The above comprises all the information in the possession of the Committee as to the expenses and income of the ferry. A year's account from these data may be stated as follows:Income for 365 days at $ 341 45 per day $124,629 45 Expenses for 365 days at 218 59 Dividend on capital stock of $225,000 at 8 per cent Surplus $79,785 35 18,000 00 977,785 35 $26,834 90 The Committee are aware of the rapid increase in the expen· ses attendant upon all branches of business, and presume there has been a corresponding increase in the expenses of the ferry since April. It will be observed that the price of coal in the above calculations is at the rate of $9.50 per ton. If the price hereafter is to be at $ 12.00 per ton, it would make an addition of $9,655.00 to the yearly expenses. The Directors of the ferry submitted to the Committee a memorandum of the present and prospective needs of the ferry as follows: Steamer Jefferson $ 30,000 10.000 And during the next four years, Three new boats at a cost of $ 60,000 each Less the value of the "Norfolk" and "Suffolk" $ 180,000 30,000 $ 150,000 According to the statements in Document No. 44, the average daily number of foot passengers over the ferry for the 28 days was 10,481 And the daily average for the same time of the passengers in the Suffolk Railroad Cars was 1,079 By a recent act of the Legislature the Ferry Company is prohibited from charging more than one cent each for passengers in railroad cars. During the time covered by Document No. 44, the charge was two cents each. If the above act overrides any existing contract between the parties, then the income of the Ferry Company will be reduced from our former calculation as follows: 1,079 passengers per day, at one cent each, amounts per year to $3,938.35. On the other hand, we find from a statement made by the Ferry Company, that the receipts upon the East Boston Ferry this year as compared with the receipts of the two ferries for the months of January, February, and March 1863, were as follows: Showing a gain for the three months of about eleven and a per cent, and according to Document No. 44 the increase has continued. half The charter of the Ferry Company gives the Board of Aldermen authority to fix a rate of tolls, provided that in doing so the rate shall allow the payment of eight per cent profit to the stockholders. And the Company are required to furnish such reasonable accommodations to the public as the Board of Aldermen may adjudge necessary. In order to fulfil this requirement the Ferry Company must be allowed to collect such a rate of tolls as will pay for repairs and depreciation over and above the eight per cent. If the data for our estimate be correct, the income over the amount required for dividends will warrant the Company in making at once a considerable portion of the additions and repairs which are necessary; and the public have good reason to expect prompt action in this matter. If the business of the Island Ward continues to increase, as we trust it may, additional boats, or those of larger dimensions than are contemplated in the estimate of the Company will be required; and it may be found expedient at no distant day to have another landing upon the East Boston side, and that the slip upon 'Eastern Avenue now occupied by the city be appropriated for this use. The Committee are of opinion that the evidence before them does not warrant an advance in the rate of tolls at this time, and therefore recommend that the petitioners have leave to withdraw. For the Committee, OTIS NORCROSS, Chairman. |