The Sun.
London, England, 1866-09-22 00:00:00

GRAND TRUNK OF CANADA.

The report of the directors of the company states
that the gross receipts upon the whole undertaking
including the Buffalo and Champlain lines, had been
£637,425, from which was deducted £403,419, or
63-29 per cent., for ordinary expenses, and £26,286
for renewals of the permanent way and works in the
half-year, all of which had been debited to revenue,
leaving an available net balance of £207,720. Out
of this was deducted £28,286 due to the holders of
postal and military bonds, £14,264 for discount on
American currency, £16,087 for interest on certain
loans, £32,786 for Atlantic and St. Lawrence rent,
£11,250 rent of Detroit line, £10,523 interest on
equipment bonds, £35,920 for Champlain and the
Buffalo proportions of receipts, £58,355 for interest
in full on first preference bonds and stocks, and
£4B short charged on second preference bonds and
stocks in previous accounts, leaving a balance of
£2OO for next account. The gross receipts and the
net balance in the half-year were in each case the
largest ever earned in the June half of the year.
The gross receipts (£637,425) exhibited an increase
over those of the corresponding half of 1865 of
£22,549, or 3.65 per cent. The sum of £lB,BlO of
this increase was payable to tfie holders of postal and
military bonds, and did not augment the net revenue
available for preference bonds and stock interest,
but it was satisfactory to know that so much revenue
had been earned, notwithstanding the serious loss
and disturbance, and suspension of all business
caused by the threatened Fenian invasion in March,
and the actual violation of the soil of her Majesty's
dominions which took place in June last. All
shades of political opinion had borne testimony
to the invaluable services rendered in these trying
times by the Grand Trunk Railway Company.
The Reciprocity Treaty expired on the 17th of
March last, and the directors watched with
anxiety the results upon the traffic and the net
revenue following so large a change in the course
of Canadian trade. It was satisfactory to state that,
notwithstanding the Fenian raids the traffic of the
15 weeks from March 17 to June 30 showed only a
small decrease under that of the corresponding pe-
riod of last year, while the receipts in the nine weeks
from Julie 30 to September 1 showed an increase of
£8,224 over the corresponding period of 1865, when
the treaty was in full operation. The results of the
fall or autumn trade would further show how far
internal could supply the want of an international
interchange of the products of the soil, and would
also exhibit the results of the new demand from the
lower provinces for the flour and grain of Upper
Canada. The ordinary working expenses showed an
increase of £6,393, or at the rate of 1.16 par cent.
as the cost of earningthetraffic increased of 3.65
per cent. The loss on American currency of £14,264
during the past half-year co rasted favourably with
in thet
the loss of £35,849
caorresponding half of
1866. The loss from American currency from the,
year 1862 had been £228,556. The price of gold
during the half-year had fluctuatedbet3woeheanvt.he
rates of 125 and 166 ; the
price of June
been 153. The net debit to capital account in theg
half-year was only 4,000. The directors proposed,
providing for all bankers' charges, interest on loans,
land rents, the lease rents of the Atlantic and St.
Lawrence and Detroit lines, the equipment mort-
gage interest, and all the proportions due to the
Buffalo and Champlain Companies, to pay a cash
dividend on the first preference bonds, which would
absorb £58,335, and leave £2OO to be carried over
to next account. The interest on the first preference
bonds and stock would be payable on and after Oc-
tober 15. By the Arrangements Act, ISO, the in-
terest not paid in cash for the June half-year re-
mained undealt with until the close of the December
hail-year. her Majesty's provinces on the American
continent having concurred through their Legisla-

tures in the basis of a general confederation
there could be little doubt that early next session
this great measure would be completed by the legis-
lation of the imperial Parliament. The bill for en-
abling the fusion of net receipts between the Grand
Trunk and Buffalo and Lake iluron Companies re-
ceived the assent of the Governor-General in Council
on the 15th of August. The bill would be submitted
to the proprietors at a future special meeting. It
would be satisfactory to those who had waited so
long and patiently for a return on the large capital
invested in the Grand Trunk Railway to know
that, despite every cause of embarrassment and
anxiety, the undertaking was steadily improving in
stability and income, and now fully demonstrated
its necessity and value to British North America as
a great highway of communication both in times of
peace and war.
The capital account to the 30th of June showed j
that £17,025,387 had been expended, leavinot:, a ba-
lance of £530,242.