RICHELIEU AND ONTARIO CO.
The Annual Meeting In Montreal.
The Richelieu & Ontario Navigation Company's annual meeting took place on Saturday afternoon. The report showed the receipts of the year to have been $531,265.03, and expenditure, including dividend paid in October last, and interest, $472,650.67. A dividend of $40,500 fell due on 19th Feb., 1887, leaving a credit balance of $18,114.36. During the past year the company purchased four steamboats and built a fifth one, at a total cost of $302,000. The net receipts of the new lines put into operation amounted to $46,101.09, from which must be deducted $5,472.38, amount of the loss incurred in operating the Prince Arthur, Montarville and South Eastern. The report states that the company is on the high road to prosperity, as their lines of steamers are now complete, and no further purchases will be needed. They now have a continuous line of traffic from the Saguenay to Toronto, and look forward to next season with great confidence.
After its adoption the following directors were elected: L.A. Senecal, Alex. Murray, Alf. Desjardins, John McDougall, Hon. H. Starnes, H. Beauchemin, A.B. Chaffee, W. Wainwright and the Hon. T. McGreevy. Mr. Senecal was re-elected President.
Timbers Not Equal To The Strain - The sunken propeller Myles was raised 4" on Saturday, but owing to some of the timbers breaking the work was ceased, and in the meantime new timbers will be secured.
Feb. 23, 1887