per annum, if drawn before maturity. The value to be £20 with the bonus in addition when matured. The present capital is £36,025 11s. Od. The reserve fund is £3,320 8s. Od. THE TRELAWNY BENEFIT BUILDING SOCIETY. THIS Society was established on the 1st April, 1875, for the purpose of providing for the purchase, erection, repair and improvement of freehold houses for its members. A principal object of the founders was the improvement of the dwellings of the working classes of the district. The following is an extract from the Report of the Society for the year 1891-92. "The Directors call the attention of the Shareholders, with great pleasure, to the continued progress and prosperity of the Society, as evidenced by the accompanying Accounts submitted. There has been an increase of business in loans placed out which the Directors are satisfied well benefit the Society. There have been 7 Paid-up Shares, 230 Subscription Shares and 28 Transfer Shares effected during the 12 months under review, and there are at present extent 703 Subscription Shares, 44 Paid-up Shares and 17 Lapsed Shares. The Interest Accounts collected shews £469 14s. 1d. an appreciable increase of £100 4s. 1d. and shews the steady progress of the Society. After making due provisions for the shares current and entitled to participate, the Directors have pleasure in recommending a bonus of 40s. per share on the 51 shares matured during the 12 months ended 31st March 1892, being an advance on the last declaration, The distribution of the Profit and Loss Accounts pay £185 11s. 5d. will then stand thus To be paid for bonus declared on 51 Matured Shares at 40s. each £102 00 To be carried to Prospective Bonus Account ... 37 2 3 46 9 2 £185 11 5 and which will then make the Reserve Fund £115 4s. Od. and the Prospective Bonus Account £328 12 6d. Respecting the premises, the subject of litigation with Richard Walton, referred to in the last Report, the Directors now have to report the sale of land for £30 of which £10 have been paid on account, and the balance is in course of settlement." S. G. Corinaldi, Esq. SOLICITOR.-Jas. Nash, Esq. AUDITORS. J. R. T. Main, Esq. Mungo Sloan J. Leslie Cox G. H. Joseph A. T. Kidd Thos. R. Depass Louis Alex. Morris, Esqs. George D'Souza, Esq. SECRETARY.-Henry Levy, Esq. BANKERS.-The Colonial Bank. Office in Falmouth open on Mondays and Thursdays from 11 to 3. THE ST. JAMES BENEFIT BUILDING SOCIETY. THE St. James Benefit Building Society was established in Montego Bay in July, 1874. At the close of its first financial year it had registered 98 members and 285 shares, and on 31st July, 1891, 372 members and 1,781 shares. Paid-up shares in the Society at £14 48. each are allotted on the terminable principle and become matured and of their full value of £20 each at the end of seven years from date of issue. Subscription shares are payable by monthly instalments of 4s. each for 84 consecutive months. Interest is credited on each share at the close of the financial year. Both subscription and paid-up shares participate in the bonus of the financial year in which they become perfected and matured. The bonus declared on the matured shares perfected in 1890-91 was £2 per share, £49 19s. 2d. was carried forward to credit of reserve fund and the gross surplus on 31st July, 1891, amounted to £1,047 7s. 9d. Loans are effected on the mortgage of real estate and on the security of shares of the Society at 9 per cent. per annum and are conterminous with the shares. Interest on loans is payable monthly. The total amount of shares on the 31st July, 1891, was £13,361 14s. 5d., and of loans £13,720 16s. 9d. The Directors with the consent of the members, have reduced the rate of interest on loans to 7 per cent., with a view of extending the benefits of the Society to borrowers, and still they have every reason to hope that an increased business will enable them to declare, as hitherto, a fair bonus. BANKERS.-The Colonial Bank. SECRETARY.-J. S. Corinaldi, Esq. Office (No. 22 St. James Street, Montego Bay) open for general business on Tuesdays, Thursdays and Saturdays from 10 to 4; and for receiving the monthly contributions on the evening of first and third Monday of each month from 7 to 9 p.m. THE ST. ELIZABETH BENEFIT BUILDING SOCIETY. THIS Society was established in 1882. Its progress has been steady and successful. Its object is to provide for the purchase and for the erection, repair or improvement of freeholds in general and to provide improved dwellings for the working classes. The report for the year ended 31st December, 1891, shewed that the paid-up and subscription shares then amounted to £22,894 17s. 11d. and the loans to £24,668 4s. 11d. Interest on loans has recently been reduced from 9 per cent. to 7 per cent. and the Directors in their report for 1891 record "with satisfaction a continued steady increase in the principal items of account The Ven. Archdeacon Ramson T. S. McNeel TRUSTEES. John W. Earle C. G. Farquharson, Esqs. DIRECTORS. C. G. Farquharson, Esq., Chairman E. T. Forrest M. H. M. Farquharson C. J. Hamilton J. V. Calder, Esqs. THE JAMAICA RAILWAY COMPANY. The old Jamaica Railway Company was incorporated in the year 1843, under the 7th Victoria, cap. 25, and the lines were opened for traffic on the 21st November, 1845. In a prospectus issued on 24th February, 1844, it was proposed that the capital of the Company should be £150,000 in 30,000 shares of £5 each. The projectors were Mr. William Smith, of Manchester, England, and Mr. David Smith, of Kingston, Jamaica, and they engaged the services of Mr. James Anderson, of Edinburgh, a Civil Engineer, who had resided some time in Jamaica and had been engaged in a minute survey of the locality, to furnish a map, report and estimates of the proposed undertaking. The result of Mr. Anderson's estimate was as follows: I. Expense of a main line between Kingston and Spanish Town III. Branch to Port Henderson of a single track £95,379 0 0 II. Expense in continuation of main line to terminus beyond Add contingencies 10 per cent. Total Had these works been carried out for the sum estimated there is no doubt the line would have proved highly remunerative, but unfortunatly the estimate was greatly exceeded, and eventually the Company opened the line for traffic with only a single track to the Angels, 14 miles 5 furlongs in length, and representing a capital of £222,250. From this period until the year 1867 railway enterprise appears to have been at a standstill in Jamaica, but in that year the Railway Company obtained from the Legislature powers to extend their line from Spanish Town to the Village of Old Harbour, a distance of eleven miles. The extension was completed and opened for traffic on the 1st July, 1869, at a cost of £60,000. The revenue of the Company, which amounted to £10,722 in 1868, the year immediately preceding the opening of the extension line, did not at first increase as largely and as rapidly as was expected, but it showed a steady and gradual improvement until the year 1875 when it reached the sum of £24,200, the largest amount ever received by the Company. During the administration of Sir John Grant efforts were made in vain to induce the Government to guarantee the cost of a Railway to Porus. These efforts were renewed during Sir William Grey's tenure of office, but he too declined to do anything to encourage the enterprise, and all hopes of getting the railway further than Old Harbour were abandoned by those who had interested themselves in the matter, and who saw in railway extension the surest means of developing the resources of the country. In the year 1877 Sir Anthony Musgrave assumed the government of the island and he was not slow to perceive the immense benefits likely to accrue from a more extended system of railway communication, and a few months after his arrival in the colony he entered into negotiations with the Railway Company and eventually the then existing line, which extended from Kingston to Old Harbour, 23 miles, with a branch to Angels, 3 miles, was purchased by the Government for the sum of £93,932 including legal and other expenses. The Company had been engaged for some years prior to the sale in paying off the £60,000 raised for the Old Harbour Branch, and had succeeded in reducing that amount by £15,000 when the Government concluded the purchase. At the time, therefore, of the transfer of the line to the Government, the 1st April, 1879, the railway represented a capital of £267,250. For some years previous to its acquisition by the Government the works, stations and rolling stock of the railway had been falling into disrepair, and the train service was very irregular and unsatisfactory and was with difficulty carried on at all. It was therefore indispensable that no time should be lost in putting the line into thorough order. The permanent way was relaid and ballasted throughout-steel rails being substituted for the old iron rails. The channel of the Rio Cobre, which had for several years been neglected, and for a considerable distance had become completely filled up and obliterated, was re-opened, by which means the lines across the lagoon, which had previously been frequently submerged, was freed from water excepting during excessive floods. All the gully courses across the line were also cleaned and improved a new strait cut, a quarter of a mile long, 30 feet wide and 20 feet deep, being made for the Nightingale Grove Gully. The old wooden bridges and drains were replaced by 28 bridges, with solid concrete abutments and wingwalls and wrought iron superstructures, 6 arched bridges entirely of solid concrete, 45 solid concrete culverts, and 1,200 lineal yards of earthenware pipe drains. Solid concrete abutments and wingwalls were also built for the large iron bridge over the Rio Cobre. The terminal station at Kingston was considerably enlarged and improved and the Spanish Town station was thoroughly repaired. New stations were built at Grange Lane, Gregory Park, Hartlands, Bushy Park and Old Harbour. The Prince's Wharf and store were extended and accommodation was made available for the steamers of the Atlas Company which paid for such accommodation according to a scale agreed upon in the year 1881. The cost of these repairs and improvements was £107,260, so that the old line was purchased, reconstructed and equipped at a cost of £201,192. In the first complete year's working, after the Government took possession (1879-80), the railway earned a net profit after paying working expenses and interest of £5,621. In 1880-81, in consequence of the bad state of trade, the net revenue was but £4,382. In 1881-82 the net revenue went up to £6,960, which exceeded the highest net revenue previously earned on the line. From then the revenue of the old line continued to yield a suni that more than sufficed to provide for all expenses in connection with it, including interest and sinking fund. As soon as the old railway was taken over the Government ordered surveys and estimates to be made to extend the line from Old Harbour, through Clarendon, to Porus in Manchester, 24 miles, and from Angels, through St. Thomas in the Vale, to Ewarton in St. Catherine, 14 miles. The surveys were made by Mr. Valentine Bell, C.E., and the extensions were authorised by Law 8 of 1880. The works were begun in May, 1881, and carried on by the Public Works Department until the end of the year. On the 16th December, 1881, a contract was entered into by the Crown Agents for the Colonies, on behalf of the Government of Jamaica, with Messrs. Reid and McKay for the execution of the extensions for the sum of £280,924 7s. Od. The firm took possession of the works in the month of January, 1882, and the line from Old Harbour to Porus was opened for traffic on the 2nd March, 1885, and that from Spanish Town to Ewarton on the 17th August in the same year. The following loans were raised for providing the means for meeting the expenditure for the construction and equipment of the two extensions, viz., £400,000, under Laws 8 and 17 of 1880 and £183,000 under Law 17 of 1884 (of which amount, however, £61,192 was to cover the excess of expenditure over the amount provided for the reconstruction of the old line). A further sum of £52,000 was raised under the authority of Law 14 of 1886 to meet the balance of expenditure on the extensions. This sum includes the award of £13,731 made by the Arbitrators to the Contrac tors as the result of the arbitration proceedings for extra services performed in consequence of departures from the original plans and the over valuation of the works executed by the Public Works Department before they entered on their contract. Governor Sir Henry Norman in announcing to the Legislative Council the settlement of the claim stated that although the Contractors had suffered nothing or next to nothing by flood and had had to pay nothing for extra labour they had made nothing or next to nothing by the enterprise. This showed that they had been closely supervised and that their rates were not too high. His Excellency added that he was sorry for that result because the Contractors had done their work well and had left the island with considerable credit to themselves for their just, kind and liberal treatment of the labourers under them. Law 16 of 1887 authorised the raising of a further loan of £70,000 for the following purposes mentioned in the schedule attached to the Law: 1. For surveying the proposed extension of the two existing branches of the Railway ... ... ... 2. For extending the West Street Wharf and connecting it with the Railway Line 3. For a Sea or Quay Wall, as the case may be ... £5,000 0 0 ... 5,000 0 0 40,000 0 0 15,893 0 0 4. To meet the cost of the flood damages and awards of the Arbitrators in respect thereto £70,000 0 0 After the passing of the law a loan of £26,000 was raised and steps were taken for the survey of the proposed extensions. On the 10th February, 1888, the Director of Public Works reported on the proposed extension from Bog Walk through Annotto Bay to Port Antonio and submitted plans, sections and estimate of the line for the inspection of the Governor. The total length of the proposed line was 54 miles and the estimated cost £723,072 8s. 6d. or an average of £13,206 per mile. On the 28th March, 1888, a report, with plans, sections and estimate of cost of the proposed extension from Porus to Montego Bay was submitted. The total length of the proposed line was 64 miles and the estimated cost £832,399 11s. 10d. or an average of £12,893 88. 4d. per mile. Pending the sanction by the Legislature of the scheme for the carrying out of these extensions by the Government a proposal was made by Mr. Frederick Wesson and some other American capitalists for the purchase of the Railway from the Government. After some negotiations it was agreed that the Railway should be sold for £800,000, of which amount £100,000 should be paid in cash and the remaining £700,000 should be secured by second mortgage bonds on the security of the Railway, to bear interest at the rate of 4 per cent. per annum or such lower rate as the profits of the line may be sufficient to meet. The purchasers are also bound by their agreement to extend the existing Railway at the rate of 12 miles within 18 months of the passing of the Law for the incorporation of the Company and at the rate of 12 miles per annum thereafter until through communication is afforded between Kingston and Port Antonio and Kingston and Montego Bay. The Company were empowered to issue bonds to the extent of £320,000 immediately on their formation, and further issues of £200,000 on the completion of each section of 25 miles of the extensions until the full amount of £1,500,000 is reached. A Law, 12 of 1889, was passed to give effect to this arrangement and on the Company paying the amount and lodging the second mortgage bonds, as required by the Law, the Railway was transferred to them on the 1st January, 1890. On that day the first meeting of the Directors of the Company was held on the Railway premises, all the Directors being present. On the 30th day of December, 1889, a first mortgage amounting to £1,500,000 and bonds to a like amount were executed, and second mortgage bonds amounting to £800,000, together with £100,000 of share capital, were issued in accordance with Law 12 of 1889. The Trustees for the first mortgage are:-Harry Hankey Dobree, Alban George Henry Gibbs, and Henry William Birch, respectively, of the City of London, England, Esquires. On the 22nd day of January, 1891, a section of 12 miles from Porus which had been constructed by the West India Improvement Company, having been examined |