The Sun.
London, England, 1866-04-05 00:00:00

RAILWAY INTELLIGENCE.

GREAT WESTERN OF CANADA.
The half-yearly general meeting of this company
was held yesterday at the London Tavern ; Mr.
Alderman Dakin in the chair.

Mr. B. Baker, the secretary, having read the
minutes of the last meeting, which were confirmed,
the report was taken as read.
The CHAIRMAN, in moving the adoption of the
report and statement of accounts to Jan. 31 last,
together with a dividend at the rate of 5 per cent..
per annum for the past half-year, said the directors
had great pleasure in meeting the shareholders with
such a satisfactory change in the affairs of the com-
pany. The difficulties and obstructions which had
so long retarded them he now thought were nearly
cleared away. He thought the present successful
state of things would result in more satisfactory
meetings in future. They had received on capital
account £9,381. during the past half-year in pay-
ment of calls on the new shares, making the total
receipts £5,155,731. The aggregate expenditure
amounted to £5,151,893, leaving a balance of
£3,838. The outlay on capital account during the
half-year amounted to £32,526, being the propor-
tion chargeable to that account for rebuilding
timber bridges in stone and iron ; cost of fish joint-
ing six miles of rails, including outlay of £14,000
on the new Car ferry-boat for the Detroit River,
the new station works at Toronto, and extension
of the line along the Toronto Esplanade ; and among
other items £505 for the new rolling mill, in putting
up a puddling furnace to utilise the waste iron of
the establishment, and convert it to useful purposes.
The items of expenditure would be very productive
in future. It might appear that their capital was
exhausted, all but the £3,838 balance in hand, but
that was not the case. They had been receiving
large remittances from Canada, the accounts hav-
ing been doming in rapidly. The receipts to the
31st of last month amounted to £148,690. The
traffic receipts for the present year were going on
well ; for the week ending March 16 they amounted
to £17,744, against £11,442 for the corresponding
week last year, showing an increase of £6,302. The
total increase in the traffic receipts for the seven
weeks up to that date was £39,805, as compared
with the corresponding weeks of last year. The
question of more new capital was not pressing.
They had power to issue £108,300 more of new
shares, to borrow £661,300 more money, and to
call up the remaining £2 10s. per share. They
had paid off in October,lB64, £72,600 of the 6
per cent. bonds, for which they had the power to
issue others in their place. They would probably
leave to the directors the power of selecting the best
mode of raising any additional capital that might be
required for the purposes of the company. (Hear,
hear.) The revenue of the past half year, as com-
pared with the corresponding period of the precedis-
ing year, showed an increase of £74,310, and 11_
was obtained at an additional cost for workingti of
only £9,502, leaving £64,808 to the g
the Am•
erican
American
bad lost £73,316 in the conversion of
funds during the past half year,
cind66ed,oBthOeincotnhe
preceding half year. That-
version of $242,158 of Am andi
sumernicnn
money
brought
year, and there re-
gthold had
lashartilfa balance of $114,558
on vi
aeirn
efdr from
3tlhset
jpar
ne vninoruys
unconverted.ory.
The pNow,price
aohafe
sotubgehetn,
informed by telegram that the price of gold was
fallen to an average of 144/. They
that was mwearsievaenryfusantdissfact
now down to 126, and if that continued it would
have a most material effect on the net balance avail-
able for the proprietors. The aggregate loss by ex-
changes of American currency from the commence-
ment was £443,987. They had borne all that out
of revenue, and if the exchange during the past half
year had been at par they would have been able to
a declare dividend at the rate of 9,1 per cent. per
mum. The question of exchange, therefore, had
a great bearing on the prosperity of the company.

Another matter was the renewal of the permanent

way. This half year they had expended £23,065 in
enewals, and in the current half year £24,493,
when that account would be obliterated altogether.
In 1861 the proprietors had resolved to meet an
expenditure of £331,279 for putting the permanent
way into first rate order, the expenditure of the
whole sum would be completed this year, and their
welinnoeweoeflur:cldiwentas thathtleynwbiet he
hininperfect order and repair. The
highest compliment he could pay to Mr. Reid, their
engineer,
n e
wthoeulesdtiaccomplish tehaevwerhaoglee
charge for renewal of way during the past five
years had been at the rate of £30,000 each half year.
But they would still have to pay out of revenue a
certain sum to keep up the line in the same
perfect state as it was at present, and therefore they
would be asked to set aside each half year £17,500
out of the revenue for that purpose. As the re-
sult of their operations during the past half year,
they would be able to pay the proprietors a divi-
dend at the rate of 5 per cent per annum, free of
income-tax, which would absorb £85,626, leaving
a balance of £ll,OOO for the next half year. It
had been suggested that they should pay an addi-
tional half per cent., but he thought, as the summer
half year was the least productive, they had better
not divide more on that occasion. The traffic had
been most satisfactory, the receipts in the past half
year had been the largest of any since the line was
opened 12 years ago. The next best half year was
that which ended on the 31st of January, 1857,
when a dividend at the rate of 9 per cent. per
annum was declared. The receipts in the past
half year exceeded those of 1857 by £63,500.
The proportion of foreign traffic was then. 65 per
cent., and of local traffic 35 per cent. The pro-
portion for the past half year had been 61 of foreign
traffic, and 39 of local traffic. In the correspond-
ing half of 1857 the passenger traffic amounted to
£154,125, and in the past half year to £205,131.
The larger the -proportion of passenger traffic tlx
freight the lower would be the percentage of wor.k_
ing expenses. The staff in Canada, assisted by
the directors there, had shown every desire and
used every exertion to reduce the working ex-
penses. With regard to the cessation of the Re-
htc
hiapevryeo
achi
had
yde t
everyTr rmeeant3t a,
l reasonlookieffectngo
on their
alllie v ettrthaheltcci r.
it cTuwhmoe suftloadrnecni egosi
traffic would not be interfered with, as an Act of
Congress provided for the transport of goods in bond
for the purpose of exportation. The only portion of
the local traffic that would be interfered with
wouldbe that between Canada and the United States,
but it was probable that they would be allowed to
continue on payment of a tax of 10 per cent. Afs
a set-off against this they would probably have a
large increase of foreign traffic over the railway,
ased and if the
Theens eq r
auffie nct
directors found it remunerative to make the branch
inonpetthroelecuemssaltaiodninocfrethe 7ater traffic,
line into that district they could do so, but they had
no intention to make the line at present. With re-
gard to the disputed claim of the Commercial Bank
of Canada, there was every probability of its being
adjusted, and an end put to unproductive litigation,
by the Detroit and Milwaukie Companybeingplaced
in a position to pay its own debts. There was every
probability of coming to an amicable arrangement
with the Grand Trunk Company to charge equal
rates and fares to competitive places. The third rail
question was progressing favourably, and there was
almost a certainty that the work wouldbecompleted
within the estimates. There was every prospect of
the future prosperity of the company. They had no
casualties to report, and they were very much in-
debted to the exertions of their general manager
and to the board in Canada. The gross earnings
of the Detroit and Milwaukee Railroad for the year
1864 amounted to £347,617, and the working ex-
penses to £205,634, leaving a net sum of £141,983,
out of which £83,741 was taken to pay interest on
the mortgage bonds, leaving, with a surplus from
the preceding year, £63,000, of which £36,000 was
appropriated to providing rolling stock, and 1.27,000
for stores. The proprietors had every reason to con-
gratulate themselves on their present satisfactory

position.
Mr. HEAD, a director, seconded the motion fort
the adoption of the report and the declaration of the
at length dawning on the company. Tne step tor
an amicable arrangement with the Grand Trunk
was one in the right direction, and for which the
directors were entitled to the thanks of the proprie-
tors. He never had any doubt whatever as to the
loyalty of the people of Canada, New Brunswick,
and Nova Scotia, and recent proceedings entirely
confirmed that view.

After some observations from Mr. Villeboisnet,
Mr. Moxon, and Col. Evelyn, the report was unani-
mously adopted, and a dividend at the rate of 5 per
cent. per annum, free of income tax, was declared
payable on the 20th inst.

On the motion of the CHAIRMAN, seconded by Mr.
FAULCONER, a resolution was unanimously passed
approving the proposal of the Board to arrange
terms with the Commercial Bank of Canada, with.
.the view to avoid the necessity of the pending legal
proceedings, authorising the Board to make such
arrangements as to the Detroit and Milwaukee Com-
pany as they might deem expedient, and as would
enable the latter company to give security to the
Commercial Bank for the settlement of its claim.
The proceedings concluded with a vote of thanks
to the chairman and directors.