The Express.
London, England, 1848-03-28 00:00:00

BRITISH AMERICAN LAND COMPANY.

- -
The annual general court wu held yesterday at the
London Tavern. Mr. It. Gillespie presided. The report of
the directors was to the following effect
In their last annual report the directors had to congratulate the
proprietors on an improvement in every branch of the company's Mt-
einem. The past year has been marked by many vicissitudes in Ca-
nada as in this country, yet the general result has been more favour-
able than might have been anticipated. The estimate of income for
1647 wee 3,000/. ; the actual reoricits appearto have been 4,9301., and
after satisfying the ilisbortements under tray head of account, the
comparative assets at Plat December were
1040 1817
Cult
Produce
Inventories
Billeand Dotes 3,731

£3,819 £6,784
The sales of land within the year have amounted to 14,4084 acres for
9,4421. 4s. 11d., and 61 acres In the town of Sherbrooke for 572/.,
being a decrease of 2,93:acres in the number disposed of as compared
with 1846, but showing an advance in the aerate price obtained
from 12., 8.1. to 13.. Id. per acre. It was elated to the last report
that beyond the sales of land formerly made by the company, and
which had been refuelled, there was an amount of 9,779/. considered
doubtful, and of which a proportion would hereafter have to be can-
celled. Accordingly the Kates of 6,445 acre., representing the sumo of
4,160/. 17e., have been cancelled during the pact year, of which, how-
ever, near.). one-half appears to have been at once ie-sold, and gene-
rally at a rate to cover the interest that had accrued on the original
sale. Of the mortgage debts, upwards of 4,0001. hare been collected
within the year ; and considering the low prices of produce that pre-
vailed during a large portion of the season, and the embarraesmenue
in the provincial money market, the amount must aeo be considered
satisfactory. In (Pt, it greatay exceeds every previous year of the
company's operations, 1816 alone excepted, and that exception more
from credits being given in 1846 for what properly belonged to
previous yearn; era that the actual business of 1847, as
compared with that of the previous year under the head of account,
appears upon the whole rather the more eatisfactory. The melee of
Pinter in 1847 show a decrease of nearly 9004. ea compared with 1016,
a result for which the court had been prepared ; and the directors re-
gret to add that, from the depressed state of the wood trade, the cam-
meatoner does not venture to offer any prospect of improvement dur-
ing the present year. The expenditure in connexion with the real
estate of the company has been for the payment of purchases of land,
long outstanding, 2091. ; inepections of land with reference to pint-
ling sales, for protection of timber, and partial surveys, 2321. 9.. Id. ;
and upon made, 4771. 16s, 3d. At Sherbrooke the outlay has been :
Payments on the purchases required to complete the poremaion of the
water-power, 1691.; in corearuction of new dam, and in supplying
water under leases tbr the erection of a new paper mill and other
works, 6281. 12a. fed.; for opening of new street., fencing, ac.,
2051. ss. 3d.; for new survey of town plot, 394. 19s. 9.1. ; in advances
on woollen factory, grist, and paper mill, secured by
2621. 2s. 20. At Port St. Francis the damage causedfirthegat
in the spring woo estimated to amount to 2007. ; the expenditre
in repair. has been limited as yet to 771. 17s. 20., but the remainder le
likely to be required during the ensuing summer; for the first time,
however, a sum amounting to 1561. Go. is found at credit of thin an.
count foe rent and ',Prime. The charges in Canada for manage.
meter and incideolgl expellees of every triad during the year hove
amounted to 22211. 8.. 3d. ; of this amount about 3501. may be son.
aidered as peculiar to the past year ; but by incidental receipts the
maned charge apnea the company has been reduced to 9121. 12% sd.
In reference to the emigration of the peat season, means were early
taken by the commissioner to bring the claims of the eastern township
under the favourable coneideration of intending settlers, but the want of
• rallsray,or othereasy communication to the townshipe,and the greater
facilities afforded by water, induced the cast number, who arrived
last season to proceed, almost without exception, to the 'westward, so
that only a small accessionbar been made by emigration to the copu-
lation of the townships; still it is proper to remark that from the re-
ported character of the coming emigration, the commissioner had
warned the agents at Quebec and Montreal against encouraging any
of the poor sickly families to seek employment in the townships, and
as the great roam of arrivals were of that class, no efforts were made
to direct the attention of such to the company's territory; and the ab.
epee train the townships this year of any considerable number of
Immigrants in rather a subject of congratulation than otbernise,
as in every other part of the province their influx has
been felt to be a great mil. The importance of prosiding an
outlet for the surplus French Canadian population, and emend-
ing them over new lands, ha. lately been attracting general atten-
tion in Canada ; the formation of an association has been suggested tor
the purpose of encouraginglbeepatematic rettlement in the townships
of respectable French Canadian families; and the commissioner will
not fail cordially to co-operate in any plan, such as that above a.
leered to, N 1 bleb, while it would improve the condition of our French
Cenadlan fellowaubjects, would also be of great benefit to thin OD,
poration. In the last seopion of the Provincial Legislature an sat
trau
e.sprsted, which has received the royal assent, greatly
ing the proof in Canada of the mammy'. charter
ant wit of the Imperial Legislature, and thus facilitating
the traamatim of their Maine... It was gratifying to find that
heel panne in the home readily concurred in granting the
set, and the cost wan only 50/. A question having arisen an to the
validity of the revolution poised at the general meeting held in
March, 1839, whereby the payment of interest to the proprietors was
virteally suspended, and the directors being advised by counsel that
this question could not be disposed of without the authority of parlia-
ment, they, with the sanction of a special general meeting of Mum
holden., applied for and obtained an act of parliament to explain and
amend the original act under which the company was constituted.
The directors also availed themselves of this opportunity to procure
other powers which had become necessary, to consequence of the
various changes in the circumstances of the company since Its
formation. Tne expense of obtainii4e this act was 5901. 10e..
Thee Is now in hand, property in will lands, and yielding no revenue,
hat subject to local charges, 626,992 acres, costing 141,8681. So. ;
the town property at Sherbrooke yielding two per cent.,
21,4291. 13.. 2d. ; Port St. France, yielding about two per cent.,
7,6631. 2a. ; mortgage debts and bills, yielding six per cent. interest,
62,3951. 114 s. 9d. ; stock in St. Lawrence and Atlantic Itailway, on
which a further sum of 11,900/. ha to be paid, 13,100/. ; stuck in
Sherbrooke cotton (story and in crown grants, 6451.125. 6d.; rents
and debts, lAD. 3e. 1 Id.; together, 1,5324. lie. ltd.; each and other
wets, 3,0134. Os. Id. Currency, 254,00321. 11..5d. It may therefore
be said that the company have in hand in round numbers a sum of
eighty thousand pounds (Me 0,0001. sterling, borrowed to pay
railwey calls), of which upwards of sixty thousand pounds beer lute.
rest a OS per cent., and may be regarded as secured on adequate real
property ; the remaining 170,0001. is invested, as shown, in wild
Linda, at present unproductive, and in town property, yielding as yet
a ye ',lnadequate return. With reference to the most important
portion of the company's prop:my, under the account headed
" Rea lEstate ;"-at the time when the system of sale on long
credit was adopted, n considerable portion of the will lards
was situated in such proximity to settlements and roads as rendered
it probable that purchasers would be secured without much extra
outlay or exertion; 03,000 acres of these have since been sold, and
are in the actual occupation of thriving Mtn.; now, however, by
far the larger proportion of the land. me remote tram settlements,
and very inaccessible; the time has, theeelare, arrived when mans
must be taken to open up communication' with thee*. some or the
new roads are already partially advanced, and have begun to product
their effect, more than 1,800 serera+ having been sold upon them since
they were laid out, producing an among* of annual interest more
ban equal to the probable amount of the manual outlay upon them.
The eommasioner has brought under the notice of the direct... other
roads to be undertaken hi the course or the present year, and the
comp asy moat be prepared to go on with them, or to see their sale.
annually diminish. Of the mat importance to the company of the
completion of the St. Lawrence and Atlantic Railway the directors
have already expressed their opinions in former reports. It is
stated in the report lately presented at Montreal to the share-
holders in that company, tlhat "many circumstances combined he
present that vigorous orceeencion of the work during the pest
season Intended by the board, and for which they had p
made every necemary preparation." Still the work is far as7;l=
and the directors them to be confident that it will be in full operation
in August next, and that the opening of this section will greatly Wl-
lit.° the prosecution of the works in others ; these, meanwhile, have
not been at a mand, the work from the river itieffelien to at Hya-
cinthe bring also in • Ante of forwartlncre. In the coarse of the pre-
sent seams farther surveys have hen nude of the proposed line, the
results cf which have been very •utiefactory ; and the directers " re-
cord their undlininithed confidence in the eventual IDICODU of the
undertaking, and that It will amply remunerate the stockholder. aa
an investment." Upon the stock lteld by the company in the see
taking the sum of 13,1001. currency has teen paid, towards which the
directors have borrowed 9,00111. sterlang, under the arrangement re- •
(erred torn their last report. They were an hopes that the remaining
payments might have been provided for without requiring an ad-
vance from the proprietors ; but they now find that it will be necessar
te make a call Of 2/ per share, and which it is the intention of
the directors to require between this date and the loth of July
The WI, when paid, will fall short of the amount required to meet
the existing liabilities of the company by the sum of about 0,0003.-
this the directors will use every passable effort to provide for without
resorting to a further call. The directors who go oat by rotation are,
Sir John P. Boileau, Bart, Jame. Bruce, Eq., James J. Cummins,
Eq., Robert WCalment, Bart.,.
and James Dowse, Eq., auditor, who
being eligible 0 re f themselves for
oaf n.
There is alao a vacancy
in the direction, occaeloned by the death of John Shut., Eq. ; to Il
which William Miller QIM7, Fin,
and John While, kaq., offer
themeeives as candidates. The London amount showed a total at
6,3051. lt. 9d., out of which a balance remained at the hankers of
1,0451. Is. 9d. The liabilities were as follow:-Loan from bunkers,
4,00 bill, due Jan. 2D, 2,0001.; ill, arch 3, 3,000/. The
statement of the company'. affairs to Canada ihowed that the total
of re
property, comprehending wild leads, town lota, mills, be., was
629,40 U acres, representing 172,701.
The Citatnatax then made some obeerrations expres.ive
of faith in the future prosperity of the company. lie had
visited the lands of the company daring the last summer,
and had "very reason to be satisfied with their condition and
appearance. The only drawback was the present difficulty
of access, an objection which, however, he hoped to see
speedily removed.
A PHOFHIETOn complained of some items of expenditure
in ;he Canada account., particularly the sums paid for open•
ing new streets, &c., the construction of a dam, and the
money advanced towards the establishment of grist and
paper mills.
The CHAIRMAN made some explanations, showing the ne-
cessity of the expenses which bad been incurred, which
appeared to give general satisfaction.
Mr. WHITE, another proprietor, then made some observa-
tions deprecatory of the expenses of management and the