The Sun.
London, England, 1855-07-25 00:00:00

RAILWAY INTELCIGENCE.

GRAND TRUNK or CANADA.

A general meeting or shareholders in this company was
held. yesterday at the London Tavern ; Mr. T. Baring, M.P.,
in tho chair.

The CaAmax explained that the periodical meeting:B of
the-company were appointed to be held in. Canadae but, in
deference to the wishes of the shareholders in England, the
present meeting, was held:' The piesident of the company,
the Ron, Mr. Ross, and one of the directors, Mr. Hineks,
were present, and would give any information in their power.
An earlier meeting. of the shareholders would have been im-
practicable, and at the same time the directors were bound to
acknowledge the forbearance of the shareholders in waiting
for a meeting up to the present time.
The SECRETARY (Mr. Chapman) then read a report from
the London board of directors in respect to the progress of
the undertaking. it stated that 171. 10s. per share and 70
per cent. on the province and company's bonds, of the A
series, have been called up. The total amount which has been
received on this capital is 2,898,4271., of which 464,3941. is
in advance of future calls. The arrears are 71,2171., of which
22,2371. are on the last call. The amount yet to be received
on the A issue of capital is 683,972/. The next call of 21. 10s.
per share, and 10 per cent. on each class of bonds, will be
dhe and payable on the 12th October next. The certificates
for works in favour of the contractors for which the A capital
has been raised amounted to 2,888,2181., including the pay-
ment of interest to this date, which interest forms a deduc-
tion from the payments to the contractors as the works pro-
gress. The sum of 298,5001. not originally reckoned upon, but
which was found to be indispensably required for putting
the line from Montreal to Portland into effective working
condition, has likewise been expended. The progress and exe-
cution of all the works have been in the highest degree satis-
factory, and the directors are assured that the sections of
the line from Quebec to St. Thomas (40 miles), and from
Montreal to. Brockville (125 miles), will be delivered over to
the company for traffic in the ensuing autumn. The com-
munication between Brockville and Toronto (a distance of
210 miles) will be completed in the course of next year. The
section from Toronto to Stratford (82 miles) will be delivered
over to the company by the contractors before the expiration
of the present year. A connection will thus be effected be-
tween Stratford and Montreal, and between Montreal, Port-
land, and Quebec, a distance of 841 miles, with the excep-
tion only of the link of the Victoria-bridge. The Governor-
General of Canada was empowered by an act passed in
the late session of the Canadian Parliament to grant to
the company a further advance of province bonds to an
amount not exceeding 900,000/. Under the powers of
this act bonds will be granted to that amount at the same
rate of interest as borne by those already issued, and
for a term of 20 , years. By means of the aid thus
afforded the directors have been able to effect arrangements
for the common benefit of all concerned in the undertaking.
In the new arrangement entered into with. Messrs. Peto,
Brassey, Betts, and Jackson, provision is first made for.
payment of the balance due to the contractors in respect of
works certified up to the Ist of May, 1855; and, as no part
of the new province bonds is available for works executed
before that time, this payment is to be made in B shares and
B company's bonds—two-thirds in bonds and one-third in
shares. For the works to be actively proSecuted between St.
Thomas and Toronto, estimated at 1,600,0001., the contrac-
tors are to receive payment, one-half in cash, ad the remain-
der in equal proportions of B company's bonds and B shares,'
on which latterl2/. 10s. is to be taken as paid, and out of the
cash payments is to be deducted the interest payable by the
contractors to the holders of bolds and shares, according to
the provisions of the originalcontract. No call is to be made
on the B shares beyond the 121. lOs., to be credited thereon,
until after the Ist of May, 1857. Should any extra works
be required, the contractors have agreed to accept payment
in bonds and shares of the Atlantic and St. Lawrence Com,
pany, calculated at par in sterling, which bonds and shares
the company hold to the extent of 200,0001., which are re-
served as a provision for this purpose. The cmtractors leave
to the disposal of the directors the province bonds of the B
series to which they are entitled under their original contract.
They consent to the suspens'on of the works from St. Thomas
to Trois Pistoles, andirom Belleville to Peterborough, until
the first of September, 1856. The contractors also agree to a
modification of the contract for the Victoria-bridge. This
arrangement will enable the directors to consider whether it
is possible to adopt any more. economical plan for its con-
struction. The present expenditure on that work is to be
limited to 60,0001., that being the amount estimated as re-
quired for fulfilling existing arrangements with sub-contrac-
tors. They undertake to proceed actively with the works
from Montreal to Toronto, and from Quebec to St. Thomas.
The directors submit the foregoing arrangement as fair and
equitable. The works actively prosecuted are those from
which the largest and earliest return is to be expected.
Those which arc suspended are the portiOns likely to be least
remunerative. The total receipts from the traffic upon the
line already opened from Portland and Montreal amounted
for the half-year ending the 31st of Dec., 1853, to 54,615/. ;
ending the 30th of June, 1854, to 72,8311.; ending the 31st
of December, 1854, to 97,907/. ; and for the 25 weeks of the
half-year ending the 30th ult. to 82,9121., being an' increase
over the corresponding period of last year of 13,3791., or 19
per cent. Various causes have combined to retard the de-
velopment of the traffic over the eastern lines, such as the
sudden paralysis of the timber trade, the commercial panic
which ensued, and the withdrawal during the last half-year
for the exigencies of the war of the steamers destined to ply
between. Liverpool and Portland. The directors express their
unabated confidence in the undertaking, and that it will prove
amply remunerative when completed.
The CHAIRMAN moved the adoption of the report.
The Hon. J. Ross, the president of the company, seconded
themotion, and in doing so said there was not much to state
on the present occasion in addition to what they had heard,
but when the undertaking was completed throughout there
could be no doubt it would be remunerative.

In reply to questions it was stated that the Victoria-bridge
had already cost 200,0001., and that 60,0001. more would be
required before they coul stop the works with a view to give
time 'to consider whether a cheaper mode of construction
could be adopted. Half-yearly reports would in future be
given to the shareholders, stating the progress of the works,
and so forth.

On the motion of the CHAIRMAN, the report was unanimously
adopted ; and the proceedings concluded with votes of thanks
to the Canadian and London directors, and also to the
Chaihnan. The meeting then separated.