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

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
taking the quotations of the prices of gold since
August, 1863, he found they fluctuated from 1221
to 276, and from the 161 h of July last the highest
price was 276, and it came down as lox 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.
Tuey had sold a portion of their American funds,
and could replace them at a profitnt 30,000 dols.
which was a fortunate and prudent tratoetc.ion, but
it did not follow that loses on that account might
not occur. With money at 9 per cent, in London
was necessary to be cautious. It might go higher
or come down in a few months 11:-nce, to 4 per cent.
'The fluctuations in prices had caused the cost of
roiling rails to rise from 30 dole. a ton to 42 dols. a
too, and wages of labourers from 1 del. ad iy to
1 dol. 75c., just as if the value of a sovereign were
to vary from Ils. to 7s. This had else, caused a
great stagnation of trade, which would continue
more or less as those fluctu awns happened. Or,
the other side of the account they had been enabled
to putonase £lOO,OOO of Port4eed bands which they
would have to pay off in 1866, arid as they had a
good opportunity to purchase them they had ems
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
those of the corresponding half of 1863, showed an
increase of £72,079, or equal to 1580 per cent.
There was an increase in the number of passengers
carried of 66,164, 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
55. 7d., and in 1864, 6s. With regard to the freight
they had carried 430,034 tons, against 369,484
tous, 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 ton in 1864 was
163. 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 pi evious 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•
meats 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 bad
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
liurcn 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 Eogland, 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, including 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 quantit3
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
dols., nguinst 2,400,000 dole. for the same month last
year. At Hemilten and Toronto the increase was
also very considerable, shoving that the general
trade of the country was very satisfaciory. Ile
had every confidence that the reciprocity treaty be.
tween the United States and Canada would be re-
newed on an equitable and 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