Wovk upon the road is progressing as favorably as oould be eipected. Within toa fnoxt ten days the grading will be completed eight miles f rom Hancock, and alo a large pbrtion of the ninth and tüiith miles. One hundred luns of iron arrived yostorday, and track laying would havo cominenced immediately bul fór tho delay in the construcfion oï the trostle juat above Moralee & Old' sawïnill. The delay has boen eaused by the Ua-arriyal of timber. Tho timber is nuw on tho ground and tho worlc of building the trestle is being vigorously proseo irted. Wo lcai'n i'rom the management that in order to completa the road f.o Calumet additional subsoriptions to the bouds of at léast S50.0UU ol' 00,000 must bo had. With Ibis ftinount the coinpny will bfi able to run trains in yeptember nxt from Hancock to Calumet. Should it be found impossible to secure additional subsicriptions to tho bonds to the amount above named, it is probttble that work may bs suspended on the road upou the completion of the eiglith ínile. As tho policy of the coiup.auy has been to this time to incur no iloat.in dubt, it is probable llint it will be iound better to dtilay the complotion of the road until the necessary amount of t'uuds can be proourod than to incur such u debt. A special meeting of the Board of Direbtora has been caüed for Monday. i.uxt, whüii some detiuite policy -will bu decided upo.