The Sun.
London, England, 1854-08-15 00:00:00

LONDON, TUESDAY EV-ENING, AUGUST 15, 1854.

GRAND TRUNK RAILWAY OF CANADA.

The first meeting of the shareholders of this company
was held at Quebec, on the 27th ult.
The Hon. John Ross, President of the Company, having
taken the chair,
Sir C. RONEY proceeded to read the following reports :

_ .
REPORT OF THE DIRECTORS OF THE GRAND TRUNK
RAILWAY OF CANADA.

The period for holding the first meeting of the share-
holders of the company having arrived the directors desire
to place before them a full report of the progress of the
undertaking since its formation.
The amalgamation of the several companies now com-
prised under the title of the ih.and Trunk Railway Com-
pany of Canada, was completed in July of last year ; im-
mediately afterwards the necessary stens were taken for
issuing the shares and debentures to the holders of the
provincial certificates of the A series of Grand Trunk
Shares, and for the conversation into Grand Trunk Shares
of the paid up in full shares of the St. Lawrence and At-
lantic, the Quebec and 'Richmond and the Toronto and
Guelph Companies.
It may not be inopportune to state here that the system
adopted and carried out, with reference to the preparation
and issue of these documents, as well as to their regisaa-
tion and transfer, and to the payment of interest and divi-
dends on them, is of the most complete and satisfactory
character.
Immediately after the amalgamation, the necessary
organisation of the company in the. traffic department,
under the control of Mr. S. P. Bidder, its general ma-
nager, was ' effected. His report is attached hereto.
The system of audit of all receipts from traffic was also
brought into operation on the principle of the Lon-
don Clearing-house—the experience of several years, ac-
quired in English railways, demonstrating this as .a com-
plete and effective check on all payments ou account of
traffic.. Its working on the section of railway between
Portland and Montreal has shown the advantage of its
adoption in this country. Arrangements have been made
for its extension as the several sections of the Grand Trunk
Railway are.completed from time to time.
The St. Lawrence and Atlantic and Atlantic and St.
Lawrence Railways, forming the line from Portland to
Montreal, are 292 miles in length. They were delivered
to the company in July, 1853, in a state unfit for working,
and the locomotive and carriage stock was equally defi-
cient.
Engagements, however, had been entered into which
rendered it necessary to keep the line open so as to get
through one train a day during the winter.
Notwithstanding the adverse circumstances under which
the line was worked, the traffic has gradually increased
from 1,641/. 3s. 9d. stg., which it was on the week ending
the 7th January last, to 3,6271. Is. 9d. for the last week of
the half-year ending 30th ultimo. The total receipts for
the half-year were 73,112/. Bs. 2d. stg. To earn that sum
an expendiLure of 58,1221. 14s. was incurred.
This largo amount for working expenses will naturally
attract attention, but it has to be remembered that the
railway was kept partially open to fulfil the engagements
already referred to, as well at the solicitation of flour and
lumber merchants, who had made contracts in the belief
and understanding that the railway from Montreal to
Portland would be in effective working order during the
winter. It must also be borne in mind that the last
winter was the Severest known in Canada East for several
years, and that, in addition to the short supply of engines
and ther rolling stock, there were neither workshops nor
tools for the necessary repairs. The half-year just expired,
therefore, forms no criterion for the future as regards
working expenses. •
The line is now in good working order. The ballasting
throughout its entire extent is nearly completed. The num-
ber of engines has been augmented to 64, and more than
the ordinary proportion of them is in complete and effec-
tive working order. The necessary workshops and tools
have beeaprovided, and every arrangement has been made
or is -in progress for rendering the line capable of con-
veying as large ea amount of traffic as can be carried
one a single line of railway, at or about the ordinary rates
of working expenses. Since the .Ist instant, `. Through"
trains accomplish the distance each way between Montreal
and Portland in 11i hours, and the number of passengers
carried by them would ave been gr. atly in excess of
their present amount, had not the unfortunate prevalence
of cholera checked the immense travel from the United
States that usually flows into Canada at this season of the
year. The ordinary trade of Montreal has likewise been
diminished to a considerable extent in consequence of the
prevalence of the disease.
Although the sea service of the Canadian Steam-Packet
Company was not carried on in an effective manner during
the past winter, the experience acquired by merchants'
and others has convinced them of the advantages of the
communication ; and there is no doubt that if a. weekly
passage were established between England and Canada,
and that the sea service were performed with average regu-
larity in.vessels of large tonnage, the receipts on the line
from Portland to Montreal alone would be increased be-
tween 1,5001. and 2,0001. a week from this source.
Up to the date of the last advices from England, the
6th instant, 1,818 8151. sterling had been paid on account
of the A series of shares of the Grand Trunk Company and
the debe'ntures to which such shares are entitled.
490 8851. sterling have been paid in advance of future
calls, a satisfactory proof of the confidence entertained by
the English shareholders of the company as an invest-
ment.
It is intended that the next call of 2/. 10s, per share
and of la on each class of debentures be made in October
next, to be followed by calls fur the same amounts in Feb-
ruary and June, 1855.
Owing to the prospects of a geneiat war in Europe, and
the consequent probable depression of all securities, the
directors deemed it prudent, during the autumn of last
year, to apply to the Provincial Government to grant,
under the Guarantee Act 14 and 15. Vic., cap. 73, sec. 22,
the same privileges with reference to the province bonds,
to b issued to this company, as had been afforded to other
railroad companies in Canada entitled to the guarantee.
The Government assented to this proposal, and trans-
mitted to Messrs. Baring and Glyn, the agents of the pro-
vince in London, 903,700/, of debentures, with instruc-
tions that they be issued to such shareholders of the Grand
Trunk Railroad Company as paid 40 per cent, on their
A shares, and in full on the province bonds to which
they are entitled.

The amount paid in full on these debentures`to the 6th
instant, is 492,3001. stealing. The works completed by the
contractors to the 14th instant (at the rate of 40 per cent.
on the works to which the debentures apply) have entitled
the company to 311,0001., and a furl her amount of 317,5001.
is held on account of those sections of the line hitherto
known as the St. Lawrence and Atlantic and the Quebec
and Richmond Railways. It, therefore, appears that the
company have not yet received from the Government the
amount of provincial aid to which it is entitled. The de.
bentures are, however, in the hands of Messrs. Baring and
Glyn for disposal to the shareholders of the Grand Trunk
Company under the conditions before stated.
Should a larger sum be received by Messrs. Baring and
Glyn in payment of these debentures than the amount to
The
the B series e
which the company is entitled on works executed, it will
be held by these gentlemen and will be only handed over
by them to the company, as it becomes entitled thereto
from time to time, by order of the Government of Canada.
A similar
iwedorkinstporoegffreesest.
with
rr
oa
fr arrangement
debentureswill b be
as carried
amount of this issue will be 905,8001.

In accordance with the arrangement announced by the
London board on the 6th May last, the directors have en-
tered into the following arrangements with reference to the

progress of the work :----That-they be actively proceeded.
from St. Thomas, 40 miles below Quebec (to join the Que-
bec and Richmond line), and between Montreal, Kingston,
Toronto, Guelph, and Stratford, so that the line shall be
opened. from Montreal to Prescott, and between Toronto
and Stratford, a distance of 210 miles,: in. the autumn of
next year, and the other sections giving a total length of
867 miles in October, 1856.
The works postponed under this arrangement compre-
hend 245 miles, and an outlay of about two millions ster-

ling.
The capital accounts submitted herewith showshowthatultimo, been1,860,2651.55.237,7931.5ter1ing was
Port-
land, providing it with additional locomotive stock, work-
shops, Sic., 589,41 V. for works and materials supplied be-
tween Montreal and Toronto, 363,3961. 19s. between To-
ronto and St. Mary's, 537,350 between Quebec and Rich-
mond, 63.1721. for the line east of Quebec, and 57,020/.135.
9d. for the Victoria-bridge.
The directors refer with satisfaction to the full and de-
tailed report of Mr. A. M. Ross, the company's chief en-
gineer, herewith subjoined, on the progress of the various
works now in course of construction. It cannot fail to be
read by the shareholders with the deepest interest.
On the subject of the Victoria bridge. the directors de-
sire to state that its necessity and advantage become daily
more apparent.
The explicit report of Mi. Robert Stephenson, recently,
published, has convinced all persons interested in the sub-
show
rstnee
stae
shr
ecetdi s,
that,
htci
hacmete sf el
yect in an engineering point of view, of its practicability
and propriety, and the usal of Mr.oss's report will
present mannertimei. which Viewed
the
inw o
relationrks h
impressed
mer emps
avetopriots-
owitahnocuet, thet
the
largedirectors areand more
comprehensiveth a than ever
traffic system involved in the construction of the railway,
could only be partially and by comparison ineffectually
carried out at a very great cost. Montreal is the terminal
point of the ocean navigation connected with the St. Law-
rence on the one side, and of the great Canadian and
tAhme eereicnatninleankte,s,enexttehnediontghe2r. ,00I0t
is also the centremilesintothehe farrteomf
which lines of railway at present radiate to Portland,
Boston, and New York, and to which lines now in pro-
gress of construction will converge from the Ottawa and
other rich, though as yet, only partially developed districts
of Canada. Without the Victoria-bridge the Grand Trunk
Railway would, in fact, be two railways, involving the
cost and expensive working of two separate plants, whereas
by its cdustruction under the perfect system of manaa.e-
ment-which the directors believe they willubceenittbulpeotnotihne-
troduce, not only will the immense traifie bgtoßtihtiotfi,aphetrfisornisi
and of merchandise which now flows through Montreal
oats=loatngsidobriiticioentss7
ce°oolinieitvniiincntielfwroiatfihithvtaehYebsoard that hy means of the bridge better,
more rapid and cheaper communication will be afforded for
the produce of the magnificent districts of Western Canada,
and of the North-Western States of America, including
Michigan, Illinois, Wisconsin, Minisota, lowa, etc., to t
Atlantic Sea-board, and for the supply of these h;
districts
Con-
tinent. With reference to the cost, it should be observed
with imported goods than by any other route ou this
that if its amount be distributed over the whole Grand.
Trunk Line, it will add about 1,2001. a mile to the ex-
pense of construction, making the total cost of the railway
(to be finished iu every respect equal to a first class Eng.
lish railway) about 9,5001. a mile, which amount includes
the necessary locomotives and other rolling stock for work-
ing the line. In addition, the lines of railway, indepen-
dent of this company, which converge at Montreal aro
about 1,600 miles in length.
All these will pay toll to the company to pass their
traffic over the bridge, as it must be obvious that it will
be cheaper than to ferry the river by steam-boats in sum-
mer or by sleighs in winter.
The directors are happy to announce that the agreement
entered into in London between this company and the
Great Western Railway Company
until 1856 for each to suspend
such portions of the respobtire linos as excited

mutual jealousy, has been confirmed by the Cfnada board
of that company. In consequence the works on the Great
Western line from London to Sarnia, and this company's
Sarnia Extension have been. deferred. f
The board has. every reason to hope that before the ex-
piration of the present agreement, terms of a friendly alli-
ance will, under the decision of Arr. Stephenson, be ar-
ranged between the two companies, by which?all the evils
incident to any apprehendel competition will be avoided.
A vacancy having been created in the Canadian section
of the board, by the retirement of Captain Rhodes, it is
proposed to fill up the vacancy by the appointment of H.
Le Mesurior, Esq.
In accordance with the terms of the amalgamation
agreement, the period at which the first election of direc-
tors shall take place, as al-io.the terms at which the future
ordinary meetings of the shareholders of the company shall
be held, are to be decided by the present meeting.
The election of three shareholders of the company as
aulitors is likewise required by the terms of the amalga-
mation agreement.
Certain shares in the Quebec and Richmond Rsilway
are now in arrears for calls. A resolution will be submit-
ted to the meeting to empower the Directors to forfeit such
shares two mouths after a notice has been published in
the Canada Gazette, and in the other newspapers.
The accounts of the company up to the 30th ultimo, are
herewith submitted.

JOHN Ross, President.

•
which with the forces employed will soon rise into import-
ance.
• At present, as shown by the Appendix A, there are
1,172 men and 72 horses employed upon this work.
Preparations for the construction of the iron-work are
proceeding at the Canada Works, Birkenhead, on a scale
commensurate with the magnitude of the undertaking
under the direction and superintendence of Mr. Stephen.
son, and in the course of next year we contemplate the
erection of a considerable portion of this part of the work.
THE QUEBEC AND RICHMOND SECTION
Comes next in order, and with reference to it I have
merely to state that every exertion is being made to lay
and finish the superstructure of the permanent way, so as
to be able to open the line for traffic early in September.
The masonry throughout this section is of a very supe-
rior description, some few of the iron-bridges remain yet
to be finished, they are all proceeding with despatch, and
I do not anticipate any contingency happening which can
disappoint our expectations in this instance.
The extension from Hallow Cove to Tibbet's Wharf is
proceeding with vigour, and would be much further ad-
vanced than it now is, but for the delay experienced in
procuring the right of way. The passenger station build-
ing and steamboat landing wharf are being advanced ra-
pidly ; a corresponding lauding would also have been in a
similar state of forwardness on the Quebec side, if the
authorities with whom we had to deal for the property had
met our applications with promptitude.

QUEBEC AND TROIB PISTOLES.
I have now to refer to the Trois Pistoles Section, which
has been finally located from its point of departure from
the Quebec and Richmond Railway to the Rivviere du
Loup, 113 mild& Plans of this portion have been duly
deposited in the proper offices, as required by the acts and
the usual noti :es in reference thereto, published.
The right of way has been secured for eighty miles.
The construction of the first 40 miles from
.the point of
departure on the Quebec and Richmond Railway to St.
Thomas, was commenced early in the spring, and by this
time fully one third of the grading of this length is epm-
plete.
The masonry for the large bridges is progressing, and
the;iron•work for those bridges is finished in England, and
we are advised will be sent off as soon as its shipment can
be effected.

The whole of the ties are provided and in coarse of de-
livery, as also, the whole of the fencing which is now being
erected.
The rails about 4,000 tons required for this section are
all provided, although only 1,000 tons have yet reached us.
The remainder will be forwarded as speedily as ships can
be found for their transportation.
One thousand one hundred and forty-two men, and 84
horses are now employed upon this section ; and with the
exception of two large bridges, the whole of the grading
will be completed this season.

MONTREAL AND PORTLAND.
The works of completion upon this section are so far
perfected as to admit of a large reduction of the forces em-
ployed.
Those still engaged are chiefly employed in relaying por-
tions of the line at either end, where cross bearers are
being substituted for the objectionable mode originally
adopted ; the disadvantages of which were sufficiently
apparent at so early a stage in the construction of the line,
as to occasion its abandonment when not more than 20 per
cent. of the whole had been completed. In the course of
the summer, much of this inferior part of the line will be
relaid, mad such works as still remain to be done in drain-
ing, &c., which the experience of last winter demonstrated
to be so necessary will be carried out.
The line is now in good and fair running order through-
out, and nothing in railway travelling can exceed the re-
gularity with which time is kept by every train.
Another no less gratifying proof of the efficient
performance of the service of the company, is to
be found in the almost entire freedom from ac-
cident of any kind whatever. Excepting one in-
stance, when the imperfect wheel of a goods waggon
suddenly broke and damaged four other waggons, with
their contents, there is nothing to record woith mention-
ing since the company commeuced wozking the line, and I
sincerely trust we shall continue to enjoy that immunity
from casualties which it has hitherto been our good for-
tune to experience.
I find, on referring to our accounts, that in the twelve
months ending on the Ist instant the sum of 275,0001. ster-
ling has been expended. One-third of this amount has
been spent upon the road, land, and stations • one-third
upon the supply of additional locomotive and rolling stock,
and the remainder in payment of old contracts and sundry
old outstanding liabilities, in the aggregate amounting to
nearly 9301. per mile, and yet we are not done.
Theincreasing traffic creates a constantqlsmand for ad-
ditional accommodation in stations now in use, and for
now sidings, which the now mills and establishments upon
the line and its vicinity amply justify. This will render
necessary a further supply of rails, dic.
Although a great deal has been effected in securing ex-
tended accommodation at the Portland Terminus—the
most important feature in the whole project—there still
remains much to be accomplished which is now in active
operation. Hence expenditure upon a large scale is still
going on,
il
,tosetotpraNdveh.ichl
wouldwoulil be virtually
work
tocloss
be done on the line, and the stations between Montreal
teilithe
dto
and Portland, and the necessary increase at the Portlani
Terminus, to be about 15J,000/. sterling. This wont(
make the total cost of the line somewhat under 9,0001. pe
mile.—l have the honour to be, gentlemen, your mos
obedient servant,

(Signed) ALEX. M. Ross, Boginear.

ArPENDIX A.
The following is a return of the nrce employed on the
works in progress during the mouth of June, 1.8a4 Eastern division-174 carpenters. 12G sawyers,
2.9
smiths, 8)7 11.1:13' quarrymen, awl stone-cutters, 64
brickmakers, 4,0:36 labourers; total men, 5,796; total
horses, 951
Central division-36 carpenters, 18 sawyerA, 24 smiths,
82 masons, quarrymen, and stave-cutters, 49U labourers;
total men, 650; total hoses, SU.
Western division-82 carpenters, 44 sawyers, 64 smiths,
108 masons, quarrymen, and stone-cutters, 120 labourers,
733 mariners • total men, 1,151; total horses, 253.
Toronto and Sarnia division—Total men, 1,930; total
horses, 210.
361
Victoria Bridge--125 carpenters, 136 sawyers. 72 smiths,
masons, quarrymen, and stone-cutters, 309 labourers,
146 mariners ; total men, 1,152 ; total horses, 74.
Quebec and Richmond division-5 locomotives; total
men, 2,000 ; total horses, 200.
Quebec and Trois Pistoles division—Total men, 1,142;
total horses, 84.
Total med, 13,821; total horses, 1,856.

. -
Gentlemen,—ln presenting my report of the operations
of the line between Montreal and Portland, during ,the
past year, it will be necessary, for the information of the
shareholders, to state briefly the condition in which we
found the property on taking possession of it in July,
1853.
The directors of the two companies, namely, the St.
Lawrence and Atlantic (from Montreal to the American
frontier), and of the Atlantic and St. Lawrence (from the
American frontier to Portland), anxious it appears to
secure the summer traffic of 1853, opened the 47 miles
between Sherbrooke and Island Pond, which completed
the through communication to Portland in a very imper-
fect state; so much so, that it became necessary iu October
to close it again, except for one train in the middle of
the night.

A general survey having been made of the line and sta-
tions • it was seen that a very considerable outlay was re-
quired in new works to accommodate the through traffic,
the equipment of the lines having been confined by the
former companies to the local traffic only. The most im-
portant of these works consisted of new sidings, water
tanks, a new goods warehouse and the necessary work-
shops for the repairs and maintenance of the locomotive
and carriage stock of the company.
A new station and storage warehouse at Portland were
required, as also the enlargment and improvement of the
way stations throughout the line ; on about 60 miles of
railway, new sleepers had to he laid down ; and there
was no ballast on almost the whole length of the
railway.
When this company took charge, the amalgamated
stock consisted of 34 engines, 24 first class cars, 9 second
do., 15 baggage do., 172 freight cars, 265 platform do.,
22 ballast do. Of these, 4 engines, 11 freight cars, 23
platform cars were scarcely worth repairing, and moat of
the remaining engines, and a considerable number of the
cars required a thorough repair: The new stock contracted
for by the old companies, comprised 23 engines, 5 first
class cars, 292 freight cars, 73 platform do.
To meet the requirements of the line, an additional
number has been added, and the total stock for working
this section of the grand trunk system, is composed of 64
engines, 34 first class cars, 15 second do., 471 freight do.,
419 platform do., 17 baggage do., 45 ballast do., 1.4 snow
ploughs. _

. -
The system—if system it may be called—adopted by the
old companies for keeping the accounts and working the
line was so defective, as to render it necessary to put aside
all their traffic books, papers and forms, and to print and
to bring into operation a complete new set.
The practise of selling tickets in the ears has been ac-
knowledged, both in Canada and in the Uuited States, to
be a deeply rooted evil ; and as a first step to put it down
on this line, we commenced to charge 25 cents more for
tickets purchased in the cars. This has had the desired
effect to a great extent : much less money being now taken
by the conductors than formerly.
The right to use the ticket system known as Edmond-
son's, which has been adopted by every company in Eng-
land, has been secured for the Grand Trunk Railway ; the
necessary machines have been provided, and we are now
printing our own tickets, and hope shortly to have the
system in full operation.
An audit department has been organized on the prin-
ciple of the Railway Clearing House in England, through
which all traffic accounts will be passed, and :dl other
accounts of the company checked. This, as well as the
merchandize departments, are presided over by gentlemen
of many years experience on English railways.
After the close of the navigation last year, the screw
steamers ran between Liverpool and Portland with pas-
sengers end goods, thus opening up for the first time an
entire now winter route for Canada; and notwithstanding
our deficiency of engine power, and the defective state of
the line, the traffic of these vessels has been conveyed with
a despatch which has given general satisfaction.
To show the importance of this new route for Canadian
produce to the eastern market, it will be sufficient to state
that 70,00 J barrels of flour were conveyed over the hue
during the winter months.
With reference to the present prospects of the railway
as it is opened up for traffic, toy expectations are of the
most sanguine character, and Judging in a small degree
from the results of the past six months, I think I am war-
ranted in stating that the Grand Trunk Road, as it be-
comes developed, will have a traffic equal, if not superior,
to any line of railway on the continent of Arneriea.
As you will have observed, the receipts of the Portland-
road have, during the past half-year, been raised front
$ ;,0)0 00 to $lB,OOO 00 per week ; and I am of opinion
that during the months of July, August, and September,
this be greatly exceeiled:Lns,hlowulhdiethheisolrikdeinlyaitiy:
this amount
American summer travel take place,
be increased by the desire to view the woi ks of the Victoria-
bridge, now becoming so generally known, and causing so
great an interest throughout the whole of this continent.•ln addition, several large saw mills are in course of erec-
capable of cut.
tion, and will shortly be ready for work,

/

[PRICE si).

ting 200,000 feet of lumber per day and several others are
likewise in contemplation.
The engineer's report will inform you that the Quebec
and Richmond Load will be open for traffic the first week
in September.
The local traffic of this line, as you are aware, will not,
for some time to come, be an important item in our re-
ceipts ; but the through traffic from Quebec to Montreal
and Portland, especially during the close of the navigation,
will assuredly be equivalent to that has been antici-
pated. Apart, however, from the local traffic of the line,
you will not fail to remember the immense advantage of
such a communication bet•veen Quebec and Montreal, and
there can be no doubt but that the very fact of a railroad
running between these two places in mid-winter will in-
auce travel that never has been contemplated.
I now cou,e to speak of the line West of Montreal, but
my observations in this report must be confined to repeat-
ing the expectations I have already expressed. Indeed, it
would be uncalled for on my part to say more at present
than to state, from the experience and knowledge of the
country I have acquired since my residence in Canada,
that in my anticipations concerning the pr.-Stable working
of that section of the Grand Trunk Road are more sanguine •
than ever. Daily does some fresh proof arise of the neces-
sity and advantage of railway communication between the
eastern and western portions of the province. Emigration
alone, the amount of which is illimitable, will furnish an
increasing source of traffic to the railway. Upwards of
30,000 emigrants have already passed through Canada on
their way to the far west this seasm, and it is not to&
much to say that two thirds of all the persons who land at
Quebec will certainly pass over our road when it is com-
pleted. I also find that the district through which the
line is carried is so thickly populated that it is impossible
for us, at this present time, to estimate the great amount
of traffic which this district of Canada will furnish to the
railway.
On referring to some statistics relating to• Canada,
between Montreal and Toronto, I find that, leaving out
these cities, as well as Kingston, the following districts, in
which we shall have stations, contain the subjoined
populations :
Lachine—Population about 1,000.
St. Clair.
St. Ann.
Road to Cedars—Population about 1,500; rising die
trict.

New Longuenil.
Lancaster—Population about 5,000 ; nearly 15,000 acres
under cultivation.
Charlottoburgh—Population about 6,000; quantities
of hardwood, pine, etc.
Cornwall—Population about 4,000; tanneries, and a
large export of potashes.
Osnabruck—Population about 5,0,0; 25,000 acres cul-
tivated, produce very large.
Williamsburgh—Population about 4,000.
Matilda—Population about 4,000; tanneries, ashes, ex-
ports, etc.
Ed wardsburgh—Population about 4,500; maple sugar
refineries, wool fac`ories.
Augusta and Prescott—Population about 8,000.
Eliz ibethtown and Brockville—Population about 9,000;
Brockville contains 4,000.
Younge—Population about 4,000.
Leeds Lansdown }Population about 5,000.
Pittsburgh—Population about 3,000; agricultural pro-
duce generally.
Ernesttown—Population about 5.000.
Nspanee —Population about 1,000.
Shannonville.
Belleville—Population about 4,000; thriving town;
trade of Marmora Iron Works comes here.
Port Trent—Population about 1,000 ; lumber traffic.
Colborne.

Grafton—Population about 1,000; plenty of grist mills.
Port Cobourg—Population about 5,000; cloth factory
employing 200 han ; consumption of wocl to nearly half
a million.

Port Hope--Population about 3,500; most rising place.
Bond Head.
Bownianville—Population about 10,003; 25,000 acres
under cultivation.
Whitby-Population about 2,000; brewery, tannery,
etc.

Pickering—Population about 7,000; best settled district
in West. .
Scarborough—Population about 4,000.
Scarborough Height.
Total population, about 107,500.
These figures, in themselves, would be sufficient to war-
rant my saying that this division of the line could not fail
to be profitably worked ; and in addition, the constant
and increasing through travel between Montreal and To-
ronto, both passengers and merchandise, apart from all
local trafc, would almost, in itself, prove remunerative to
the shareholders. It must likewise be remembered that
for many miles back, for the whole length of the line, the
country is populated with the most rising and energetic
class of persons that can possibly be located in the neigh-
bourhood of a railroad, and that .at from different points
the tratlic of the interior is brought to our line by rail-
ways now open and in course of constraltion.
Althoughl shall not more than allude to the Sarnia di-
vision, lam not unmindful that this and the districts be-
yond are the points from which we must receive an amount
of traffic the magnitude of which we can form no conc,p-
tion of.

Whether as an amalgamated company with onr neigh
boar, the G. Western, or acting as an independent coin-
puny, I am convinced that a largo amount of tho bread-
stuffs of Michigan, lowa, Wisconsin, and a portion of Illi-
nois, which now find their way to the sea-board by water
and by the United States lines of road, must rilss over the
Grand Trunk, not only on account of its being the cheap-
est and most direct route, but also because of the less num-
' ber of handlings these goods would have, and the conse-
quent extra rapidity with Nvhi,h they would be conveyed.
In fine, I may add, th it the more I see and hear of the
resources of this country, the ►nore assured do I become of
the absolute necessity of the Grand Trunk line of railway,
and in proving its necessity I cannot but prove also its pe-
cuniary profit to the shareholders. Although, on my first
arrival in Canada, I had my doubts as to the earnings be-
ing as large as estimated in the prospectus, I have uow
much satisfaction in bearing my testimony to the probe-
bility of the amount therein stated being realized, and that
too within two or three years from the date at which a
through communication shall have been established between
Sarnia, or some other point in that district, with Portland
and Quebec.

I am, gentlemen, your most obt. servsnt, '
(Signed) S. P. BIDDER.

Montreal, July 24, 1854.
The CHAIRMAN having called the attention of the meet-
,ng to the chief features in these reports,

The Hon. GEORGE PEMBERTON stated that he felt
great pleasure in attending this, the fir-t, meeting of the
company. He congratulated the proprietors upon its
financial position and upon the progress already made in
carrying forward the magnificent system of railways of
which the Grand Trunk consisted. In reference to one
part of the report, he would observe that he had heard, by
the last mail, that 65 ships were either loading in Eng
land or were already on their way to Canada, with iron-
and other materials for the construction of the railway.
This was in addition to the large amount that had
already been received by the spring fleet. He concluded
by moving the adoption and confirmation of the report
of the Directors, and of the accounts submitted with
them.

Mr. J. 11. FORSYTH seconded the motion, which was
carried unanimously.
The CHAIRMAN said, that under the Company's Act,
it was necessary for the shareholders to decide at this
meeting the time at which the future meeting of the
company should be held.
It was then determined that the meetings should take
place annually on the Ist Wednesday in September, and
that at the meeting to be held in September, 1855, one-
third of the members of the Canadian Board should re-
tire, one-third in 1856, and the remaining third in 1857
—the retiring directors to be eligible for re-election.
Mr. H. LeMesurier, of Quebec, was elected a director
in the room of Captain Rhodes, resigned ; and Mr. W.
Molson, Mr. Wm. Workman, and Mr. A. Laßocque
were appointed Auditors of the company.
A resolution. empowering the directors to forfeit cer-
tain shares of the late Quebec and Richmond Company
in arrear, having been passed, the proceedings termi-
nated with a vote of thanks to the President, which was
proposed by Mr. Michael Scott, of Quebec, and carried
by acclamation: The meetinz then adjourned.

TRIUMPHAL RECEPTION OF Ma. JEREMIAH SMITH AT
RTE.—On Weduesday last Mr. Jeremiah Smith returned
to his native town, after suffering incarceration for a
period of six months, and was received by his friends
and neighbours with every demonstration of rejoicing.
fr s return
A. few days previously, when the information reached
Rye that he had been liberated a council meeting was
town
called, and it was resolved that the
they
station. This
was made known throughout the l mayor od
still held him,
council should welcome him et! nrnhome, and
mark the high Estimation in wh ic
railwayi
by publicly receiving him at
town and neighbour-
thre
hood by means of bills, and a
general holyday was de•
termined upon. Business was entirely suspended, the
shops were closed, and young and old of both sex,s
turned out in holiday attire to
welcome home their late
mayor. The country around supplied a large addition
to the multitude. Between 300 and 400 of Mr.
Smith's
labourers were in readiness to receive their
as soon as the train should arrive. These
employerw,re all
dressed in their white frocks, and each
wore a blue ribbon and a rosette. A. large num-
her of farmers came in on hor eback, and took up a
position in the railway yard, which was completely filled
by persons anxious to welcome hint home with loud
huzzas. The who!e town presented an appearance of
unparalleled gaity ; triumphal arches and banners
greeted the eye at every turn. Over the entrance gates
at the railway station two splendid arches were thr .wn,
the evergreens being beautifully interspersed with flowers
culled from the gardens of Mr. Smith's friends. The
arches were surmonnted by a large cro aei in the centre,
and immediately beneath this, on either side, the word
•‘ Welt; mie" was formed in large letters with flowers.
At the top of the side pillars the arms of Rye amid Win-
ehelsea were placed, anti a very imposing eife,:t was
produced. From Mr. Peacok's store to the railway
10,14 e another arch spanned the road at a right
angle with those above described. This also bore
the word " Welcome " in large yellow letters on
red canvas. Immediately opposite to this arch,
and stretching across the street from the front of the
Railway and Commercial Hotel a banner was suspended.
and the motto which it bore, " May the cause of the
people prosper," doubtless was fervently responded to
by the people present, a large number of whom was of
that class who live by the sweat of their brow. By the
side of the above•named hotel was a large blue banner,
bearing " Long life to Jeremiah Smith,' in gold letters.
Mr. Smith, who was accompanied by Mr. Mackinnon,
the member for Rye, was enthusiastically cheered in 1,
progress to the George Hotel, where he addressed the
people from the balcony.