The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1882-04-19
GRAND TRUNK RAILWAY.
Proceedings at the Regular Half-Yearly
Meeting in London.


Meeting in London.
| The regular half-yearly general meeting OF
| the Grand Trunk Railway Company was heid
| in London on the S0th of March. The presi-
| dent, Sir Henry Tyler, in his address, said that
the road had lost, directly and indirectly, ESQ.,
900, by the late war Of freight rates; but by the
| initiation of reduction of passenger rates the
| directors had been enabled to develop the Chi
| cago and Grand Trunk line and obtain an in
crease of GAG, 900 from this source.
The gross rece ipts from the passenger traffic
had been e419, 600. and for goods e621 900. The
working expenses had increased by 100000,
leaving 900, as against $4,000. for the
half year of 1880. The increase in the work.
| ing expenses had been in consequence OF the
additional amount which they had been asked
| to do, and partly in consequence OF the higher
prices of wages and materials. There is due
the road from the Canada Southern Railroad
the sum of $4,000, on account of the Interna-
tional bridge.
The charges for road maintenance and re-
newals were much about the same as in the
corresponding half year of $780, The rolling
stock was kept in good order, and all necessary
repairs to culverts, bridges, and wharves had
been effected, and new sidings and works had
been constructed. They had added largely to
their rolling stock and had no less than TWEEN
ty-two duplicate engines for replacing the old
ones as they were broken up. Their stock was
kept in perfect order, and was improving in
consequence of the substitution OF better en-
.sot,c hro m
The number of passengers carried one mile
during the half year had been 101, 100000, as
compared with 81 100000 in the CORRESPONDING
half year of 1880. The regular passenger BUSH
ness had also increased during the half year,
and the circumstance was source Of great
satisfaction to the board. As regarded the
freight traffic. they had carried 5000, 600 tons
for one mile in excess of the corresponding PEI
Rod of 1880. The average receipts per ton per
mile had been the least they had ever received,
having been only GO per cent, q loss of e129.-
900 on freight traffic alone for the half year.
Iu 1877, the number of cattle carried was on
ly 10 000 but in 1880 it had reached $4,000, and
in 1881, 80 24O the total value, Including sheep,
being 100000.
In regard to the new movement on the part
of the Great Western shareholders, TO bring
about fusion Of the two companies. the presi-
dent said that the Grand Trunk had not now
the same object in seeking an alliance that it
had had some years ago. The Grand Trunk
had acquired very much better position than
formerly much better position than the
Great Western The directors had fairly con-
sidered how much they could afford to give to
the Great Western Company, and if any ar
rangement was to be brought about between
the two companies they thought it would be
better that the terms they proposed should be
publicly laid before their Shareholders He
had had an agreement drawn up, and when
the matter was discussed few years ago, they
were not as strong as they were to-day, and
they could not offer to give anything like the
premium usually given. The only proportion
they could give was 10 per cent. to 30 per cent.
That was more than they had last year. OF
course the preference stock of the Great West
ern would take rank before their ordinary
stock, and get its full dividend in any case.
With regard to the ordinary stock OF the Great
Western, they proposed to give minimum OF
3 per cent, and the ordinary stock would go
before their preference stock. They could
ment, but the Great Western would not be en-
titled to ask for any proportion of that amount
They could afford to give them 3 per cent,
which would be fair rate. 1t would be TWO
per cent line at least, on the Great Westerns
hands, The Grand Trunk would not suffer If
they were to give the Great Western per
cent dividend on the ordinary stock, and CIV
ing it before their preference stock. Such
course would make their dividend more secure
10 the future than it ever had been in the past
He would propose that this arrangement
should take effect as soon as the Great Western
handed over their lines, say from the Both OF
June or the 31st of December, 1888. OF course
they would have to take the matter before the
Legislature of Canada. Therefore the agree
ment could not come into effect before the mid
die or the end of next year. He hoped, in
conclusion, that the progress the company had
made would be maintained, and that they
would see moro advantages to the Grand
Trunk system, as the result of this undertake
ing.
A cable dispatch to the Toronto Globe, Mon
day, says that 1,S40 Euglish shareholders OF
the Great " estern, representing 49, W shares,
had formally expressed themselves favorable
to an alliance with the Grand Trunk, and it is
also intimated that the names of the gentlemen
supporting the measure will be presented to
the stockholders of the Great Western at the
next meeting as members of the board of di-
rectors