s ~t~ i a.thtiig r-evew DvtOf thle iTCOeLt oh i. h cll ~(idel h or Mhut pio&15800 to lbe tho en? ita! ormin of till plirty. add*c iio 0ml rl of-i (if tho Iffl i-m1v rit'pllti n bymi t~Ihe sioiaite'n wn I (il hia. De)t.iklel itie p1,1 tv, Nve t -hll lay b)414)14' mlii I 1114141 s, as St)0l) 4s bpIaeji wvill Ijerwat. '1iic bocth show lip thu M i'"ii i ls11 e b 's and the editoris bc~ ih e. that with whie Evr ('a Ilo 4:l O'' csx1 tho ?ITniof's .4.. Ii iiiolnef. :o pttynlv cxhiib it11 ~1 _ 1110th late struggle in thQ of its' 44 LvA'!1)i IS (Il utdtirstood, Owi li inca& of jiIA-(4,lih at lws fir bi' pllrpo'cse of : I ngStw MOtJ IgL %1~i!1 Ilahinl'; will, to the kni1*6 onl lii 9111 i I 1 ti ii e er v o inq'nEsse i on he tngih dii'l1 h ad :11 i eiit xpelnso inl I(gaIl .11sidle iiVE.. 1;1(% 11w ill 4t late ir 'it t Iat.. IinL'to tle sl*.it. o)f in d id Ni Jri l ~ ! vw'I (. of her lbrope tyv o)f ~~i'utz' ~ ~ -i 4( :' . . 'I~..e I ut I ri l jjic. l 1 v!Oud ~.1mll of~c curlv