By the annexed report of the Welland Canal Directors, it will be seen that the work is drawing to a conclusion, & that the prospects disclosed by that report are much more favorable than could have been expected under all the circumstances. It will require time to repay the large sums expended upon this work, but that it will do so ultimately, there cannot be a doubt, the lands in the West being the best and cheapest in the Province, the great body of new settlers are proceeding in that direction, of course the surplus quantity of produce will increase with astonishing rapidity, and when the lands on the banks of Lakes Huron and Erie are cleared a few miles inward, the quantity will be immense. When the navigation is fairly open this will soon be done, and the Western Merchants will establish the stave trade in a regular manner, which will also add much to the profits of the Canal. Whether the Canal shall ever paid or not, it will cause an increase in the value of property in the West to an incalculable amount. Money laid out in public improvement is never lost; at the worst it only changes hands and those who possess property in the neighbourhood of these improvements, reap much advantage from them in different forms; but notwithstanding this, money should always be laid out on such works as would pay the quickest and the best. This fact is so self evident that it is almost impossible to account for the conduct of those who oppose improvement on all occasions in any other way than they are the decided enemies of the country and wish to keep it in poverty and discontent in order to bring round events which they dare not openly avow their wishes for. (Continued February 9th.)