The Maritime History of the Great Lakes
Upper Canada Herald (Kingston, ON), April 3, 1838


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p.3 In our paper today will be found the Statement of the Kingston Marine Rail Way Company, and we would direct public attention to the claims which this enterprise has on public support. The early difficulties with which the company had to contend have been surmounted, the Rail Way is established on a permanent basis, its affairs are placed under excellent management, and there is a sure prospect of the stock becoming speedily a very profitable one. Capt. Gildersleeve is the President, and his experienced skill will ensure that all the Company's affairs shall be managed with economy, vigour, and the best judgement.

Mr. Luke Shea, an experienced and skilful shipbuilder from Montreal, is at the head of the working department, which ensures that all work and repairs shall be executed in the best manner, and with all possible despatch. About forty steam-boats and vessels were repaired on the Rail Way last year, and we believe that the greatest satisfaction was given in all cases. In every respect the Rail Way is a most valuable addition to the trade of Kingston, and our Townsmen and neighbours in the country cannot better serve both themselves and the Town, than by taking up the remaining stock, and promoting the interest of the concern to the utmost of their power.

We may as well mention, that, bad as the times were last year, a trading company in Kingston lately made a dividend of 50 per cent, besides reserving a considerable amount of profits to extend the business.

KINGSTON MARINE RAIL WAY.

At a Meeting of the Stockholders of the Kingston Marine Railway held at the Br. A. Hotel on this day, for purpose of electing five Directors agreeable to the Act of incorporation; the following persons were duly elected: -

H. Gildersleeve,

J. Strange,

A. McNabb,

J. Counter,

H. Cassady.

The Directors having adjourned till 5 o'clock, met at the house of Mr. Counter, when H. Gildersleeve was elected President, J. Counter Treasurer, and A. McNabb Secretary.

A. McNABB, Secretary.

Kingston, April 2nd, 1838.

Statement of Cost of Marine Railway, including Land purchased of H. Earle Esq.

Dr.

£ S. D.

Amount of Stock, paid in 4350 0 0

Profits, 1837 and '38 to the present time,

including Steamers on the Ways. 1125 9 1

Cash borrowed from Com. Bank, 1000 0 0

Bills Payable, Budden & Vennor, 198 13 10

J. Watkins & Co. 144 3 1

G.W. Yarker, 347 4 0

C. & J. McDonald, 400 0 0

H. Earle for Land, 125 0 0

Work required to be done to finish

Wharf, House, etc., estimated at 350 0 0
           

Kingston, April 2, 1838 8040 10 0

Cr.

By debts due and materials on hand 1378 0 0

By Cash paid in, 348 shares 12 Pd. 10s. each 4350 0 0

By 185 Shares in Market for sale 2312 10 0

8040 10 0
           

The Stock Book will be opened at the Office of the Treasurer on the 10th inst. Persons wishing to take stock, will have the privilege by paying 10 per cent on the amount subscribed, and the remainder by Notes at 3, 6 and 9 months, with interest. The President and Directors have no hesitation in stating, that should the balance of Stock be taken up, the present prospects will warrant a dividend at the close of the season of at least 15 to 20 per cent.

J. COUNTER, Treasurer K.M.R.W.

The River has been open to the Lake since last Thursday, but the ice still remains in our harbour. The Steam Boat Transit has been cut out, went down to St. Johns I. this morning, & will leave here for Toronto and the head of the Lake tomorrow morning at 9 o'clock. The Wm. IV comes up on Saturday. Lake Erie is free of ice.


Media Type:
Text
Newspaper
Item Type:
Clippings
Date of Original:
April 3, 1838
Local identifier:
KN.3314
Language of Item:
English
Donor:
Rick Neilson
Copyright Statement:
Public domain: Copyright has expired according to the applicable Canadian or American laws. No restrictions on use.
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Upper Canada Herald (Kingston, ON), April 3, 1838