The Sun.
London, England, 1864-10-14 00:00:00

PRICF ..4d.
STAMPED ....sd.

RAILWAY INTELLIGENCE,

GRAND TRUNK OF CANADA.
The half-yearly meeting of this company was
held yesterday at the London Tavern; Mr E. W.
Watkin in the chair.

Mr J. M. Grant, the secretary, having read the
notice convening the meeting, the report was taken

as read.

The CHAIRMAN, in moving that the report for the
half year ending the 30th of June be received and
adopted, said it would be his duty to give them en
account of their stewardship. They had endea-
voured to give the proprietors ail the information
they could in the report, so that they might be able
more calmly to consider the state of their affairs
than it was possible for them at a meeting of that
kind. He was enabled to state that the traffic re-
turns for the week ending the 24th of September
amounted to £27,636 against £24,679 for the cor-
responding week of last year. (Hear, hear.) He
found that, on comparing the traffic receipts from
the Ist of July to the date he had mentioned with
those fur the same period in 1863, there was an in-
crease of £41,454, or 17 per cent. On taking the
receipts and expenses up to the latest return there
was an increase in the Litt receipts of £15,068, or
351 per cent. They would find the statement of
capital in the 18th and 19,h pages of the report,
and it was unnecessary for him to add anything to
that statement. He would pass on to the other side
of their account, which included the deplorable acci-
dent ofißeloeil Bridge, the continuation of the
American war, and the American currency. As
regarded the Belocil accident they were unable to
discover any fault in the company's rules for work-
ing tee traffic. The Beloeil Bridge crossed a tribu-
tary of the St Lawrence, and was a lift or swing
bridge. He was not aware of any swing bridge
taat had been worked without accident. At almost
all the swing bridges accidents had happened.
It was a dangerous thing to life and property
on a railway to have such bridges, capable of form-
ing a gap in the way; it was most desirable to do
away with such bridges, and substitute permanent
structures in their place. A settlement of all the
claims had been effected on terms which were fair
to the sufferers and to the company. He then ex-
plained that the fluctuation in the American cur-
rency had given the directors great anxiety. On
taki❑g the quotations of the prices of gold since
August, 1863, he found they fluctuated from 1222
to 276, and from the 16th of July last the highest
price was 276, and it came down as low as 189.
Those fluctuations caused immense disturbance in
the whole of their operations. He would be glad
if they could render an account in sterling money,
and have only small deductions to deal with, but to
give an idea of the fluctuations in the American cur-
rency during the past year they must suppose a
sovereign worth at one time 165., then to go down
gradually to 75., and afterwards rise to lls. and all
varieties between those amounts. This caused the
price of labour and materials to fluctuate very con-
siderably, so as to make it very difficult to control
and regulate their affairs. They had been more for-
tunate in this respect than other companies; they
had large sums to pay in American currency on
account of their having 228 miles of their railway
in the United States; they had to pay working ex-
penses, interest on bonds, and the Portland sinking
fund in that currency (£42,000), making altogether
about £160,000 or £170,000, which they were en-
abled to pay in that currency to the 20th of June.
Tney had sold a portion of their American funds,
and could replece them at a profit of 30,000 dole.
which was a fortunate and prudent transaction, but
it did not follow that losses en that account might
not occur. With money at 9 pot e, nt. in Loudon it
was necessary to be cautious. It might go Liver
or come down in a few months hence to 4 per cent.
The fluctuations in prices bad caused the cost of
roiling rails to rise from 30 doll. a ton to 42 dole. a
too, and wages of labourers from 1 dol. a day to
1 do!. 75c., just as if the value of a sovereign were
to vary from Hs. to 7e. This had also caused a
;treat stagnation of trade, which would continuo
more or less as those fluctuations heppened. Or
the other side of the account they had been enabled
to purchase £lOO,OOO of Portend bonds which they
would have to pay off in 1866, and as they had a
good opportunity to purchase them they had em-
braced it. They could now dispose of these bonds
at a profit ; and they proposed to deal with them
as was best for the interests of the company. The
gross receipts from all sources during the half-year
ending the 30th of June amounted to £528,301, the
working expenses to £315,021, and the balance to
£213,280; deducting from this £31,489 for the re-
newal of the permanent way left a net balance of
£181,791. The gross receipts, as compared with
t hose of the corresponding half of 1863, showed an
increase of £72.079, or equal to 15 80 per cent.
There was an increase in the number of passengers
carried of 66,1E4, or 14 47 per cent., and in the re-
ceipts for passengers of £25,488, or 17'12 per cent.
The average receipt per passenger in 1863 was
ss. 7d., and in 1864, 6s. With regard to the freight
they had carried 430,034 tons, against 369.484
tons, showing an increase of 60,550 tons. The re
ceipts for freight had been £349,539, as against
£302,088, showing an increase of 47,451, or 15.70
per cent. The average yield per to❑ in 1864 was
16s. 3d., and in 1863, 16s. 4d. He then called
attention to the progress the company had made
in respect of net revenue. For the year 1859 it
amounted to £73,357, in 1860 to £102,684, in
1861 to £142,492, in 1862 to £170,233, and in
1863 to £315,036; and for the first half of 1864 to
£181,791, which was the largest net receipt they
had ever had in any previous half year. He called
their attention to the improvement of the perma
nent way, which had hitherto gone on rapidly, but
it might happen that in carrying out those improve.
ments financial considerations might induce them to
exercise some caution. The agreement with the
Buffalo and Lake Huron Company had been car-
ried into effect, and he was happy to say it had
met with approval in Upper Canada, and was
working most satisfactorily. Instead of the Western
produce sent by that line being confined to the route
via Buffalo, the forwarder could now send it as well
to Toronto or to Montreal. Mr Brydges had re-
ported that the traffic over the Buffalo and Lake
Hurcn line was now 40 per cent. more than for the
corresponding period of last year, and he was of
opinion that it the international bridge at Buffalo
was completed he could easily double that increase.
With regard to the leased lines they were working
satisfactorily. The receipts on the Atlantic and
St. Lawrence lines amounted to £104,000, and after
deducting expenses and other charges, there re-
mained a balance of £6,166. But if the interest
on those bonds were payable in England, there
would have been a loss in exchange of £5,588. The
Detroit and Port Huron line showed a receipt of
£27,616, and expenses of £28,425, inducting rent,
showing an apparent loss of £BO9 ; but if they had
to pay in gold there would have been a loss of
£7,068. The accounts with respect to the state of
crops in Canada led them to believe that they
would have as much traffic on the railway as they
could carry. The only limit would be the quantity
of plant they could make available to carry it. He
found that the Canadian revenue was in a most
satisfactory state, and was more than sufficient to
meet the current expenditure. The receipts for
Customs in September in Montreal were 4,000,000
dole., against 2.400,000 dole. for the same month Jae!
year. At Hamilton and Toronto the increase was
also very considerable, eho tying that the general
trade of the country was very satisfac'ory. He
had every confidence that the reciprocity treaty be-
tween the United States and Canada would be re-
newed on an equitable end fair basis. He believed
that the cessation of that treaty bad been the cause
of the present endeavour to unite the upper and
lower provinces of North America into one Govern-
ment, instead of three separate Governments ; to
organise one system of defence, and one system of


legal tribunals instead of three;' , IletlithftW 4
, .:64;-
)
an arrangement ought to havetbeir -coital-4: -5p0V,..4
wishes for success. They had US milei'affirifsiiikl?",
in the American States, and tilik-..opuAlletl;iff,tiislit24,
ness with the American people Itete7lttithil.)ritXtyi
friendly and satisfactory manner. 1. i vaii gifitt.

object to consolidate the colonies under the British
Crown extending from the Atlantic to the Pacific.
When it was considered that in the year 1790 the

population of the United States was less than
that of Upper and Lower Canada and Nova Scotia
at the present time, and that British provinces
of North America had a larger habitable sur-
face than the United States, it was impossible
to say what that great territory might be
made by good management and united efforts. T:o
immediate completion of the International Rail-
way would become a most essential matter for tho
development of the large mineral and other re-
sources of those provinces under one local govern-
ment.

Mr T. BARING, M.P., seconded the motion for the
adoption or the report.
Tee CHAIRMAN, iu reply to questions, stated that
he loss on the currency in the past If-year had
been avoided, not postponed—they had nothing to
carry over on that account. As to tLe postal account
he had been assured that it would be very soon set.
tied, and he believed the Governuient of Canada
would soon pay them what was due.
Mr ADAMS said he held £1,200 stock in the
company, and appealed to Mr. Baring as to whether
he had not a right to be heard. He then proceeded
to address the meeting, when .
The CHAIRMAN ob)ected to hear Mr Adams until
he could put the question to the meeting as to
whether they would hear Mr Adams or not, and
requested him to sit down. He (the chairman) said,
owing to the state of his health, he would only be
too glad to be released from his position in the con.
pany. He would not preside over a meeting unlesa_
it was conducted in a businesslike manner. On two
previous occasions Mr Adams had made speeches and
voted at their meeting when he had no right what•
ever to do so. He could not allow Mr Adams to
proceed without first obtaining the assent of the
meeting.

Mr ADAMS contended that he had a right to be
heard, and complained that the chairman had not
allowed him to give an explanation.
A PROPRIETOR thought that, as Mr Watkin had
done so much for the company, they should support
him in the course he thought proper to adopt, and
be trusted that the day was not far distant when
they would vote hith a substantial acknowledgment
of those services.

Mr J. MERCER said it was well known that Mr
Adams entertained certain ideas and notions of his
own ; and as he had addressed them twice before
when he was not a proprietor, he thought the opia
nion of the meeting should be taken. He now apt
peared desirous of diverting the meeting from the
statements of the Board, after the very able and
clear manner in which everything had been laid
before them.

Mr. ADAMS said he never had an opportunity of
replying to the observations.
The CHAIRMAN then put the question, and the
meeting by a show of hands decided on not hearing
Mr. Adams.
Mr. ADAMS said he must reply.
The CHAIRMAN then put the motion for the adop.
tion of the report, which was carried unanimously,
and he declared the business concluded.
Thanks were voted to the chairman and director?,
and the meeting separated.