New-York daily tribune., 1861-01-05

Tie eteport shows the increase in tuns carried over
1859 10 be 1873 s6i of uns moved mile A. O.5, 1872;
in receipts fright s5o7oJ, und decreare III rates
Il oui an average Of 1855 and 1859 Of three mill tun
Ter lie With il nearly equal 10 the average Of the
t.l rtts the canalcleaIy evnciDg strong dispo-
sion the art Of that com any 10 continue its active
ard sarp conf mIeon With the canals for the freight
III flc un the line.
The ir yhling the road during the year covered
BY this report would, at the rates charged in 1857,
have brought to the company So sR 80 OF receipts,
Instead Of q, ,J95,y33 SO.
Tlese comparative statements are made with view
solely Of showing that this company holds the position
ad has the ability reepvnd 10 any rate Of toll which
hns been imposed the Canals since 1888 and
give it's shareholders dividend quite Us liberal as
any that has been made ,Dce 1857. The reduction in
leo irurn the average OF less aud 1859 IA equal to
los # $5g7 604 IL The tunnage Of the last year
During portions Of the late season Of navigation
Canal fregDts from Buffalo 10 New York have been
high as q S3 per tun aud pros Il not higher rates
have been paid fiom Oswego Rochester and other
places n tile hDee.
II e Committee Of Stockholders notice the almost
invlrabe reduction Of prices on the freight traffic,
but seem 10 think the amount varies " from year 10
Year. according 10 circumstances beyond the control Vi
tLe Company Now, it ~ happens that the freight
busnees has ncre ed every year since the consolda
tion except one, while the receipts have fallen oil by
reduction In prices on an increasing tunnage since
1857. But why beyond the control Of the Company
Wien canal fr,fghts are higher than rail freights
The Auditor has nothing to do with the motives
Which governed the getting up OF this reports there
one or two facts, however, that should not be
patted over without being noticed. IN 1860 the cost
Of operating the road is stated be 6l49I00 per cent
Of tie rors eHrpug, willie in 1859, the like charge
stated vi 503 yer cent. Why this difference Of 7.49
lVO Jer cent equal e30 $500 of the gross earnings
OH freight
was understood early In the last session that the
,etitIon between this road and the canals to
for the present ut any rate Such representa-
ons were made but whether by authority or not the
T. lny and
to Lat extent such promises have been kept, If they
werr made ard We have had too much experience al.
ready hot TO know very well how fatally this reduction
in pii,e- on the part Of the Company would have
affected the tolls on the canals IN almost any other sea-
con Than the past when more freghts were offered ut
bigh prices Of transportation than could be carried.
Under the circumstances before detailed the question
il rd does the State pocsess the power Of graduate
iug aud fixing the rate OF tolls upon the canals for the
purposes of revenue or is this power indirectly but
ee tually exeted by corporations holding franchises
granted BY the Statei We have Seen heretofore, and
now see that in this respect the sovereignty Of the
State Is controlled and limited In its action by railway
tooruiions This competition and reduction in freight
rtss not injurious 70 the interests Of tho sharehold
es Of the roads, by means advantageous 10 the
State In regard TO its revenue.
Tie way freight carried was sixty per cent Of the
total movement, und Isd only two-fths Of the whole
rec.ilts showing the value Of the through traffic 70 be
RI thrte 10 two over the way.
Tie Let earnings Of tbe road the Last year. as shown
by the passenger and freight receipts, and from other
r6nrcet, are $l,b7s, ,4O0O.
Of the increased tunnage ia 1860 lSJ9 1873, ,S4
tuut the increase on way freight l9, ALI and on
the Through, 6f li7 tuns Comparing the two years,
il appears the reduction in 1860 way freight has
le. n 30 oeuts "a tuu, average. ..r -~...--
WHEN WILL THE CANAL DEBT OF 1916 BIZ PADf
II il question cannot be answered with any certainty
20 lorg Is is solution depends upon the fluctuations Of
Il nal tolls TLese contingencies against which
10 human foresight guard, although il cannot be
d.icd that much may be done by legislation TO pro-
mole and foster tLis great state interest,", ~ g.r
The whole of the Canal Stock debt Of 1916 falls due
between this time and the LIST OF July, 1862 except
Il 100 coo reimbursabe the lat of October 1865,
sla 100000 payable on the lst day Of January, loI!
II tie Sinking Fund under section Of article Of the
Constitution. The policy of making eighteen years
,eh,iency loan on tie credit Of ,nis fund is not per-
ceiyed especially when we know that the aceumula-