The Express.
London, England, 1862-10-25 00:00:00

GRAND TRUNK RAILWAY OP CANADA.

The directors of this company have issued a report
to the meeting on Friday next, sccompanied by a third
report from Mr. Watkin, who was requested by the hoard
to proceed to Canada immediately after the meeting of the
Bth August. This Litter document is of considerable length.
The directors are happy to recognise improved management
in Canada. sod the development of the traffic of the com-
pany ; and from all the reports they receive they are led to
believe that the abundant harvest of thlayear, together with
somewhat reviving trade in Canada, will furnish a steady
and perhaps largely improving revenue during the remainder
of the half year. At the ensuing meetings on the 31st
October, resolutions will be submitted authorising the hoard
to complete deeds for the modification of the terms
of the leases of the Atlantic and St. Law-
rence and Detroit sod Port Huron Railways, fol-
lowing the recommendations of the late select committee.
By the 29th section of the Arrangements Act, 1862, meet-
ings of the company are to be held in the months of April
and October, "at the first of which the elections of di-
rectors and auditors shall take place." In consequence of
some legal doubts as to whether the section might not, while
intended to provide for an annual election of directors and
auditors in April in each year, be read to necessitate as
election of the prescribed proportion of retiring directors
at this the first meeting under the recent act, notice for
election of directors has been gives, so that the meeting
may be adjourned for that purpose until the proposed day
of meeting in April, 1863, and thus all ground of legal con-
troversy be avoided. In pursuance of the resolutioo passed
at the general meeting on the Bth August last with reference
to establishing • legal domicile and seat of massgesoeotof the
company in London, the directors bare fully ooesidered
the matter, and have adopted the needful measures to
comply with the expressed wishes of the bond and share
holders. They now propose that the number of the direc-
tors of the company shall be reduced from glees to twelve,
seven of whom residing in England, and five (being Whiw.
tial representatives of the mercantile class) rewiding in
Canada, shall constitute the board, and a resolution fixing
these numbers will be proposed at the ensuing meeting.
It is also proposed that the meetings of the board shall be
held in England, while the directors in Canada will oonsti-
tide a committee of the board for local finaneial sad other
purposes. It is further proposed that in addition to the
two auditors in Canada, who audit the accounts on the spot,
an auditor, resident in Lando', be also chosen by the bond
and share holden, and that the duplicate vouchers and
acconsts be laid before him for manurial nontiounis audit
in England. The directors have received the assent of the
prescribed majority in amount of the creditor* is Clads
to the " Arrangements Act. 1862." The time far eesept-
soca of that act by the creditors m not expired, sad they
cannot, therefore, yet report in reference to the odds of
the English creditors ; bet they trust that the early settle-
ment el the postal question ora fair teems may evader their
maimerreeas certain, and that such settlemisit my also
liberate, at an early day, the amnesia bet reeside for re-
mittsoce to England, to provide, so far as they may suffice,
for the leserrents sad interest payable.