The Sun.
London, England, 1866-03-30 00:00:00

THE SUN, LONDON, FRIDAY EVENING, MARCH 80, 1866.

out, because they could not supply the rolling stock
for carrying the material. He found they had not
commenced either the corn or cattle traffic, and up
to this time it had not been commenced. He at once
took -upon himself the responsibility of ordering such
an amount of rolling stock as would place the railway
in a -position to earn its dividends. The rolling stock
and sidings he thus ordered exceeded £750,000 ;
and when he told them that in five months they had
paid draughts on England for rolling stock and
sidings exceeding £761,000, they would feel that he
had pressed heavily on the resources of their con-
tractor, Mr. M‘Henry, and on the general resources
of the company; yet he was exercising, as their
chairman, a wise determination—(hear, hear)—bc-
catra the amount of receipts for the first six months
of. last year compared with those of the last six
months showed that when they had an adequate
amount of rolling stock a very different result was
achieved. Since the Ist of January last 14 new
locomotives bad been delivered on the line, and be-
tween 300 and 400 additional trucks and carriages,
or more than 10 per cent. on the amount existingup
to the 31st of December. When he told them that
of the £531,000 per annum earned more than six-
sevenths was earned from their own line, and that
the ability of the company to earn was simply a
question of their means of carrying the traffic, he
thought they would feel he had exercised a very
sound discretion. Pittsburg was the Birmingham
of America. There were the great Government
foundries, and there was located an amount of busi-
ness, in regard to the metal trade, not exceeded in
any city or town in the world, with the exception
of their own Birmingham. This additional link be-
tween their own line and Pittsburg had been under-
taken by another company. They had agreed to
construct it entirely, giving them running powers
over it to Pittsburg ; so they would have it without
cost or responsibility. (Hear, hear.) The enor-
mous importance of getting a communication with
Buffalo completed was evident. They had reserved
the amount necessary for the completion of that line
to Buffalo. Irrespective of that reserve, the con-
struction of the International-bridge, which, after
all, was the measure of the time which must elapse
before they could complete connexion with the
Canadian lines and their systems, was altogether
undertaken by a distinct corporation. That
undertaking was sanctioned both by the Le-
gislature of Canada and by that of America,
inasmuch as the bridge would be one-half
in the territory of the United States and one-half in
that of the province of Canada. The Grand. Trunk
Railway of Canada guaranteed that it should re-
ceive, in the shape of tolls from traffic over the
seven miles of connecting lines, an equivalent to
£lO,OOO per annum, and the company guaranteed a
like amount. That structure was now proceeding
as rapidly as possible. Mr. Kennaird's designs for
the superstructure were now in England, and the
Grand Trunk Company had placed them in the
hands of Mr. Fowler to give an opinion on their part.
That bridge, when completed by 'the end of the
autumn, would place them in connexion with all
those systems which were so important to their future
interests. (Hear.) He had received a great many
letters from proprietors about the certificates of
debentures. He bad been asked if an amount of
reserve had been made sufficient to insure their
punctual repayment. The reserves in the Bank of
England, placed there under the original agreement,
were more than sufficient, if those securities were
placed at the present market price, to pay the entire
amount of those certificates of debentures. The
issue of those certificates of debentures was simply
intended as a relief at the time, until the undertak-
ing was sufficiently developed to insure the bonds
and shares being duly appreciated. By the time
those certificates were due, they would find their
receipts and position would be such that the present
market price of their securities, which was enough
to pay off the debentures, would be largely in-
creased, so that holders need have no alarm about
punctual repayment if they then Ilesirecl it. Another
question was, whether they had enough to complete
the road to Buffalo and all the other engagements.
They had reserved all that APllenry could claim for
finishing the road to Buffalo. The road could be
completed out of the amount reserved, leaving a fair
profit for the contractor, and irrespective of the road
to Buffalo and of the reserve for certificates of
debentures and of the amount yet to issue, they
would have something between £BOO,OOO, and
£1,000,000 applicable to future rolling stock, sid-
ings, and extensions. (Cheers.)
Mr. ROBINSON seconded the motion for the adop-
tion of the report.
RIDGDALE wished to know how it was that
the Oil Creek line had suddenly disappeared from
their accounts. He believed it was 21 miles in length,
and had cost $BOO,OOO. He wished to know some-
thing about the certificates of debentures. He saw
they had a lease of the Morris Essex Railway. He
was a large holder of bonds, and wished to know
how it was they could now be purchased to pay 30
per cent. interest.
Mr. APHENnv, .the contractor, said the Oil Creek
line was 35 miles in length, and when the consoli-
dation of the lines was completed, they reduced the
mileage and capital of the Atlantic and Great Wes-
tern by deducting those of the Oil Creek line.
Mr. VILLEBOISNET remarked that the traffic re-
ceipts for February were one-fifth less than those
for January, and said it did not look like carrying
out the progressive increase of the traffic ; but
perhaps next month the returns would be different.
He did not know how the £2,800,000 was to be ap-
plied. It was represented as being collateral secu-
rity for the sum lodged, and supposed it was in-
cluded in the $43,441,050 of capital expenditure.
Looking at the receipts for traffic in the revenue
account it appeared to him perfectly marvellous that
so much should have been received in so short a
time. Each quarter exceeded the other in receipts,
and the net profits were most satisfactory.
Major GORDON said he wished, if posgible, to know
the cause of the recent depreciation in the price of
the bonds. He had been told they were held largely
by the London Joint Stock Discount Company, that
they had been issued at a discount to finance com-
panies, and were now being brought on the market.
Mr. MOENRY said the London Joint Stock Dis-
count Company had £41,000 of them, that he had
relieved them of £30,000 of these bonds, and they
had now on their hands only £ll,OOO. The bonds
Were not issued at a discount to any finance com-
pany.
The CHAIRMAN, in reply, said that the traffic of
only 24 working days was included in the receipts
for February, and therefore did not represent the
whole traffic. The amount of securities deposited
in the Bank of England was more than sufficient to
pay off the whole of the £2,800,000 debentures, and
irrespective of that there had been provided £700,000
to pay for additional rolling stock and sidings. In
reply to a question he stated that one-half the oil
creek stock was held in America and the rest in Ger-
many. When he went out to America he found that
one gentleman held £85,000 of their debentures and
bonds. The Secretary of the Treasuryheld $420,000
of them. The Americans had a very good opinion
of the undertaking and held a large amount. He
could not account for the depreciation in the price
of the bonds ; there was none of them held by the
bankers. With regard to the Oil Creek line it was
entirely out of their hands, but the company had re-
cently completed two railways in the oil district
which would be ample for their purpose. There were
39 oil refiners in Pittsburg, and their only difficulty
was to carry the traffic. They could not carry half
that was offered to them. In reply to a question, he
stated that Mr. Pllenry had carried out his con-
tracts with the company in a most liberal and satis-
factory manner. The traffic was being developed
to a great extent, and for the last quarter on 490
miles it was so considerable that it would not only
pay the whole of the bondholders their full dividends,
but soon leave 15 per cent. for the ordinary share-
holders.

The report was unanimously adopted, and the best
thanks of the meeting were voted to the chairman
and directors, and to Mr. M'Henry, the contractor,
for their valuable services to the company.

which included a reserve of £923 from last account.
The directors recommended a dividend of 6 per
cent., leaving a balance of £769.
In moving the approval of the report, the CIIAIR-
MAN stated that the bill for the amalgamation of the
leasing company, the Scottish North-Eastern, with
the Caledonian would not affect the rights and pre-
ferences of the Arbroath and Forfar shareholders.
The report was unanimously adopted.

SPORTING INTELLIGENCE.

TATTERSALLS'—Last Evening.

CITY AND SUBURBAN.
Bto 1 agst Out-and-Outer (taken)
10 to 1 agst Mephistopheles (taken)

TWO THOUSAND.
Evon Lord Lyon (taken)
10 to 1 agst Janitor (taken and offered)

THE DERBY.
6to 1 agst Lord Lyon (taken and wanted)
Bto 1 agst Rustic (taken)
22 to 1 agst Blue Riband (taken)
Very little betting.

MANCHESTER BETTING—YESTERDAY.
CITY AND SUBURBAN,
10 to lon the field (offered)
11 to 1 agst Delight (taken)
20 to 1 agst Czar (taken)
CHESTER CUP.
100 to 7 agst Harry Brailsford (taken)
15 to 1 agst Dalby (taken)
20 to 1 agst Baragah (taken)
20 to 1 agst Saladin (taken)
20 to 1 agst Sandal (taken)
20 to 1 agst Redcap (taken)
200 to 9 agst Surney (taken)
200 to 9 agst Helen (taken)
25 to 1 agst Treasure Trove (taken)
25 to 1 agst Mephistopheles (taken)
30 to 1 agst Rococo (taken)
TWO THOUSAND.
sto 4 agst Lord Lyon (taken)
10 to 1 agst Janitor (taken)
11 to 1 agst Auguste (taken)
DERBY.
Bto 1 agst Rustic (taken)

SPRING MEETING.
f Wales's Stakes of 200 sovs,
sovs each, for three-year-olds

Age st lb
Mount Palatine ... 3 6 9
Selim .. 3 6 9
Treachery g 4 6 7
Messmate 3 6 0
Lincoln Green ... 3 6 0
Actres. ... 3 6 0
Haphazard ... 3 6 0
Cocrops 3 6 3
Gladiator ... 3 5 13
Clavorhouse ... 3 5 12
Loughrea 3 5 12
Custaloga, ...3 5 12
Jollity 3 510
Nineveh... ... 3 .5 17
Mrs. Allen .. 3 5 7
Vulture ...3 5 7
Effervescence ... 3 5 7
Roland ... ... 3 5 7
Heart-breeaker ... 3 5 7
Brahma .. ... paid
Crown Prince paid

,F THEIR ENGAGEMENTS.