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The following diagrams illustrate the method: 1 2 4 5 ucad thanka L'oxampiaira filmA fut reproduit grica d la gin^rositA da: Mu$6s du Chateau Ramezay, Montreal It quality i lagibility th tha Laa imagaa suivantaa ont it« raproduites avac la plua grand soin. compta tanu da la condition at da la nattatt da t'axampiaira film*, at en conforntitA avac laa conditions du contrat da filmaga. I ara filmad ding on ad impraa- Bta. All ing on tha impraa- a printad ficha "CON- •END"). Id at ga to bfl mad . laft to maa ata tha Las axamplairaa originaux dont la couvartura en papiar ast imprimte aont filmte an commanpant par la pramiar plat at an tarminant soit par la darnlAra paga qui comporta una ampreinta d'imprasaion ou d 'Illustration, soit par la second plat, salon la cas. Toua las autrss axamplairas originaux sont filmte an commancant par la pramiira paga qui comporta una emprainta d'impraaaion ou d'llluatration at an tarminant par la dernlAra paga qui comporta una taila amprainte. Un daa symbolaa suivants apparaitra sur la dami^ra imaga da chaqua microficha, salon la caa: la symbola — ^ signifia "A SUIVRE" la symbola V signifia "FIN". Laa cartaa. planchas. tablaaux. etc.. pauvant itra film^s A daa taux da rMuction diff«rants. Lorsqua la document ast trop grand pour itrm reproduit en un seul clich«. il est film* i partir da I'angia sup4riaur gauche, de gauche i droite, et de haut an baa, an pranant la nombra d'imageA nteasaaire. Las diagrammas suivants illuatrant la m^thode. 1 6 MICROCOPY RESOLUTION TEST CHART (ANSI and ISO TEST CHART No. 2) 1« 116 IS u Ubu 2.8 m 14.0 Z5 1.8 ^; ^LIED IN/MGE 1^ nc 165j East Main Street Roch. 'er, New York K6C9 USA (716; ^■82 - 0300 - Phone (716) 288-5989 -Fax 1 i STATEME] MADE ny W. WORKMAI AT TEE ANNUAL GENERAL MEETING OJ OF THE €l)ttmj)ltttn & 0t. €mtenti HELD ON MONDAY THE 15th JANU PRINTED BY J. STARKE & CO. ST. FRANC( 1855. *^ <■ ^^ STATEMENTS MADE nr WORKMAN, ESQ. AT TKE ENERAL MEETING OF SHAREHOLDERS OP THE n & St Caturence Hailroai €0. HELD ON ^DAY THE 15th JANUARY, 1855. STARKE & CO. ST. FRANCOIS XAVIER STREET, 1855. STATEMENTS. The Annual Meeting of the Charaplain and St. Lawrence Railroad Company, was held at the Company's Office on Monday the 15th instant. Judge Jarvis was called to the chair, and Messrs, B. Ilutchins and W. E. Phillips were requested to act as Scrutineers. The Chairman's Report was then read to the Meeting. Thomas Ryan, Esq. complained that the Report was not explicit enough, and was wanting in details as to the fiscal affairs of the Company, and ho stated, that in his opinion, it should be amended in this respect. Judge Gale also made a few observations to the same effect. Mr W. Workman stated in reply, that in the regular course of proceeding, the Reports of the " Committee of Investigation" would be read, and as these Reports contained extensive in- formation on the points alluded to, it was consilored unneces- sary to repeat these statements in the Report of the Chairman. He had only recently had a perusal of these Reports, and although he differed from many^ of the conclusions they arrived at, still they had been got up with much industry, and furnished in a clear manner, a great deal of information. The conclusions, however, arrived at in these Investigation Reports, were in his opinion erroneous, and he was very sorry he had been unable to get a quiet perusal of them until this morning — as when they were first communicated to the Com- mittee, it was generally thought that matters were much worse than he could see just grounds for now believing, and the stock of the Company had suffered accordingly in the Market. The " Committee of Investigation" in their labours seemed to forget, that in the consideration of the subject before them they must proceed on either of two grounds, — either that of a perfect amalgamation of the two Companies (the Champlain and St. Uwi-cnco and tlio Montreal and New Yorki in sW.i l.boratoly entered into, or a co.nploto abandonment of th„ whole terms and conditions of that contract. A Jddk course aval Itself of the points most favourable to one or the oth»r zi^-ot.t,:it?rr-™----- ^'^s:^^^::;t:;i^:^ --hampi™. ves ,gat,„„ had reckoned a full dividend upon threwa„di creuit lor the instalment coininfr in fi-nm tu- ^ if\ ^ X ^wunijg m irora this same soiirpo nf grvblredit for theT' "7°^ "--Company's debts, without Lpfr^tsr::;^;::;//^^^^^^^^ more stock than the actual stock held by the Colin ^ the other hand the Books of the Mo'nttell and' NerYo* Company ex nbit 37 shares less than the actuaJstock of .W says.-it was ^^::^^:;7^j:zt'°'' ^"' was erroneous, as both differe^^'sC: „g ';:rT2to;^^^ Again it was etateJ in the luvestiiratlon Ror,^„( .i . • to cover Interest on the lionds anSts ofthett r '" '"^'' and pay a dividend to the stocXwI 'H ' " °"''!^''^' the two Companies would ^J^tZZo'^ZIT''' "' ^"'f.?'r.^^''"'"^^' '""''"^° Railroad Company Expenses oiti'o '^^^^ l^^^ Mc C^mpVny.; '. ^12,000 nterest on the entire debts of tbo two Con,pa„if.... 2G 8G2 Dividend on the stock ->: the two Companies ^ reckoning even a full dividend upon tlTSew or 24 28Q unpaid stock of the Champlain & k L.Complj' ) ' ^ £91,151 This sum divided by 313, say, the average working daysliTu;; year gives per day £291 only, in place of £400. ^ ' " Com'mfttee 7r ""'f"'" '' *'^ ^^^^^^^^ at which the Committee of Investigation " submitted their joint Report clu 'onstr hV ' two companies, stated, that from the col It was quite clear to him, Mr. Workman, that this could not be the case, as would be seen from the following general state meat or synopsis from the Books of the two Co'm'panTes. CHAMPLAIN & ST. LAWRENCE CO. vrr! ^ ' J*AT* ', £221,661 Interest on same. ..£14 29Q Bills and Notes.... 41,207 Do. 2 472 Over due accounts.. 6,254 Oo. oif Gross Debt £268022 STOCK. Old paid up, 2565,0, shares, £128,295) at 6 New or paid m part, 2245 shrs. 34,795) pr. ct. Paid Stock £163,090 Add extra to place new and"~^l^k at same ••lYi-.tenu ......... £17,086 9,785 4,644 £31,515 6 n rough t Forward £31 615 Acid also dividend of £3 per share on" 1 VtG sImrcV * ' ' ' Now Stock subscribed by Montreal and Now Vork Compaiy , and not paid up 3^423 £34,943 MONTREAL AND NEW YORK COMPANY. Mortgage Bonds £50,000 Interest, 3,770 Bills and Notes, 87,446 " 6,246 Open Accounts 13,000 " 780 £150,440 je9,796 Stock, 2144 shares, . . 107,207 at 6 pr. ct. 6,432 16,228 £51,171 Amount required to pay interest on Bonds and Debts, and a dividend to Stockholders, reckoning even a full dividend of £3 per share, on the Champlain and St. Lawrence New Stock, although not paid up in full. It would be seen from the above that to meet the entire budget of the two Companies, to provide interest on their debts, and a dividend on their stock, and paying too, £3 per share on a large number of new shares of the Champlain and St. Lawrence Co. not paid up, the sum of £51,171 would be required. How was this to be forthcoming. In the first place we had due from the 1631 shares of New Stock originally subscribed, the annual and fourth instalment °^w'V"";"V. ^8155 We have also 4 instalments of £5,880 due on the 1176 shares New Stock subscribed by the Montreal and New York Co 23 520 £^1 fi7*» Less paid on the Montreal and New York New Stock, 6i200 £25,475 7 Brought Forward X'Jy 475 Tho gross rocoipls of tho Champlain and St.Lawronco Kailroad Company during tho past year, under all tho diaadvantuiros of tho Cholora, a.id ontiro dorangcinont of travol and conmiorco of tho country, amount in round numbers to £40,000, and under ordinary cir- cumstances, and a fair business for tho coming year, It may, under tho amalgamation of tho two roads, bo safoy put down at £55000 I he expenses it was believed would not) exceed t 25,000 Balance not on business. .£30,000 Leaving a balance to the good after paying all interest and dividends of ^ . -^^ Tho Montml and New York road will pay oxpe'nsci' ' *^ and leave, under tho most moderate estimate , c,O0O £10,525 It would thus bo aeon that so far from the Stock being Avorth- loss, tho above very moderate estimate of tho pt ospecta of business, tho income of the Road from various sources, covered all interest on Bonds and Debts, and a dividend of 6 per cent on the entire Stock, as well the unpaid, paid in part, as tho entire paid up Stock, which on the former or new Stock of tho Champlain Company would bo equivalent to 15 per cent per annum return, and after all. there appeared an estimated bal- lance to the good of £10,500. These were the prospects under the proper workin^r of tho amalgamation, which to be worked at all, must be carried out m full integrity, or abandoned entirely ;--and if tho latter, and the Champlain & St. Lawrence Road should again go on in its own behalf as before, the prospects wore not so black as to warrant the conclusion of the total extinction of the Stock as represented by the Investigation Committee, as may be seen irom the foUowinsr : — - -f As above stated, the interei bn the Bonds afid debts amounts A°'/nV.*;;-v #.•..• £17,086 A lull dividend on the Stock,|iew and^,* 6 per cent on old, and £3 pet share on new, say 2245 shares newt. . . . .| . . .T. . : ::rr 14,429 31,615 Deduct balance due by'the Mntreal & NeiWt -' ' York Company in event off separation...,. 10«000 ''^ Instalment on New Stock.. l...^^^.,...-- 8,165 18,155 Gross earning of Champlain Joad past year, . . under effect of Cholera and deranged triid^ ' ,r ,'- and travel ,^ . ^. . . . . ;. |^, *^ 4O,060 £13,36^ Expenses estimated at «<*^*''« •»• •ff • h • • m -■■■ " ■* ^**-.V 25,000 15,000 ^^••• — ;••••: v#.^^..... ;£i640 it would thus be seen froitf th^ proceeding figures, that supposing the consequence of die breaking down of the amal- gamation agreement, should wt be more injurious the coming year than the Cholera was the pwfe.^ear, and our^jPOMjXe- ceipts be kept to the same figar^.^e can still pay alFirterest on our Bonds and debts and git^iyidend to our stockholders of 6 par cent on the old stock, |nd «qual to 20 pep cent on the new, Mr. Workman could therefore see no just grounds for the conclusions arrived at in the Reports of the Committee of In- vestigation. Mr. T. Ryan observed that he entirely dissented from the data laid down by Mr. Workman, 1^ much as that Gentle- man, m his calculation, had diverto|^to other purposes the payments on the newfitock, |Bbsci#e4'^by the Montreal and New lork Company, which properly belonged to the Bank of Montreal, and were so pledged. ' Mr. Allan made some remarks to thii-game purport. Mr. Workman repja^^, that the |)ay£6fents referred to might go to the Montreal Bajik if ^ th^ conditions of the amalga- mation were fulfilled, but th# h||d feigoeten, that in his last calculation he had suppled t|8 CB«mpMn Road to be running alone, m which case the Mont$al Back %aA nothing to do wi& them, and indeed in any case It was as Iftfoad as it was lon^, for if paid to the Montreal fia?^, they ^ould only extinguisli?) much debt, stop a, certain amount of interest against the Orai- J. ..J, ...... ,^.„^ ..„, — ^, — -s-yj?" •" ••^Mv s»5 iMuwit A'oimjr iw M the money had gone in paymg i^vMend. / Montreal, January, 1855* X'- , ..y.. '^k^: '