The Express.
London, England, 1862-07-30 00:00:00

THE GRAND TRUNK RAILWAY OP CANADA.

The select committee of share and bondholders
of the Grand Trunk Railway of Canada have just famed a
"Memorandum " on the Arrangement' Act now passed_y
the Canadian parliament end on Mr. Welkin's report. We
extract some of the principal passages :
"Collecting together the facts sod considerations which
influence the decision to be arrived at under present circum-
stances, it appears to the oadersigned that in favour of
accepting adopting the ' Arrangements Act,' which
will he brought before the meeting of the Bth August
proximo, there are the following advantages to be gained,
dividing them into two groups, The equipment
mortgage of 500,0001. is dispensed with, or at all events
postponed. The lease rents are largely reduced. The
postal sube placed on a sound and reasonable beak. A
way is opened fur the settlement of the judgment and other
debts, and for the liberation for the general benefit of the
collateral securities held by the judgment creditors. The
administration of the hue is h process of effectual refor-
mation, the accounts are systematised, and the working
expenses largely reduced. The supreme management and
control of the company is brought to England, and placed
in the hands of the baud and shareholders. Legal techoi-
cantles are consolidated, and legal rights and prioritise are
carefully defined. The property in future is to be managed
wholly as a commercial enterprise. Powers for facilitatiag
harmonious action with other Canadian lines have been
obtained, and a discussion of the policy of such action
favourably commenced. Mr. Watkin says in his report that
the net earnings of the line in the several twelvemonths
ended 30th June. 1857, were 30.9121. • 1858, 42,0361. ;18'0,
41,5461. •LlBBO, 98,4911. ; 1861, 163,4701. ; 1862, 165,0001.
—the 165,0001. in the year just rimed being • uet result.,
after charging to revenue large sums for repair of the per-
manent way, sad is also a net result arrived at before the
introduction of the large economy of say 40,0001. or 50,0001.
in working expenses which Mr. Watkin announces. Tin
sum required to pay the lease rents on the reduced
and the interest of 5 per cent. per annum on the first
second preference bonds is—lease rents and mortgagee,
say 98,5001. - first preference, interest, 100,00017=
ditto, 56,000% Until the civil war in America is at'an ends
it is impossible to make reliable calculations as to the
future. Each bond aed shareholder must therefore judge
for himself with what degree of speed the future einsiege
of the line are likely to enable it to overtake the suisershe
claims apnea those swamp ; always remembering, hawser,
that there are four indispensable conditions apart from
which it may be safely said that the Grand Trunk Railway
can never emerge from its difikulties. These conditions
are :—ltalief from the hams and pressure of the existing
debts ; supreme control in and from England ; thorough
commercial management is Carib& ; and such • period of
coucerion by all claimants as will give the limo rest for a
reasonable period, and a fair opportunity of establishing its
hold over the traffic. The undersigned are distinctly of
opinion that the best and speediest means by which these
objects can bs accomplished will be by the adoption, on the
Bth August proximo, of the Arrangements Act,' to be
then submitted. It appears to the undersigned that if
this act be adopted, it may be regarded as a final measure
in the legislative history of the Grand Trunk Company.
The period of concession provided by the act is abuodant.y
ample to permit the property to find its fair and intrinsic
leveL All outstanding legal questioe" will have been
closed, the railway will have become an English company,
and the rights and claims of all parties will have been de.
fined ; end it is in this sense of • final measure that the
undersigned venture to urge the acceptance of the Arrange.
meets Act upon the bond and shareholders. It would be
both unjust and ungrateful to close this memorandum
without some acknowledgment of the great services which
have been rendered to the Grand Truuk Railway by Mr.
Watkiu during the past twelve months. . . . . The
official functions of the undersigned were closed a year ago,
but they venture to thick that the bond and shareholders
will not regard as unwarranted or unbecoming the state.
meet now submitted, with the single object of placing
before them the real nature of the measures necessary to
reduce into practice the scheme of ref ono and recovery pro-
posed after_proloaged inquiry by the late select committee.
—Rosier W. CMAMPOILD, WILLIAM NIMMARCII, &nom.
J. AILMOLD, WILLIAM EVANS, WILLIAM HAMM/DU; WIL-
LIAM timrru, Ram Wanza"

•
CRTerAL PALACH.—ONI SHILLING DAT.—Ttria-
DAY, JULT 72.—A4ntimions oil payment, 1:1,790; ditto
by season tickets, 913 ; total. 14,703.
Gentlemen who require good and fashionable
Dress can depend on the brit materials and latest style at
Kimpton's, 106, Strand, opposite ilifit

TELEGRAPHIC
(nurse's vuumusiesk-- -
PRIIESIA.
.116. .167 1!
The Chamber of Deputies. in ' • te4ler, •
voted the reduction, by 10,000 4 4
tbefiinds
allotted by the government to t pew
for the current year, reserving f ":% e ngntel
cancelling this item entirely in the . for 1863.
THE HERZEGOVINA.
SCUTARI JULY 29.
Over rash& has issued the following litgliii/1 :
"All the positions of the Montenegrins round
llajaratz have been taken. The enemy has been
driven from Orialuka and the neighbouring vilhiges.•
The village and ps.bine belonging to kfirko have
been destroyed. Directoperations against Cettigne
commence today. The enemy is discouraged."

LGENCi.-