The Sun.
London, England, 1866-07-11 00:00:00

WELLAND.

The annual general meeting of this company was
held yesterday at the offices, Queen-street-place,
Cannon-street ; Mr. J. W. Bosanquet in the chair.
The report stated that although the depreciation
of American currency had continued to a more
serious extent than had been anticipated after the
close of the war, the working of the line during the
past year had shown satisfactory progress as com-
pared with that preceding it. The receipts for the
year 1865 amounted to £20,551, while the actual
working expenses of the line were £14,331. To
those, however, must be added the depreciation of
American currency, amounting to £2,870, leaving a
profit on the working of the line of £3,350. There
was, however, a loss on the propellers of £549.
This was accounted for by the extreme dulness of
the traffic during the early part of the season, and
the passenger traffic having proved unremunerative.
The propellers had been the cause of bringing an
increase of traffic, and of considerably enhancing
the repute of the line for regularity and despatch.
The grain traffic received at Port Colborne and
carried on the line amounted to 3,783,140 bushels,
or as nearly as possible an increase of 1,000,000
bushels over the return for 1864. The quantity of flour
carried was 49,140 barrels, being 24,137 in excess of
the number carried in 1864. The lighterages
amounted to 566,936 bushels, as compared with
342,372 bushels in the preceding year. The number
of passengers carried had been 33,802, or 5,765 less
than those in 1864. With respect to the prospects
of the present season, the directors thought them
encouraging ; but it remained to be seen how far the
abrogation of the Reciprocity Treaty would affect
the railway. The opening of the season, though
much later than usual, brought a great influx of
traffic, so much so that the elevators and line were
kept in constant use night and day to despatch the
cargoes. The directors had great pleasure in report-
ing that Mr. Reekie had now undertaken the ma-
nagement of the line, and they augured the best re-
sults from his energetic working of the line and
boats, while they were sure that in his hands every
possible economy would be secured. The amount of
preference bonds taken up to this date was £30,000,
inclusive of £2,000 bonds which had been sent to
the directors in Canada. Those, together with
money remitted, would be more than sufficient for
the liquidation of the debts of the company.
The CiLualrAN, in moving the adoption of the
report, said it was gratifying that they had at last
got over their financial difficulties, and that the di-
rectors now saw their way tolerably clear, after en-
countering various debts since the concern came
into their hands. They had received £48,400 on the
2d preference bonds, £30,000 on other preference
bonds, and £10,400 in cash, making £BB,BOO. The
late Sir S. Cunard and Mr. Brassey provided two
boats for the company at a cost of £lB,OOO, with a
view to develope the traffic of the railway, and it
was desirable to purchase those boats as soon as
possible. With this exception the directors had dis-
charged every liability against the company, or
placed the necessary funds in the hands of the ma-
nager to slo so. The whole cost of the line was now
ascertained to be £357,000, of which £200,000 would
be in the bonds and the rest in shares. The money
had been raised with great difficulty, and at various
times the rates of interest for the bonds varied from
6to 8 per cent. The business of the company was
chiefly confined to the carriage of grain, and when
it was considered they had only one farthinga bushel
profit it would account for the small sum they had
available for the past year; but if they raised the pro-
fit to id. a bushel they would have double their pre-
sent net earnings. Their net profit on working last
year was £3,350, and this year they had reason to
believe it would be about £12,000, because in the
first five weeks of Mr. Reekie's able management the
line had earned a net sum of £3,100, or nearly as
much net profit as in the whole of last year ; but of
course that rate could not be expected to continue.
The propellers had met with no accident, and were
making three trips per week to Oswego. They ex-
pected to carry between 6,000,000 and 7,000,000
bushels of grain this year over the line ; and they
had the means of carrying 10,000,000 bushels should
it be sent for conveyance, which, at id. a bushel,
would produce £20,000. This would not only cover
the whole of the interest on all the bonds, but leave
a considerable sum for dividend on the shares. There
was a sum of £28,922 due on unpaid coupons, re-
presenting arrears of interest which would have to
be capitalised, so as to enable the directors to apply
the net receipts to the payment of current interest.
If they could issue the remainder of the 8 per cent.
bonds, they could pay £lB,OOO for the boats or pro-
pellers, by which they would save £4OO a-year.
Mr. S. P. BIDDER seconded the motion for the
adoption of the report, which was carried unani-
mously.

Mr. Bosanquet and Mr. Bidder, the retiring di-
rectors, were re-elected, and also Mr. Sinclair, the
retiring auditor. The proceedings concluded with
Et vote of thanks to the chairman.