The Sun.
London, England, 1864-03-03 00:00:00

CALEDONIAN.

GRAND TRUNK OF CANADA.
The report of the directors, to be submitted at a
meeting of proprietors on the 7th proximo, states
that the gross receipts from traffic and all other
sources for the halt-year have been £477,839, as
against £439,361 for the corresponding half year of
1862, or an increase of £38,478, or 8.76 per cent,
Tnis increase has been obtained in the face of un-
usually low rates for freight throughout the fall
and winter, caused by depressed prices of produce.
and by the navigation of the St. Lawrence and the
lakes having been kept open, owing to the mild-
ness of the early winter season, until the close of
the year. Thus the winter rates, fixed at a higher
scale when the navigation is closed, could not be put
in operation, as heretofore, about the first week in
November. The estimates formed of the harvest of
1863 in Canada and the Western States have not
been fully realized. From these causes it will be
noticed that while the total tonnage of freight car-
ried during the half-year hag been 372,984 tons, as
compared with 325,337 tons in 1862, the receipts
have only been £282,067, as against £286,273.
Thus, the freight of the December half of 1862
yielded an average receipt of 17s. 7d. per ton, while
that of 1863 only yielded 15s. ld. per ton. The
passenger receipts, on the other hand, show a very
gratifying increase—the number of passengers of
all classes carried having been 529,723, as against
453,926 in the last half of 1862, or an increase of
75,797, or 16.69 per cent. The money earned has
been £170,484, as against £127,180, or en increase
of £43,304, or 34.05 per cent. Thus, while in
1862 the average receipt per passenger was ss. 7d.,
that of 1863 has been 6s. sd. This increase has
been caused by the conveyance of a larger propor-
tion of " through" or long distance traffic. The
amount carried into the accounts for " postal ser-
vice" is merely nominal, no settlement having yet
been arrived at with the Government of Canada,
which is matter of deep regret. This delay
has seriously affected the company's finan-
cial position, preventing it from giving that
increased accommodation which the trade of
the province stands so much in need of, and has
also involved great hardship upon the late creditors
of the company, who gave up claims and securities
in order to promote the interests of the undertaking,
and in the confident hope of that just and early
arrangement so often promised, hitherto without
accomplishment. The ordinary working expenses
show a total outlay of £275,073, as against £262,307
in 1862, or an increase of £12,766, Or 4'86 per cent.,
expended in earning an increase of £38,478, or
8.76 per cent. The percentage of ordinary working
expenses in 1863 is 57'66 per cent., against 59'68
per cent. in 1862. The following statement shows
the progress of the net revenue of the company :
In 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 £289,901. From the
net profit of the half-year—viz., £165,728, there
has to be deducted the (nominal) amount of £13,104
for postal and military service receipts, and
£20,033 for loss on American currency, leaving
(including the balance carried forward from last
£43,242 rents
half-year of £186), £132,777, which has been
applied, or is now applicable, as follows
to interest on various debentures, including £2,312
instalment of Portland sinking fund,
of Atlantic and St. Lawrence and Detroit lines,
£49,921 interest of first preference bonds, and
£24,715 second preference bonds, leaving a balance
of £532. The half-year's interest accruing on the
first and second preference bonds to the 31st of
December last will be paid on and after the 15th of
April, on presentation of the coupons at the com-
pany's bankers, and the certificates for the arrears
to be capitalised for the first half-year on the second
preference bonds, and for the whole year on the
third and f
strengthen issued.l r t hrr hien preference
improvement
ap nr odv renewale ns
et
noct kwill
of
hast e p be
permanent
r ma ne
progressednt
subse-
quentlyway b y
rapidly during the half-year. No les.l than 80,1 miles
of the line relaid with heavier rails fished atthe joints
have been renewed, as against 544 miles in the correa
sp
ond ing half of 1862. The total length of line re-
laid in the year 1863 has been 125 k miles, or nearly
one-eighth of the whole length of the Grand Trunk
Railway system. The length laid in 1862 was 804
miles. The number of new sleepers or ties laid in was
in 1862, 302,172, and in 1863, 405,001. The Board
1110 Ar consider that the time has arrived for com-

The report of the directors states that after pay-
ment of the dividends on the preference stock and
shares there remained £108,737, out of which they
recommended a dividend on the ordinary stock at
the rate of 61 per cent. per annum, leaving a sur-
plus of £l,BBO to be carried to the contingent fund,
which would then amount to £23,713; but from
this must be deducted £2,369 under agreements
with other companies, £3,200 for renewal of bridges,
and £1,025 for Parliamentary expenses, leaving a.
balance of £17,119. • The receipts on revenue ac-
count amounted for the half year to £452,181,
against £421,170 for the corresponding period of
the preceding year, showing an increase of £31,011 ;
the working expenses to £183,531, or 401 per cent.,
against £168,344, or 40 per cent., showing an ins
crease of £15,187. The expenditure on capital
account during the half year amounted to £196,156.
The works on the Cleland and the Stonehouse
branches were approaching completion, and those
of the Rutherglen and Coatbridge and the Leith
branches were in progress. Those branches would
develope a large amount of additional traffic, and
the line to Leith would also be the means of saving
a considerable sum now paid for cartage. The ex-
tension to the town of Peebles was opened for
general traffic on Feb. 1. An agreement had been
concluded for the acquisition of the Hamilton and
Strathaven Railway ; the liability of the company
was restricted to £36,500, in addition to the share
capital of £70,000; and also an agreement for the
purchase of the Glasgow general terminus. The
total liabilities were restricted to £214,000. The
capital account showed that the total expenditure
had been £9,047, leaving a balance of £72,897.

GREAT WESTERN AND BRENTFORD.
The half-yearly meeting was held on Monday, at
the offices, Great George-street, Westminster; Mr.
P. Davey in the chair.
Mr. C. ELEv, jun., the secretary, read the report.
It stated that the increasing traffic carried over the
line during the past half-year, and the additional
tollage derived therefrom, permitted a small in-
crease in the dividend, which would be at the rate
of 21 per cent. per annum on the ordinary shares
for the past half-year. This encouraging result
had been mainly produced by the amalgamation of
the three largo lines serving the districts comprised
in the Great Western Company system. The arbi-
tration with the Great Western Company under the
leasing act had not yet been settled. Of the deben-
ture bonds falling due in the past half-year, those
bearing interest at 5 per eent. had been all paid
off, and the loans obtained had been principally at
41 per cent.
The CHAIRMAN, in moving the adoption of the
report, expressed his regret that, in consequence of
the tollage account not having yet been settled
with the Great Western Company, they were not
in a situation to give the quantities of the tonnage,
as they could not admit the returns made to them
without the power of verification. The payments
therefore which have been received from the Great
Western Company had hitherto been taken as on
account. He had hoped that the arbitration would.
have been closed by this time. The arguments and
evidence on both aides wore now closed, and he
trusted that the result of the arbitration would be
satisfactorily to adjust the tollage accounts up to
the present time, and to prevent further difference
of opinion as to the mode of keeping the accounts
and carrying out the terms of the leasing act.
(Hear, hear.)
Mr. H. G. DAT seconded the motion, and com-
plimented Mr. Eley, the secretary, for the skill and
ability with which he had conducted the arbitration
without legal assistance on the part of the company.

(Hear.)
The motion was then put and carried unaui-
mously.
The dividend resolutions were also agreed to,
retiring directors and auditors were re-elected, and
the proceedings were closed with a vote of thanks
to the chairman and direo tors.

setloendy
surface,
determining
RESEARCHES ON WINE.—In a paper addressed
to the Academy of Sciences, M. Bechamp states the
following facts concerning must and wine. Must may be
left to fern
the
et
first
tecasr aleonferntohr
is
itfhormtheed
a pellicle, called eltapFaanupteiliestianiFik:efan:cha;,
en and the germs of the air can-
etrahooe:itts'inShaleccesoszygto the body of the liquid, they
ilciiinoco
tvt
the production
of vinegar by the oxygenation of alcohol. The
on mere goutte, which is the richest in alcohol and extrac-
tive matter, is obtained by tanning, after a more or less
complete fermentation. The next in quality is the via U
pressoir, which is distinguished into wine of the first, se-
cond, and third pressing. The latter is that which contains
most water and least extractive matter; it is mixed with
all the other wines, because it contains more tannin, which
favours the preservation of wine. Tunned wine is still
liable to ferment, and does not become clear until after
the lapse of several months, when the fermentation is
nearly exhausted. Wine is separated from its dregs and
ferment by drawing off ; but this operation should be put off
for some time, because the qualityof wino improves by
star
ing long on the dregs. In all cases, the contact ofar air
should be avoided. Glue is used to clarify wine an
the wine
cry
off particles of matter floating in it ; after which
.ine
ohould be left to stand. Sulphuring neutralises the aedet.ion
of ferment by destroying it. When all the
0 preec erf
operations have been performed and ha° . a! c.a.. e. !
the wino may be stored up, provided it be deprivedl of light
and the action of the air, on account of
.the comp. eat y of
wine. All the elements it contains, succinte, acetic, pho. s-
horic, sometimes tartoric conanthio, and other fatty acids,
P
cgolymeperoiunned,
salmcoshyolsst,ill ethers,aet o n eexa
et rha c
out vhee
rin, aatne t
(ir , t
h&ec .n,
eawl t l
e hal% s.e
pounds resulting from this action may again operate upon
each other, until a more stable equilibrium be established,
which, in the case of certain wines, only takes place at the
end of a certain number of years.
Persons in debt may obtain instant protection against
Imprisonment oreeizure of their goods, and an entire release
from all debts and liabilities without publicity, by application
to Messrs. Blarshall, solketors of the Court of Bankruptcy.
Charges under L 5 payable by easy instalments. Offices—
(established 1830). 12, Hatton-garden. City branch-6, Moor-
gate-street, Bank.—Ann.