annual report of the london and port stanley railway...

Ai,%..

V]

<^/2 W-

7

IMAGE EVALUATIONTEST TARGET (MT-S)

1.0 ^^ IIM

I.I

1^ 1^

25

1.8

Photographic

SciencesCorporation

1.25 1.4 J4

-* 6" —

23 VEST MAIN STREET

WEBSTER, NY. 14580

(716) 872-4503

CIHM/ICMHMicroficheSeries.

CIHM/ICMHCollection demicrofiches.

Canadian Institute for Historical Microreproductions / Institut Canadian de microreproductions historiques

Technical and Bibliographic Notes/Notes techniques et bibliographiques Theto tt

The Institute has attempted to obtain the best

original copy available for filming. Features of this

copy which may be bibliographically uniique,

which may alter any of the images in the

reproduction, or which may significantly changethe usual method of filming, are checked below.

X

D

DDDn

D

Coloured covers/Couverture de couleur

I I

Covers damaged/Couverture endommagde

Covers restored and/or laminated/Couverture restaurê et/ou pelliculde

I I

Cover title missing/Le titre de couverture manque

Coloured maps/Cartes gdographiques en couleur

Coloured ink (i.e. other than blue or black)/

Encre de couleur (i.e. autre que bleue ou noire)

Coloured plates and/or illustrations/

Planches et/ou illustrations en couleur

Bound with other material/

Relid avec d'autres documents

Tight binding may cause shadows or distortion

along interior margin/Lareliure serr6e peut causer de I'ombre ou de la

distortion le long de la marge int6rieure

Blank leaves added during restoration mayappear within the text. Whenever possible, thesehave been omitted from filming/

II se peut que certaines pages blanches ajoutêslors d'une restauration apparaissent dans le texte,

mais, lorsque cela 6tait possible, ces pages n'ont

pas 6t6 filmdes.

L'Institut a microfilm^ le meilleur exemplairequ'il lui p 6t6 possible de se procurer. Les details

de cet exemplaire qui sont peut-dtre uniques dupoint de vue bibiiographique, qui peuvent modifier

une image reproduite, ou qui peuvent exiger unemodification dans la mdthode normale de filmage

sont indiquds ci-dessous.

n

y

DX

DD

Coloured pages/Pages de couleur

Pages damaged/Pages endommagês

Pages restored and/or laminated/Pages restaurdes et/ou pelliculdes

Pages discoloured, stained or foxed/Pages d^colorês, tachetdes ou piqu<§es

Pages detached/Pages d^tachês

Showthrough/Transparence

Thepossoft!

film

Orig

begi

the

sion

othefirst

sion

or il

n Quality of print varies/

Quality indgale de I'in-.pression

Includes supplementary material/

Comprend du materiel supplementaire

Theshal

TINlwhi(

Mapdiffe

entir

begii

right

requmett

Only edition availrhle/

Seule Edition disponible

Pages wholly or partially obscured by errata

slips, tissues, etc., have been refilmed to

ensure the best possible image/Les pages totalement ou partiellement

obscurcies par un feuillet d'errata, une pelure,

etc., ont 6t6 filmdes d nouveau de fapon d

obtenir la meilleure image possible.

D Additional comments:/Commentaires suppldmentaires:

This item is filmed at the reduction ratio checked below/Ce document est filmd au taux de reduction indiqud ci-dessous.

10X 14X 18X 22X 26X 30X

/12X 16X 20X 24X 28X 32X

The copy filmed here has been reproduced thanksto the generosity of:

Library of the Public

Archives of Canada

L'exemplaire film6 fut reproduit grdce d la

g6n6rosit6 de:

La bibliothdque des Archivespubliques du Canada

The images appearing here are the best quaiii.>

possible considering the condition and legibility

of the original copy and in keeping with thefilming contract specifications.

Original copies in printed paper covers are filmedbeginning with the front cover and ending onthe last page with a printed or illustrated impres-sion, or the back cover when appropriate. All

other original copies are filmed beginning on thefirst page with a printed or illustrated impres-sion, and ending on the last page with a printed

or illustrated impr^^'sion.

The last recorded frame on each microficheshall contain the symbol —^ (meaning "CON-TINUED "), or the symbol V (meaning "END"),whichever applies.

Les images suivantes ont dt6 reproduites avec le

plur grand soin, compte tenu de la condition et

de la nettetd de l'exemplaire filmd, et enconformity avec les conditions du contrat defilmage.

Les exemplaires originaux dont la couverture enpapier est imprimde sont film^s en commenpantpar le premier plat et en terminant soit par la

dernidre page qui comporte une empreinted'impression ou d'illustration, soit par le secondplat, selon le cas. Tous les autres exemplairesoriginaux sont film6s en commengant par la

premidre page qui comporte une empreinted'impression ou d'illustration et en terminant parla dernidre page qui comporte une telle

empreinte.

Un des symboles suivants apparaitra sur la

dernidre image de cheque microfiche, selon le

cas: le symbole —^> signifie "A SUIVRE", le

symbole V signifie "FIN".

Maps, plates, charts, etc., may be filmed at

different reduction ratios. Those too large to beentirely included in one exposure are filmed

beginning in the upper left hand corner, left to

right and top to bottom, as many frames asrequired. The following diagrams illustrate themethod:

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 nombred'images ndcessaire. Les diagrammes suivantsillustrent la mdthode.

1 2 3

1 2 3

4 5 6

p^^^$^1p^c^2j^%^^v

A. N N I J A ]

.

REPORTOK 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

LONDONksh"

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 TOF TIIL'

lS)lllSlS'3?®3liSov Tiri;

COMIWXV.

SUBMITTED TO THK STOCKIIOLDEHS AT TIIK GENERAL

MEETING, AT I.OXDOX. OX SEPTEMBER 2X1), 1857.

The construction of the Kailway 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 hadbeen 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 Warand 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 wereobliged 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 amountof £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, whenother 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. Thedelays, 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, owingto 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 performedthat engagement, with the exception of a small bal-

ance due the County of Middlesex. They havealso 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 onthe value of land, the cost of right of way, whichwas 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 itemsalone, has increased to the extent of £62,405 beyondthe amount originally contemplated. The circum-stances wdiich gave rise to this increase, were beyondthe control of the Directors. The difference, how-ever, in excess of the original esthnates is not, per-

haps, more than has generally been experienced inthe 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 amountedto £7,090 7s. 2d., while the expenses, iiicludin|L|;

track repairs, was <£5,455 Is. Od., leaving a bahmceof £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 twomonths, 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. Andwhen 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 morefavorable 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 weshould 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 amounthad 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 andlead 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 beennecessary 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 mostinterested, 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 wasdeemed to be necessary eventually to raise means to

pay the final expenses incurred in the construction

of the road. These bonds have been issued. Thefirst £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, andthe equipments necessary to put the road in complete

working order, which, it is estimated, an amountequal 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 sumof £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 Companyfrom 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 onaccount 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 amountnearly 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 bythe 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 SouthernRailway, which will undoubtedly be made, as well

as from the natural increase of Traffic that mayreasonably 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 notsuperior, to any other short Railroad in the Province

;

and that if so sustained, no ultimate loss in the valueof the Stock will fall upon the Municipalities that haveinvested the means for its construction.

A statement is annexed, showing the sources fromwhich 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 STATEMENTSBEPERRED 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, £55,000County 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

£43,85025,000

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

RateDeduc-tion per

Ton.

Total

Deduction.

Flour , 84426

450

12,100

134

4,148

17,702

8080

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

TonsReceived.

Coal 5,000

2,500

10,400

4,000

5,973

5.000.00

Iron , 3.750.00

LumberSalt 8.400.00

Groceries and Dry Goods 9.258.15

Tons Forwarded27,873 26.408.15

21.309.82

$47,717.97

ttERORT O!'^ THK I.ONDON 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'îffHUfM!

'I'tpdc BBp'airs - •.

llepairs, Cni.^, Tools, Kmhi^

Oil, Waît-.o rtiKl Tnllov,-

Frhiliii'4 and Advertising

fnr-identaKi

- :u.7..;y -^^

.^. .Si-.

1.U1MGSS.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 Roadii'; o.oUr 24 per coat

And TC do I'raiiK! I'lvpons

0.54:^.'!'

Mil.-.. Kim t>v

Do.

(!AH MILAGEMi.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^îrii (.illnl (1.(1

!G.3^>5

7,13ii

PASSENGER TRAFFICNumber of Passengers {ioing North

D.. do SoutI

14,1^8

14.50"<i

V R E 1 (^ H T

London, Toils Outward?

J)ri. Inwards

•^t. Thovuii>; Tons Outward.i

]")(, Inward;-

lôrt Stuulov, Tons Ontwardi*

Do"

Inwards

Ton^}. \'-nii.

1,501

7,180s (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

annual report of the london and port stanley railway...

Documents