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on the surrender of their stock certificates, in exchange for the shares of stock of said company held by them, share for share, and 160,208 of said shares shall be also forthwith issued to the holders of the capital stock of the Hudson River, on the surrender of their stock certificates in exchange for the shares of stock of said company held by them, share for share. The said capital stock may at any time, at the option of the board of directors of the consolidated company, be increased to an amount sufficient to capitalise at par the interest certificates heretofore issued by the New York Central, under the resolution of the board of directors of said company, passed December 19th. 1868, and also the consolidation certificates authorised to be issued in pursuance of this agreement." The created capitals of the two companies were stated to be as under: Stock-New York Central

Hudson River

Total stock

per cent. in scrip to be issued

85 per cent. scrip on the Hudson River

Scrip-80 per cent. New York Central scrip issued December, 1868, and 27

.....

$28,900,000

16,100,000 $45,000,000

31,315,000

13,685,000

Making a total, stock and scrip

$90,000,000

The funded debt of the amalgamated companies stands at $15,000,000, the greater portion of which is raised at 6 per cent., and is extinguishable by a sinking fund. In arranging the consolidations, the relative value is to be taken for New York Central at 207, and Hudson River at 185.

REVENUE.-The operations for the year ending 30th September, 1870, were as

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CAPITAL.-The stock and debts of the company are as follow:

Stock

Consolidated certificates

Funded debt

14,489,216

1,135,511

$22,363,319

$14,066,079

1,093,841

6,863,241

168,975

60,000

111,183

$22,363,319

$45,000,000

44,428,330

13,681,807

Floating debt...............

476.-NEW YORK AND NEWHAVEN.

1,167

A meeting of the stockholders was held at Newhaven on the 8th August, 1866, at which the directors were authorised to issue 10,000 shares of additional stock to be disposed of at the discretion of the directors. A resolution was passed giving each person who, on the 1st day of September, shall be a stockholder, the privilege of taking at par, one share for every five owned by him. A resolution authorising the directors to apply money received from the sale of additional stock to the payment of the $912,000 7 per cent. bonds was also unanimously adopted. The income for the years ending 31st March, 1869 and 1870, have been as follow:

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NEW YORK AND NEWHAVEN-NORTH CAROLINA.

The dividends continue at the rate of 10 per cent, per annum.

399

CAPITAL. The condensed balance sheet to 31st March, 1870, furnished the subjoined particulars:

Erpended.

Received.

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Length, 223 miles. The gross earnings for the years ending 31st May, 1869 and 1870, compare as follow:

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1869.
$196,187

1870. $233,753

364,140

405,066

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Excess of earnings

In expenses, the word "old" means interest on old debts and unadjusted claims not entered on the books previously to this fiscal year. The word "new" means

current expenses. Of the above" old "In the fiscal year 1868-69, $41,145 is for interest, and $27,827 for other debts; and in 1869-70, 46,982 is for interest, and $26,587 for other debts. Excluding the "old" entries, the net earnings for 1868-69 would be $175,942; and for 1869-70, $262,416. Of the current expenditures for 1869-70, ($398,128), the following are regarded as extraordinary:-New railroad iron, chairs, and spikes, $53,450; buildings and bridges, $15,168; interest and discount, $47,742; incidentals, $2.903; rebuilding engines, $5,373; building cars, $9.367; total, $134,000-leaving the net operating expenses for the year $259,128; and the net earnings $396,416, an increase over the previous year of $80,596. CAPITAL. The financial condition of the company at 31st May, 1869 and 1870, is thus stated in the general ledger balances:

Capital stock

1869.
$4,000,000

1870.
$4,000,000

Loan 8 per cent. due March 1, 1867

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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 1865-6. 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, 248 miles; and on the 19th of September to Little Blue, 263 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
Freight

Express......................................

Mails........

Expenses

Net earnings........

1869.

.$1,307,357

1870.
$1,399,363

1,676,469

62,715

1,699,016
62,640

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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 63 49; 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:

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Expended.

$3,711,196 Rolling stock and machinery

Missouri river

305,162 Boonville branch

209,050 L. A. and N. W.

4,903,243 Experimental surveys

524,773 Office expenses and stationery 632,372 Interest account.................. 500,000 Discount on bonds............... 6,136,596 Commissions

dif

2,000,000

1,076,523

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141.971

$19,539,564

Contingencies
Change of gauge
Balance....

$11,789.378

8,264,917

21.473

13,304

5,177

3,778

276,539

2,534.373

415,902

151.138

308,801

205,118

540,580

$19,590,564

APPENDIX.

I. GENERAL LEGISLATION.

1.-RAILWAY (POWERS AND CONSTRUCTION) AMENDMENT

ACT.

An Act to Amend "The Railway Companies Powers Act, 1864," and "The Railway Construction Facilities Act, 1864." [20th June, 1870.]

Whereas it is expedient to amend "The Railway Companies Powers Act, 1864," and also "The Railways Construction Facilities Act, 1864 :'

Be it therefore enacted by the Queen's most excellent Majesty, by and with the advice and consent of the Lords spiritual and temporal, and Commons, in this present parliament assembled, and by the authority of the same as follows:

1. Short Title. This Act may be cited for all purposes as "The Railways (Powers and Construction) Acts, 1864, Amendment Act, 1870."

2. Parts of Acts herein-named repealed.-From and after the passing of this Act, there shall be repealed sections 7 and 8 of The Railway Companies Powers Act, 1864, and Part I. of the schedule annexed to the said Act; and sections 9 and 10 of the Railways Construction Facilities Act, 1864, and Part I. of the schedule annexed to the said Act.

3. Powers of Board of Trade where notice of opposition lodged.-Any railway or canal company, which for the purposes of this Act shall include the owners, lessees, or proprietors of any canal or inland navigation, may, in case it desires to be heard by counsel, agents, and witnesses against any application for a certificate under The Railway Companies Powers Act, 1864, or for a certificate authorising any proposed undertaking under The Railways Construc tion Facilities Act, 1864 (each of which Acts is in this Act respectively referred to as the Act of Application), lodge at the office of the Board of Trade, within the time prescribed by the schedule to this Act annexed, a notice in writing to that effect (in this Act referred to as a notice of opposition), in the forms set forth in the same schedule, with such variations as circumstances require.

Where a notice of opposition has been lodged the Board of Trade may nevertheless, if they think fit, proceed upon the application, but they shall in such case settle a provisional certifi cate in accordance with the provisions of this Act.

Every provisional certificate under this Act shall be settled in like manner, shall certify to the like effect, and contain the like provisions in every respect as if the same were a draft certificate settled by the Board of Trade, under the authority of the Act of Application in a like case, but where no notice of opposition was lodged.

When any such provisional certificate is confirmed in manner by this Act provided, the same shall have all the force and operation of a certificate duly made and issued by the Board of Trade, under the authority of the Act of Application, but previously to such confirmation it shall not be of any validity whatsoever.

When any provisional certificate is settled under this Act notice thereof shall be given by the promoters in like manner as if the same were a draft certificate under the Act of Application according to the provisions of such Act in that behalf.

As to payment of costs of orders.-The costs of and connected with the preparation and making of each provisional certificate shall be paid by the promoters, and the Board of Trade may require the promoters to give security for such costs before they proceed with the provisional certificate.

4. Confirmation of provisional certificate by Act of Parliament.-On proof to the satisfaction of the Board of Trade that notice of such certificate was duly given in manner aforesaid, the Board of Trade shall, as soon as they conveniently can after the expiration of seven days after such proof, procure a bill to be introduced into either house of Parliament for an Act to confirm the provisional certificate, which shall be set out at length in the schedule to the bill.

If while any such bill is pending in either house of Parliament a petition is presented against any provisional certificate comprised therein, the bill, so far as it relates to the certificate petitioned against, may be referred to a select committee, and the petitioner shall be allowed to appear and oppose as in the case of a bill for a special Act.

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The provisions of the Act of this present session of Parliament, intituled "An Act to empower Committees on Bills confirming Provisional Orders to award costs and to examine witnesses on oath," shall extend and apply to any select committee to whom any bill to confirm a provisional certificate under this Act has been referred, in like manner and subject to the same conditions in every respect as if such provisional certificate were a provisional order. The Act of Parliament confirming any provisional certificate shall be deemed a Public General Act.

5. Section 33 of 27 and 28 Vic., cap. 121, repealed.-From and after the passing of this Act, section 33 of the said Railways Construction Facilities Act, 1864, relating to the gauge of railways, shall be and the same is hereby repealed, and every railway made under the authority of a certificate under the said Act or this Act shall be made on such gauge as shall be prescribed by such certificate.

Application of sections 4, 6, 7, and 8 of 9 and 10 Vic., cap. 57.-Sections 4, 6, 7, and 8 of the Act of the session of the 9th and 10th years of the reign of her present Majesty, chapter 57, intituled "An Act for regulating the gauge of railways," shall apply to any railway made under the authority of any such certificate as aforesaid, and to the gauge thereby prescribed. Gauge of railways.-For the purposes of such application the provisions of the certificate relating to gauge shall be deemed to be included in the provisions of the said Act of the 9th and 10th years of the reign of her present Majesty, chapter 57.

6. Amendment of Part IV. of the Schedule to 27 and 28 Vic., cap. 121.-All enactments amending, perpetuating, or otherwise affecting the enactments described in Part IV. of the schedule to the said Railways Construction Facilities Act, 1864, and which are now in force, or which may hereafter become law, shall, in like manner and subject to the like variations and provisions as the enactments described in the said schedule, extend and apply, as the case may require, to the railway, and to the company or persons empowered by the certificate under the said Act or this Act to make the railway, and shall in all respects operate in relation thereto respectively as if they were expressly repeated and re-enacted in the said Act, save where the same are expressly varied or excepted by such certificate.

THE SCHEDULE REFERRED TO IN THE FOREGOING ACT.
Notice of Opposition.

In the matter of

The Railways Companies Powers Act, 1864, and The Railways (Powers and Construction) Acts, 1864, Amendment Act, 1870, and

The application of the
We, the

Railway Company for a certificate, the draft whereof is intituled [set out title.] Railway for Canal] Company hereby declare and give notice that we desire to be heard by counsel, agents, and witnesses against the granting to the above-named railway company of the powers sought to be obtained by them by the abovementioned application.

Dated this

Witness, A. B.

day of

Or,

Notice of Opposition.
In the matter of

18

The Railways Construction Facilities Act, 1864, and the Railways (Powers and Construction)

Acts, 1864, Amendment Act, 1870,

The (proposed)

We, the
give notice that we desire to be heard by
mentioned proposed undertaking.
Dated this

Witness, A.B.

day of

and

Railway.

Railway [or Canal] Company hereby declare and counsel, agents, and witnesses against the above

18

Time for lodging Notice of Opposition.

Notice of opposition by a Railway or Canal Company is to be lodged at the office of the Board of Trade, not later than the 1st day of August, or the 1st day of January, next succeeding the date of the advertisement of application, according as the same is published in the month of June or in the month of November.

2.-COMPENSATION FOR ACCIDENTS.-REPORT OF

COMMONS' COMMITTEE.

The Select Committee appointed to inquire into the Law and the Administration of the Law of Compensation for Accidents as applied to Railway Companies; and also to inquire whether any and what Precautions ought to be adopted by Railway Companies with a view to prevent Accidents;-Have considered the matters to them referred, and have agreed to the following Report:

Your Committee commenced the inquiry entrusted to them by receiving the evidence of several gentlemen acting in different capacities in the management of railways, and hearing from them the defects in the law of which they considered that the railway companies had

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