Albemarle and Chesapeake Canal Company.

The Albemarle and Chesapeake canal (Volume 1858) online

. (page 2 of 2)
Online LibraryAlbemarle and Chesapeake Canal CompanyThe Albemarle and Chesapeake canal (Volume 1858) → online text (page 2 of 2)
Font size
QR-code for this ebook


. 24,000

,8185,000
20,000

8165,000



This estimate is based upon the trade now actually existing,
without taking into consideration the increase naturally consequent
upon new and increased facilities for trade. Taking this into ac-
count, it is safe to assume that the revenue will, in a few years, reach
8250,000 per year.

The authorized capital of the Company is 81,500,000, in shares of
$100 each. The charter is unlimited in duration, and extremely
liberal in its provisions. No personal liability whatever attaches to
any stockholder; no maximum limit is set to the rates of tolls; and
in addition to tolls, revenue may be derived from towage, land, lum-
ber and transportation, the rates of charges for these being absolutely
disci etionary with the Company.

The State of North Carolina has subscribed 8250,000 to the



16 APPENDIX.

capital stock, besides binding herself, on the opening of navigation, to
make a further subscription of $100,000. Thus the State may be
considered a stockholder, virtually, to the amount of $350,000 ; of
which she has already paid $250,000 in her six per cent, coupon
bonds.

The "Board of Direction consists of a President and nine Direc-
tors; of whom three directors are appointed by the Governor of
North Carolina, and six directors, together with the president, arc
annually elected by the stockholders.



THE LIBRARY OF THE

UNIVERSITY OF

NORTH CAROLINA




THE COLLECTION OF
NORTH CAROLINIANA



CC38 6>.2>
A3£





2

Online LibraryAlbemarle and Chesapeake Canal CompanyThe Albemarle and Chesapeake canal (Volume 1858) → online text (page 2 of 2)