The Express.
London, England, 1849-12-05 00:00:00

GRAND JUNCTION CANAL COMPANY.

Yesterday a general meeting of the proprietors
took place at the company's officsa Surreystreet, Strand.
The lion. P. P. Bourns/an in the chair.
The following report was read and adopted:
The tonnages for the half-y ear ending 30th June last
amounted to 40,6961. 15s. bd., being 2,6091. Bs. 10d. more
than in the corresponding six months of the preceding year.
The amount expended during the same period in the ana-
-1 emanos and repair of the canal and works has been larger
then usual. The committee have been desirous of restoring,
without delay, such of the works u from dilapidation, were
in a state of danger that threatened stoppages of trade or
claims of damage. Accordingly, during the year ending in
June last, two locks have been almost entirely rebuilt, and
fifteen pun of lock-gates, with new sills and hollow quoins,
have been erected ; wbilo, in other respect', great progress
has been made in the substantial repair ofg the
canal. The cost of materials d labour hs been
proportionally largo sa
; but the extra expenditaure on
works of a durable nature is not to be regretted.
The canattee are happy to state that the changes in the
surveying staff, mentioned in former reports. but wk
could not be brought into operation before January lest,
have effected a saving of 1,2001. yearly, without impairing
(to say the least) the efficiency and seatuluess of that depart-
ment. The company's carrying business has continued le
Intend ; so much so, that the toni42e: on the Grand Jen
moueties Canal arising from it, moue in the six months end.
ling 30th June last, to 13,3231. 12s. ; while those of the
immediately preceding half-year were 5,9121. 14e. 6d. only.
A portion of this increase wee attributable to an addition
Wes to the rates Winnebry last
last, independently et
snot addition, the sgea the of these periods INTO
ilia Ora double of those ia the first. The coal and other
heavy traffic on the canal has recently exhibited indications
of revival. Great savings in the carries' of coal by water
have been effected by the company ad the fact is beginning I
to be known that many of the inland outs are no whit in-
ferior in quality With, aeaborne,wkile they possess some peeve
liar advantages, besides being considerably shaper Jamie,.
The demands upon the committee for the mans of bringing
these coals to the London market have lately been more
than they have been able to comply with ; but they an
taking the means of affording ample facilities to all parties,
and agencies in London for the sale of inland coal are be.
ginniug to spring up. The rapid extension of the carrying
business has been attended with tome extra expense' which,
contrary to the hope expressed by the committeein ;their
last report, has increased the amount of the preliminary and
initiatory expense account; bat as the carrying department
is now fully organised, the committee propose to dose that
account at the 30th June last. In connexion with they ar-
rangements, and to give effect to them, it will be necessary
hereafter to include in the divisible revenue, the net earn-
ings only of the carrying department, instead of charging it,
as at present, with tansies upon the articles carried. The
great increase of the carrying trade, end its multiplied nisi
intions, having rendered it expedient for the
company's interest , to increase the number of
supuier of in that department of thej com-
pany's business, so as to divide the duties of it,
and to separate the management of it from the superinten-
, donee of the canal and works, Mr. Origami, who held the
appointment of general manager for a fixed term of some
years, consented to cancel his agreement, and to substitute
a new arrangement during the same period, by which it is
proposed that he shall be relieved of the resposibility and
charge of the carrying business, and shall thereupon ratio-
' quiet the grater proportion of his present salary. For the
remainder he agrees to continue the charge of the canal and
works, and to give his counsel sad advice in the future con-
duet oldie company's carrying trade. Now that the ardu-
ous took el organising and establishing that trade has been
essomplisked by him, the committee believe that it may be
conducted at an expense smaller than the proportion of
salary relinquished by Mr. Omuta. These arrangements
are subject to the approbation of the shareholders, sod the
heads of the proposed agreement will accordingly be
laid before the meeting. The revenue of the canal
from all sources, daring the half year ending the
30th of Jane last, including the sum which remained
over from the previous half.year, amounts to 50,6681.11..5d.,
and yields, after deducting the Ordinary expenditure, a profit
of 30,0501. 10s. 11d. The dividends due on the preference
stock, being charged against thsearrying business, the above
profit will 'fiord a dividend of 21. lOs ins share of the ori-
ginal stock, and leave a surplus of 1,4131. Os. Ild, to be car-
ried to the rest. The committee accordingly recommend
that a dividend of 21. 10s. per share, free of income tax, and
a dividend at the rate of six per cent. per annum, lees income
tax, on the paid uo preference stock, be declared and paid
on Tuesday, the Bth day of January next.
From the statements of roe and expenditure for the
half-year ending 30th Jane, 1849, it appeared that the re-
ceipts, including a large sum in bawl, amounted to
62,1701. 181. 3d., and the disbursements to 23,4371.108.11 d.,
laving a balance of 38,7331. Is. 44.
The ordinary routine business having been gone through
the meeting •eparated.