The Express.
London, England, 1849-03-29 00:00:00

CANADA COMPANY.

Yesterday a general court of proprietors was held
at the Company's House, in St. Helen's place, for the pur-
pose of electing four directors who go out by rotation, and
one auditor, fot receiving the annual statement of their af-
fairs, made op to the 31st Dec. last, and on other business.
Charles Franks, E. , the governor, in the chair.
Hr. PERRY readthe advertisement convening the meet-
ing, and the minutes of the last court.
The GOVERNOR then me and said that the proprit t •rs
had heard stated the objects of the meeting, and that as
gentlemen who retired from the direction were eligible for
re-election, and offered thems2lves accordingly, no ether can-
didetes being in the field, they would, in conformity with the
charter, monied to the election, which must be determined
by a show of hands. He would real the names . • they were
as follows:—Robert Biddulph, Etq. • Sir W. 34into T.
Farquhar, Bart. ; James Goolen, 1 and Alexander
Stewart, Esq. ; and, as auditor, Thomu Poynder, E-q,
On a show of hands, these 'sorties were declared to be re-
elected.

The GOVERNOR said be would now read the report for
the year ending 31st Dee. last, ermmeneing with a statement
of lands sold and leased in the year 1848 :
Batas Acre,.
Crowe reserves 3,409 at an average of 16a. 6d. per sere
Huron tract. 9,714 I' • 13a. 4d.
0u.A.,...
- 13,123 producing £9,209
• Town and park lota is Guelph 231
29 Town iota in the Huron Trait w 335

t9,Sed

LEMIII. Acre*.
Crown reserves 16,121 Producing an annual
Valued wbcn leased at Hs rental of C 584

per acre on average
Huron Tnet 41,211 Ditto 1,739
♦alaed when leased at 16e,
4d. per acre on average

--- 59,337
42 Town lota in the Huron Tract
at an annual rental of

Total sold and leased 72,460 acres. E 2,363
The cost of management lest year was, in London, 2,0931.,
and in Canada, 4,8554
Theincome tax was 5281., and the
assessment and road-tax 3,9851. The assets in London
amounted to 7,9551. sterling, in cash and securities, and in
Canada to 283,5471. currency, including, as the principal
items. 15,4831. in the hands of the commissioners, and due
by sundry persons; 133,2341. in bills receivable bearing in-
terest, and secured by mortgage on the lands, with the im-
provements made thereon ; 63,4461. interest due on those
bills ; 68,2951. for lands leased for 12 years, estimated at the
present value, and with arrears of rent thereon; 13,5681. for
arrears of rent on lands leased for ten years, &c. This gives
• total of 283,5471. sterling; the land leased represented the
sum of 231,4671. ; and unsold, 428,085/. The amount
due to the company In the year 1848 for rents
on ten years' leases, was 9,4851. currency, and there
had been received to the 30th December, 5,5431.
The assets would be subject to the current rate of exchange,
if realised and remitted to this country, the premium of ex-
e.bange paid for remittances made last year being equal to
about 2,4001. The debtor aide included the capital, amount-
ing to 289,7371.; the debentures, 125,200/. ; dividends due
to proprietors, 1,3031.; interest due on debentures, 2,1961. ;
amount deposited by sundry persons with the company to
be remitted to Canada, 4,3801. ' • bills of exchange drawn on
the company for money deposited with the commissioners in
Canada, to be remitted to the United Kingdom, 9061. ;
sundry debts due by the company in .Canada, 14,3541. ;
and amount still to -be expended in Canada according to
the agreement with the government, 3,0201. The
11 result was:that the balance of the company's assetsjafter
'providing sufficient to pay off the capital at par, the deben-
tures, and other liabilities, was 509,7521. This was esti-
mating the land unsold at the very reasonable average of
46. per acre, a good deal being set down as worth no-
thing, although probably it would ultimately have a value,
and the company making its sales at about 15s. and 16s. per
acre hitherto ; it was in reality worth much more. The
proprietors would observe that the sales of lend in 1848
were leas than those of 1847, but the latter
wee an unusually favourable year for the company, while
1 1848 had been remarkably otherwise, and considering the
different c'rcumstanees which had affected the Canadian pro-
vinees, it was surprising that the company's affairs had not
been more damaged. There had been nearly 18 months of un-
precedented distress in the colony, during which the means
of the largest merchants and of the smallest lumberer had
been affected. Every interest had Injuriously experienced
the influence of the events in Europe. In 1845 and 1848
the imports of goods had been unusually large, sad
when -the banks restricted their circulation, the
measure pressed argent) y on debtors. During the
suns period, owing to the fiscal law, of the United
States, all goods imported thence bad to be paid in
specie. He (the governor) called the attention of the pro-
prietors to these points, to show that, under the circumstances,
the company really stood in a very good position. The
failure of the sprint{ wheat crop in Canada, last year, had
occasioned much difficulty among the smell farmers, espe-
cially is the Huron tract. Perhaps, however, it Would have
a good effect, in compelling them to depend more for the
future upon the growth of fall wheat ; and, indeed,
it was andentood that more than twenty for one
of the latter grain had, in consequence, since been sown.
Nothing would tend more than these facts to show the sound
position of the company's affairs, which was partly accounted
for by the continual stream of new emigrants who sues.
spasfaijaul required their wants to be supplied, and took up lands
y cleared. But for this, the company might, last
year, not have been so ecoemeful. The directors had the
satidaction of stating that the agricultural and commercial
affairs of the province were improving, and nothing
would add more thereto than the construction of the
great trunk railway, which would at once raise the
value of all property in British North America. One
effect would be the extension and formation of branch lines
in various directions, bringing an increased amount of
traftio. It was alike the interest and the duty of all persons
connected with the provinces to assist government in carry-
ing this important undertaking into effect. He would now

hatedapropose that
the the acproprietors. egunts submittf be printed, pod 4.416
among
Thisbeingri to
A PROPRIETOR asked if the tursen due for ren,
the bill. receivable, were perfectly safe and pod. t 'hi
The GOVERNOR.—There is no eras .n to doubt it.
company bats security by its lien upon the land anal TMsums due are pail, and which are owed by tenants who hp,,.
the liberty at any time to buy the land, if they pay:
Parties might certainly leave th, laud where they held
ii-r•
an agreement for ten year., bat as the land wall 'OM
than when sold, the company would be a Omr by th:
doing. The tenant had no legal praesston when
was in terser, and the company could tell the land, ""4
Another P/LOPRIETOR expresseu himself will liciartfelasa,
the sate of their affairs, and t nly wi=hed the puble
elated it more fully. Their shares were worth in the apPic,-
71. or 81. more than at this time la,t, year ; and, cdetaitel
to give coniLleoce he wpuld suggest that the name of t*,
directors should be published at the bead of the
nnet for the; were or Brat-rate standing in the ate.
tandeinournv..,edted. to the govppikrim
Tlie GOVERNOR slanted, And 9cd that as to the 'epee
the company's shares, ev.ry one who belipved In their alp%
meat of amounts, could judge for h,mself. Tilers lift
large surplus even upon a very moderate estimate.
direaTheorsus,uanaldthtahnekarantwereing