The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1853-06-06

railroad and again referred to the aid which it had
| received from Messrs. Nevins and Townshend and
with reference to the subject alluded to by the Pre-
| sident.
The Press" was then given which was replied
to by Judge Naar, editor Of the True american Of
| would always weldit with caution and prudence.
After some farther remarks he gave" May the
powers Of New Jersey be combined in one object
the promotion Of the honor, happiness and prosper
ity Of its people," An editor OF one of the Newark
papers, who followed, then gave" J. P. jackson,
ESQ.,, the Vice President Of the New Jersey Railroad
Company-able and efficient in the discharge of his
duties, kind and courteous to all with whom he has
intercourse model officer and model gentleman"
By this time six o'clock had nearly arrived, the
hour at which the return cars were to start most
of the company had left, and the others were pre-
pairing to leave and our reporter took his depar
ture, there being nothing to describe other than
the separation Of those who were happy to meet
sorry to part-and who will be happy to meet again"
The Grand Trunk Railway Sompany OF
Canada.
| The Canadian Legislature having passed an act
authorizing the amalgamation Of the principal rail-
roads in Canada, embracing that between Montreal
and Portland, a company has been formed in Eng
land to carry the plan into effect The Grand Trunk
Railway will be liz miles in length, with uniform
guage of five feet six inches, and will engross the
traffic of region extending eight hundred and nine
miles, in direct line, from Portland to Lake HUI
ron, containing population Of nearly three millions
in Canada Vermont, New Hampshire, and Maine.
At Portland, it will connect with railways reaching
eastward to the province of New Brunswick, and ul-
timately to Halifax Nova Scotia, and southwardy
by lines already in operation, to Boston and New
York. From Richmond, near the province bounda-
ry on the Portland lne it runs eastward to Quebec
and the Trois Pistoles, whence line is contem.
plated to extend through Miramichi, and eventually
to Halifax. At Montreal it again meets three rail-
ways, now in operation, between Boston and New
York.
Westward of Montreal the main trunk will con.
meet with tributary line from Bytown and the vast
timber districts Of the Ottawa, the northern New
York road to Ogdensburg, and the Rome and St.
Vincent Railroad, also from New York. From King
ston to Toronto it will receive the entire produce of
the rich country north of Lake Ontario; and at To
ronto it will connect with the Ontario Simcoe and
Huron Railroad one hundred miles of which is near
ly finished, and which will connect with Georgian
Bay AT Toronto il will also meet the Great West
ern Railroad from Hamilton to Detroit, two hundred
and forty miles in length, at present in forward
state for completion, by which communication will
be had with the southwestern part of Canada, and
the States of Michigan, Illinois and Wisconsin,; and
the American railroads in course of construction will
place the Grand Trunk line in the most direct commu-
Dcation with the arteral line to the Great West and
the Mississippi.
The entire section from Portland to Montreal, Of
200 miles, is at present in operation for $50 miles,
and in July next will be fully completed The line
from Quebec to Richmond will bring Quebec and
lxuif1 civ or ob
open to those cities the most direct access to the
ocean, at Portland, Boston and New York, passing
through most populous and fertile part Of Eastern
| Canada.
| Taking the receipts Of the Canadian and Ogdens-
burg lines as basis for computing the revenue, it
is assumed that the revenue Of the company, from
the sections to be completed in 1868, will not fall
short Of 81 52l 900 per annum net which, allowing
fifty per cent for working expenses, and deducting
100000 for lease of the Portland line, "woud leave
nearly equal to the charge for the entire mortgage
debt Of the company and thus from actual present
earnings would accrue to the bondholders their in
terest, all the capital intended to be raised by
debentures" 1t is proposed, simultaneously with
the construction of the railroad westward to proceed
with bridge over the st. Lawrence, at Montreal,
which is essential to the satisfactory and economical
structure will be of that substantial character which
a work OF such magnitude requires. The work
has been contracted for with Messrs. Peto, Brassey
and jackson, of London. The conditions of the other
contracts are for the construction of first class
single track railroad, with the foundations Of all the
large structures sufficient for double line, equal
in permanance and stability to any railroad in Eng
land, with every requisite essential to its perfect
completion to the satisfaction of the Canadian
governments.
The combined capital of the company will amount
to $47 100000, OF which there has been already
raised in shares, and spent the st. Lawrence, Que
bee and Richmond railways, 50 All 900; amount al
ready raised on bonds, $36G5,000; received in
shares and debentures for the shareholders in the
ST. Lawrence and Atlantic, and Quebec and Rich
mond railways, on the amalgamation, and for the
bondholders of the Ontario, Smcoe and Huron Rail-
way Company, $4,lSs ,000-making total of
$l12700Oo; leaving balance Of $50, ,23O 900 to be
created and apportioned follows Stock, in
144 $40 shares Of 1925 each $lS 900; debentures
OF 5000 each payable in twenty-five years, bearing
interest at six per cent, payable half yearly in Lon
don, SO 057 50O and the same amount in debentures
convertible into bonds Of the Provincial government,
of $500 each, payable in twenty years. a1d bearing
interest at six per cent-making. $36 6230,0O0; the
contractors agreeing to take oneha the shares and
debenturcs with an understanding that shareholders
may take in equal proportions twothrds of this
moiety twelve months after the anticipated
opening of the st. Lawrence and Atlantic section Of
tho railway.
DebentGres to the amount Of 81 900 (one-half
Of each descriptonl will be issued ut par,
with each 1000 of shares J. and as the
provincial bonds ara to be issued as the work
advances, they viii be heAl in trust to be
delivered pro rata to the holders Of the con-
veItible debentures. Interest at the rate of six
per cent, from the completion Of the amalgamation
until the entire works finished will be paid half
yearly in London, or sterlizg, on tbs amount from
time to time pssd up each share !; and the divi-
dends as declared, will also be payable In sterling
in London. The first payment in respect Of the
shares and debentures will take place on allotment
as follows :$75 each share, and twenty per cent
each debsnture, to be paid at the company's
bankers, in London, Liverpool or Canada. The
remainder will be called up BY nstaments, not ak
ceeding 9l2 so per SHARE and ten per cent pesde-
benture, at intervals Of not less than four months
| made until the expiration Of ak months from the
| date Of allotment.
| BY the last advices received in Canada from
Engs it appears that meeting OF the influential
nroprietors of the rawaY from Hamilt0A DO Detroit,