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'16 ST. LAWRENCE & CHICAGO STEAM NAVIGATION CO., LTD. The annual meeting of the St. Law- rence & Chicago Steam Navigation Co., Ltd., was held at Toronto, Ont., Jan. 16, and the following report was presented: The season of 1908 on the lakes was a very unsatisfactory one, rates of freight ruling very low throughout the entire season. The new steamer E. B. Osler was completed and de- livered to. the company on May 16, 1908, and went into commission at once. The company's steamships met with more than their share of acci- dents during the season. The E. B. Osler and G. R. Crowe each had two serious strandings, which materially reduced the profits of the year, al- though being fully covered by insur- ance, no direct loss was sustained. The directors from the earnings of the season have paid a dividend of 7 per cent on the capital stock, and have carried forward $415.32 to the credit of profit and loss, leaving a bal- ance at the credit of that. amount of $102,383.55. ASSETS. Five steamships, Algonquin, Iro- 2 quois, W. D. Matthews, G. R. : (rowe, BB Osler. 2. cose. $950,000.00 Insurance .unexpited: 2.0.0.0 see es 11,000.00 Aecounis receivable 3... 20.3. ees a 5,050.12 $966,050.12 LIABILITIES. * HCapital: 2 66 on cae aee «oe eee css ts $855,700.00 Dominion Bank os... 6. 6. ss Bees ts 7,966.57 Balance of profit carried forward.. 102,383.55 $966,050.12 PROFIT AND LOSS. Balance forward, Jan. 2, 1908...... $101,968.23 Steamships' earnings....$114,299.85 TMHCLEBt | so ae eee 2,249.30 116,549.15 $218,517.38 Mncurance, 8 i ek. $ 43,494.97 Cost of management, salaries, taxes, office rent, directors' and auditors' EES Otel aers als in ecto se Giavsie's 12,759.86 Dividend, 7 per cent payable Jan. _ De OOO ee ea oa eae Fge olay 59,899.00 Balance catried forward, .. 06... ...% 102,383.55 $218,517.38 The officers and directors were re- elected for the current year as fol- lows: President, W. D. Matthews; Other directors, FE. B. Osler, J: H, G: Piacariy, &. Crangle, .C. S...Gzowski, i. agarty, G. RR. Crowe; -Jas, Carruthers. NIAGARA NAVIGATION COM- PANY, LTD. The following report for the year ended Noy. 30, 1908, was presented at the annual meeting in Toronto, Jan. 12. "The net earnings are slightly in excess of those for 1907. No ex- pense has been spared to maintain the steamers at the highest degree. of efficiency. Following the policy of past years the directors have writ- ten off a further sum of $25,000 from Tae MaRINE. REVIEW the valuation of steamers, and have placed $10,000 to a renewal and bet- terment fund. An opportunity having recently arisen to purchase the Lewis- ton wharf and land adjoining at a cost of $25,000, the directors have considered it wise to secure the prop- erty, subject to title being found sat- isfactory. Payment will be made out of cash on hand. After providing for the dividend, interest on debentures, writing off steamer values, and plac- ing $10,000 to a renewal and better- ment fund, the balance to credit of profit and loss account statids <at $133,394.48." ASSETS. Steamers ...-- z ies dea Less written off.. ; § 959,725.33 Real estate, wharves, etc........ 50,000.00 Accounts receivable .....-.+.++: 1,829.31 Cash in Dominion Bank......... 91,820.34 $1,003,374.98 LIABILITIES. Capital stock author- AZ OG cus Conve cin cies soto $1,000,000.00 Subscribed and paid............. $ 701,700.00 Debentures outstand- ing, 4% per cent.. 125,000.00 Accrued interest on Sane. Sosseee et 2,343.75 ----_--_--_--_----_--. 127,343.75 Reserve for renewals and_ better- IMENTS Sak Ce eae a eee es one 10,000.00 Accounts payatle 20... ieee. 2,868.75 Dividend 4 per cent, payable Jane 2) 19090. en ale 28,068.00 Balance at credit of profit and VOSS ae Ge Oe ee es een 6 133,394.48 $1,003,374.98 PROFIT AND LOSS ACCOUNT. Balance Wee. 21) 1907. eye ss $129,692.16 Net earnings -f0r "year... es 102,510.28 $232,202.44 Interest on debentures......... oa eae 0,029.00 Written" Of Steamers. 00205. soa: 25,000.00 Reserve for renewals and_ better- PINCHES: oie steie ian ceca: oe erereieca cre sacs oa 10,000.00 Stoves. written) Of .. eee cee 2,046.96 Dividend 4 per cent paid July 2) TONS 2. as $28,068.00 Dividend 4 per cent pay- able Jan: 2.1909..0... 28,068.00 4 -------- 56,136.00 Balance carried forward........ ewe 00; 094,48 $232,202.44 The president, E. B. Osler, in mov- ing the adoption of the report, ex- pressed the hope that a continuance of good business would, in a short time, enable the company to redeem its outstanding debentures. He and the vice president, . Barlow Cumberland, expressed warm approval of the work 'done by B. W. Folger, general man- ager. The directors were all re-elected. The officers and directors for the Current: year are: President,. E. 8B. Osler; vice president, Barlow Cum- Demand; other dinectors, Hon. J, J. Foy, C. Cockshutt, J. Bruce Macdon- aid. W,. DD. Matthews, Hon. Jj. S. Hendrie; general manager, B. W. Fol- @cy, treasurer, KR, H, McBride; secre- tary; J, M. Sullivan. ) The Ollinger & Bruce Dry Dock Co,, Mobile, Ala., has been awarded a con- tract for repairing the lighthouse tender Mangrove on its bid of $628. JANUARY LAKE LEVELg. The United States lake Survey te. ports the stages of the great lakes for the month of January, ag fol: lows: Feet above tide Lakes. water New York SUPELIO€ (6.5 eee 691.7] Michigan-Huron. .,...,) 579.86 Pe i ee 571.47 OOMLATIO. oes lr 245.17 Since last month, Lake Superior has fallen 3%2 in, Lakes Michigan and Huron have fallen 3% in, Lake Erie has risen 1 in, and Lake ae tario has fallen 334 in. During February, Lake Superior js likely to fall 234 in. and Lakes Mich. igan and Huron are likely to rise % in.; Lake Erie should fall 2 in, and Lake Ontario should rise 34 in. Win- ter predictions are subject to the un- certainties growing out of the effects of ice retarding the outflow in the rivers. Lake Superior is 8% in. lower than the average January stage of the past ten years and about 434 in. lower than last year. It is 7% in. higher than in January, 1893, but 12 in. lower than in 1906 and 1234 in. lower than in 1901. Lakes Michigan and Huron show a stage 234 in. lower than the average January stage of the past ten years and 734 in. lower than last year, but 9% in. higher than in 1896. In Jan- uary, 1886, the water was 3334 in. higher. Lake Erie is 1314 in. lower than in January last year. It is 3. th, Below the mean January stage of the past tén years, but' 6 in. higher than im 1896. It is 16%4 in. lower than in January, 1878, and 25 in. lower than in 1886. Lake Ontario is 1834 in. lower than in January last year and 2 in. lower than the average January stage of the past ten years. In 1852 it was 23% in. higher, and in 1886 2914 in. higher than in 1909. In January, 1896, it was 16% in. lower. The British cruiser Superb, which was 'built at the Elswick yards of Armstrong, Whitworth & Co. is 10 be finished at the works of the Pal- mer Ship Building & Iron Co., 'Ltd, Jarrow-on-Tyne, and she _ has been taken there in accordance with af arrangement with the builders. Con- siderable work remains to be done on her. ; Capt. P. F. Thrall, of Green Bay Wis., reports that he is building af 80-ft. harbor tug for the market.