The Sun.
London, England, 1860-03-26 00:00:00

GREAT WESTERN OF CANADA.

The report of the directors of this company states
that the receipts on capital account during the half
year ending Jan. 31 last amounted to £175,523,
making the total receipts to that date £5,160,267.
The expenditure on construction account was
£4,902,104. The half year'S traffic and
rents amounted to £207,503, the 'Working ex-
penses and renewals to £125,284, and the net
revenue to £82,218. The surplus from the
last half year amounted to £8,168, ;flaking
£90,386. From this was deducted £30,063 for in-
terest on loans, £5,780 for payment on account of
Desjardins and Flamboro' accidents, £1,186 an
account of bad debtS, and £12,045 for half year's
-interest not received on Detroit and Milwaukie loan,
leaving an available balance of £41,311 ; out of
which the directors recommend the payment of a
dividend at the rate of 2 per cent, per annum, which
would absorb £31,693 and leave a. balance of £9,618.
In the present accounts there was no charge for
interest on the balance of the loan from the Govern-
ment of Canada, the Government of Canada having
consented not to call upon the company for the
payment of interest for three years from the Ist of
July, 1859, before which time it was hoped that the
company might' be enabled to complete the arrange-
ment made in 1857 lbr paying off the entire debt;
and when that was done a settlement of the whole
account between the Government and the company.
would be made, including the payments in previous'
years towards the sinking fund. The traffic during
the last half year, as compared with that of the
corresponding period, showed a decrease of £3,480.
The working expenses, &c., showed an 'increase of
£4,591 over the corresponding period, caused prin-
cipally by the working of the Sarnia, branch of 51
miles in length. The cost per mile per train had
been reduced from 4s. 2d. to 3s. 101 d., which was
the lowest rate at which the trains had been worked
since the Opening of the line. During the six years
the line had been open bad debts to the amount of
£7,119 had been incurred, and it was proposed to
write them off by *six half-yearly instalments of
£1,186 each. The disastrous and impolitic com-
petition of American liars among themselves
during the last three years had forced upon the
company rates which were not fairly remune-
rative. The traffic accruing 'to the Great
Western of Canada from the Detroit and Mil-
, waukie line daring the a
past ha If-y r amounted
to 8
0 that extent- a clear
addition to 3
thereceiptsof-lie Great- leiresternßail-
way,
without involving an extra train, where there
was a prospect of a much larger businesS hereafter.
The critical financial po6itionitok the Detroit and
Yilwaukie Company had induced the directors to
aautthWoreitsrn
authority.
recommend that a committee of proprietors be ap-
pointed at the approaching meeting for the purpose
of investigating the
affairs
all of
requisite the Gre
Railway of Canada, with

BUTCH-RIONIBM.
The receipts for the fortnight ending the 29t1 of
February, 1860, amounted to £5,227, and for the
corresponding period of last year to £4,327, show_
ing.an increase of LOW.' The receipts since the
commencement of the present book year on the Ist
of May, including the above, amounted to L 132,713,
showing an increase over the corresponding period
of last year of £1,918. The working expenses for
the fortnight 'amounted to £2,474,• or
47.33 per
cent upon the receipts, and for the corresponding
period of last year to £2,329, or 53.82 per. cent.,
.
showing an increase of'crpenses amounting to £145.
The working expenses from the Ist of May, 1859,
to the 29th of February last, amounted to £53,101,
or 40 per cent. of the receipts. The working ex-
penses for the year 1858-9 were 42.40 per cent.