The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1875-11-04
Grand Trunk Railway.
Annual Report of the Directors.

The following is:the annual report of the di-
rectors of the Grand Trunk Railway, at their
meeting, held Oct 10th, in London:
The reportlstates that the gross receipts upon
the whole undertaking, includiog the Buffalo
and Champiaip lines had been e909 075, which
were reduced by the Discount On American cur
rency a15,927, to 9S93,14 Deduc ing the
working expenses 10 lug at the rate of 1884
per cent. against 78 % for the corresponding
half of last year, a7O1, 400. leaving a191, ,6SS.
From this, however had to be deducted the
postal and military revenue due for the half
year to the bondbolders, e16.2S3, leaving e175,-
405 applicable to the payment OF interest, &c,
Lawrence lease lin full, a52, ,53S; Lewiston &
Auburn Railway rent a1 ,54l; Detroit line lease
lin FULL, Ell $50; Montreal and Champlain
Bond interest, 9120Sl; Buffalo and Lake HUI
ron rent, 933,000; 6rst equipment bond inter-
est. e15.000; second equipment bond interest,
Gl5,OO0 Five per cent. Perpetual Debenture
Stock, 912500, leaving balance of Gl43 los
There had, therefore, been for the past half
year. no balance available for dividend on the
preference stocks, and the GAS los added to
the balance from last account of 81 ,180 Is Id,
made total amount to be carried forward to
the next account of 81, 1923 lis Id.
The operations of the company for the past
six mouths had been carried on under crcum
stances of the greatest diff Guilty and anxiety.
bro ght about by causes entirely beyond the
control OF the directors or the executive in Can
ada They bad resulted in decrease of the
gross receipts latter deduction of loss on Amer
lean currency of e106 1893, or 10 GA per cent. as
compared with the corresponding half year in
| 1874 although there had been at the same time
an actual Increase i1 the work doue. Those
| causes had been m sinly the great depression in
| trade, and depreciation in freight rates, com
| mon to the whole of the United States and
Canada, but principally affecting the lines OF
| communication conveying the produce OF the
| West to the seabord; the unprecedentedly e
| we're and unfavorable weather during the first
| three months of 1875; and increased competi.
| tion arising principally from the extension oi
| the Baltimore and Ohio line to Chicago; the
cons ruotion of the Canada Southern parallel
| to toe Great Western line, and the unfOr innate
/ competition by the latter company Cd rried on
against the Grand Trunk with great deter
alton and energy during the early part OF the
half year The general results arising Isi iiom
for the whole half year, but it was necessary to
i examine separately the operations Of the tive
quarters to distinguish the effect upon each. =,
During the first quarter the company carried
nearly IS. 600 tons less traffic, and earned ESQ,
900 less money, while the tran mileage was in
| creased bv 267, 900 miles, or 10 per cent and the
engine mileage by $4,000 miles, or more than
IL per cent. Although the line east o Mon
treal had been supplied, on the change of gauge
in September, 1874, with new and more power
full engines the severity of theIweather not only
neutraized the additional power, but also les
| sened the average hauling capacity of the en-
gines over the whole line By per cent. as co n
pared with the corresponding three months il
1874. Tue obstruction thus offered to the move
ment of traffic diminished its volume, and II
one week, that of the 18th of February last
there was an actual loss of traffic receipts Ol
over 914, 900, caused almost entirely by the i'm
possibility for time Of keeping certain por
tions of the line clear of snow. Coupled will
these circumstances which we're reducing th'
earnings and increasing the expenses, Their
was at the same time the additional loss aris
iEg from the competition in Western Canada
In the beginning of the second quarter of sb'
half year, when the severity of the weathe
was mitigated and better understanding ex
listed with the Great Western Company, th
effort made to recover the losses OF the mrs
quarter were met by increased stagnatIon II
the trade of the country, which had reached
| point admittedly unequalled since 1867, ant
| which, although resulting only in slight re
| duction of the amount of business led, OWN
| to the general fall in the rates, to great de
crease in the traffic earnings. The Executiv
| were, however, enabled to make a reduction il
the engine mileage of $4,000 miles, and a larg
reduction also ia the staff, as well as other i'm
| portant economies, which would be referred t
when the expenditure was dealt with.
Comparing this half year with the CORE,
sondng period of 1874, the passenger receipt
showeda decrease Of 93 228. or 1 O3 per cen
and the freight receipts of G99, ,06S, or H. Al DC
cent. The total number of passengers carrie
was SS7, ,176, against 903, ,425; and the quantii
of freight was 880,221, against 9OS, $50 ton
The average receipt per passenger was IS 11d
| against 6s. Id, and per ton Of freight lbs. 4d
against los 1a6. The loss of receipts on tn
freight traffic has arisen almost entirely froI
the lowness OF the rates, because, although tt
, | number OF tons carried was less by 2S,O00, th
| whole of the traffic was conveyed au aVeiag
distance OF 25 miles further than in 1874, whic
was equivalent to carrying 956 900 tons for tt
average distance (290 miles) OF the correspond
( ing half year 10 1874; and q. compared VII
that half year there was an addition OF % pt
i mt. to the work done. Comparing the ave
age rates ruling in the past half year with tho!
and 1873. it would be found that if the san
o rate per ton per mile had been obtained as
those We ars the gross receipts would have bee
increased by e135.000 and e240 900 respective
n The greater portion of which would have bee
| available as net revenue. This unforeseen d
. probation in the rates, which had 80 seriousl
affected the prosperity Of the company for i