^^ A^ ^o"-^- IMAGE EVALUATION TEST TARGET (MT-3) 7 ///v {./ /.. i/.. fe 1.0 I.I 1.25 •a IB! ■ 3 '™^== i^ illM u 1^ 1 2.0 1.8 U III 1.6 V] <^ n 'e. V ^> PhntnoTRnhir Sciences Corporation 23 WEST MAIN STREET WEBSTER, N.Y. 14580 (716) 872-4503 « ip ,\ :\ V \ 9> 6^ # '^<> ■^ - ^ ms- <:>. ^ CIHM/ICMH Microfiche Series. CIHM/ICMH Collection de microfiches. Canadian Institute for Historical Microreproductions / Institut canadien de microreproductions historiques ;\ Technical and Bibliographic NotMt/Notas techniques at btbliographiques The Institute has attempted to obtain the best original copy available for filming. Features of this copy which may be bibliographically unique, which may alter any of the images in the reproduction, or which may significantly change the usual method of filming, are checked below. 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Les cartes, planches, tableaux, etc., peuvent dtre filmte d des taux de rMuction diff» fc ■tM a t y '/\/'i^tx^te\ ;■««» \ 8IR:- ' :^ft- \ ^K^ TftE ttscoinpanying Report wiil place you in popsej^iastvj^,-^ oi4i«. progrefs, present state, and fi^^prospeets, of tie.WeUand Railway Ccmpany,.a persual of which, with the pppendiee& attached thereto, will give every infmmV tM)n to tfiose interested in the undeirtaking, Feehng sensible that many of the Shareholders were induced to subecribe, from their confidence in my judgment, I felt under an obligation to them, not only to assume personal liabilities, but tQ continue my gratuitous services until the work was finished. That obje<* is now attained, and the Unc will b^ plaeed under your control by an A(^ i^assed 4uring the last session of the Provincial Legislature, on the fulfilment of the terms of the Resolution passed at a meet- ing of the English Shareholders, -^n the 21st of December last , . ■ -. The financial position of the Company ii3 pointed out in the tabular s^tement attached to the Report, which, upon investigation, will be found to have b«)en managed with greater economy than any other similar work in America. The balance of $86,7a5 we propose to cover by a sale of second mpftgage Bonds, bearing six per cent, interest, or by - ^ a loan of $100,000 at 8 per cent., giving the rolling stock of the Company, valued at $100,000, as collateral secmiiy. The interest on the bonded -debt ban been pundtui^y i>Md up to the 1st July last; and there will be ample ^^a*!^^^^ to pay the January interest out of the 36 per cent, appropriation from capital' account for thAt purpose, or the eanurig^ ^* of the Road. The inte) at on account of the shaie capital has also be^ paid up to the Ist July, 1858, and the Board have recommended the remaining interest due up to the completion of t^e work being paid by an issue of forfeited shares. From the experiments made in ininning the line, [as refen-ed to in the Report,] we may rely with confidence on the net earnings from traffic, estabUshing the credit of the Company, the value of the share capital, and providmg a dividend in future. Whereas, had th«* work not beeu finished, the e.oeuses would have beeu accumulating, no i-e- turn realized, and your property rendered valueless. To insure an incom. ^-oni the Road, it is indispensable that the loan referred to, be effected at once. I have therefore conscnfed to visit London, with a A'iew of affordiig; every information required; and feeling assured that the efforts of the Board iu cc»mpleting the line will be appreciated, and that your aid will be cheerfully extended in providing the means to paf off the debt. I havf the honor to be. Sir, Your,obad*t Serv't, * * fc^ ■ w IT' "^Vr^ ,'** *i