The Sun.
London, England, 1856-10-15 00:00:00

THE SUN, LO ;DON, WEDNESDAY EVENING, OCTOBAR 15, 1856,

1 RAILWAY INTELLIGENCE.

GREAT WESTERN OF CANADA.

A gen Oral meeting of shareholders in this company was
held yes terday at the London Tavern—Mr. R. Gill in tho
chair.

Mr. flarryit, the secretary, read the minutes of the last
two me(3tinge, which were confirmed. The report of the
Canadia n directors, an abstract of which has appeared in
The Su a, was taken as read. The capital account showed
that 4,7 75,922/. currency had been received, and 4,682,110/ 1
expends al, leaving a balance of 93,8121. currency. The
revenue account for the half year ending the 31st of July
last showe:d that 355,751/. had been received, and 209,745/.
expended, including 6,504/. lost on steamboats, and 5,625/.
rent of :suspension bridge, leaving a balance of 146,006/.
To this sum was added 3661. from preceding half year,
35,065/. received for premiums on shares, making together
181,437?. From this was deducted 50,0441. interest on
loans, and 14,052/. for sinking fund, to provide for the
liquidai ;ion of the Government loan at the rate of 3 per
cent. per annum, leaving 117,340/. net for general dividend.
The proposed dividend at 3 per cent, per annum would ab-
sorb 109,2841., and leave 8,053/. for the next account.
The CHAIRUAIT said he felt some little difficulty in ad-
dressing them on that occasion, and would rather they
should consider them (the board) as shareholders than direc-
tors. The Canadian board had stated that they (the English
board) were merely the London agency. He was exceedingly
dissatis fled with the report, statement of#ccounts, and other
matters ; but at the same time he thought it better not to go
into any details respecting personal matters. It appeared
to him that, with so great an increase in their traffic as
100,000?., they ought to have had a much better dividend.
The eillpienses had been very heavy. The shareholders had
suffereda second loss of 20,0001. in respect of the steamboats
notwithstanding what had been expressed on that subject at
the former meeting to discontinue them. They had been re-
quested by the Candian board to allow the boats to run
for one month, but the one month was extended to more
than two months, and the result had been as he had stated
—a loss of 20,000/. They were determined that those expe-
riments should not be repeated, and orders had been given
to sell the boats. With regard to the cost of maintenance
of way the charges were excessive, and the revenue was
made to bear expenses under that head which clearly be-
longed to capital. The fact was, the permanent way was
not finished when they commenced to run upon it ; the rails
were laid on the bare sleepers, and the ballasting was not
half completed. This was afterwards completed at the ex-
pense of revenue, instead of being charged to capital. One
of the arrangements that had been recently entered into
would be advantageous to them; it related to the exten-
sion of tho Detroit and Milwaukee Railway, with the con-
struction of which the Great Western of Canada had no-
thing to do but to receive the traffic. His friend Mr. Beat-
tie and himself had put themselves in the position of trus-
tees to take all the receipts from the Detroit and Milwau-
kee traffic, and hold them to meet the interest on the
bonds which were given. He would not trust himself to
state what the amount of traffic would be from that source,
but he believed it would be very remunerative. They had
made friendly arrangements with other companies for an
interchange of traffic, and also with the Buffalo and Huron.
Arrangements were under consideration in respect to an
interchange of traffic with the Grand Trunk Railway Com-
pany. It was hoped that a considerable traffic would pass
to and fro over their line at Toronto to the Grand Trunk
Railway on to Montreal, and thence to Portland. It was
probable that by the establishment of friendly arrange-
ments for the interchange of traffic much benefit would be
conferred on both companies. He might state that the
measure of the traffic on their lino would depend entirely
on their ability to carry it. They had sent out a locomotive
superintendent from Manchester, and also a number of
engines from that place and Bristol, by which they ex-
pected to effect large savings in that department.
With regard to their position in Canada he thought they
should be considered as first-class colonists —they had
sent out their money to make railways, and he thought
their locomotives were the most effective emigrants they
could send. The Canadian Government had lent them
700,000., but they had charged them the usurious interest
of 9 per cent. for it. They paid 6 per cent. interest and 3
per cent. for the sinking fund, but it was so arranged that
when they paid off 500,00:d. of the money they would still
have to pay 6 per cent. interest on the whole amount of
700,000/. during 20 years, being equivalent to 9 per cent.
per annum, which were certainly not favourable terms.
They had had a visit from four gentlemen from Canada, who
had presented them with a project for a southern line to
compete for the traffic of the Great Western, but he was
convinced that unless the English people gave them the
mousy they could not mako it, as the Canadians could em-
ploy their money much mare profitably than in making
railways. Of course he (the chairman) and his colleague,
Mr. Beattie, told the gentlemen from Canada that they
would have nothing to do with the competing scheme, for
they knew perfectly well it could not be carried out unless
the money was obtained in England. He thought it right to
call the attention of the meeting to the fact that 11,578,000/.
of English capital had already been expended on the Grand
Trunk, the Great Western, the Ontario, Simcoe, and Lake
Huron, and two other railways in Canada. Out of those
five railways the only ono paying a dividend was the Great
Western of Canada. These were facts, and ho would leave
them to do as they liked with respect to otherschernes.
lie did not think the Canadian interest was with them ;
they only looked to the increased value of their land at
the cost of others. The Canadians could not afford to
make railways with their own money, as they could do
mach better with it. Ho thought, therefore, they
should allow those who found the money to have the
management of their property in Canada. He, for one,
would not be responsible for the management of their
property unless the head direction were established in
England. It was very unpleasant for him to allude to an
endeavour of the Canadian Board to commit the company
to an expenditure of 50,0001. in the shape of bills for a com-
peting line. They had opposed the wishes of the English
shareholders, and they had disregarded the proxies sent
them for that purpose. He would be happy to answer any
questions, and concluded by moving a resolution to the
effect that the report bo received, that the accounts be
prepared in future according to a specified form, and that
the dividend be paid on the 21st inst.
Mr. A. BEATTIE, a director, seconded the resolution. Ho
said they could not adopt the report, as there were some
very unsatisfactory items in it. The London board had en.
deavoured to obtain explanations from Canada, but the
time had not been sufficient to admit of a reply. He
thought, if the executive in Canada had been at peace
among themselves and devoted their attention to the deve-
lopment of the traffic and reduction of working expenses,
the company would now be in a very different position.
Steps would immediately be taken to prevent such proceed-
ings in future. The ruling power should be in England.
The gentlemen in Canada were fully aware of the resolu-
tion of tile shareholders not to expend any more money on
extensions; they had disregarded that expression of opinion
and brought forward the southern competing scheme, which
they endeavoured to fix upon the company. They had kept
tip a constant rivalry, which had proved so destructive to
railway property in England, although it had been proved
over and over again that satisfactory arrangements between
railway companies were better for all parties than rivalry
of any kind. An arrangement with the Grand Turk Com-
pany was under consideration, and when it was matured the
matter would be submitted to the shareholders for their
sanction at a meeting specially convened for the purpose.
He then adverted to a letter written by Mr. Bridges, their
managing director, who had ridden over the greater
part of the proposed southern line, and given it as his
opinion that the traffic would not do much more than pay
working expenses, the receipts being estimated at 10/. per
miletthh
the
seexphieestriwe
neg:alk, si n
thee. and
prtr that Part of
i poit
af l wasth n
e places
route,
w aler ve
forais a al
rbel
distance
c I ty
servedon teor
of 18
by
y 8
miles, consisted of a marsh, from which nothing in the
pshroapmeootefrtsrwaffierecc
landowners,ol could be
were, Someof of
course,the
principal
anxious
to have railway communication to their estates at the
eompany'e expense.

The Hon. Mr. CAMERON, a member of the Canadian
Legislature, said they had not sent out their money to
Canada with a view to help the Canadians, but to get a
remunerative dividend. It was true, the Canadians were
poor, but they had no reason to be ashamed of their
poverty, because they would get rich as soon as they could.
The Legislature had given the company power to manage
their property by means of proxies, but it appeared to him
that the diffi4lty in managing their affairs had arisen from
disputes between Mr. Radcliff and Mr. Bridges, the English
directors at the Canadian board, and not from tho Cana-
dian directors. With regard to the terms of tho Govein.
ment loan the company had gladly accepted them, and
had realised a profit from the transaction. The great evil
was that Mr. Radcliff, the vice-president, was pulling one
way and Mr. Bridges the other. The reason the boats had
not paid was that they were not allowed to touch at Tor-
onto. The best thing they could do with the Sarnia
branch would be to hand it over to the Grand Trunk Com-
pany, or construct it on joint account. It would be a
filly to make two lines to Sarnia, as the traffic on that
branch would be about 13/. per mile per week, or the same
as on the Galt branch. They had a magnificent property,
but in order to preserve it they should avoid making
branch lines.

Mr. BEATTIE explained that the difficulties at the board
in Canada had arisen from gentlemen connected with
Hamilton, the Mayor of Hamilton, and tho Warden of
Middlesex. Ha believed their charter did not give them
power to manage the affairs of the company in Rigland.
Titz Rev. A. CREEK thought the meeting should endea-
vour to represent to the Legislature of Canada the evils of
competition, with a view to induce them to adopt some
uniform system, so as to avoid sanctioning competing
schemes.

Mr. S. HEREPATH stated that a private meeting of influ-
ential shat °holders was held the day before, and they h.mi
adopted certain resolutions which he would submit. He
then read the resolutions, which wore to the effect that, as
Mr. Radcliff, the vice-president of the Canadian board, had
endeavoured to commit the company to making a line of
railway between Amherstburgh and St. Thomas before sub-
mitting the matter to the shareholders, tho meeting had no
confidence in him, and they requested him to resign his