478.-PACIFIC OF MISSOURI The company was incorporated 12th February, 1849, and organised 31st January, 1850. The surveys were commenced in June, 1850, and the formal breaking of ground took place, July 4th, 1851. At the commencement of the fiscal year 1863-6. the road was completed to Warrensburg, 218 miles from St. Louis; leaving a gap of 65 miles unfinished. On the 28th of May, 1865, trains commenced running to Holden, 2324 miles; on the 14th of June, to Kingsville, 237 miles; on the 26th of July to Pleasant Hill, 2484 miles; and on the 19th of September to Little Blue, 265 miles, where a connection was made with the track which had been laid Eastward from Independence, 7-6 miles-the road having been opened and operated from Kansas City to Independence some months previous-and on the 2nd of October, 1865, the trains commenced their regular trips over the whole line of road from Kansas City to St. Louis, a distance of 283 miles. The earnings for the fiscal years ending 28th February, 1869 and 1870, were as follow: Passengers Express Mails Expenses Net earnings........... 1869. .$1,307,357 1870. 1,676,469 62,715 1,699,016 45,049 52,037 Compared with the previous year, the gross earnings of 1869 show an increase of $121,466, with an increase in expenses of $359,060, making a decrease in net earnings of $237,593. The operating expenses in 1869-70 were 72:16 per cent, of gross earnings; in 1868-69, they were 6349; in 1867-68, 67 60; in 1866-67, 73-10. The gross earnings of the Missouri River, between State Line and Leavenworth, 26 miles. for the year ending 28th February, 1870, were, from passengers, $41,570; freight, $20,127; mails, $2,166; total, $63,864. The gross earnings of the Osage Valley and Southern Kansas, between Tipton and Boonville, for the year ending 28th February, 1870. were, from passengers, $19,186; freight, $8,240; total, $28,056. CAPITAL.-The general financial statement of the company up to 1st March, 1870. is as follows: Expended. $3,711,196 Rolling stock and machinery Missouri river $11,789,378 8,264,917 21.473 305,162 Boonville branch 13,304 209,050 L. A. and N. W................... 5,177 4,903,243 Experimental surveys 3,778 524,773 Office expenses and stationery 276,539 632,372 Interest account 2,534.373 500,000 Discount on bonds 415,902 6,136,596 Commissions ....................................... 151,138 Contingencies 306,801 Change of gauge 205,118 2,000,000 Balance...... 540,580 PORTLAND, SACO, AND PORTSMOUTH-UNION PACIFIC. 401 479.-PORTLAND, SACO, AND PORTSMOUTH. This road is 514 miles in length, extending from Portland, Maine, to Portsmouth, N. H. The earnings and expenses for the fiscal year ending 31st May have been as follow: ...... Net earnings $238,310 $230,824 $190,056 $165,586 From which deduct judgment in favour of A. Knight for personal injuries at steamboat landing, Portland.................................... Five box cars added to equipment Interest $160,452 $2,900 3,500 1,467 364 = 98,232 Dividends, December, 1869, and June, 1870........................................................................... 90,000 Add balance May, 1869..... $62,220 269,233 Add amount charged in report of 1869 for tax on dividend No. 51........ 2,368 Deduct over estimate net income May....................................................... $333.821 4,529 $329,292 The amount of dividends for December, 1869, and June, 1870, are deducted from the earnings of the road, although the dividend due in December as well as that of June, 1869, have not yet been charged off the books of the lessees. Should they be charged off and the dividend for June, 1870, also, the amount standing to credit of profit and loss would be reduced about $31,000, from the amount stated above, by the premium on gold. CAPITAL.-The balance sheet to April 30, 1870, furnished the subjoined particulars:Expended. Capital Received. 480.-UNION PACIFIC. The earnings of this road for the five months ending Oct. 31st, 1870, were $3,502,178 01; the expenses, $1,789,594 56; net income, $1,712,583 45. The land sales of the Union Pacific railroad for September, October, and November, were 58,781 86-100 acres, for which the company received $71,000 in their Land Grant bonds, $1,708 15 in cash, and $145,689 32 in settlers' notes, secured by mortgage on land sold. The total sales of land to Dec. 9th. 1870, were 258.404 12-100 acres, for which the company received $1,270,784 44, or an average price of $4 42 per acre. The trustees of the Land Grant bonds have cancelled $723,000 of Land Grant bonds, and hold $488,409 60 of settlers' notes, secured by mortgage on land sold. It was stated in January, but not officially, or from any recognisable source, that the total cost of the railroad has been $106,245,000. Towards this amount the United States Government contributed $26,915,000; next, the company sold by subscription about $17,000,000 of first mortgage bonds, at prices ranging from 90 to par, realising from these sources about $44,500,000, less discounts and the cost of marketing the loans. After this came the resort to "pooling" for carrying on the construction. In this way the company disposed of $30,000,000 of bonds, and $10,000,000 or $20,000,000 of stock, receiving therefor $22,000,000. It appears that for $94,000,000 of securities issued the company only received $66,000,000, and this was paid out for construction done at high prices. What became of the balance of $28,000,000 of stock does not appear. In order to build other roads by a similar process, the large holders of the securities have pledged their bonds and stocks now placed beyond their power, and with what other means they possess locked up in other speculations, they are unable to protect themselves. Mr. Oakes Ames, who holds $6,000,000 of the stock, has suspended, carrying with him several firms implicated in his speculations. WEST INDIES. 481.-CUBA. The different lines throughout the country are 27 in number, and comprise about 818 English miles, of which at least 500 are in operation. The principal line-the first constructed (from Havana to Guines, and now extending to La Union)-was commenced in November, 1835; the line from Cardenas to Macagua was started in 1838; and the Jucaro in 1839. All the others have been traced and commenced since 1840. The several lines are as follow:Havana to La Union, with two branches. Cardenas to Macagua, Cardenas to Jucaro. Matanzas to La Isabel, with one branch. Regla to Guanabacoa (horse cars). Matanzas to Bemba. Caibarrian to S. Andres. Cienfuegos to Sagua. Carahatus to Quemados de los Guines. Macagua to Trinidad. Mallorquin to Macagua. Sugua la Grande. Havana to Matanzas. Guines to Matanzas, one branch. Guanabacoa to Cojimer. Havana to Pinar del Rio, one branch. Pinar del Rio to Coloma. Sancti Spiritus to Port las Tunas. Cobre (copper mines) to Punta de Sal (at Guantanamo. St. Jago to Ste. Christo, branch from Ste. San Miguel to Bagag (Puerto Principe). 482.-DEMERARA. The company was incorporated prior to 1846, for various lines, including one from Georgetown to Mahaica; length, 20 miles. The last five miles of the line were opened on 1st September, 1864. REVENUE.-The receipts for the half-year ending 31st December, 1869, amounted to 13,872, resulting, after setting aside 3007. towards the new wharf account and special renewal fund, in a net sum of 6,2871., to which was added a net sum of 8047. from the previous half-year, making together 7,0917., out of which the usual preference dividend at the rate of 7 per cent., amounting to 4,0257., and a dividend on the original stock at the rate of 3 per cent. to 2,3621,, left a balance of 7041. The revenue account for the half-year ending 30th June, showed that 14,1987. had been received and 7,8937. expended, leaving a balance of 6,3051. to be added to the balance of 704!., making 6.7491. The preference dividend amounted to 4,0251., and the ordinary dividend at the rate of 3 per cent. per annum to 2,3631., which left a balance of 3621. for next account. CAPITAL-This account, to 30th June, 1870, showed that 256,7947. had been expended. The receipts were as follow:Original stock Preference stock £135,000 In addition to the foregoing, the balance sheet contains the following items: 112,000 £250,000 Special renewal fund....... 450 Owing by the company in England..... 6,766 Balance of revenue 31st December ........ Less dividend at 7 per cent. per annum on preference stock, and at 34 per cent. per annum on original stock 6,387 Revenue for half-year 30th June.......... £704 6,045= 6,749 £263,966 DEMERARA-HAVANA AND MATANZAS-JAMAICA. DIRECTORS: 403 Chairman-JOHN A. TINNE, Esq., Briarley, Aigburth, Liverpool. Deputy-Chairman-GEORGE H. CHAMBERS, Esq., 4, Mincing Lane, E.C. Sir James R. Carmichael, Bart., 58, Thread- Jonathan Hopkinson, Esq., Calverley Deedle Street, E.C., and 12, Sussex Place, Regent's Park, N.W. Park, Tunbridge Wells. George H. Loxdale, Esq., Liverpool. DIRECTORS IN DEMERARA : Henry T. Garnett, Esq. Frederick A. Mason, Esq., Manager. Secretary, V. Perronet Sells. Offices in London-4, Mincing Lane, E.C. 483.-HAVANA AND MATANZAS. Concession granted in 1857. The line commences at Regla on the Bay of Havana, runs eastward through the island, and passing Las Minas, Campo, Florido, San Miguel, Jaruco, Baynoa, Aguacate, Ceiba, and Mocha, terminates at Matanzas, traversing a distance of 54 miles. The branch to Guanabacoa (34 miles) was opened in August, 1858, while the main fine, gradually opened from station to station, was completed to Matanzas, on 14th June, 1861. A sinking fund is formed for paying off the loan at par, within 15 years. Its operation commenced on the 15th June, 1867, 25,000. being redeemed in that year, either by purchase or public drawing, and every year afterwards until final extinction of the debt. Subscriptions for 400,000l. in bonds have been obtained at 90 during the year, and are to bear 7 per cent. interest. The object is to enable the company to purchase the Coliseo line, which runs from Matanzas to Bemba, 35 miles, and so place them in connection with the railway traffic of the island. DIRECTORS: President-H. E. Count de O'REILLY, Marquis of St. Felipe and Santiago, Planter Don Gabriel de Cardenas, Planter. 484.-JAMAICA. The length of the railway is about 27 miles, viz.: from Kingston through Spanish Town to Old Harbour, about 23 miles; and a branch from Spanish Town to the Angels, about 4 miles; with a wharf at Kingston suitable for the largest vessels. The extension from Spanish Town to Old Harbour was opened on the 1st July, 1869, the capital for its formation, 60,000l., having been raised by the issue of the company's mortgage bonds, for £100 each, bearing 6 per cent. interest, with a sinking fund for their redemption at the rate of 23 per cent. per annum. The sinking fund to come into operation on the first January, 1871. These bonds are the only debt on the railway, and the interest on them from the date of issue until the opening of the line to Old Harbour has been provided for by the contractor. CAPITAL.-3,000 shares of 50%. each, all paid; 1,445 shares of 50% each, issued at 351. discount or 157. per share; entitled to equal dividend. No dividend has been declared beyond the half-year ending 31st December, 1867. DIRECTORS: Chairman-THOMAS DYSON HORNBY, Esq., Liverpool. John Pemberton Heywood, Esq., Liver- William Reynolds, Esq., M.D., Liverpool. Arthur Heywood, Esq., Liverpool. OFFICERS.-Treasurer, John Farrer, 46, Pall Mall, Manchester; Solicitor, Enoch Harvey, Castle Street, Liverpool. Head Office-46, Pall Mall, Manchester. 485.-MATANZAS AND SABANILLA (Cuba). This line is incorporated by perpetual charter, and is 45 miles in length, running from Matanzas, through Sabanilla, in a southerly direction towards the centre of the Island, connecting the Matanzas with Havana and Cardenas, and affording direct communication with the principal sugar plantations. The line, works, and stock have cost 460,0007. It was partly opened in 1844, and throughout in 1850; the net receipts being upwards of 50,000l. per annum. It is a single line, and kept in perfect order. The company borrowed in the island 200,000, at a high rate of interest. To pay off this sum bonds have been issued (being the only debt upon the line) at 7 per cent. These bonds are issued in amounts of 100%. and upwards, the interest being payable half-yearly, by Messrs. Schröeder and Co., of Leadenhall Street, London. The sum of 14,000l. per annum is taken from the earnings of the line, and appropriated by annual drawings to the redemption of the bonds. Agents-J. H. Schröeder and Co., 145, Leadenhall Street, E.C. 486.-MAURITIUS. NORTHERN AND MIDLAND.-The whole undertaking is now complete. The traffic upon the line is reported to be highly satisfactory, and considerably in advance of the expectations which had been formed. The Northern is 36 miles, the Midland 34 miles long. The estimated cost of the whole system was 1,300,000. Of this sum 600,000. has been raised by loan, on debentures of 7 per cent. in this country. A sum of 300,000l. of accumulated surplus of the colony was also applied to the cost of the railways. A further sum of 400,0007. was authorised in 1867, to be raised by leans on debentures. The receipts on the railways, 66 miles in length, amounted for the month of October to 4,5471. for passengers, and to 6,8091. for goods-total, 11,3561; and for the month of October, 1868, to 9,3324., showing an increase of 2,0247. AUXILIARY ASSOCIATIONS. 487.-ANGLO-AMERICAN TELEGRAPH. The agreement, dated 15th January, 1870, between the Atlantic Telegraph, the Anglo-American Telegraph, and the New York, Newfoundland, and London Telegraph on the one part, and the Société du Cable Transatlantique of the other, with respect to the workings of the lines of the several parties thereto, and the division of the receipts is to continue for 50 years, but on giving notice by either party it may be terminated at the end of 25 years. The tariff to be agreed upon jointly, and varied from time to time as might be deemed necessary. In case one of the Atlantic cables should cease to work for 18 months, then the proportion would be 60 per cent. of the receipts for the Anglo-American and 40 per cent. for the French company. If the cable should not be in operation at the end of the next 12 months, then the proportion would be 50 per cent. of the receipts for each party to the agreement; and in like manner should the French cable discontinue to work for six months, then the proportion of the receipts for the next 12 months would be 27 per cent. for the French company and 73 per cent. for the English; and if not in operation before the end of the following 12 months the proportion of receipts would be during that time 20 per cent. fer the French company and 80 per cent. for the English. After which the interests of the defaulting cable to cease, and each company to resume its former position. REVENUE. The receipts accruing to the Anglo-American Telegraph for the nine months ending 31st January, 1870, including a balance of 3,7261. from the preceding half-year, amounted to 118,916. The working expenses and income-tax amounted to 12,657., leaving a net profit of 106,2581. Out of this balance three interim dividends of 10s. per share, free of income-tax, amounting in the whole to 90,000, had been distributed among the shareholders. The directors recommended a further dividend out of the remaining 16,2587., at the rate of 5s. per share, free of income-tax, leaving a balance of 1,2581. It was also reported that since the commencement of the joint purse arrangement with the French Atlantic, the receipts had been fairly satisfactory, and the expenses consequent upon competition greatly diminished. Quarterly dividends have been declared during the year at the rate of 8 per cent. per annum. |