The Sun.
London, England, 1861-10-28 00:00:00

BUFFALO AND LAKE HURON.

The report of the directors states that the amount
of share capital sanctioned by the act of incorpora-
tion is £1,640,000, and of this amount the total
issued under the authority of the votes of the
proprietors is £1,430,000, of which £940,040 has
been collected, leaving £270 of calls in arrear,
£16,040 preference shares in the hands of the com-
pany, £12,400 unsubscribed on chattel mortgage
loan, and £461,250, being the difference between
the nominal and actual value of the issue in April,
1859, of £2O lOs shares of£s2s 6d each. The
chief expenditure on capital account has been in
the construction of the road for connecting the
line with the waters of Lake Huron, and for the
necessary adjuncts of an elevator, platforms, and
freight sheds and sidings at Goderich, together with
the wharfage and other improvements at the har-
bour. The line to the harbour was not open for
traffic until the 17th of June, and then in an incom-
plete state; and on portions of the new road there
are still some works to be done under the contract
which have been postponed to next spring. The
directors are strongly urged to extend the piers at
the harbour mouth as a further protection against
accident to vessels entering, and against the chan-
nel being narrowed, or a bar re-formed. The cost
of this work may be roughly estimated at 10,000
dols, for an extension of 200 feet in length. A
committee of the Provincial Legislature have re-
ported strongly in favour of Goderich as a harbour
of refuge. The revenue account for the half-year
ending the 31st of July shows that £36,216 had
been received against £28,286 for the corresponding
half of 1860; and the working expenses amounted
to £30,571, against £26,990, showing an increase
in the receipts of £7,930, in the expenses of £3,581,
and in the net receipts of £4,349, as compured with
the corresponding half of 1860. The net receipts
for the past half-year amounted to £5,645, against
£1,297. The average weekly traffic amounts to
£1,393, against £l,OBB, and per mile per week to
£8 135., against £6 15s. The per tentage of work-
ing expenses on gross receipts was 84, against 95
at the corresponding period of 1860. The increase
of traffic arises mainly from local freight and from
connexion with the trade at Goderich. Nothing
has been decided in reference to the postal subsidy,
Tgeneral
subject in
has s
and the directors will not fail to press the import-
ancehe of his
manager
everyparwedaynoinext
exertion
npuo
nwdeerr.
most discouraging • circumstances, and the board
have only to renew their high sense of his energetic
and intelligent conduct of the affairs of the com-
pany. The staff both here and abroad have fulfilled
their arduous duties with great zeal and efficiency.
The board have determined, in the present circum-
stances of the company, that it is desirable a com-
mittee of shareholders should confer with them
on the best means of supplying the required
funds, and for this purpose they will be prepared
to name five gentlemen whom they will ask the
proprietors to appoint, while they earnestly invite
the cordial co-operation of all in giving effect to
such measures as may hereafter be proposed. The
capital account showed that £954,073 had been ex-
pended out of share capital. The bond capital, in-
deferred bonds, amounts to
eluding active and
£666,667.