The Express.
London, England, 1862-05-01 00:00:00

GREAT WESTERN RAILWAY OP CANADA.

The report of the directors of this company states
that the receipts on capita account during the last half-
year amounted to 6,2021. 17s. 9d., making the total receipts
oil the 31st of January, 1862, 5,218,3001. ss. The expendi-
ture now amounts to 6,019,662/. 11in. 13d. This includes the
extra cat of renewing wooden bridges in stone and iron,
and the expenditure incurred in fish-jointing 84 miles of
rails renewed during the half-year. There are still 90i
miles of the main hoe to " fish-joint," and the expense of
this, as it is hereafter inourred, will be charged to capital.
It also includes a sum of 14,6181. 9s. 4d., which it will be
observed has now been charged to capital as " loss on value
of rails in stock." These rails form the residue of those
purchased when the road was fint made : a very large por-
tion of them were used by the contractors in the construc-
tion of the line, and also in completing its ballasting during
several years after the railway was opened. The rails in
this way became much damaged in value ; but the Mock has
now been estimated by Mr. Reid, at its present market price
in Canada, much below the figure at which the rails were origi-
nally purchased, with the duty and other charges upon them.
The rails which have hitherto been supplied for the main-
tenance of the road out of this stock have only been
charged to revenue at their proper value. The sum of
8,2191. 3s. 7d., advanced for the Port Huron and Milwaukee
Railway in 1858, hitherto included in the balance-sheet
under the head of " suodry aocouuts due to the company,"
bas also now been charged to capital. The balance at the
credit of capital account is therefore 198,6371. 12s. 6d. With
reference to the charges against capital, it is stated that
during the last two years five additional locomotive engines
with their tenders have been built at the company's work-
shops, and paid for out of revenue, as well as, in accordance
with the last report, the cost of fish-jointing 964 miles el
road, amounting in all to 11,7621. Os. 3d. The revenue ac-
count for the half-year euding the 31st of January, 1862,
shows the following results : Grow receipts, 966,9611.
lls. Ild. ; working expenses, including maintenance., tams,
insurance, and rent of suspension bridge, 125,4241,175-10 d.;
balsam 140,526/. 14a 111. From which there bas to be
deducted : Interest on government loan, 17,4981. ss. ;
interest on company's bonds, 37,7251.95. 3d. ; renewals of
rails, sleepers, bridges, &a, 27,4421. 15e. 4d. ; Flambormigh
accident account, 8821. 14. Bd. ; balance of bad debt ac-
count. 3,7001. ss. 6d. • total 87,249/. 6s. 9d. Leaving the
balance from the half-jeer's working of 53,2771. 7s. 4d., out
of which the directors recommend the payment of a divi-
dend at the rate of 3 per cent. per annum, which will
Maori, 50,1421. 14e. 3d., leaving 3,134/. 13e. Id. To this
has been added the surplus from last half-year, 18,3731.
Os. 6d. • balance, 21,5071. 13e. id. From this balance the
director have written off the sum of 7,4531. 7s. ld., being
onothird of the arrears of interest amounting to 22,3601.
Is. 4d., hitherto standing in the baknoetheet
against the Detroit and Milwaukee Company, leav-
ing to be carried forward I. next half-year's
accounts the sum of 14,0541. 6a. 61 The work-
ing expenses of the last half-year are at the rate
of 47.16 per cent , and for the whole yes: 54' per cent.
The receipts of the Detroit and Milwaukee Ime have very
satisfactorily increased during the winter, and the traffic
brought upon the Great Western Railway by that bee is
estimated to amount during the past hall-year to 25,508/.
10s. 9d., as against 23,6751. 19s. ld. for the corresponding
six months of 1860. The result of the working of the
Detroit and Milwaukee Railroad during the year 1861 was
that, within 2,5001., it earned sufficient to have provided
(but for the debts specially ordered by the court to bei banded paid)
for the payment of interest upon the whole of the
debt of that company. The anticipations respecting the
importance of the earth oil district se a source of fresh
traffic seem likely to be realised, sad the plank road to
Wyoming Station from Bear Creek bass found totally in-
adequate to accommodate the business, the directors reques-
the sanction of the proprietors to an outlay of about
10,0001., which would be sufficient, as they are informed,
to provide a rough rail or tramway sufficient to meet the
present requirements of the district and prevent the trade
taking another channel. The directors have much 'Mist
faction in stating that an agreement was entered into by
them with the directors of the Grand Trunk Railway Com-
pany on January 31, subject to the newton of the
proprietors of both companies, far securing the &duals
of economy and unity of interest to both coocerns,
placinh the whole under one management, •
a fusion of all receipts. Tkis eposarist, how-
ever, requires that in the first instance per-
missive powers be given by the Canadian Legislature,
and it is expected that the bill now before it for that pur-
pose will be in committee by the middle of May. 8o roses
es the fats of the bill is decided a special metier ef the
proprietors will be convened. Some of the details of the
arrangements are not yet quite complete. The directors
therefore trust that the proprietors will permit them to
atataie from entering at present into farther wheelers
upon this most important matter until such sprig merlins
is called for its owideratioe, whim they will, el wino,
be prepared to afford every informatics an the
subject. By a memorandum pat noshed from
Canada, Issue. Brydges, Watkin, sad Carter hare
proposed to refer the terms upon whisk the