p.3 Our Harbor is clear of ice. The Mail Steamer City of Toronto came in on Friday, and also the American Steamer Oneida. The latter returned again yesterday. The Schooner Sophia, Capt. Gaskin, was cut from the ice in the lower part of the harbor on Friday, and went up the lake. The Gildersleeve went down the river yesterday. Navigation is fully begun. The east and west mails are now closed at 6 o'clock PM, to be sent by steamer. Last year the harbour was opened on the 21st of April.
The Directors of the Kingston Marine Railway Company beg leave to submit the following report:
At the general meeting of the Stockholders held at this office, on this day twelve-months, it was agreed that the plan proposed by Mr. Counter, to raise a loan by debenture, instead of by mortgage, was the most preferable, and authority was then given to the directors to negotiate such a loan, which they accordingly proceeded to do, and have now the satisfaction to be able to report, that the debentures have been sold in London and the proceeds applied to the use of the Company, as shown in the accounts about to be laid before you. Finding that there would be a surplus of £500 over the immediate wants of the Company, the directors deemed it advisable to invest that sum in Com mercial Bank Stock, as the commencement of a sinking fund for the redemption of the London Loan. They feel great pleasure in being able to inform the Stockholders, that the present state of the income of the Company is such, that they feel themselves justified in promising a regular half yearly dividend, besides being able to add from time to time to the sinking fund.
In consequence of the failure of the lessees of the Mill property, that lease was in August last thrown into the market for sale. The directors thought it would be advisable, situated as that property is, so contiguous to that of the Company, to have control of it, they therefore determined, that if it could be obtained at a reasonable price, they would be advancing the interests of the Company by obtaining it. They now beg to report that they purchased that property for £784 - the planing machine, then in the mill, has been sold for £76. The mill, etc., is let on a lease for 19 years to Mr. John Thirkell, at £165 per annum.
The Messrs. Ives being desirous of disposing of their interest in that part of the railway property then occupied by Mr. Whelply as the Commercial Hotel, together with the wharves etc. etc. in the rear, the directors concluded to purchase it from them for the sum of £250, so that the whole of the two blocks is now under the control of the Company.
As the charter of the Company was defective in many respects, very detrimental to the interests of the Stockholders, the Directors at the last meeting of the Legislature, applied for an amendment of those clauses injuriously affecting the Company, which, they are happy to report, was granted.
The directors have found it necessary for the protection of the stone Store, as well as to afford greater security and accommodation to vessels having business there, to sink a pier or breakwater; and also to afford greater facilities for carrying on a forwarding business, for which the stone Store alone was not adequate, to build a new store on the other wharf at the foot of the Lumber Yard, and which is now in the course of erection. The whole has been let to Messrs. Sanderson & Murray, on a lease for two years, at a yearly rent of £400. These comprise all the improvements which the directors have felt themselves justified in making, under
all circumstances, during the past year. On the whole, the directors are of opinion that the affairs of the Company are in as flourishing a condition as could be anticipated, and have no doubt but the Stock will, in a very few years, become as valuable and profitable as any in the country. With these remarks, the directors beg leave to lay before the stockholders the yearly accounts. All of which is respectfully submitted.
CHARLES W. JENKINS, SECRETARY.
Kingston, 1st April, 1844
Of the Liabilities and Assets of the Marine Railway Company.
To total amount of Capital Stock subscribed £16437 10 0
To debentures payable in London, £5000 sterling, say 6000 0 0
To bond in favor of E. Murney, Esq. 1000 0 0
To 6 months interest on debentures, due 1st May 185 0 0
To 6 months interest on bond, due 17th May 30 0 0
To contract for store now in course of erection 313 15 0
To balance 2435 1 4
£26401 6 4
By real estate, cost 20,874 17 3
By Bills Receivable and Book ac. 1,369 0 0
By rents due 525 0 0
By stock in Commercial Bank 500 0 0
By capital stock not paid up 2,924 0 0
By cash on hand 208 9 1
£26,401 6 4
By balance brought down 2,435 1 4
Kingston, 2d April, 1844.
The Stockholders appreciating the valuable exertions of John Counter, Esq. in effecting a loan in London and in otherwise furthering the interests of the Company, authorized the directors to present to Mr. Counter a piece of plate with a suitable inscription thereon, of the value of £60 Cy.
The Stockholders then proceeded to ballot for directors for the ensuing year, when the following gentlemen were elected by a majority of votes.
Henry Gildersleeve, John Counter, Thos. Kirkpatrick, D. Prentiss, C.W. Jenkins.
At a meeting of the directors held immediately after the general meeting, H. Gildersleeve, Esq. was re-elected President, and Chas. W. Jenkins, Secretary.
Chas. W. Jenkins, Secretary.