I had the pleasure, a few days since, by water via New Orleans, under cover to [?] [Reed of?]. Enclosing copy of Resolutions, passed at a meet ing of the Stockholders in the New Washington Association and according to my then promise. I now hand you a second copy, duly certified of the same.
The proceedings of the meeting, together with the Resolutions. (as you will perceive) are intended to cover the whole ground, or interval, between your departure from this city, and the latest dates from you, in as much as there has been no occasion for any specification on the part of the Shareholders, and all my communica tions having been made unofficially, thought generally after consultation with the Managers of the concern.
The result is, (and this was the object) that your acts and mine are hereby approved by the Shareholders.
This I thought would be satisfactory to you, and was rather called for under the circumstances.
The closing up of the Bermuda negotiation was a matter of course, being impracticable.
The resolution in relation to the extra credit of $2000 which I have opened for you with Cuculler Lepeyre & Co. (to be used in case of need) also required the sanction (which it now has) of the Board, and Mr. Lapeyre is duly advised that it is open for that amount. This I myself had done, long before the meeting and Lapeyre advised in conformity. You can draw if necessary. You will see by the Exhibit of the [?]. The 73 pr% already called in is expended, and my responsibilities in cluding the Company debt to you of $8000, absorb
the whole capital.
It therefore became necessary, or expredient,that provision should be made for such further extension of the Capital Pro Rata as might be necessary to meet any demand that might grow out of your operations to the period when this will reach, or in the prosecution of your plans, already authorized and projected.
The resolution authorizes this extension, of Capital, and therefore binds the parties to answer these calls respectively, whenever they are made upon them, until some further determination is had by the Company, after they shall have received your Report in reply to this proceeding, which call for some information from you. viz: Say the Lands acquired, costs, payment made & due, thereon. Also, Statement of all other property, owned by the association, with its estimated value. Also, your pending responsibilities, in behalf of the association, all in order that the Company may understand, how far they have gone, and what deficit of Capital is to be provided. We also want your opinion as regards the best plan to be adopted in reference to each branch of the Company's interest, and which if any, may be discontinued, with advantage.
The Capital being paid, or at least appropriated, it is well for us to know what we have. It is now supposed you will be able to make out these Statements with Entire, Exactness, but you can, no doubt, approximate near enough for all essential purposes of the Company, and this will be very desirea ble if not indispensably necessary for the Company to know. Then, the course you may recommend in reference to the Town Site & Lots, Sale of Lands acquired, or whether best to hold, Merchandise operations, and whether best to continue, or not Vessels [?] not omitting your observations in relation to the property acquired by purchases from you