The Express.
London, England, 1864-09-28 00:00:00

THE EXPRESS, WEDNFSDAY EVENING, SEPTEMBER 28, 1644;

GREAT In

.TCANADA.

The report to be, presented to the meeting on the
sth of October gates that the receipts on capital account
during the battiest amounted to 1,1381. 19s. 10d., and the
total receipts to As Mat July, 1864, was 5,218.356/.
Hit 2d. The fortsists• stpsodtters to w 1111011 date
amountedte 5,074,0044 be. it, leering • balance to the
credit of capital soma* of 144,3521. 9s. 7d. The outlay on
capital account &trim the past half-year consists of addi-
tional Sidings laid down at sundry dation*, tab-jointing
14 miles of rails-the propottion of expenditure chargeable
to capital in mbuffdlag in stone and iron the wooden bridges
over the meta the River Thames, west of London-outlay
on account of rolling mill et Hamilton, ha., amounting
altogether to 16,1564 15s. 7d. The revenue account for the
past half-year is as follows :-Gross receipts, 314,9391.
19a. 2d. ; working expenses, including maintenance of way,
taxes, issue/me, and net of suspension bridge, 140,188/.
10s. ad.--balance, 174.7511. Bs. 11d. From this there has to
be dedooted-laterest oa government loan, 17,4981. se. ;
interest on comenny's bonds, &a, 33,228/. la. 7d. ; loos on
the conversion of American currency, 44,025/. 3s. 9d. ; re-
newal' of rails, sleepers, bridges, ha, 31,2631. lls. 6d.-
total, 126,0L1/. ls. 10d. • leaving balance from the half-
year's working of 48,7364 7s. ld. In the net revenue ac-
counts further deduction is made for the estimated loss on
the helium. of American funds in head if eonverted into
gffld at the assumed rate of 260, which would amount to
41,904/. 14e. ld., which would leave 6,8311. 13e.; to this has
so be added the morphia from last half.yeer, 4,1291.
9s. Bd. making • surplus of 10,9611. 2a. Bd, which
is innadette to permit the declaration of • dividend,
The conversion of American funds, by which the Ices of
44,0251. 3e. 9d. has accrued, was made at the average rate
of 1744. It will be seen that the balance of American funds
not converted amount, to 339,893.72 dots., which is depo-
sited in the Bank of Commence, New York. Whoa the
account, were made up gold was quoted at 250, and at this
assumed rate the loss, it converted, would have been
41,9041. 14s. Id. in addition ; since then the gold rates have
fluctuated considerably. During the past half-year 38,785
paimisagers and 1,565 tons of goods have been carried in ex-
ons of the corresponding period last year ; and the agm-
gate train mileage show, an incomes of 31,076 miles ; but
the comparative expenses of the easchieg tniffie to relation
to the receipts hays been diminished 0'97 per cent., and a
similar reduction has been effected in the expenses of the
=lathe of o'lo per cent., while the aggregate cost of
've power, uotwithetading the increased mileage,
shows • decrease: of 4271. 18e. 9d., or an actual riving
of I'o3 per cent., or 112 per cent. on the gross receipts.
The working expenses of the last half-year are 4451 per
cent. of the aggregate receipts as compared with 4505 per
cent. of the preindieg half-year, and 46'50 per cent. of the
corresponding half-year, thus showing • reduction of 054
par cent, on the previous half-year, and 2'oo per cent, on
the oorrempoeding half-year. The economy in the loco-
motive expensee is mainly attributable to the large saving
effected in the pries of fuel, amounting to the gam of
1,0631. 2s. for the half year. It is also gratifying to be able
to stets that the permanent way and rolling stock
generally are reported to be in very good condition. The
gross receipt, for the six months ending July 31, 1864,
are 314,9",,01. 19s. 21. against _x93.0671. 9s. 9d. for the corre-
sponding half-year of 1863 or an increase of 21,872/. 9s. sd.
The teethe of the lies has been conducted with great regu-
larity. The shortness of the grain crop last year has been
severely felt, but the iriereaae in the timber and other
branches of freight business has enabled the company to
show an increase in their local business. The rolling
at Hamilton has been completed and brought into successful
operation ; and the engineer promises a considerable economy
in the cost of re-rolling old rails. His original estimate
of 17,000/. will be exceeded by 4,5007., owing to some im-
provements in the machinery and construction being coo-
aidered desirable. At the request of the board, in May
last, the president, accompanied by Mr. Fauloouer, pro-
ceeded to Canada, in order, by • personal inspection of
the railway and its connecting lines, to make
themselves acquainted with the country and with the mode',
of conducting the truffle, and to 'iamb:lslam! circumstances
affecting the company's interest, in • variety of ways.
From the knowledge of the company's affairs which has
been acquired by this visit the board anticipate the best
results. Their interviews and conferences with the repro-
mutative of American hoes resulted in a convention of the
leading coouniting railways being called, at which the abso-
lute necessity of advancing through rates, to mitigate in
sores degree the loss occasioned by the depreciation of
American currency, was forcibly urged ; the result was an
immediate increase and • revised clmiuficatiori of freight,
and its hoped that an 'drapes in passenger fares will
follow. It has been clearly demonstrated to the board
that the future prosperity of the Great Western of
Caned, ender the existing circumstances of surrounding
competition is inseparable from the promotion of •
more expeditious and economical transport of through
traffic than at present exists. There are several measures io
contemplation for accomplishing this object ; but the first
desideratum is to secure an unbroken gauge, so as to avoid
the delay and expense of handling freight nest upon
the double transhipment in its passage through by
laying an intermediate or third rail between the Can ian
Railway gauge of 5 ft. 6 in., and thus provide the American
gauge of 4 ft. 84 ie., as was originally intended when the
Great Western of Canada was designed. The American
roads between New York and Boston and Chicago have
shown their genes of the value of this facility by offering to
contribute material aid towards the coat of its construction,
which the company's mignon, i estimates to amount to
700,000 dole. The board does not hesitate to recommend
that this outlay be undertaken, and that the details be left
to their discretion. The board are prepared to pay off the
6 per cent, bonds falling due October 15 next, or to renew
them at the same rate of interest for • period of seven years.