€> x^?'^-'^ 
 
 ^>^>^ 
 
 
 IMAGE EVALUATION 
 TEST TARGET (MT-3) 
 
 // 
 
 
 ^5^ 
 
 z< 
 
 1.0 
 
 I.I 
 
 ■f^ia iiiiiM 
 
 2.2 
 
 
 \& 
 
 1^ 
 
 1.8 
 
 
 1.25 U iiA 
 
 
 -* 6" 
 
 ► 
 
 Photographic 
 
 Sciences 
 
 Corporation 
 
 <v 
 
 1 
 
 iV 
 
 %."<F 
 
 \\ 
 
 ^\^ 
 
 ^X ^\ 
 
 c^'^.^^^^ 
 
 % 
 
 
 33 WEST MAIN STREET 
 
 WEBSTER, N.Y. 14580 
 
 (716) 872-4503 
 
CIHM 
 Microfiche 
 Series 
 (Monographs) 
 
 ICIUIH 
 
 Collection de 
 microfiches 
 (monographies) 
 
 Canadian Institute for Historical Microreproductions / Institut Canadian de microreproductions historiques 
 
Technical and Bibliographic Notes / Notes techniques et bibliographiques 
 
 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. 
 
 □ Coloured covers/ 
 Couverture de couleur 
 
 □ Covers damaged/ 
 Couverture endommagie 
 
 □ Covers restored and/or laminated/ 
 Couverture restaurie et/ou pelliculie 
 
 Cover title missing/ 
 
 ! couverture manque 
 
 □ Cover title 
 Le titre de 
 
 D 
 
 Coloured maps/ 
 
 Cartes g6ographiques e i couleur 
 
 □ Coloured ink (i.e. other than blue or black)/ 
 Encre de couleur (i.e. autre que bleue cu noire) 
 
 □ Coloured plates and/or illustrations/ 
 Planches et/ou illustrations en couleur 
 
 □ Boun 
 Relie 
 
 Bound with other material/ 
 avec d'autres documents 
 
 □ Tight binding may cause shadows or distortion 
 along interior margin/ 
 
 La rcliure terrte peut causer de I'ombre ou de la 
 distorsion le long de la marge interieure 
 
 D 
 
 L'Institut a microf ilm6 le meilleur exemplaire qu'il 
 lui a kti possible de se procurer. Les details de cet 
 exemplaire qui sont peut-ltre uniques du point de vue 
 bibliographique, qui peuvent modifier une image 
 reproduite, ou qui peuvent exiger une modification 
 dans la mithode normale de f ilmage sont indiquis 
 ci-dessous. 
 
 □ Coloured pages/ 
 Pages de couleur 
 
 □ Pages damaged/ 
 Pages endommagtes 
 
 □ Pages restored and/or laminated/ 
 Pages restaurees et/ou pelliculies 
 
 I "LPages discoloured, stained or foxed/ 
 I ^-^ Pages decolorees, tachet^es ou piquees 
 
 □ Pages detached/ 
 Payes detachies 
 
 I |S|i»wthrough/ 
 L^Transparence 
 
 Tht I 
 toth 
 
 Thai 
 poM 
 ofth 
 fllmli 
 
 Origl 
 
 b«gi' 
 thafa 
 •ion, 
 othai 
 first I 
 •ion, 
 orUli 
 
 n 
 
 Quality of print varies/ 
 Qualite 'nigale de I'impression 
 
 Continuous pagination/ 
 Pagination continue 
 
 Includes index(es)/ 
 Comprend un (des) index 
 
 Title on heaber taken from:/ 
 Le titre de Ten-tCte provient: 
 
 Thai 
 •hall 
 TINU 
 whici 
 
 Mapi 
 
 diffar 
 
 antir« 
 
 bagin 
 
 right 
 
 raquii 
 
 math( 
 
 Blank leaves added during restoration may appear 
 within the text. Whenever possible, these have 
 been omitted from filming/ 
 II se peut que certaines pages btanches ajouties 
 lors d'une restauration apparaissent dans le texte, 
 mais, lorsque tela itait possible, ces pages n'ont 
 pas M f ilmies. 
 
 (""TTAdditional comments:/ There are some creases 
 
 I I Commentaires lupplementaires: 
 
 This item is filmed at the reduction ratio checked below/ 
 
 Ce document est filmi au taux de rMuction indiqui ci-dessous. 
 
 □ Title page of issue/ 
 Page de titre de la livraison 
 
 □ Caption of issue/ 
 Titre de depart de la livraison 
 
 Masthead/ 
 
 Generique (periodiques) de la livraison 
 
 D 
 
 In the Biiddle of the pages. 
 
 10X 
 
 
 
 
 14X 
 
 
 
 
 ■ciX 
 
 
 
 
 ^A 
 
 
 
 -:cA 
 
 
 
 
 JU* 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 y 
 
 \ 
 
 
 
 
 
 
 
 
 
 
 
 
 12X 
 
 
 
 
 16X 
 
 
 
 
 20X 
 
 
 
 24X 
 
 
 
 
 28 X 
 
 
 
 
 32 X 
 
 
qu'il 
 i cet 
 t de vue 
 ige 
 
 :ation 
 |u6s 
 
 Th« copy filnif d h«r« hat b««n rtproductd thanks 
 to tha ganarosity of: 
 
 Manuscript Division, 
 National Archives of Canada 
 
 Tha Imagaa appaaring hara ara tha bast quality 
 posaibia conaidaring tha condition and lagibility 
 of tha original copy and in kaaping with tha 
 filming contract apocificationa. 
 
 L'axampiaira filmi fut raproduit grlca i la 
 ginirositi da: 
 
 Division das manuscrlts. 
 Archives natlonales du Canada 
 
 Las imagas suivantas ont it* raprodultas avsc la 
 plus grsnd soin. compta tanu da la condition at 
 da la nattatA da l'axampiaira filmA, at un 
 conformK* avac laa conditiona du contrat da 
 filmaga. 
 
 Original coplaa in printad papar covara ara fllmad 
 baginning with tho front covar and anding on 
 tha laat pigo %vith 9 printad or iilustr«tad impraa- 
 sion. or tho back coyar whan appropriata. AN 
 othar original copios ara filmod baginning on tho 
 first pago with a printad or iilustratad Impraa* 
 sion. and andIng on tha laat paga with a printad 
 or illuatratad improsalon. 
 
 Tha last racordad frama on oach microficho 
 shsli contain tha symbol -^ (moaning "CON- 
 TINUED"!, or tha symbol V (moaning "END"!, 
 whichavar appiiaa. 
 
 IMapa, plataa. charts, stc, may ba fllmad at 
 diffarant raduction ratios. Thoso too larga to bo 
 ontlraly included in ona axpoaura ara fllmad 
 baginning in tha uppar laft hand comor. loft to 
 right and top to bottom, aa many framas aa 
 raquirad. Tho following diagrams illustrata tha 
 mathod: 
 
 Laa axamplairaa originaux dont la eouvartura tn 
 papiar ast imprimte sont filmia 1% commandant 
 par ki pramiar plat at »n tarminant soit par la 
 damlAra paga qui comporto uno omprainta 
 dimprassion ou d'illustration. soit par la locond 
 plat, salon lo caa. Toua laa autraa axamplairos 
 originaux sont fiimAs 9n comman9ant par la 
 pramlAra paga qui comporto una omprainta 
 dimprassion ou d'illustration ot on tarminant par 
 la darhiAra paga qui comporto uno talla 
 amprainta. 
 
 Un daa symbolas suivanta spparaltra sur la 
 darniira imaga da chaqua microficho. lolon la 
 cas: la symbola -^ signlfia "A SUIVRE ". la 
 symbols ▼ signifia "FIN". 
 
 Las cartas, pisnchas. tableaux, ate peuvant Atra 
 fiimte i das taux da rMuctlon diff Grants. 
 Lorsquo lo document ast trop grand pour Atra 
 raproduit an un saul clichA, il ast film* i partir 
 da I'angla supiriaur gaucha, da gaucha i droita, 
 at da haut •n bas. an pranant la nombra 
 d"imagaa nAcassaira. Las diagrammas suivants 
 illustrant la m^thodo. 
 
 1 2 3 
 
 32 X 
 
 1 . 
 
 2 
 
 3 
 
 4 
 
 5 
 
 6 
 
^^^^. 
 
 c^ 
 
 statement of the London Directors of the Grand 
 Trunk Railway Company of Canada. 
 
 21, Old Broad Street, London, E.G., 
 
 m March, 1859. 
 
 The undersigned London Directors of the Grand Trunk Railway 
 of Canada believing that an erroneous impression prevails respecting 
 its present and future position, and as the statutary constitution 
 of the Grand Trunk Company requires the general meetings of 
 the shareholders to be held in Canada, the Directors are anxious 
 at the present time to lay before the proprietors, by this circular, 
 a concise account of the present position of their undertaking, 
 dhowing the amount of capital already expended and still required, 
 the works which have been finished and those that remain to be 
 executed, and to make some remarks on the present revenue and 
 future proppects when the line is open to Sarnia and the Victoria 
 Bridge completed. 
 
 The total capital set forth in the original prospectus as necessary 
 to complete the line amounted to £9,500,000. The sum of 
 £3,111,500 has been raised in bonds of the Province of Canada, 
 the interest on which formed the first claim on the railroad. The 
 remaining capital consists of the debentures and shares of the 
 company. 
 
 Many circumstances arose, especially onnected with the line 
 between Montreal and Portland, which caused an expenditure not 
 originally contemplated, and a junction of twenty-two miles i i length 
 has also been made between St. Mary's and London ; but, on the 
 other hand, the Canadian Legislature liberally consented to forego 
 all claims for interest on the amount of provincial bonds above stated, 
 until the original shareholders received 6 per cent. ; and the eastern 
 portion of the line has been curtailed nearly thirty miles, causing a 
 saving of about £250,000. 
 
 The actual capital raised and expended to this date, on which 
 
interest is payable, is £8,426,200, which stands in the following 
 ordei- : — 
 
 1st. £2,000,000 Preference Debentures, 6 per cent. 
 
 2nd. 2,U4,600 Ordinary „ „ 
 
 Hrd. l.-'jOOjOOO 7 per cent. „ 
 
 4th. 2,781,600 Consolidated Stock 
 
 £8,426,200 
 
 And authority is to be asked for at the meeting about'to he held 
 in Canada, to raise the further sum of £1,111,500, by Second 
 Preference Debentures, under the powers granted by the Act of 
 1858, which sum, with existing assets, will be required to pay 
 off present liabilities, and to open the whole line from Sarnia to 
 Quebec and Rivi5re du Loup, and to Portlund, a total distance of 
 1,057 miles, including the Victoria Bridge. 
 
 The cost, therefore, of the railway to the shareholders, equipped 
 with working stock, and including the bridge, will be about £10,000 
 per mile, a sum which the directors cannot but consider extremely 
 moderate, when it is remembered that all the works will be of the most 
 substantial character, the bridges and viaducts being of stone and 
 iron, that the Victoria Bridge will cost £1,350,000, and that interest 
 has been paid by the company, during the construction of the works, 
 to the extent of £1,200,000. The length of line now open is 880 miles, 
 and by October next, the bridge and the extension to Sarnia, of seventy 
 miles, Avill be ready for traffic ; and at the same time a railway in the 
 State of Michigan, between Port Huron, opposite to Sarnia, and 
 Detroit, fifty- five miles in length, promoted in the interests of the 
 Grand Trunk Railroad, and to be worked by it, will also be open. 
 
 The position of this latter railway must insure to its own share- 
 holders a highly-remunerative return, whilst its importance to tha 
 Grand Trunk cannot be over estimated, as it completes the link with 
 all the American railways extending west and south, thus forming 
 a continuous line between Chicago and the eastern seaports of 
 Quebec and Portland. 
 
 It now remains for the Directors to examine into the extent and 
 character of the Traffic already obtained, to compare it with that cal- 
 culated upon in the Prospectus, and thus to enable the shareliolders to 
 form their own opinion as to the future. 
 
 The traffic to the present time h.ns been almost entirely local • hut it 
 is most gratifying to find that the receipts upon the portions of the line 
 
3 
 
 now open, 880 miles, have already exceeded the total amount origi- 
 nally looked for from that source over the whole length of the road, 
 and this Traffic is evidently increasing. The gross amount calculated 
 upon in the Prospectus was £460,000 on 1,112 miles, or at the rate 
 of £8 per mile per week. The sum actually received in the two 
 years, 1857 and 1858, has heen at the average rate of £11 per mile 
 per week upon the whole distance as opened. 
 
 In regard to the Through Traffic, the Directors can see no reason 
 for douhting the accuracy of the original calculations. The vast 
 trade of the West has greatly increased during the last few years, 
 as likewise the exports and imports and the population of the Province 
 of Canada. A regular line of steam packets between Quebec and 
 Portland and Europe, shortly to form a weekly communication, 
 has been established. The Grand Trunk will thus fonn the best 
 route to the Western States of An^jrica and the Red River settle- 
 ment of the Hudson's Bay Company, and ultimately to British 
 
 Columbia. 
 
 At the close of this year, when the junction between the Grand 
 Trunk and the various railways in the state of Michigan has been 
 effected at Detroit, the advantages offered by the Grand Trunk for 
 the conveyance of the Western produce to the Eastern ports, a dis- 
 tance of 800 miles, without break of gauge, must attract to itself a 
 large share of this traffic; and with the view of forming an opinion of 
 its extent, the directors have examined the gross revenue actually 
 obtained on the four principal lines, which have hitherto transported 
 a large proportion of it, and it appears that, taking the total receipts 
 dunng the two years 1857 and 1858, the latter being one of great 
 commercial stagnation, the average amount received per mile per 
 week has been; on the Michigan Central, £31 4s.; on the Great 
 Western of Canada, £32 6s. ; on the New York and Erie, £46 10s. ; 
 and the New York Central, £49 16s. ; the average on these four 
 lines exceeding £40 per mile per week. 
 
 In addition to a share of this vast trade, to obtain which the Grand 
 Trunk is in a most favourable position, it will derive additional traffic 
 from the produce brought by the Lake navigation, and intercepted 
 at Samia, where ample provision will be made for its reception and 
 
 transport. 
 
 With these facts before them the Directors have every confidence 
 that the very moderate estimate of £30 per mile on the Western, 
 and £20 on the Eastern half, making an avoiage, on the whole line, of 
 
/ 
 
 £25 per mile per week fro,n the local and through traffic combined 
 nil be realised and also that the working expenses under these 
 circumstances will not exceed 50 per cent, of the receipts 
 
 On the portions of the line west of Toronto already opened, the 
 local receipts for the last few months have exceeded £2(f per mile 
 per^weck, and the working expenses have been l,.ss than 50 per 
 
 Assuming that the total capital on which interest will have to be 
 
 foUovvs •!'" '''""'^ ""™^""' ^' ^^^'^^0'00<^' th« result wiU be as 
 
 £25 per mile per week on 1,057 miles ... £i 374 joo 
 
 50 per cent, for working expenses "; 'ggj^oso 
 
 Deduct rent on Portland section 
 
 687,050 
 73,000 
 
 Leaving a net profit fniO^n 
 
 01- more than sufficient to pay 6 per cent, on'^the whole tbenure 
 and share capital of the company. "eoeniure 
 
 Under these circumstances the London Directors, in offering 
 without reserve, their view, on the position of the Railway, fee thai 
 
 Preference Debentures, which, with the 2,000,000 of First Preference 
 
 p"^'^. Trf' -JgHJHlJhl^SgitiorLor ^^ occupied by "he 
 Provincial Debentures of £3,111,5007^==-^ ^^-^^ 
 
 . As soon as the J^ondon Directors have received from Canada the 
 Th y" ;: Vr'''''' ""^^^'^ '''' ^^^" ^-- ^- this issue 
 
 SofTz^r ^"^— ''^^ --^ ^" -^- ^- *.h« 
 
 Thomas Baring, Chairman. 
 George Cark Glyn, 
 KiRKMAN D. Hodgson, 
 
 II. WOLLASTON IJlAKE, 
 
 William Chapman.