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

NEWS PAPE R
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Another matter wfis the renewal of e "p. •
:--s,
way. This half year they had expend ,
renewals, and in the current half year ,4 , Si
when that account would be obliteratz.d altogether. -
In 1861 the proprietors had resolved to meet an,
expenditure of £331,279 for putting the permanerAt
way into first rate order, the expenditure of the
whole sum would be completed this year, and their
line would then be in perfect order and repair.. The
highest compliment he could pay to Mr. Timid, their
engineer, was that he would accomplish the whole
work efficiently within the estimates. The average
charge for renewal of way during the past five
years had been at the rateof £30,000 each half yeat.
~-
But they would still have to pay out of revenue a ~-/- '
certain such to keep up the line in the mine
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 yea;
they would be able to pay the proprietors a divi-
dend at the rate of 5 per cent per annum, fr'le of
income-tax, which would absorb £85,626, l:e.aving
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 wrhs
that which ended on the 31st of January, 18;57,
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 .17,1,Pr _A,. proportion of passenger traffic to
freight thelow—ek?would be ,he perePniag-e of work_
ing expenses. The staff in Canali,- assisto 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-
ciprocity Treaty, looking to all the circumstances,
they had every reason to believe that it would not
have a detrimental effect on their traffic. The fore',gn
traffic would not be interfered with, as an A.ct 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
would be 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. As
a set-off against this they would probably have a
large increase of foreign traffic over the railway,
consequent on the cessation of the water traffic.
The traffic in petroleum had increased, tin,
and if
directors found it remunerative to make the branch
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 Company being pieced
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 £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 for
the adoption of the report and the declaration of the
dividend.

Mr. FILDES, M.P., was glad that prosperity was
at length dawning on the company. The step for
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 Uanacla, New Da uubwiole,
and Nova Scotia, and recent proceedings entirely
confirmed that view.
After some observations from Mr. Villeboisnet,
Mr. Moxott, 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.
FALICONER, 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.

ILLINOIS CENTRAL,

The report of the directors of this company for
the year 1865 states that this railway lost at the
opening of the war its Southern business, which had
been growing up for many years. The close of the
war found the season too far advanced to admit of
planting, thus leaving what the war had spared of
the capital and industry of the South to a great ex-
hdrt
neaanidrl tiwnsaegynunemployed.
hteolargelypthapast
et
fi
season.
elndasover Those
tivsie.
rl
02Ncircumstances pni lgearc
Be
traffics
they found
that the population and area of cultivation had
steadily increased during the war. The gross earn-
ings of the line for 1865 were $7,181,208, against
$6,329,447 in 1864, being an increase of $851,761.
The Mobile and Ohio Railway, an extension of their
line from Ohio river to the Gulf of Mexico, was
hardly yet re-opened ; other Southern lines tribu-
tary to the Illinois Central had not been placed in
working order. When those and other old channels
of trade were re-opened, and the business relations
of the North and South restored, they confidently
expected to increase their traffic. For sixty days
uspasedt allin ththeerollin
transportation
g stock they
ocfoulsdupsppllarees hfaodr btehene
South, showing that the cotton, sugar, and
et
anilval rebpoeilrigt r""-
etoobnastcrucoetedpl.antsaituieoensthewlaucr
they had
earned $7,181,208 on the railway, they had received
$
ci:afne2arrntagl,oid2nttint.3eifon6ostcegsrt,horuass4evrlleBf:hceo4o6terr:u,tk4rinitoioies:nnlnnsoeugsaal4dl3teiTec:ola:ef7enay,ds74edepartment $1,933,915,
together $9, , had expended perma-
nentpment $854,434,
ci
Theyu
cent. had
on paid
the to
gross the
.opfere
ending
Oct. 31, 1865, amount-
etahreyha paid in interest on the
funded debt $810,050, and two dividends of 5 per
capital stock amounting to
in additiontl to a stock distribution of $lO
per share, and had reduced their funded debt by the
,re‘demption and cancellation of bonds $900,000.
I hey commenced the new year with a balance of net
cash assets in hand of $1,703,525, being $550,000
in excess of the dividend of 5 per cent. declared for
the Ist February last and since paid, having a stock
of supplies on hand of $876,479. The amount of
bonds cancelled on December 21 was $2,341,500.
During the past year the equipment of the line was
increased by $532,541, and construction account for
renewals and improvements to the amount of
$321,893. The working stock was now equal to a
traffic of $8,000,000 per annum. During the past
year the earnings had increased by $851,761, and the
working expenditure by $1,049,055. The sales in
the land department were made to 2,364 purchasers
of 155,057 acres, at an average of $12.07 per acre,
for $1,872,310. Their rule was now to require the
payment of one-fourth down on all sales made, and
to sell only to actual settlers. There were 998,069
acres of land remaining unsold at the close of the
year. In December, 1858, the debt of the company
was in round numbers $19,500,000 ; now it was re-
duced to $12,300,000.