The Portland daily press., 1874-04-18

Balance Dec 81. ........... yAl S 1905
Comparing the half year with the cores
ponding period of 1872, the gross receipts show
ed an increase of OFT per cent. There was an
increase in the passenger receipts of 6.45 per
cent. The total number of passengers carried
was 1,O73, 2O4 against 9S4, 525; and the quanti-
ty of freight 1886, OH against 1877 1886 tons. The
increase in the freight department appears to
have been in the through traffic. bf r0l
The operation of changing ths gauge in the
middle of the half-year seriously affected the
traffic receipts for two weeks and during that
fortnight there was decrease of about $780,
900. - -2itIrr lvr Iqfslsf ST ,If:g s4
The monetary panic which occurred in the
United States in September disastrously affect
ed the whole commerce of America
The numbers of the travelling public were re-
duced the rates of freight were depressed, and
the business of the company, which was ad-
versey affected mp to the close of the half year
still continues to suffer. Up the to beginning of
September the rates for freight were main
tanned at about the same figures as in 1872 bnt
almost Immediately after the pa1ic they fell &c
per bushel. and on flour there was a fall of zoe
barrel, making reduction of about 20 per
cent Thefeffect of the pauic during the latter
part OF the half year had been to neutra'ize the
be nefit which would have arisen from the mar
rowing of the gauge and the opening of the in
ternational bridge. ~ - rpt rs s =
The ordinary working expenses amounted to
90. " per cent. of the revenue, against 64.95 per
cent for the corresponding half of 1872. In
Guiding renewals of permanent ways and works
the expenses amounted to 81-33 per cent of the
gross receipts, against S2.o7 per cent in S72.
There was total increase of expenditure for
the half-year of $349, 065-at the rate of $50
per cent, against an increase of GIT per cent.
in the receipts.
The total train miles run were 3,795,S4S
against 3,474 POS, showing an increase of 3d.
O40 miles. During the last year IL narrow
gauge engines had been built, at the cost of
revenue, to replace the same number of old
engines broken up, as against 10 in 1872. The
cost ct fuel had been great ter than in any prev
antv ;,sad arr asag partly from the Larger
price of coal and wood. The continued rise of
wood forced upon the company the necessity of
looking to coal as substitute, at any rate in
the Central District of the line, where wood had
risen to the highest price; and accordingly the
new engines built in connection with the mar
rowing of the gauge had been adapted for
burning COAL
The act of last session directs that 81, 1000 tons
of steel rails shall be provided ut Of the new
capital to be raised. In 1873 about $500 tons of
of this quantity have been supplied, at the cost
of 1868 '695, which was charged to capital az
count in the past half year. This left about
$4,000 tons stll to be provided. which it was
proposed to do in 1874 and 1875. The number
year was 261, of which 23O1 werelald with steel,
showing an increase in the number of miles re-
laid of 48 as compared with the year 1872
when 236 miles of perm anent way were re-laid,
OF which 1924 were laid with steel. The total
length of steel rails laid up to the 81 st of De-
cember last was 1854 miles. The number of
sleepers laid during the year was594 416, against
9O9,564 in 1872. The ballasting of further
length of 154 miles was proceeded WITH
The total addition to capital during the six
expenditure were $685., 665. which included
the cost OF narrowing the gauge west of Mon
treal, providing $50 new engines, 800 new cars,
and 1900 new car trucks, and converting GA
broad no ees gag se engines to the # Shin gauge
rails charged to capital for the year 1873 The
balance of capital unexpended at the 31st of
December was $3,605,085 There was also still
unlssued the $12, 300, 600 out of the authorized
proceeds of which will be available
With the completion of connection with the
Erie and with pore adequate equipment of
the Canada Southern the foreign tolls over the
Buffalo bridge must be largely augmented. but
including the Grand Trunk annual contribution
in liquidation of bridge capital of $4,000 out
Of working cost, fully 500, 900, annually avail
able for dividends were the bridge capital liqui-
dated by the substitution of per cent de6en-
ture stock issued at the low figure of 3d. Of
the sum of ST. 100000 appropriated out of the
proceeds of the new issue of ordinary stock to-
wards the payment of dividends, the sum of
$4O2, 40 was reserved in trust to meet the divi-
dend on the first preference stock, payable on
the LIST OF March, which has been paid.
The capital account to Dec. 81, 1873, shows
total investment of $145, O63, no. Of this
amount five millions have been expended dur
ing the closing half year of 1873; other large
expenditures are contemplated; the working
expenses consume so per cent. of the revenue,
and the interest account eats up nearly the
whole balance of IS per cent. There are no
dividends, and the report is said to have excit-
ed lively discomfort, which was likely to break
out in boisterous fashion at the meeting of
shareholders on the 9th inst. ~ q ~ =
The resignation of managing director Bridges
was accepted. 1t is said that President Potter
is very much dissatisfied with the policy of
MI. Bridges, and athere is general feeling
among the British shareholders that the road
has been very badly managed