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DEVOTED TO SOUTHERN RIGHTS, MORALITY. AGRICULTURE, LITERATURE. AND MISCELLANEOUS NEWS. JHK* n. 11IWMD. EDITOR.] To fhinroi ti.irlf hr iruc ; An.I it timtljbllor ns llir night /hr day; Thou const no' then hr false to any man.—Hamlet. (l VOL. 1. DARLINGTON C. H., S. C., THURSDAY MORNING FEBRUARY 19, 1859. [NORWOOD & DE LARUE. PlRLISliErS NO. 51. THE DARLINGTON FLAG, is pmuftiiKD EVERY TIH'RSDiY 10RNINC, AT l>\KLIMiTON, C. II., S. I 1 ., HY NORWOOD & I>’’ I.ORT1I'. TERMS OF SCISSCRIPTIOJI: Jii sdvtnci*, (per aniMim,) - - - $2 00 At the expiration of six months - 2 60 At the end of the year - - - - - 3 00 ADVERTISING : Advertisements, inserted at 75 cents a square (fourteen lines or less,) for the first, and 37} cts. for each subsequent insertion. Business Cards, not exceeding ten lines, n«erted at ni.'). a vear. PRESIDENT’S P.I'.IMIKT. OFFir r. Wil. A: Max. R. R . t Motion C. II.. S. Jan. 2«. 1S52. \ To the S'orlchol lrrs 6f the Wilin'111:1011 and Afinrhr.slrr Rail Road Com pany : (inntlemkn :—The President and rirectors leqr leave to suliinit tlieir fnn-th annn il report npoti the eotrli- sued their honds |»nrsu:int to tlieir suh- seiijition tumle under the authiuity of the Lrgi'lnture of Noith Carolina, ‘o one liundreil tuonsantl doll irs, hearing f» per cent, interest, payalile anntiallv, and redeemalde in t: 11 and twenty years which were accepted by the company according to the terms of the ajrree. inent made with certain citi ’.ensof Wil mington, in laniiarv. 18. r >0, and con firmed l»y the Stockholders at thei meeting at Sumtervilh', in the same mniitli. Of these honds. i! a|'|a*ars, l>y tie* Treasurer’s Repoit, $75,500 were sold on the 1st inst. hv Messrs. DeRos. set A: Rrown, who were appointed hv the Hoard of Pirectors, agents to make the sales. These sah'S were all at par value, and it is believed that i arrange, tion of your Company, the progress of monts are not al-eadv consummated. Iietter price even after the T’.xhihit of mington and Raleigh Rail Road Coin- piime cost of the i on, however, $\i00,- its affairs hv the present adiiiinistration pnnv. 'I’he Pre.-ident attended the 000 (amoimt of the honds to lo he de- is I id Indore the puhlic. I meeting of the Stockholders of that livered) the company have to pi oxide As was anticipated in our last re- ! Company, in person, in November last, ' the cash, which U to Iw deducted fioin port, the (’orpowife authorities of the when the dividends on the stock own- the pi ice In he paid, Sill 50 per ton. Town of Wilmington, in April last, is- j ed by ns were received and deposited in hank to the cnnipnnv’s credit. The ed for t ig! t paid for in the wo' k. and the prospect* before von. For the financial condition of the Conmanv’s affairs, von are referred to the Report (V the Treasurer, herewith suh nitted, which shew* the expendi tures on account of the wo k. to the fi'-st instHut. to amount to $‘V.)7,N(‘»0 I’i. Tins sum includes all oaymciits undo for excavation and embankments, b: i Ig- es and trestle work, as well ns pay- monts for i on. mnebinerv, superstruc ture. and all other expenses. 'Hie amount collneted as reported iiihih the Canital stock o r the Compa- panv, including contracts not vet com- nl s il and not credited to ennt-actors. h $724,350 7ti Of this «um the col lections have been Oil the subscriptions o r the State o*' South f'arolina in South Carolina R. R. stock at par value. $150,000 !n sub*c*i*4iono**State o‘‘ North Carolina, in WB»ni?»cton Ral i'»h R. R. stock at par vn|. ne. 203 000 .Subsc i ti >n of the toxx 11 of Wilmington, in T’omls of the Corpora- tion, 100,000—5151.000 00 they soon will Ik 1 , to dispose of the re tiiaining $24,500 on the same terms. ’I’he proceeds of these honds were specially appropriated by the meeting of Stockholders in fannary last,'or the y tcest at 7 percent navahl pivchasc of iron to he di livered in Wilmington. \ contract for 3000 tons o'" i-on rail* xvas made in 1 p- il last with tlie rilUnxMlIe Comikany. to be delivered in Wilmington during the month of November last, and the pre sent inn’ th. The contract i* herewith submitted for your examination. The iron has not vef arrived: but Mr. I l aning. the resident Fngineer, has received adx ices that 723 tons are on the way and a po-tinn will reach Wilmington hv the first proximo, as von will see by his report, herewith submitted. This 3000 tons of i on, as well as that contracted for with Messrs. H.aile, Hrothe’S & Co., (7000 tons and all that is required for ourenti‘-e Road) to lie notic' d presently, the Hoard have determined to Pond in the Cu-tom Houses at Cha lc ton and " ilniington. and pav the duties xvhen requi ed 'or the work, p o.ided t!»ey shoul.l not succeed in an application to Congress. Report of the President and Pi t-ctors. shewing the business, condition and prospects o'' that company, and the pro. reeding* o'" that meeting, are herewith •aihniiitod for vour consideration. ’Phis subseti' tion added to that here tofore repot Pal. w ill increase the sub scription 0'' the capital stock to within a fractihn of $1.200 005. In fact it i* not certain when all the cont acts to he paid foi and credited, not formally subscribed on the hook* of the com- nanv. that tlr*siib«cri"t|ouof diestock i* not fiillv SI.2Tl0.00O. In pursuance of authority given hv the adion’med meetini*' o r Stoi-khol ler«, held in Wilminoton in Aptil last, and under the directions of the hoard of di. rectors, the President nmeeeded to the ritv of New A o> k during the month ''or company pm < the purpose of issuing and negotiating the mortgage bonds o'" the eonipmiv to th.» extent of $S()0.000 bearing in- e wmi-nmiii' ally, and redeemable in ten to tweirtv vea-s, as might lie deemed 1110 t advi sable. Two members of the hoard o r di-ee- to’-s. Messrs. Nutt and Cr-gg. at hi request, met him there f or the purpose of deciding neon the beet means n*' presenting the bonds of the companv to the public, and to amxoint agents 'Vi” the purpo'-e o Upon a full di tiuil of the subieet with Messrs. M in*, low. 1,'inier A: Co., Hanke-s of that cifv. whom they appointed agents for the sale, Ac., if was deemed the innsf advisable policy to issue mortgage ■f-' at the pi ice f negotiating their sale, ciis-ion and cnn-Morn. In ' ugu t last, as xou will sec by the re|M):t of Mr. I Iciniug.h • contract- locomotive engines, to In* these bond therein stated. 'I he sales made o 1 ’ these honds. and the conP.act- in which they are to he received in payment, have di-posed of $ 159,000 out of the $000,000 issued, leaving yet lo he sold $141.0(10 o! them. After semiring the whole of our iron and the quantity of locomo tives xxa> had done, it was not deemed adxi -ahh' to put the remainder of these bonds on the maiket 'or the present, as it was believed that as the con" h iioii o'" the road was approached, with the expenditures for work and mateiials adding to the seen itv of the hoi has. a confidence w ould he givm th< m. ai ing their maiket valise, and tin by | forest as wi II as 1 them as long as w e prnpc Iv could.— '’iider anv ei enm r .t"iiees xxe inight b< ; r'ble to hold on to them n gre 1 1 p.a t of (he vear. hv the end of xx hicli it is believed from 100 to 125 miles of our j n.ud will be fini-bed and in oneratioe. ' when they wonl.l eonimand a more 'a ' vo'sl'i" con'-ideratio" 'Voni th" "id |i • With the means alio' e indicated in the hands of the company, it may ten. •oaahlv he exjM'cted that some oxl ildt o'" the eo t o‘‘ t 1 '" xeo'k and P'C ntet. to meet it. xx ill he "iven to the sti ck- hid lers. and the public, m o-der that thi i • Judgments mav he sati-fied as to our abilitv to carry out the undertaking and successfully cnni| letc it. The follow iag table shews the esti mated co<4 of the wo'k. the amount mig 1 1 avoj I the in. sacrifice hv hoi hug bonds'i»r $900,000. redeemable on t !, e expended, and the available means in tlie power nf the qninpanv at t' e pm 1 t day nf him* l^OO. bea'ing 7 (>er c ait interest, payable in June and He re ml ter o'" each vear, at the Merchant*’ Hank of New Yo k, and conveitible info the stock o'" the company at the option n f the holders, at anv time pre vious to the first of hme, 17C5. ’I lie smaller sum was decided upon in eon- now |ien ling, to grant an extension of templalion of the probable aeeeptnnee -urei's Repoit, value of the seen iti's 'b* - Stock, nnr mortgage Honds nnsohl: F.-tininti d cost* o'" the road hv (lie Fngineer, in hi* last report $1,550,000 00 From which deduct expenditures, per Trea- T,i*axi'ig amount cob Iccted on p-irate and other snb»c-i"lions of capital stock, of $27l.‘15t* 7t' ()f the stock* and bonds ahiwc men- tinned all are now in th" pos*es*ion o' the rompanv. exceot 8"*0.ftt)f) o* tin* South (’arnlinu Rail Road Stock, which was sol I du ing the list ’"bring to aid In meeting the payment* of 3* , n0 tons o 1 ' i aut rail* rerxo-ted in our | i*t .Ti'inal renorf. a« liaving been eont-'et. «.d for with Messrs. C’ruttxviH, Vllie« A Co. AH of thjs i-on has h"en r*>c<nxed, except f-ortbone to two lmndr»*d tons time to them upon the duties, and re- C' ive the payment thereof in mail ser- vices, fan arrangement made with the Wilmington and Raleigh Rail Road Company, a few years since.) It is ho|M'd. however, this latter arrange ment may he effected in < (ingress, and if so, our Company w ill be relieved o! a ca-h expenditure for duties alone nuinmitiiig to near $100,000, which they can appropriate to the more spec- d completion of the Road. At an abjoti ued meeting of the Com pany, held heie in March last, discre tion was given to the Hoard of I i ee- tors to accept or reject the sulisc ip- lion o'" $200,000 on the jiart of tlie tate of North Carolina, tenderiMt by the Leg! lature in fanuarv last. ’I’l.i of the siib*c iptinn of tin* State o N’o-th <’ under the road wa* issuing a r-olina. <>'' 8200.000; and h' lie'" that as no part of the then laid or in operation, by larger amount 011 the nm t- gage of the road, their value would lie diminished, and the company wonl.l In* forced to submit to a greater saeiifiee than to issue $200,000 on a second mortgage of the road, i 1, necesrary, when it was more nearly completed and large expenditures made, w! icli would give additional seen-ity and eon- fid nee to tlie i iv chaser. The addi tion;'I item of interest, nl o. was not overlooked in coming to tins coucle- *ion. They wtc eneonraged in thi* conclusion, also, innsmuch as the ex- pe'icnce of other impo-taiit enterpri* 's From which nl*n de duct pii’ehnse «»f 70tl0 tons of icon rail* at p: ime cost, and cig't lo comotives. to be paid for in mortgage bonds, 3T7.800 42 $1,152,139 f> A»ld bills payable at hank State of .S. Carolina 259,000 00 8890,239 5s 30, ‘0n 0' and njviee* have been rt»ceived that the 1 n-m-inder i« on its wuv to Charleston, vi 'ed lo he paid in the Stock o! tlie Hy the aid o f n loan from the Hank o'' Wilmington ami Ral igh Rail Road the State of South Ca-oliun. made iravt the pledge of our South Carolina Rail iiihscii| lion jon ax'^ aware was pio- had demonstrated that their second 8 29. J 39 5t*. To this sum, t' e company have the follow ing asset , estiinatimatcd at pai value: Honds nf the town of M ilmington, N. Notes o'' stockholders mortgage honds, issued after a larger i in Wilmington, part o'' the toad had been laiilt and in 800sbarcs S. C. R. R. operation, bad genemllc, i r not uuiver- \ stock at par value, 2100 do M il. & Ral. Company, ow ned by the f*tate, at its par value. The Hoard deferred a de- ««tly, eommamb*d a mneli bigle r p-iee ei.-ion on this subject till Octolwr hot, than tlie bonds sold for, seemed by tin* when, uimui asceitaining from the in- tint mn-lgage. 1 omls were eon-e creased receipts of the Company and a qiienllv issued for the sum o’ $(.00,- steadily increasing business, with a 000 with interest at 7 per cent., puya- la'ge reduction in its ex|>enses, ennse- hie ns hefo'e stated, and redeemabh quent upon laving tlie new and heavy and convertilJe in the manner set forth, rails in place of the flat bars removed, to secure the payment of which a tliat the eompany would not only coni- mo tgate of tlie whole road, togotln r Road *t'»ck. together with the pro. eeeds o r the s->l -s o r the Comnauv’* Mwrt'rage Honds, navnients have been regnl n lv met as thi* i-on lias a-rived. The Comoanf' now own $100,000 o f this Stock at its par value, and have ref ived niton that sum fhe last two semi-nnnird dividends declared hv the ... .- , . . . South Carolina Rail Road Comrtanv. nience paying dividends, but bad every with it* ptojieily and efTeets, was exe- Hv the sales o r the $50,000 above pros) eet of continuing to pay largei cutial to Hon. Edwunl s’mitord. 1 ms- mentioned, xv’d'di wa* made at $108. ones iii future, and tlms enhance the and/fhe dividends on the rest, the Com-j value of th.-ir >tock to near if not pane’s note in Hank ha* been n dneed (juite to . par value in no great time, to $70,000, and w ill be met wlien re qul*wL U. R. t o. dit, do.. Ill moiti.'age bonds, $1,0(i0 or do. do.. dwtiied it to the interest of this Com pany to accept that subsc iptiou a* You will perceive hv th** Treasurer’* they had done that on the |w:t of the .. . reivorf a iJs on the sah* o*’ the ^outh Stale of South Carolina, in the South with submitted tor your con ideration. Ca-olina Rail Road Stock of $9,5.17 Carolina Rail Road Stock. The di and the honds aeco.i.pamed hy a lull 57 This has l«*eu much uuvre than I’enuice io the respective market value exhibit of the condition and prospect* the dividend* received on the of tiie two Stocks was very small at o the com-miiy were left in their hands held bv the Companv. the peiiod of their acceptance by our •" Ik* negotiated. P ,, n « ( „,ner ( ompanv—tlvat of the Souta ( a-oliua M ith the sales made of these Imnds Hal nice due on ‘-oli- sciiptions to capital stiM-k, to lie called in fu- lure instalment*, Cash and in bands of (■gents, subject to din t, I ividcud on N. C. R. tec, which lias Im-cii dulv recorded in H.stock, (receivedsince the res|K*cliVe comities and dirtied* in Jan. I) the two States traversed by our line o'' Rec< ived from sales of i road. * I Stills iie., sold since A contract was made with Messrs. January 1 U in low, Lanier Ai Co., which i* here- 1 $21,500 39,530 5» 100,700 210,000 141,000 437,394 07.075 42 3,400 1.000 able to complete the road wilh tin ir present means, without hicnrimg any |H*iHwm'iitly new liabilities, or such at least a* tlie present means of the com pany, wlien available, may not dis charge. Fxl.il.it — appended to this report, shews an estimate of the cash pay ments requi'ed thi* year for the x a: ions poitiou* of the vvoik. and the it. in- to which it can be convi ni iiily ap| ro.xi- mated, and al>o tlie means in the e«ui- trol of the Hoard to meet tin 111. It is thought tliat this can he done with the means in hand even i. il should he lu ces ary to sell some of our seen ilixs at their present maiket velue. w I ich they suppose may lie avoided by pledg ing them, if nceeSsatv, in getting ae eommodatious for present reqiiirement- 'or money, and thus I ohl them m.til tluw can ho redeemed hy other liiiub of the company fiom suhsciiptious am' otherwise. Huocuk- s of tmk Woiik.—You xx ill "erceivo l>\ (be repoit of Mr. I h iiiiut*. that 15} mill's of our load, fiom its •nnetion »x'iil’ tbe (5>md"ii b'-nch to >'umtcrvill(‘, is completed and in opera tion, and though an accuiate nccontii >f tin* eost cannot now be a*ceif - iied f om t' (• misi *tl'd - t 'te o' some o' the. accounts, yet they appear suflieieutly to shew that it Ins not exceeded the es timates, tliouoli dial poitiou of the road has. from its location ' and diliicult I gmdes in the M ater Swamp, and tlie 1 scarcity of timber, been estimated as the mo f expensive. ’I lie busioe** oil *'"t "o't'o-x o 1 ' (' . road, you xx ill (wreeive, is such as to warrant the conclusion that it lias not ’ e-etoforc been over estimated. The causes mentioned in the I’ngi- oeer’s repoit for the delay in comple ting thi* pn-t nf tin' mad, could not have easily been obviated or foreseen .•it your la-t meeting, and even if they •onl I (snch a* the aliandonmcnt o'" '•ontract 0 , and the scarcity and high 'nice of labor) we bad not then the •out nl of siiflicieiit ireans to have 'id- Ix obviated them. M hen it was ne eeseary to hire a force and commence on tin* company’s account the unfin ished grading contracts and others, i xva« at a season of the year and in a location which rendered the olitaining •1 siiflicieiit force uttoly impractical h*. "xcept at exho-hitant pi ices, which it \'ns not lx licved prui'ence and propii- ■ ty xvould justify. Tin* wo'k. I owev- er, has been steadily pushed by Mr. h'tning xx ith all the force at hi* een- t ol or in hi* reach. Fndcr the per- ■onal siiperinfendenee of Mr. Solo mons, with a real and fidelity, it is fell , Imt 1111 act of simple duty to mention 1 in terms of commendation. At tlie commencement of this year it was thought advisable to secure a permanent force for the year, a large po tion of which xva* needed to keep tlie road in good condition, the water j stations and freight cars propcily at- 1 tended, and which in emergencies enn he concentrated at points where it mav he necessary to prevent del-y in hiving the trek; and such a force is l engaged as it is h< li'-x’ed will Ik* sufli- i ei"i t to push the wivk x< it’i all the rn- ' i'itv practicable. From >’iimterxille to the tlrent Hex* Fee. the preparation 0''the load is Mich that it i« not regard- : ed as pronu-iug Iimi t ouglv to *s" that we shall reach a point sufliri nil ' near the Pee He'- to take ofl’ the crop' ! of that region the present year, if of fered. I or a full and succinct account o' the progress of the whole work, tlie condition o 1 ' the contract*, and the pro. liable length of road which will tic put in operation du ing the year, you are respectfully rcferrtd to fhe repoit o' j Mr. I leming. I!i« cKpericnee in the wo. k for fhe l**t few years, snd hi' m ide n|t Imhinee now and the r**s*nn it -has not heen sooner 1 x ompany disposed o' i*. that it was regarded th" better noli-v to hol t that Nfoek yi M- in»r a dividend »*qii.tl to Ah* inter<**t on $100,090 of our Pond*, and use the proceed* o'* the «a|<» of the Bonds in lieu o' selling nYst'd* stock at a sacri fice. xvhen fbp funds in our hands from the sab* o r bonds were not otherwise I mieratix-clv noeiled. \or i* it n«\w deem**d Hie policy o r the cohvimhv. t<» throw this st'u-k upon -tail Road Company, at the time it ] and the piIcee which they brought, you was autlio i i-d to lm wtbseiihetl, lx ing are fmo'iliar, as they were repo, ted in at 02 for $100 paid in, and that of the tlie pn-ss of the couutiy. They weir d ilmington and Raleigh Rail Road jsueh as few of us at our list meeting Ahmipaiiv being about 00 nt the time 1 Wild anticipated, and it is Iwlii-ved will of iu acce|*t.ince. To tliiasum il bad ' l»ear a favoralde rompurisuM. with tlie To which may fai ly lie added Ui'Hh-uda 011 1200 sliarea of ». t . R. R. otoek, assuming tiiey pay the same nitons hut year. Li>idend on M il. 6i Ral. K. K. stock, esti mated same late as last yeai, $1,055,105 92 know ledge of the condition of the con- 1 Aiieat Her Leo .jauunrv, 1K19. In lh50 a smvey xxas directed to dcteimine if tins were the best route, and in the spiing of that year, a thmongli imtinmeiitid suivey was had, and the caiocway reeommei • ih d hv the F.ngincers. It w as dccuicd bv the boaid to locate the road tlietc, and xxoik was eonmienccd west of l!l(• I’lnnswivk liver, o| po-itc to it. 1 ut iq on aseeitniiiiiig that as a public. I ighwnv thcie might a use tome xlitli- cnlty in its use, hy the company, tip- I licatioii was made to tlie ( ounly Coiiit of Hrunswick, the fo'innl cor- sent of which it was la lieved wculd remove all objections to its use. ’I lie Hrescdent attended the Court in lb - ei inh('r la-1, in person, hut could not succeed in effecting an arrangement without inclining expciidituies which it was deemed dispropoitionatc to tin; advantages of that route, and under the arrangement assented to by the Comt it was not eet tain tliat all legal oh-tacles were removed. I he hoard then di tem iued to locate another loiifo, which would i(lieV(* them fiomstiie and litigation of both a public ami pli cate ohaiaclcr. The location has been made and repotted by Mr.* 1 leming, and fiom its fax (cable character, it is Ih lieved cannot fail to meet general app-chatinii. ’I he only loss which the company will sustain of-any moment, it is la*- lievcd. will he the grading which xxiil he h‘ t hx the n* \v line, as it is yet be lieved to have been a most fortunate and tinulv purchase to have seemed the Ferry and Causeway and ( linrter, which was perpetual. Hy it (the t bar ter) all persons wore prohibited tiom transpoiling passengers across -the .-land, except over the causeway, for pay. under a penalty of $5 each, xx hich would have forced the company to have stopned tlieir road at the Hinns- xxiek livi'r, or to hare purchased the light to do to fiom the oxxners of the Ferry, and there is noxx little doubt if we had not hongl t the I erties at the time we did, that the cost of the light to cross t’e M uid xxiih passcugi r trains would have been quite as gre; t as the whole purchase nl the company. After cxhaiirting every means iu our power to get a eoutraetor for the Hiidge over the (• real Hoe Pee liver, hv which it was thought the company, fiom the seal city of the necessary mu- teiials for eoiotrnctioii, would liaxe been grcntlv nHexed, it was found im practicable* to do so except at a piieo which it xxas thought by ourChiet Fu- ginoer, Major (ixxymi, could not le -iihiiiitted to xxithniit great saeiifiee.— He xxas consequently instructed to be gin the xxoik on company’s account, and the cntitmet for casting and sink ing tlie piles on tlie phiti mentioned in the repoit of Mr. I leming xvas entered into, and is herexxith snhn.itte'd. Major (txxynu lias entire success in tlie plan, and xxiil comnieneT* the xverk aa* soon as tlie mateiials can be col lected and preparations made at ti e point requited, and xxiil continue till ennqhled, without intcrniisfioii. In the' sax ing of time and expense, as will as the safety and seemity of the ►tinc ture on thi* plan, it is thoeght to Im preferable to any other xxhicli could lie adopted for this biidge. M itli the prospect be'ore us we think there is every reason for encourage- incut ami cause for congratulation.— I he recent issue of our bonds has | la ced in ourcontiol the xx hole of the iron needed for the road, and a suflieiei.t number of loeotnolixes to put it in op- •■rati >n. 5\'ith the condition of the xxoik, i a ■tate of prepaiation, and the incieasrd -Mice now engaged and to Ik* added, wilh hasten the laying ol tlie trark as tapidly as it is practicable, from both the teimini until thi ir junction nt the 8,400 6,300 M i H.V sales nf tlie first mortgage honds of from a very low figu e in the course of a few years, and tin- any rail.ond in the count.y, with no thiartl now see no reason wl^y it should pait of its track I lid and no more fn- unt iise in proportion to the stock of j vnrahle condition than we occui iext. the South (’atoliiia Railroad i'onipntij, | s *mce then our agents iu N. w Yoik ; as UK"restive debt. Ofthe twoFom- : •'»'> tuade a OOlttsaet lor the puishasc cm* scare it. a* tVior-eved reecints |»anies, uv|*ropo ti.Mi to flic cost n! the of J (K)0 ‘""® "« n H*' » “D M. ssis. o'the‘WhCa-dinn Rail Road <’nm Roads, are imt snch as to c.eafc-much Rady. Brother. X In., ol London. m,nx and flu* n-i'orm didth-nd. paid , diffen nee in the mine of tlu ir -Stock whtch ,s suhnutted or your cxanmia- he if.' a-esueh. with it* prospeef* o'’! t’ertifientea fi»r two Aousand .hare.of fra Her inerease v"T ••* to eom<*. . . . .- d that fh<* stock L'anilinn in exchange Front which dedent est. ainouHt required. $1,070,195 l»i. 920.130 5r> And it leave. $143,900 3r 'I o coyer losses from stock’s bond., suhsciiplioti its-ts. Ate., xxl.icli is now inipracticahle to i sti.nate, f.om the na ture id the secu ith-s xxe hold. It is behoved, how ever, without sorm change uufaxmable to the pecutiiaix 1 n'Wvmess ft!-maur the .lock of this companv were route, and Um.leston, in March and June of conuitwm o: the eou.pnuy, or ►.n, milii to in.fi V the la'lief quently issued to the Slate of No tl. present vear. at $11 50 |*er ton. freight cm,...,gem i.*s mcemuig the xuat ol ISu Irst • . ■ .1 , *l ...l 1 7'■nililin in excbiintre for txvo thou- doty and UMtranue mcludexl, payaUe xxo.k by hie high p-we of I.iIhm-mix. rxqm — oiut iucivaw^w value aud wiU Wd »• saud aiwu. tt wu«d b> them m flru M g- i iu these bond, at 00. For aU hat tho uiat*. wls, Out the coui^at^ taag U; > «f htstahhakWa afc M rUaii^Wa, m. tracts, and what will he required and j 1 done, entitle his conclusion* and opim i ions on these subjects, in tbe opinion o' the board, to strong confidence, and ■ they haxe Item riven frankly xxJv*rt»*v- ! er it is piacticable to form and exprj-ss ; them. On tlie !’astern end of the road as large a force ha* not yet been collect ed a. xvas desired and still intended though every exeitinn has lieen made to do so. No exe 1 lions will he spared to increase the present 'oree there am 1 to hasten the hiying the track from M ilmington westward. The < ‘snseway from Rro.swick Fer ry to that opposite the town of M il ndngton, yon are aware, xvas intended •is fhe location of onr track aeto«« Ft.gle’s Islatid. Its purchase xxas ad *j«ed hv Vajor C«wvnn, who xx-a* fa. miliar xx ith the Island, as affording th*- track (or the n*ad, and xva* made ref tor led to and confirmed by the nwet- There is no reason to be dissatisfied with or to apprehend that the estima ted btishicss of tbe road alter it com- I letion xxiil not be retdi/ed. That por tion of the wo; k abeado in operation is one which reflects the highest credit on the Engineer depHitmeiit, and lias met with the universal commendation I of those who have travelled over it. 1 he time since which Heights have lieen taken, is too shmt to make any jiiactkal te*t as to that bmincss. It xvould doubtless tie increased aud made mo « uivo able to the public if satis- actory arrangements could hax-e Imm'H made with tlie South t'.iolina Rail Road company for authoiity on our oart to have dx livered at rexaived Heights at the junction of tlie Camden ind ( olninhi* Hrancbes; hut although no exeitinn has lieen spnrcxl hy tb«)f® charged witli this duty, we havei.xt hieu succx’ssful in coming to terms which it i* deemed advisable or piopif -or liiio cou^atvj; Mt b it. »Mc