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Maps, plates, charts, etc., may be filmed at different reduction ratios. Those too large to be entirely included in one exposure are filmed beginning in the upper left hand corner, left to right and top to bottom, as many frames as required. The following diagrams illustrate the method: Les cartes, planches, tableaux, etc., peuvent §tre filmds d des taux de reduction diff^rents. Lorsque le document est trop grand pour §tre reproduit en un seul clichd, il est film6 d partir de Tangle sup^rieur gauche, de gauche d droite, et de haut en bas, en prenant le nombre d'images ndcessaire. Les diagrammes suivants illustrent la mdthode. 1 2 3 1 2 3 4 5 6 161 p^^^$^1p^c^2j^%^^ v A. N N I J A ] . REPORT OK TIlK ^% $a\\h\\ d\\ii fort ^iiuilci) <^ RAILWAY COMPANY > sniiMITTI-n TdTIIK SlYirKIInlDFlls A 1 TIIK <3-EI1>JET=8l,A.Ij IVIEIBTXTSrOr , A r I.ONDOX. On Srpifnilx r 2ml, IS57, ■r^V LONDON ksh" lS.-,7 _jvV- 1MUNT)V1» AT Tin; TltKH IMJKSH" STKAM JoH uTFiri: \,iI!Tll .-'Tltl.KT. V"7 ,•■' A IN N Tj a L R E P K T OF TIIL' lS)lllSlS'3?®3liS ov Tiri; COMIWXV. SUBMITTED TO THK STOCKIIOLDEHS AT TIIK GENERAL MEETING, AT I.OXDOX. OX SEPTEMBER 2X1), 1857. The construction of the Kail way which was entrusted to the Directors by tlie Municijialitics and other Stock- holders, in 1854, was coninienced at a time when it was supposed, Ironi the inlbrniation derived from every source mat couhl he obtained, that tlie object could easily be accomplislied upon the foundation of the Municipal Stock of £10:>,.')()(), together with the addition of al)out £iU,000 of private stock which had been subscribed ; and it was deemed that the issue of £100,000 in hrst m()rtgaji:e l)onds would have been sufficient to raise means to com]>lete the enterprise which had been undertaken. The great difficulty of raising money upon these securities, which shortly followed, from the general monetary depression, owing to the Euro])ean War and other causes, ju'evented the Directors from being able to raise tlie nipans to carrv their work to com- pletion within tlie time originally contemplated. The bonds could not 1)e disposed of, and they were obliged to apply to the Municipalities, whose funds had already been laid out in the ^vork, as the only alternative by which its progress could be continued. 'I KErOUT OF TlIK LONDON" AND These (.'alls were liivourably responded to by the City of London and t}i(3 Town of' St. Thomas, the former <;nintin_i;' three suece.ssive loans to the amount of £08.800, and tlie latter to tlie amount of £8,000, by wdi it'll means the Directors iiave been enabled, durin;.;- s'^asoiis of great financial difficulty, when other similar undertakings have failed, to complete the work entru>3ted to their cliarge, so far as to enable them to open the road for business. The delays, liosve\'er, which, from the above and other causes, Avere unavoidable, protracted the accomplish- ment of that object to a period of fourteen i>ionths beyond the time originallj' intended, so that tLa road was not opened for traffic until the 1st of October, 1850: and additiojial expenses to a considerable amount, in ])ayment of interest and otherwise, owing to these delays, have been incurred. The liailway (^)mpany having, at the commence- ment, undertaken to pay the Municipalities the in- terest on their stock until the I'oad should come into operation, the Directors have faithfully performed that engagement, with the exception of a small bal- ance due the County of Middlesex. They have also paid all the interest accrued on loans to the 1st of January last. The interest paid has amounted to £10,879 2s. od. The loss sustained by discounts in the disposal of Municipal debentures, has been £27,025 17s. Gd. From tlie unprecedented rise on the value of land, the cost of right of way, which was originally estimated at £7,500, has been en- creased to about £32,000, thereby creating an excess of £24,500 over the original estimates. It will be per- ceived that the cost of the road from the above items alone, has increased to the extent of £62,405 beyond the amount originally contemplated. The circum- stances wdiich gave rise to this increase, were beyond the control of the Directors. The difference, how- ever, in excess of the original esthnates is not, per- haps, more than has generally been experienced in the construction of other railroads. PORT STANLEY ItAlLWAY COMPANY. 3 len ete to 'he Owing to the lateness of the season at which the Road was opened in the fall, arraiiaenienls could not be made to keep u]) the traflic daring the winter months to a sufheient extent ; and from the ini})er- fect state in whicli the road was delivered by tiie contractors, the runninjr expenses have Ijeen una- voidably increased by heavy expenditure for track repairs. From these causes the earnings derived from the traffic of the road for ten months, from the the 1st of October to the 31 st July last, only amounted to £7,090 7s. 2d., while the expenses, iiicludin|L|; track repairs, was <£5,455 Is. Od., leaving a bahmce of £1,635 16s. 2d., exclusive of mail service, equal to about 25 per cent, overall expenses. The income derived from the traffic f)f the road for the last four months, included in the aljove statement, luis been equal to £28 14s. 2d. per day, and the average earn- ings have, consequently, increased to 33 i per coit. over the running expenses. The statement to the end of the year, after the addition of the next two months, will, however, show a much larger profit, as the road is now making upwards of 40 per cent, above all working expenses, and the two succeeding months will probably be the best in the year. And when w^e consider the extraordinary depression in trade of the present year which it is well knov\'n has largely affected the income of all raihvays, in addition to the unfavourable circumstances which hove been alluded to, there is good reason to .'niticijia' ; a more favorable result from the working of the road ni future. It is a matter of congratulation to all parties con- cerned, that during eleven months since the opening of the road, the trains have continued to run with- out the occurrence of any serious accident upon the line, and that they have in no instance failed in keeping their regular time, which reflects credit upon the parties employed in its management, and tends to establish the good character of the road, which already produces a considerable increase of through traffic in connection with Cleveland and other cities. REPORT OF THE LONDOxV AND i?- Great want of t^ufficifiit atcoJiuiiodatioii lias been experienced at Port Stanley, owing to the unfniiKhed state of tlie Go\ernnient works. The northern por- tion of the ConipanvV j)r()perty is, from this cause, entirely useless ; and it is indispensible that we should have increased facilities, bj^- the improving of the wharves for the transaction of the necessary business upon the road. In the month of Septem].)er last the Directors were led to suspect that frauds to a considerable amount had been practised by the contractors by the intro- duction of improper and deficient materials in the superstructure of the road, and in the estimates for the various works, which they afterwards ascertained had been over-estimated to a large amount by the engineers of the Company. This discovery induced the Directors to dispute the payment of the final estimates, which has led to a law suit with the con- tractors, and has l)een finally referred 'or settlement to the decision of the arbitration now pending, in which case the Directors have endeavoured to procure the assistance and measurement of the most com- petent engineers that could be obtained for the pur- pose of ascertainijig and establishing the facts in order to protect the interests of the Company and lead to a just decision of the matter in dispute. The interest on the sterling bonds issued by the Company to the Contractors has Ijeen regularly paid to the 1st of February last ; I)ut in consequence of the proceedings of a (!onunitteo of the City Council of the City of London, which has lately been pub- lished, the Directors did not feel at liberty to take the individual responsi})ility which would have been necessary to enable them to provide for the interest which fell due on the 1 st of August last, which it is to be regretted has led to the dishonour of the coupons which fell due in England. It is hoped, however, that by the assistance of the parties most interested, these arrears Avill shortly be provided for. The Directors having found it necessary to autlio- FORT STANLEY RAILWAY COMPANY. rize an additional issue of bonds, secured by second mortgage, for the purpose of securing the City of London for their last loan, thought it advisable to authorize the issue of .£50,000, ^vhich amount was deemed to be necessary eventually to raise means to pay the final expenses incurred in the construction of the road. These bonds have been issued. The first £30,000 have been given to the City of London, in security for the loan to that amount, and the re- maining £20,000 have also been lodged with the City of London, with the view of ultimately obtaining the further assistance that will be required to relieve the Company from the floating debt, amounting to about £11,000, and the expenses necessary to complete the ballasting the Station Buildings at Port Stanley, and the equipments necessary to put the road in complete working order, which, it is estimated, an amount equal to those bonds would be required to accom- plish. The revenue that has been derived from traffic has been necessarily applied towards payment of the expense required to complete the construction, in ballasting and otherwise, for which purpose the sum of £2,386 has been laid out since the opening of the road. For the purpose of meeting these expenses the Directors have found it unavoidable to incur per- sonal responsibilities from wdiich they ought to be relieved. It is absolutely necessary, for the succesful work- ing of the road, that assistance should now be ob- tained from some quarter, to relieve the Company from the floating debt, so as to jdlow the income of the road to be appropriated tow^ards the payment of interest on loans, instead of the expenses incurred on account of the construction, as it has hitherto been applied. This assistance it will be indispensable for the Municipalities to supply, in order to protect their interests in the heavy amounts which have been in- vested by them from which the road has been built. The building of this Railway is altogether a Muni- RERORT OF THE LONDON AND '4 r- cipal enterprise, iiiid was comineneed solely with a view to tlie general advantage and improvement of the conntry, and as a check to monopolies, and not from any expectation of profits to be derived directly from its income. In order to shew that this object has been in a great measure attained, a statement is appended to this report, shewing a saving to the City of London, in the reduction of freights alone, to the amount of £ll,Oo() per annum, which clearly proves that the puljlic have already derived advan- tages by direct reduction in charges upon necessary imports and exports, in addition to the general ad- vantages which cannot be calculated, to an amount nearly sufficient to pay the interest upon the expen- diture, and, therefore, that the temporary inconve- nience of paying the interest for a season is indirectly but amply repaid in the general benefit derived by the community. From the geographical and local position of the London and Port Stanley Railway — its direct com- munication with the leading thoroughfares in the United States and Canada, and contemplating its forming the contiimation of the Grand Trunk Rail- way, which will shortly be completed by the link from St. Mary's to London, the work upon w^iich is now rapidly progressing — and from its necessary connection with the contemplated Great Southern Railway, which will undoubtedly be made, as well as from the natural increase of Traffic that may reasonably be expected, — Ave must come to the con- clusion that our Railway, with proper management, if sustained by its proprietors, in the present neces- sary requirements to provide for its completion, will ultimately become a well-paying road, equal, if not superior, to any other short Railroad in the Province ; and that if so sustained, no ultimate loss in the value of the Stock will fall upon the Municipalities that have invested the means for its construction. A statement is annexed, showing the sources from which the amount laid out has been derived, and the € c a PORT STANLEY RAILWAY COMPANY. Jh a tol" I not ;tly ject it is the to |iirly an- expenditure that has been incurred in the construction of the road ; also a descriptive statement of Freight and Passenger Traffic for Ten Months up to 31st of July last. All which is respectfully submitted. L. LAWRASON, President. •^•*»»^^^V#**.^^*^**'*./Virf'*y**^^i^'.y'**'««^«<'' THE FOLLOWING ARE THE STATEMENTS BEPERRED TO IN THE REPORT : Statement of Capital and other Sources from which the amount laid out in the London and Port Stanley Railway has been derived : STOCK. City of London, £55,000 County of Middlesex, .... 20,000 County of Elgin, .... 20,000 Town of St. Thomas, - - - - 8,500 9 Total Municipal Stock paid up, Private Stock paid up, - - £6,250 Do. that will probably be collected, 750 Total private Stock, . . . . £103,500 7,000 13 Total Stock, . . - - LOANS. City of London, secured by First Mort- gage Bonds, Do., do., do., Do., Second Mortgage Bonds, St. Thomas, secured by First Mortgage Bonds, - - . . . £110,500 £43,850 25,000 30,000 8,000 Total Loans, .... BONDS. First Mortgage Bonds issued to Contractors, BANKS. Individual Notes of Directors, . - - - £106,850 £22,751 2,500 4 Total Bonds, . - - - Total Stock, . - - - Total Loans, . . . - 25,251 110,500 106,850 13 4 £242,601 13 4 8 REPORT OF THE LONDON AND STATEMENT OF EXPENDITURE. Iron Right of Way - Rclling Stock - Buildings and Turntables Superstructure and Incidental penses Engineering Interest Discount on Delientures Total, VjX.- £35,431 18 2 24,140 3 11 18,160 7 3 8,106 15 3 112,199 S 9,479 10,879 2 27,026 17 £245,422 13 8 3 6 »( Annual saring in. freight to the City of London, consequent on the opening of the London and Port Stanley Railway, taking the imports and exports, and tariff rates of the Great Western Railway, for the year 1856, as a basis : CLASS GOODS. Tons Forwarded Rate Deduc- tion per Ton. Total Deduction. Flour , 844 26 450 12,100 134 4,148 17,702 80 80 80 1.13 1.13 1.55 1.00 1.50 2.10 1.55 675.20 Pork 20.80 Oats 360.00 Wheat 13.673.00 Barley 151.42 Merchandise 6.429.40 21.309.82 Tons Received. Coal 5,000 2,500 10,400 4,000 5,973 5.000.00 Iron , 3.750.00 Lumber Salt 8.400.00 Groceries and Dry Goods 9.258.15 Tons Forwarded 27,873 26.408.15 21.309.82 $47,717.97 ttERORT O!'^ THK I. ON DON AXI> Traffic Expen«e^4 tVoiTi 1st October, IS5G, to 'M>^.i Siiperlnlentituit. Sficfetarv,, &:o., Stiuiou Masters, Clerks. Conduotoiv. Bralcsiueu. ami Porfers - • • Kii,criiiooM ami I'^iffHUfM! 'I'tpdc BBp'airs ■ - • . llepairs, Cni.^, Tools, Kmhi^ Oil, Wa^it-.o rtiKl Tnllov,- Frhiliii'4 and Advertising fnr-identaKi - :u.7..;y -^^ ■.^. .Si-. 1.U1M GSS.lfj .iS5.79 •_\ 85 0.00 •233.00 Tomiv >!'21.S20.'20 Kurniaosi ut'iload lor.saino i)em)> llal'aTi'w, Netl Earninjrs of Road ii'; o.o Ur 24 per coat And TC do I'raiiK! I'lvpons 0.54:^.'!' Mil.-.. Kim t>v Do. (!AH MILAGE Mi.vod Train (Trri\(^l. ivnd ('o!i:-lvi»(,-iiou d' 7'2.00t; EN (11 N K M 1 E /VG E .Uii^ril I'raiii^ G-ravf'l and Con^^irii (.■illnl (1.(1 !G.3^>5 7,13ii PASSENGER TRAFFIC Number of Passengers {ioing North ■ D.. do SoutI 14,1^8 14.50"; Tons Outward.i ]")(, Inward;- l^ort Stuulov, Tons Ontwardi* Do " Inwards Ton^}. ■\'-nii. 1,501 7,180 s (iS i 'J 68 1,2M " IS'J 0,421 1.5(31 10.'.) 8 2 10 POttT STANLKV UAILWAY (50MPANY KKPOHT. MercJiandide Forwarded, Class No. 1, 642 tons; No. "J, 635tonii; N'o. 3, 2,057 tons; Coals, 2,312 tons; Iron, 930 tons; Stone, 398 ton;s; Salt, 4,054 barrels; Lumber, 591,104 feet; Grain, 59,208 bushels ; Flour, 105 bushels; Plaster, 3*3 Tons; Brick. 4*t tons ; Clay, 49 tons. Earnings since opening: Line lat October. 18^6 ta 3lst July, 1857. Passenger Traffic; Freight do Express Freight 114,982.60 ■ 13,005.4,5 375.48 Total Receipts independent of Mail Service |28,363,4J W BOWMA.N; Saereiar^ London, 3Ut July, 18'37 »»-«. "-% ^\.y %*• \.y^«•-^»^v»"*>■ **^^i# v."**»i.^«fc*v»»»./-v#v*"**N Printed at the Fb£E Pbess Ht(>am Job Priutiu Offiu luiiiux C-W T. 635 torn . 3 ; Stone, t ; Grain. Bride. 4^ 18^6 ta )5.4:5 '«^ay^ cw