The Sun.
London, England, 1850-01-01 00:00:00

CANADA COMPANY

The half-yearly general Court of proprietors was
held yesterday at the company's house, in St.
Helen s-place, for the purpose of determining on a
dividend, for the election of two directors in the room
of James Gooden, Esq , who had resigned, and John
Fullerton Esq., deceased, and for the transaction of
other business.
There was a very small attendance of propietors.
Charles Franks, Esq., Governor of the corporation,
presided.
After the minutes of the last meeting were read,
The CHAIRMAN said, the first business was the
election of two directors, and they were no doubt aware,
that when the number of candidates corresponded
with that of the vacancies, the election would take
place by a show of hands. The gentlemen who
offered themselves on the present occasion were Capt.
Charles John Bosanquet and Mr. Alderman Carden.
The names of these candidates were then put and
carried unanimously.
The CHAIRMAN observed that the remaining busi-
ness to be transacted was the consideration of the
half-yearly dividend, and perhaps it would be
advisable first to give the court some information with
respect to the financial state of the company. The
quantity of land sold in 1849 amounted to 5,620
acres; the price per acre of the Crown reserves was
13s. 4d., and of the land on the Huron tract 133., and
the total receipts amounted to 24.0001. In
1848 the number of acres sold was 12,260 ; the
price of the Crown reserves being 16s. 6d. an acre, and
of land on the Huron tract, 13s. 4d., and the total
amount of receipts was 31,100/., thus showing a de-
crease of about 7,0001. in the last year. By far the
greater portion, however, of the land was let on lease.
In 1848 the quantity disposed of by way of lease was
55,427 acres, while in 1849 it had increased to 71,969
acres. The total receipts of the company in 1849
amounted to 23,9911. 125., and in 1848 to
31,3981., showing a decrease of about 7,4001.
The amount due to the company, but yet unpaid,
was 35,9501. Up to the present time 133,2001. had
been raised upon debentures. During 1849 there
had been transmitted by the company, on behalf of
emigrants and their friends, sums amounting in
the aggregate to 9,3781. 12s. 10d. In the year 1848
the sums so transmitted amounted to 9,5231.
Thirty-four thousand emigrants had landed at
Quebec in the course of the year. Before stating
the conclusion to which the directors had arrived
with respect to the amount of dividend, he thought
it right to call their attention to the most important
feature which appeared in their last report, viz., the
extent of distress which prevailed in Canada, and
which tended so materially to diminish the receipts
of the company. Now he was happy to say a very
favourable alteration in their affairs might be expected
to take place during the next six months. The colony
had just been blessed with a very abundant harvest.
It was perhaps known that the farmers in Canada
were in the habit of growing large quantities of
spring wheat, which, owing to several circum-
stances, was considered a very convenient and econo-
mical crop, and was also consumed very extensively.
In 1848 this particular crop failed all over the
province, and was the chief cause of the distress
which prevailed, and the difficulties which they had
to encounter in collecting their money:; but a good
result had been effected, for the farmers had now gene-
rally adopted the course of sowing winter wheat, which
was of good quality, grew abundantly, and brought
a ready price. Fortunately since this change there
had been a remarkably good harvest, and as soon as
it cottld be disposed of the company would, no doubt,
receive a sum sufficient to compensate for former
deficiencies in their income. In the United States
the harvest had been very indifferent, and a good
market would probably be: found there for
Canadian wheat, for the Americans would find.
that by mixing it with theirs, a better quality
of flour would be produced. The company
were not in possession of funds to pay a dividend, but
they hoped that within a reasonably short space of
time they would be in the receipt of a considerable
sum; and they thought it right, therefore, to recom-
mend the continuance of the usual dividend, at the
rate of 61. per cent. for the year.
Mr. ANDERTON said, as they would require 20,0001.
for the dividend, it was material they should consider
where the sum was to come from. The number of
sales of land had very much decreased, and in pro-
portion as the sales declined did they glut the market
with leases. If they went on granting leases with
the option of purchasing after a certain number of
years, it would be about 1890 before they
relapsed and the capital of the proprietors
was redeemed. They had been in existence twenty-
five years, and it appeared pretty clear that fifty
years more must pass before their affairs would be
brought to a termination, so that their posterity only
would receive the benefit of a heavy and increasing
capital. The period had now arrived when it was
most imperatively necessary to revise their system of
leasing. By this time he had hoped that, in addition
to the six per cent., they were creating a fund by
which their capital might be redeemed.

The CHAIRMAN was understood to state that the
dividend would be paid out of advances obtained from
their bankers in anticipation of the receipts for the
last six months. The directors considered the leasing
was the most beneficial mode they could adopt to
dispose of lands in such a colony as Canada, because, if
at the end of the term the tenant ceased to occupy
the land would be much increased in value by cultiva-
tion, and should he be disposed to purchase its full
value would be required.
Mr. ANDERTON expressed himself satisfied with
the explanation.
After some discussion, a motion agreeing to a
dividend at the rate of six per cent., payable in
January, was agreed to, and after a vote of thanks
to the Chairman, the court separated.