The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1875-11-04

last two years was not exceptional in its opera
tiop, but had affected and even more adverse
ly, many OF the ether lines carrying similar
traffic.
A comparison of the average rates per ton
per mile received by the Michigan Central and
Lake Shore and Michigan Southern railroads
showed equally unfavorabe results, During
t1e past half year the decrease in the gross re-
Ge'pts OF the following railways have been:
Lake Shore and Michigan Southern, 20 per
cent; Great Western of Canada, 20 per cent;
Northern OF Canada, IS per cent; Michigan
central 10 per cent; while the decrease on the
Grand Trunk mas been 10. GA per cent
The working expenses for the half year
amounted to e701, 400. or 78. "a per cent of the
gross receipts, against e782 ,002, or 49, % per
cent. for the corresponding half year of 1874,
showing decrease in expenditure of ESQ, $40,
and an increase iE the percentage of expenses
to receipts of 031 per cent.
AS the loss of gross revenue was Bl06,393 the
result of the half year showed decrease in
net revenue of 925.851.
The total expenditure for maintenance of
way and stations and for renewals was 9l40-
$685. OF this amount 974 700 has been charged
against the balance of 9113,000 remaining out
OF the sum formerly set aside to provide out of
capital portion of the cost of relaying the line
with steel rails leaving charge for the half
year OF 965 800 against revenue account. The
amount thus actually expended during five
years in maintaining and renewing the road
way and structures was not less than 91 $780,
OOO, or an annual average OF 1870 900, while an
additional large sum had been contributed out
OF capital for the extension Of sidiDgs wharves,
ant stations, for ballasting, and tow ards the
cost OF relaying the line with steel rails. In
the locomotive department. the expenses were
E2S,l7, or 81 IA per cent of the gross receipts,
against e2S6,O64 or 1852 ler cent. in 1874,
showing decrease in expenditure of "a 1893.
The total charge to capital during the half
year was f299,973. OF this amount ELL, ,130
was for discount on the issue of new capital,
exchange and bankers commission. During
| the half year 100000 of Perpetual Five per
Cent Debenture Stock was issued.
The directors have in their report endeavor-
ed to enable the propretors to understand fully
the ciuses which had iDterfered to prevent as
yet the realization of more favorable anticipa-
tions The main sources from which results
must arise in an undertaking such as the Grand
Trunk were traffic and rates and economy in
working. On the question of traffic and rates
the officers OF the company aud those of some
OF the principal railroads in the Uoited States
were OF opinion that there would be some inn
proyement, and that, as Mr.. Joy stated in his
report, ut IS now hardly po sbls that the
worst has not been reached" As to economy
in working, continued exertions were being
made by the Executive in Canada in this direc-
tion and the effect of the reduction of the
staff and other arrangements, carried out, in
the latter part of the past half year, would, it
| is believed tell more favorably in the flu ure.
In conclusion, the Board desired to express
their hearty appreciation Of the energy and de-
votion shown by the general manager, the traf-
hc manager and the whole staff of the COM
l psny in coping with the difficult es of the past
| year, which had taxed to the utmos: their
l skill and patience. The capital account showed
| that f30. 2737 100 had been expended leaving a
| balance of e358, ,981 in favor of the company.