annual report of the london and port stanley railway...
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161
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'^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.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^^irii (.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;-
l^ort 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
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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
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