The Express.
London, England, 1867-04-09 00:00:00

GRAND TRUNK RAILWAY OF CANADA.

The report of the directors to the bond and stock
holders, and statement of the revenue and capital ac-
counts for the half.year ended :11st December, 1866, have
been issued. The grow, receipts upon the whole under-
taking, including the Buffalo and Champlain lines, have
been 719.370/. ; deduct the ordinary working expenses
(being 57.49 per cent.), 413,11181., leaving a balance of
305,762/. ; deduct the proportion of renewals of the per-
manent way and work', debited to revenue, 72,:er2/., leav-
ing an available net balance of 233,370/. This amount, to
which hu to be added the balance from last half-year,
viz., 200/., in all 233,5711. Is. 8,1., is thus disposed of:-
For amount of postal and military reuses for half-year
due to the holders of postal and military bonds, 20,7r_t.
941. ; discount on American currency, 61,8281. 6s. 10d. ;
interest, kc., paid on lends, 1,6601. Bs. 10d. ; interest on
mortgageto Bank of Upper Canada, 4,4231.165. 2d.; interest
on loans, hankers' balances, promissory notes, European
exchange, Ste., 2,8291. 9s. ; together, 70,7424 Os. 101. ;
less interest on bonds in hand, 9,212/. 18s. 9d; interest on
British American Land Company's debentures, 616/.
Ss. 9d. ; interest on Montreal Seminary debentures, 6161.
; interest on Island Pond debentures, 2,700/. ;
half-yearly instalment on Portland Sinking Fund, 2,3111.
12s. 101; to Atlantic and St. Lawrence lease (in full),
32,785/. 11a. 81. ; Detroit line lease (in full), 11,250/.
equipment bond interest, 10,779/. Os. 01.; Montreal and
Champlain Railway Company's proportion, 11.859/.48.8d.;
Buffalo and Like Huron, 19,721 R. 14a. ; together 174,100 e
12s. 3d. ; leaving a balance of 58,680 e 9e. 5d., which will
provide for a cash ilividend on the lit l'reference Bonds,
and leave a balance of 325/. 17s. tel. to be carried forward
to next account. This dividend will be payable on and
after Monday. the 22nd of April, and certificates for the
arrears of interest to be capitalised on the 2nd Preference
Bonds and on the 3rd and 4th l'reference Stocks will, under
the terms of the Act of 1862, be subsequently issued. The
increase in the aggregate receipts for the half-year, as
compared with the same period in 1865, is 4,590/., the total
revenue being the largest yet received in anyone half-year.
The decrease of net revenue is caused by an increase in
loss on currency, an increase in legal charges, the debit of
a sum due under award to the Brantford Car Company,
and a larger outlay in the locomotive department for new
engines and cars to maintain the existing stock in an effi•
cient state. The two last items, together about 16,000/.,
account fur the increased working expenses. Again, in
appropriating the net revenue, 5,3.73/. have been paid to
the postal and military bondholders in excess of the sum
due to them in the corresponding half of 18esi. This has
arisen from increased receipts for the conveyance of troops
and stores arising out of the Fenian raid. The receipts
from passenger traffic, mails, &a., show an increase over
the corresponding period of 1865 of 5,1651., or 1'67 per
cent. ; but the merchandise receipts show a falling off of
4201., or about 010 per cent. This diminution of revenue
in the freight traffic is entirely in live stock, and is in con-
sequence of the United States tariff laws which came into
operation on the repeal of the Reciprocity Treaty. The
lire stock receipts in the corresponding half of 1865
were 36,0111., whilst those for 1866 were only 16,333/.
The ordinary goods traffic, therefore, shows an in-
crease. The average receipt on passengers per head was
7s. 21, against 7s. 101. in 1865, and the average receipt
per ton was 15e. 1 ld., as compared with 15a. td. in 18(s1e
The amount of loss on the American currency for the
half-year is very heavy, being the largest, with one ex-
ception, yet sustained. The total loss since June, 1862,
now amounts to Z 90,384/. ; the loss for the pest half-year
being 61,828/. The bond and stockholders will not fail to
perceive that the enormous loss entailed by this wholly
extraneous cause has altered the entire aspect of the
recent finances of the company. Mr. Brydges' report, i
appended to the report. contains a more full explanation
as to the losses sustained in the conversion of the American
" greenbacks " received by the company. The amount
expended out of revenue in renewals of permanent way,
from 1862 to 1866 inclusive, has been no less than
621,5431., and of the extremely large expenditure of the
past half-year, viz., 97,391/. 16e. Id., the board have',
charged 25,000/. to capital account. The debit for stock
of stores in hand has been reduced from 245,4191., the
amount in December, 1865. to 202,3571., at 31st Deccan
ber last. The reciprocity treaty with the United Stake
ended in March, 1866. The full result/I of its repeal have,
however, been more apparent in the past half-year. and
while the local traffic has kept up in a very satisfac-
tory manner, the interchange of traffic between Canada
and the United States has suffered. Much of the traffic
of Canada, which wed to pass into the United States, is
now turned to the Maritime Provinces, and this diversion
will largely increase, now that confederation makes all
the provinces one country. In the process of transition a
less profit on the work done has, however, been earned ;
the traffic obtained having, fur the time, been of a less
valuable character. So vast a change must necessarily
bring temporary loss and disturbance, which time only
can remedy and repay. All accounts with the govern-
ment of Canada, and with her Majesty's govern-
ment, are now settled and disposed of. Parlia-
ment having passed the measure confederating
into one united country the heretofore separated
provinces of Canada, Nova Scotia, and New Brunswick
an early measure of the new government will be the con-
struction of the intercolonial railway. Looking to the
heavy loss which Las, during the last five years, arisen
from the condition of the American currency-to the
pressure of the excessive outlay for renewals of the per-
manent way-to the impossibility of the railway cueing
even the amount of revenue now become obtainable, with-
out an increasing quantity of rolling stock, and to the
realisation of the expectations so long formed of the con-
struction of the Interculonial Railway, the board consider
that the time has arrived for maturing a plan under which
the progress' of the traffic and the resources of the under-
taking, now destined to become an integral portion of a
great continental highway, eliall be fully kept pace with.
They will be prepared at the meeting to lay their recommen-
dations before the boatd and stockholders for discinsion. Any
further legislation required will give an opportunity for
obtaining power in reference to the general capital account,
and if thought fit, as to the conversion of the postal and
military bonds also. The bunt refer the bond and stock-
holders to the report from Mr. Budges the managing
director, and to call attention to his explanations, based
upon setual knowledge and experiment, in regard to the
additional traffic to be obtained. Mr. Brydges is fully
justified in laying strew on the fact that, in five years,
1861.6, the traffic has increased 471 per cent., or from
17,7001. to 26,092/. per week. (loch a rate of increase
i• almost without example. The board requested Mr.
Brydges to conic to England, foreseeing that the carrying
out of confederation would necessarily involve the conside.
ninon of the questions now under discussion, and also
because friendly interviews have recently taken place
between deputations from the boards of the Grand Trunk
and Great Western of Canada Railway Companies, and
propositions fora more cordial and complete interchange of
traffic have been discussed. It is to be hoped that these
discussions may lead to some practical issue. Mr.
Bryftwi will attend the half-yearly meeting, ready to
afford any information which the bond and stock holders
may desire. -

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