The Sun.
London, England, 1861-07-11 00:00:00

BAIL

GRAND TRUNK OF CANADA.
The select committee of share and bondholders
have just issued their second report. It explains
the proceedings of the committee since they issued
their first report on the 6th of February last, and
states that the board of directors at Montreal had in
the handsomest manner adopted a resolution placing
their seats at the disposal of the bond and share-
holders, but continuing to hold them, as a matter of
course, until arrangements can be made for releasing
11 the Canadian board from necessary duties. At the
end of June the committee were put in possession of
the long-expected report of the Commissioners ap-
pointed by the Government of Canada on the 21st
of November last to inquire into the management of
the Grand Trunk Railway. The commissioners
enumerate seven Cospecific defects" which they con-
sider must be remedied before the line can be put
in a position to be worked successfully. These
specific defects are stated in effect as follows :-
1. The condition of the permanent way on the Central
and Eastern divisions is largely defective, and will require

extensive repairs.
2. Additional sidings, at a cost of £lO,OOO, are imme-
diately wanted.
3. Storage room at way stations, at a cost of £9,200, is
also immediately wanted.
4. The distance of the station from the city of Montreal
is, the Commissioners say, " the greatest defect of the line,"
and they recommend an expenditure of £40,000 to remove
the evil, adding that " there is some hope that the public
spirit of Montreal may relieve the company of some part of

the expenditure."
5. For the development of the grain traffic the Commis-
sioners consider that " elevators" and grain stores at Toronto,
Montreal, and Portland appear indispensable, and they esti-
mate the cost at £60,000.
6. Improved wharfage at Quebec, to cost £20,000, the
Commissioners consider to be desirable, but not of such
pressing importance as some of the other improvements.
7. An estimate of £283,000 has been laid before the Com-
missioners as the cost of necessary additions to the rolling
stock ; but they are of opinion that while more rolling stock
is doubtless required, it will be the wisest policy to make
progress with the other improvements suggested, before
making any considerable addition to the stock of cars, &c.
The London directors have suggested Mr, Watkin,
the general manager of the Manchester, Sheffield,
and Lincolnshire Railway, as a proper person to be
intrusted with the entire supervision of the affairs
of the company in Canada, and especially to con-
duct the negotiations with the Government, and
the select committee entirely concur in that nomi-
nation. Arrangements therefore have been made
for Mr. Watkin to proceed to Canada in the course
of a week or two. As to the remedies required, the
committee were satisfied that in any plan of reorga-
nisation there were at least two principles which
must be accepted as fundamental—namely, first, the
recognition of the palpable distinction which exists
between that portion of the immediate and pressing
liabilities of the company which represents expendi-
ture required to equip the line with better sidings
and stations, and with more rolling stock—expendi-
ture, therefore, destined to earn more revenue for
the benefit of every class of claimant—and the gene-
ral mass of floating liabilities which represents past
transactions and advances; and, secondly, the im-
perative necessity of some scheme of general con-
cession by every interest concerned, for such a space
of time as will admit of the railway fairly emerging
from the mass of obstructions and difficulties which
have beset it from the very outset. In every part of
their proceedings the committee have kept these two
principles steadily in view. The committee have
framed the outline of a plan for the reorganisation
and relief of the company. The committee give a
table in their report, showing that the total annual
charge for leases amounts to £109,564; for pre-
ference bonds, 186,690 ; and for ordinary and other
bonds, £250,140 ; total 546,394. They proposed
that this total should be reduced to £358,975 from
1862 to 1866, after payment of which the share
capital of £2,781,600 is to be entitled to 3 percent.
per annum from 1862 to 1866.
The annual charges that would arise upon the
proposed plan of the committee during the three
years 1862, 1863, and 1864 would amount for rents
to £115,000, for Ist and 2d preference bonds (at 5
per cent.) to £156,000 for ordinary bonds to £20,000
and for other bonds to £132,000; total, £423,000.
In 1865 and 1866 there would be added £B,lOO for
3 per cent. on £270,000 for interest arrears on pre-
ference bonds. The committee refrain from saying
more than the fewest words as regards the general
advantages to every party concerned of substituting
a clear and definite policy for the confusion and
litigation which now render hope and confidence
impossible, and lead day by day to accu-
mulating losses and disasters dimply because
this great property has come to be regarded
by its owners and by others almost as a helpless
wreck, driven to and fro by every evil influence.
For this calamitous condition of affairs the commit-
tee propose to substitute a system which, at least,
will have the advantage of a definite plan, a pur-
, pose clearly Law:Kea ..41.- mate to
the task to be undertaken. The holders or shares
and bonds must judge each for himself what he will
gain or lose by aiding or opposing the reorganisa-
tion proposed.

SOUTH-EASTERN OF PORTUGAL.
The directors state in their report that, under the
act of concession from the Government of Portugal,
the first instalment of the subvention money be-
came due last month, and was immediately paid,
and the directors have been assured by the Mini-
sters that the same regularity will attend the pay-
ment of the future instalments, The Government
have expressed their entire approval of the progress
and solid character of the works. The engineer's
report states that the first sod of this railway was
turned on the 21st day of August last year. The
total quantity of earthwork now executed in em-
bankment side cuttings and spoil amounts to
425,000 cubic yards. The permanent way is laid
and ballasted on five kilometres of the first division.
Eight kilometres on the second division of the line
are also nearly completed as regards earthwork and
masonry, and the ballast is being laid on.

SUBMARINE TELEGRAPH BETWEEN
NEWHAVEN AND DIEPPE.
Telegrams received yesterday from the engineers
and contractors of the Submarine Telegraph Com-
pany, who have been engaged in submerging the
cable between Beechy Head and Dieppe, a distance
of about 60 miles, state that the connection by
means of one wire was effected, and that the line
would be in working order so soon as the splice at
the shore end on the English coast was completed.
It appears that on nearing Beechy-head, and just
as the last instalment of cable had been payed out
from the hold of the Asia, what is called a " kink,"
resulting in temporary damage, occurred to the
cable, which was required under the terms of the
concession from the French Government to be
laid down by the Ist of July, so as to fur-
nish a supplementary means of communication be-
tween England and the South of France. The
cable used for the occasion consisted of 80 miles of
the line that was originally intended to form the
deep-sea telegraph between Sardinia and Algeria,
but which, owing to engineering difficulties, has
not been carried out. The line will be opened to
the public in a day or two.

THE CHANNEL ISLANDS TELEGRAPH.
It is understood that the Channel Islands tele-
graph, which was recently broken, will not be re-
paired at present, and that the existing alternative
line from Jersey to Coutanoes, on the coast of
France, will work the telegraphic communication
for the Channel Islands through Paris, and thence
to England. The reason assigned for this is that
the Channel Islands Telegraph Company do not
find the enterprise to pay the working.

SUPPLEMENTARY ESTIMATES.—Another supple-
mentary estimate has appeared, one of £155,000 required
for our proportion of the compensation payable to the King
of Hanover for the abolition of the Stade toll. Hamburg,
like Great Britain, pays 1,033,333 German thalers, and the
rest of the 2,857,338 thalers is paid by other States and
free cities.
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