The Sun.
London, England, 1864-10-01 00:00:00

GRAND TRUNK OF CANADA.

The report of the directors states that the earnings for the
half-year ending Juno SO amounted to £528,301 the ordinary
working expenses to £315,021, and the balance to £213,380.
From this was deducted £31,489 for renewals of permanent
way charged to revenue during the half-year, leaving a net
balance of £181,791. The gross receipts showed an increase of
£72,079, or 15'80 per cent., over those of the corresponding
half of 1863. The number of passengers carried had been
523,284, as against 457,120 in the first half of 1863, showing
an increase of 66,164, or 14.47 per cent. The receipts for pas-
sengers had been £174,354, as against £148,866, or an in-
crease of £25,488 or 17'12 per cent. The average receipt per
passenger in 1863 was 5s 7d, and in 1864 6s. The sum carried
into the accounts for postal service was again a merely no-
minal amount, no settlement of this long spending question
having up to this time been effected with the Government Of
Canada. The last advices from the company's executive in
Canada stated that renewed promisee of a most positive cha-
rbaectwtereetatdhebeGeonvmerandmeeonftaanndeacrora
early
peestntyle,r2 and the Board hopedent of the accounts
to be in a position to announce at an early date that those
pledges had been fulfilled. The ordinary working expenses
showed a total outlay of £315,022 as against £289,970, or
an increasa of £25,052, or 8.60 per cent, expended in earning
an increase of revenue of £72,079, or 15.80 per cent. The
percentage of ordinary working expenses to June, 1864, was
59'62 as against 63.59 in the first half year of 1863, 77'23 in
the same half of 1862, and 87.32 in the first half of 1861.
From the net profit of the half year—viz., £181,791, there
had to bo deducted the (nominal) amount of £13,431 for
postal and military service receipts, and £8,219 paid as com-
pensation in connexion with the unfortunate accident at
Beloall in June last, leaving (including the balance of £532
carried from last half year) £163,672, of which £20,690 had
been applied to the payment of debenture interest, £54,069
to the payment of rents of the Atlantic and St Lawrence
lines, the Detroit, and the Montreal and Champlain line;
and £82,442 to the payment of interest on the first, second,
and third preference bonds; carrying forward a balance of
£6,471. The interest on the first and second preference bonds
would be paid on Oct. 17. The improvement of the perma-
nent way by strengthening and renewal had progressed
rapidly during the half year, 341 miles of line with heavier
rails fished at the joints having been ralaid, and 12 miles of
the 341 had been renewed with steel-headed rails. The out-
lay on capital account for additions to the plant and pro-
perty of the company had been during the past half year
£65,229, which included the cost of upwards of 100 cars and
13 engines, and payments on account of further rolling stock.
The directors had issued equipment mortgage bonds to the
amount of £241,100. Tho issue of these bonds had enabled
the directors to meet liabilities on capital account and pay off
temporary loans. The £lOO,OOO Portland bonds duo by the

Grand Trunk Company as lessees of the Atlantic and St.
Lawrence line, had been purchased with funds accruing in
America, and in lieu thereof sterling bonds for the same
amount would be hereafter issued. The agreement between
the Grand Trunk and Buffalo and Lake Huron Companies
had been carried into practical operation. The Board had
much pleasure in announcing that the new arrangement had
been received with satisfaction by the public in the district
served by the Buffalo and Lake Huron Company. The ar-
rangements preparatory to laying down the narrow gauge
between Ft.r t. Erie and Sarnia were in hand. A bill legalis-
ing the agreement for copartnership with the Montreal and
Champlain Railway was passed by the Canadian Legislature
in the session now closed. Notwithstanding the heavy ex-
penses incurred in renewals of the permanent way, &c.,
upon this line during the past half year, the loss upon the
Champlain arrangement would not exceed £2OO. The
directors believed the bond and shareholders would agree
with them in regarding the steady and continuous increase
of gross traffic and net earnings as justifying favourable
views of the intrinsic value of the line and the ample re-
I sources of the extensive area of country which it served.
The amount expended on capital account to the 30th June
last was £16,174,633.

DUMFRIES AND LOCKERBIE.
The half yearly meeting of this company was held on
Wednesday at Lockerbie—Mr Jardine in the chair.
The CHAIRMAN, in moving the adoption of the report,
said the traffic was steadily increasing, the average monthly
return being £7lB against £6Bl in the first five months the
line had been open, and there was every reason to hope for
a still further increase, especially in goods. Additional
capital to the amount of £32,000 would be required—the
oost of the line and works being £150,000, which was in
excess of the estimate ; but it would not be necessary to go
to Parliament. as under a late statute the Board of Trade,
on certain forms being observed and certain notices given,
could grant all that was necessary. The report was adopted,
and a dividend at the rate of 4 per cent, per annum was
agreed to.