The Sun.
London, England, 1855-09-29 00:00:00

Alt-ILA-ND TRUNK RAILWAY COMPANY
0.10 CANADA.

MONTREAL, SEPT. 10.
On Wednesday, at noon, the second annual general
meeting of the stockholders in this company was held
at sword's Hotel, Quebec—Benjamin Holmes, ,
vice-president, occupying the chair. The chairman
having called upon the secretary to read the advertise-
ment convening the meeting,
Mr. J. M. Grant, assistant secretary, proceeded to
read the report of the directors, as follows :
" The directors beg to submit their second annual report
to the stockholders of the company.
"The railway between Montreal and Portland continues
in excellent order, and the line is in a state of solidity and
efficiency that would justify trains being run at very high
speed, whenever the development and increase of the
through traffic may render such a course desirable.
"The Quebec and Richmond section, which, at the in-
stance of parliament to accommodate the public, and from
motives of policy, was opened at the commencement of
last winter, had to be closed so soon as the absence of frost
permitted ballasting to be conducted with facility ; it is
now fully ballasted, and in such good order that the ex-
press train has accomplished the distance between Mon-
treal and Quebec, 168 miles, in 5 hours for the last two
Months.
" The number of passengers carried since the trains have
been enabled to run regularly warrant the hope that when
we command a better thoroughfare from the west, and the
route becomes better known to the Americans, this section
cannot fail to be highly remunerative.
"At the date of the lastadvices from England 2,922,625/.
sterling had been received on the A series of shares and
debentures, leaving only 659,7751. sterling to receive on
the issue of 'capital.
" The next call of 21. 10s. per share, and of 10 per cent.
on each class of bonds, will, in accordance, with the terms
of the prospectus, be due and payable on Friday, the 12th
day of October next?
It will be remembered that a portion of the proposed
capital of the company, amounting to 837,600/., in bonds
and shares, was reserved for parties interested in the ex-
isting Canadian undertakings, who were considerej to tie •
entitled to, and, under the existing circumstaneesi might
be expected to claim, the benefit of such reservation.
Obvious causes, which shortly afterwards supervened, de-
feated this expectation, and no part of the reserve so ap-
propriated was taken up.
It, therefore, became necessary to supply the defi-
ciency from other sources ; and application having, accord-
ingly, been made to the provincial Government of Canada
for a further advance of province bonds to an extent cor-
responding with the deficiency so created ; an act, entitled
' An act for granting an additional Aid by Loan to the
Grand Trunk Railway Company of Canada,' 18 Viet.,
cap. 17!, was passed in the late session of the Canadian
Parliament, whereby the Governor-General was empowered
to grant such aid to an amount not exceeding 900,0001.
" Under the powers of this act, bonds will be granted to
that amount at the rate of interest as borne by those
already issued, and for a term of 25 years. The fund to be
raised by these bonds is, however, expressly applicable
only to works executed subsequently to the Ist May, 1.-55.
" The directors have not hesitated to avail themselves
of the assistance thus considerately and opportunely
afforded, and they feel assured that in this they will have
the ready concurrence and sanction of the shareholders.
" On the one hand an additional preferential charge is
created to the extent of interest upon that proportion of
the amount reserved as before-mentioned, which, if the re-
serve had been taken up, would have been represented iii
shares ; but, on the other hand, 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.
" These have been embodied in a proposal for a supple-
mental agreement to be entered into between the English
contractors (Messrs. Peto, Brc.ssey, Betts, and Jackson), to
which the latter have assented, and of which an outline is
now submitted to the shareholders for their approval.
"It will be in their recollection, that in the report of
the directors of the London board made in May, 1854, it
was intimated that the contractors, in consideration of
additional time being allowed for the execution of certain
of the works comprised in their contracts, undertook that
the shares and company's bonds of the B series should not
be issued—the former before the let January, 1857, the
latter before the Ist January, 1856. But the absorption
of the large amount before adverted to in expenditure,
not applicable to their contracts, and from which they de-
rived no benefit, justified some modification of this
arrangement.
" By the new arrangement now alluded to provision is
first made for payment of the balance due to the contrac-
tors in respect of vorks certified up to the Ist May, 1855 ;
and as no part of the new province bonds is available, :is
has been said, for works executed before that time, this
payment is to be made in B shares and B companfs bonds
—two-thirds in bonds, and one-third in shares.
" For the works to be actively prosecuted between St.
Thomas and Toronto, estimated at 1,680,000/., the con-
tractors are to receive payment, one-half in cash and the
remainder in equal proportions of B company's bonds and
B shares, on which latter 121. 10s. is to be taken as paid,
and out of the cash payments is to be deducted the inte-
rest payable by the contractors to the holders of bonds and
shares according to the provisions of the original contract.
" The contractors are to pay the interest upon any ex-
cess of the proportion of B company's bonds to B shares
which may arise from the appropriation above mentioned,
until such proportion is rectified by the farther issue to
the contractors of B shares against works--the company
undertaking that, not later than the Ist of September,
1856, they will sanction the execution of works sufficient
to restore the due proportion.
"No call is to be made on the B shares beyond the 121.
103., 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 Company, calculated at par in
. sterling, which bonds and shares the company hold to the
extent of 200,0001., which are reserved as a provision for
this purpose.
"The contractors leave to the disposal of the direct ors
the province bonds to which they are entitled under their
original contract, and they will be credited from time to
time with the premiums realised upon sales on such portion
only of those bonds as shall be applicable to works exe-
cuted by them, as and when they are executed.
"They consent to the suspension of the works from St.
Thomas to Trois Pistoles, and from Belleville to Peter-
borough, until the Ist of September, 1856, at which date
the company is to determine what portions of the sus-
pended works are to be proceeded with, and the company
is to have the option of further suspending any of the
above-mentioned works, on terms which the directors
conceive to be fair and equitable.
" The contractors also agree to a modification of the con-
tract for the Victoria Bridge. This arrangement will en-
able the directors to consider whether it is possible to adopt
any more economical plan for its construction. It is un-
derstood that the present expenditure on that work is to
be limited to 60,0001., that being the amount estimated 33
required for fulfilling existing arrangements with sub-con-
tractors. Should this estimate be exceeded, such excess is
to be paid far in B shares ; and all future payments for
the bridge, after the Ist of September, 1856, are to be made
in B bonds and shares, in the proportions which will re-
main after giving effect to this arrangement.
" They undertake to proceed actively with the works
from Montreal to Toronto, and from Quebec to St. Thomas:
" The directors submit the foregoing arrangement to tho
shareholders as, not only fair and equitable in itself, but
as affording the beat remedy for contingencies which might
have impeded the successful prosecution of their under-
taking, and they propose that a supplemental contract be
executed in accordance therewith.
" The works actively prosecuted are those from which
the largest and earliest return is to be expected. Those
which are suspended are the portions likely to be least re-
munerative. The diminished rate of progress of the work,
on the Victoria Bridge is in accordance with a desire very
generally expressed, and by concentrating the energies and
resources of the contractors upon the other parts of the
undertaking will expedite the completion of the main line
of railway. It also affords an opportunity for considers
tuna whether some plan of construction may not be devised,
whereby all the advantages to be derived from completing
this important link in the great chain of communication
may be obtained at a less charge upon the undertaking.
" The capital accounts submitted herewith show that
the expenditure under that head to the 30th June last
ateounts to 6,372,2961. Bs. 51, of which 1,722,155/
153. id. was on account of the Montreal and Portland sec-
tion, including additional locomotive stock, &,c.Mc.
" 2,117,923/. 9s. Od. for works bet weea ontreal and
Toronto.
" 1,077,676/. 11s. Bd. for works between Toronto and
Stratford.
" 892,991/. 19s. 11d. for works between Quebec and
Richmond.
s‘ 31,se , Od. gees, les. for works between Quebec and St.
Thomas, and
" 259,175/. 3s. sd. for the Victoria Bridge.
" The directors append hereto the reports of
B.
ic.ill.t
Ross, the engineer of the company, and of Mr •
Bid-
der, the general manager. By the former it
5
tw(l2lbe
mile_,)seer
that the section from Montreal to Brockville _
3ft
urn
be ready for opening within a couple of mon th
thapresent time, and from its perfect construction there
will be no cause for regretting its immediate use—th e wh tti
of the materials used being of the best quality and
,work-
manship.i An ample supply of engines and carriages, f
various kinds, now completed and erecting at the com-
pany's extensive work at Point St. Charles, will be in rea-
diness in due time. And from the latter it appears that
` the working expenses for the last half-year are a fraction
over 11/. per mile per week ; but considering that it is the
worst half-year, both in receipts and expenditure, the
re-
sult is with less difficulty accounted for,, and it is still to
be hoped that we shall be able to bring the working ex-
penses to within 101. per mile through the lower province,
and every exertion will be made to do so. The trains now
running are capable of earning double the present receipts
without materially increasing the expenditure.'
" At the close of the present year the arrangement made
by the Great Western Railway Company under which the
two companies have agreed to suspend their works west of
Stratford and London in the direction of Sarnia, with the
view of avoiding the construction of competing lines, will
terminete- The directors will use thoir utmost endeavours
to effect such an arrangement with the Great Western
Company as will prevent competition, and be mutually
advantageous to both companies, and they have the satis-
faction of being able to state that the contractors for the
western • section of the Grand Trunk Railway aro prepared
to co-operate with them in any plan that may be agreed
psn.
"In accordance with the terms of the amalgamation
agreement, a ballot has taken place among the directors,
by which the seats at the Canada board of Messrs. Rose,-
Hinckes, and Holmes, and at the London board of Mr. 11.1
Wollaston Blake, have been declared vacant.
"These gentlemen are eligible for re-election, and, bffer
themselves accordingly.
•
" In accordance with a general wish expressed by the
shareholders of the company, at a meeting held in London
on the 20th of July, a report of the progress of the under-
taking and the accounts of the company will henceforth
be issued each half-year. •
" The capital and revenue accounts for the twelve
months ending the 30th of June last are herewith sub-
mitted.

(Signed) "B. HOLMES, Vice-President."
The reports of Mr. A. M.
weree and Mr. S..
..
13idder the general manager, then read; and the Ac-
connts.for the year ending 30th June last were submitted.
The CuAinueN in moving the adoption of the report,
said,—Gentlemen, you have heard the report read, a::d
you have now had placed in your hand the accounts for
the past 12 months. The detailig, or result 4, I should
rather say, of the revenue accounts may not be exactly
what the directors could have wished, but I am fully con-
vinced thasidt you will
we do agree with me in thinking that,
all
thin„ cond, not show such very bad result.
Theplarnentable prevalence of cholera last year, an unpa-
ralleled depression throughout the province in the lumber
trade, together with a general paucity of other exportable