The Sun.
London, England, 1865-10-13 00:00:00

rim SUN, LONDON, FRIDAY EVENING, OCTOBER 13, lEEE.

allowance was fixed at $124 per mile of railway per
annum, which would give the company an increase
of about $20,087 per annum for that particular ser-
vice. They would perceive in the account they had
got £8,295 for postal service on the Sarnia branch,
which charge had not been brought before into ac-
count. The company had made arrangements with
the Montreal Telegraph Company for 20 years, by
which the railway company were to have the use of
,the wires, and their own men work the telegraph
on the line. The importance of having the
telegraph entirely under their control was apparent,
and it would also be more economical for the com-
pany. The Commercial Bank case had been decided
in favour of the Great Western Company. The
company's agent at Bothwell informed them how
much that place on their line had increased in value
since the discovery of oil springs over a space of
four miles in length by three miles in breadth. A
very large quantity of land had been bought within
eight miles of Bothwell, and the price of land there
had risen from $2O to $5O per acre, and since to
$2OO to $3OO per acre. The line into this district
would become an important feeder to the railway.
There was now a sum of £36,810 available, out of
which the directors proposed to declare a dividend
of 2 percent. per annum, leaving a balance of £3,205
for the next account ; but as the auditors had re-
ported that there would be a loss of £4,670 in con-
verting $77,504 of American currency, there would
be some deficiency, and that a less dividend should
be declared. It was therefore for the shareholders
to decide whether they would have a dividend of 1i
per cent., or one of 2 per cent. as proposed. He
thought they might safely trust to the increase of
traffic in the current half-year to cover the small
deficiency. He then adverted to the importance of
laying down a third rail on a portion of their rail-
way to suit the gauge of the American lines, so as to
allow American trains to run over their line. This
would prevent three breaks of gauge between Chicago
and New York, and it was expected that the whole
cost of the third rail would be repaid from tolls in
between five and eight years. It was estimated
that the loss by break of gauge was now £17,000 a
year, which would be saved by laying the third rail.
With regard to the Detroit and Milwaukee line,
the traffic, receipts for the half-year ending the
30th of June last amounted to £147,870, against
£119,576 for the corresponding half of 1864, show-
ing an increase of £28,294. The net receipts on that
line in the first half of 1865 were $245,242, and the
interest on bonds $203,073, leaving a surplus of
$42,169. It could not pay its bonded debt a few
years ago, but now it left a surplus. There was no
capital account to go to, and the Milwaukee Com-
pany had to spend its surplus revenue to provide
additional cars to convey the increased traffic. The
third rail would help the traffic considerably on the
Detroit and Milwaukee line, and so indirectly benefit
the Great Western Company. There had been an
abundant harvest in Canada, and on the whole he
thought the prospects of the company were good.
The safe and punctual working of the rail-
way reflected much credit on the management of the
line and the officers of the company. He concluded
by moving the adoption of the report and statement
of accounts, and that a dividend at the rate of 2 per
cent. per annum be declared, payable on the Ist of
November.

Mr. HOYES, a director, seconded the motion.
Mr. FILDES, M.P., strongly recommended a traffic
arrangement, And the adoption of the one purse
system between this company and the Grand Trunk
Company.
Mr. HARTRIDGE would -be very glad to see
friendly relations established with the Grand Trunk
Railway Company. He was not surprised to hear
there were some differences between the two com-
panies, but he thought there should be friendly
relations between them respecting traffic from Detroit
to Toronto. Beyond Toronto he failed to see what
connexion there could bebetween the two companies.
The CHAIRMAN stated that at the request of his
colleagues, when Mr. Brydges, the general manager
of the Grand Trunk, was last in England, he (the
chairman) proposed to Mr. Brydges that a friendly
arrangement should be come to with respect to the
traffic between Toronto and Detroit, but Mr.
Brydges declined to entertain that question, and
they parted good friends. He (the Chairman) was
sure if the shareholders knew the condition of their
line and that of the Grand Trunk they would not
be so very anxious for a joint working. If they and
the Grand Trunk were united on that question it
would then be only two companies out of seven, and
it would probably induce the other five companies
to compete more fiercely with them for the through
traffic.

Mr. HARTRIDGE was not satisfied that the one
purse system would answer in their case.
Colonel EVELYN thought they should not allow
any pressure in favour of the Grand Trunk interests
at their meeting.

The report was then adopted, and the dividend of
2 per cent. per annum was declared, free of income-
tax, payable on the Ist of November.
On the motion of the CHAIRMAN, seconded by
Mr. HOYES, a resolution was unanimously passed,
approving the agreement bearing date the 19th of
September, between the Great Western Railway of
the first part, the Atlantic and Great Western Rail-
way (Buffalo Extension) of the second part, and the
Niagara Railway Company of the third part,
whereby the Great Western would work the Erie
and Niagara Railway for one year, and secure the
right of working its traffic over the Erie and Nia-
gara Railway for 20 years, on terms to be agreed
upon. _ _

Mr. S. HERAPATII said as the board undoubtedly
deserved the confidence of the shareholders, he would
move from that side of the table that the present
board of directors be re-elected.
Mr. HARTRIDGE seconded the motion, and hoped
it would be carried unanimously.

It appeared that Mr. Harris, of Darlington, was a
candidate for a seat at the board, but after an ex-
planation that he would be outvoted, Mr. Fildes,
who proposed him, withdrew his amendment, and
the motion was carried unanimously.
The retiring auditors, Mr. J. Young and Mr.
Smith, were re-elected.
On the motion of Mr. HARTRIDGE, a vote of
thanks to the ehairman and directors for their valu-
able services was carried unanimously.

Colonel EVELYN then moved a vote of thanks to
Mr. Swinyard, the general manager, for his atten-
tion to the interests of the company, and the pro-
ceedings terminated.