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 GRAND TRUNK RAILWAY COMPANY OF CANAj^. 
 
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 REPORT Of.m^ PROCEEDINjGS 
 
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 TUESDAty tfie 9th JANUARY, 1877. 
 
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 GRA^ TfeUNK RAILWAY OF CANADA. 
 
 A MEETiNa of Shareholders Of the Grand -^runk Railway of 
 C&nada was held on the 9th January, 1877, in the Reu^ious 
 Institotion Rooms, Glasgow. There was a cifowded attendance. 
 !Mt. Robert Young— I beg to propose, with your permission, 
 that Mr. John M'Gavin take the Ohair. (Applause.) 
 I Mr. John M*(!>avin took the Chair accordingly, and said-^I 
 thank you ^r havihg asked me to "Jpreside at^this Meeting. I 
 am very glad to see that so many Shareholderi have responded 
 • ta the call wliich Mr. Wemyss and I made to the Shareholders 
 of the Grand Trunk Railway of Canada, which has, perhaps, 
 been the most unfortunate— ftt all' events, <|he of th^ most 
 unfortunate— railway systems in the world. I From its. very ' 
 inception it haa been quite a continuation of disappointments/ 
 |d debisionsj in fact, th<ose^ in the room who have been 
 lon^^nnected with it will bear me out when I a&y that 
 hothin^Si^very ?ew things in this world, have so much 
 tried the ^^i^\ of Shareholders as the history of this 
 Grand Trunk R^^n^f Canada. You nM recollect, many 
 years ago, in the Reporo^^^^ch we had fiom our Managing* 
 Director, Mr. Bridges, how ma^'^f^nises were made in r^jard 
 to the futu|!e, and how much was^^^ud with regard to the 
 stability of the line for the time being. Y^ip.^'«Li6 reooUeel 
 how many es^pectations were excited as to {he mtt^prosperity 
 of the undertaking for the uufSartunate v^iareholders. 
 gentlemen, that tdmost all these predictions and all 
 promises have been fidsified by the subsequent fiu^ ; and here^ 
 we are to-day, after having since then sunk in this Railway 
 several milliong of money, perhaps in as Ift^t^bep a eondition. 
 
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 in some respects at least, as We were at that. time. A ,godd 
 immy years ago, Mr.' Potter todkont Mr. Allport, the Manager 
 of the Midland Eailway, for I the purpose of inspecting and 
 reporting on the then position bf the- Grand Trunk Railway of 
 I Canada. We, the Shareholders had been led to beUeve that their 
 inspection would reveal a statib of matters somewhat calculated 
 to relieve: our anxiety and remdve the forebodings which filled our 
 minds at that time. Mr. Allplort's description of what he fou^4^ 
 was very piphic knd very exhaustive. He said there was' 
 plenty of tkffic, but that the system" itself 'had b6en worn do:jra 
 to its very bare bones, and that it could not overtake or execute 
 the work thaV ^as offered to k The result of that Report was 
 that an attemi>t was made t| reorganise the undertaking, both 
 with regard to the rails and fie vehicles on the li^ne, or what we 
 caU the Rolling Stock. Well, several things were set on foot ; 
 and I must say,W my own riart, that Mr. Potter discharged his 
 difficult duties mi great abiUty, though, unfortimately for us, 
 up to this time t^ere has b^en a, loss of a great deal of money. 
 Many of us who T^ere Bondjiolders latterly became Stockholders 
 or Shareholders, an^ we hate got, nothing for ou4"stocks since 
 that time. I am gli^ , howe; rer, to say^ that the Railway, from 
 all accounts, is now inyfirst-^te physical position; (Applause.) 
 
 we have abundance of traffic, so 
 Ett our administration in Canada 
 s^. the through 'traffic. In fact. 
 Id be carried. The misery of the 
 ic has increased the profits have 
 / *he worse it appears for us. 
 That is the state of mattersi; because you will find that there 
 was no profit, and that the last half-year was worse t^an simikr 
 periods many years ago. Thus, notwithstanding w:e have sunk 
 in the property millions of miney, and notwithstanding we have, 
 as was stated by Captain Tyler at the hwt Half-Yearly Meeting, 
 the best railway, perhaps, ok the American Continent, having 
 proportionately more steel ndls than any railway in. the world, 
 yet after all. we have suffered. We are earning to^lay less 
 profits than we were doing six or eight years ago, when the 
 
 Nay, more than that, i\ belie 
 much b6, that I am asstUred t! 
 was picking the traffic,^ 
 there was more traffic 
 thing is, that whilst the 
 decreased, and the more we 
 
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 whole property was "considered to have gone , to wreck. We 
 have met to consider whether we can suggest anything whiih 
 may be for the future good of this property. I do ii^t intend^ to 
 enter into the history of the Grand Truilk at alt ^When its 
 history comes to be written, as I have no doubt it wiUbe, thd 
 enterprise will be pronounced to be one of the post depl^ble 
 and worst managed that has been known in the railway world. 
 I think we must, to a large extent, bury the past, and endeavour 
 to improve our position for the future. There are various 
 causes which, I. think, may be stated as Jiaving produced this 
 unsatisfactory state of things. The first is, thatt the Canadian 
 
 ^railways seem to have been made biefore they were, to a large 
 extent, require^ Indeed, to-day, as regards our own Railway, 
 
 ^ we have 200/<ot 300, il may say 300 or 400 miles of railway 
 that ought^t even now to have been made, and that are not at 
 the pres^ moment leaving us any profit, but "are rathoK eating 
 into the prbfits derived from the other parts of our systeid. Well, 
 that is one ^ :the causes. They wer6 made too early, and sa , 
 there was not Itoffic for them. Hence they could not be expected 
 to be pr9sp^roufir\ The next cause was the fact of the railfjaya 
 bdng removed so^ 3,000 miles from the Shareholders. Kail 
 know that even in^S'Count|y, where, living upon the spSlfwe 
 can see the manage]^ and the directors, and the whole railway 
 system itself, .we hav\ very great ^difficulty in keeping things 
 right I think my frie^^ Mr. Young of tfie North British, will 
 agree with this remark. V(kppkuse.) But what can you expect 
 with a railway 3,000, miles away, and with an administration 
 over which you can haVe v^ little control ? I think that is one 
 of the principal causes which have produced the unfortunate state 
 of our affairs. But, gentlemen, the chief cause, at least for the past 
 two years, has been this wild competition— this antagonism of 
 one line towards another, in thei Unitfed States of America and 
 in Canada. According to the last kalf-yearly.Beport of the 
 Grand Trunk Bailway, we had belpn carrying goods — not 
 minerals, mind you-^but goods and minerals— our general traffic, 
 genUemen^-at rates which yielded us Id|s than a id. pet Urn per . 
 mile. The exact figure, I believe, was ^04 of a cent per ton per 
 
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 mile for through traffic. Any gentleman who knows anything 
 about railway management will agree with me that, even in the 
 best' climatea, and with the best appliances and the b^st super- 
 vision, no railway can carry general goods at that price. I 
 believe itli utterly impossible to do so. • This has been going 
 on for the hist4wo or three years, and could not but be t^^ain 
 cause of the failure of the undertaking to realise a profit. One^ 
 of the principal objects we have in view to-day is to impress • 
 upon bur Managei:s the necessity that these struggles shall cease, 
 and that we shaill have peace with our neighbours, especially with 
 the Great Western of Canada; that we shall, so far as we can, 
 have peace with the American railways, and" fix such rates as 
 shall be fair to the public and remunerative to^ the railways 
 themselves. (Applause.) We have^come to a crisis, and must 
 take some yigorous action in this matter; otherwise, I venture 
 to say, having studied the subject very carefully, to. every SharW 
 
 ' holder here who holds from the first Preference Stock downwards, 
 that your property will to a certainty, in a very few years-^it 
 may be even sooner— be entirely forfeited, and you will not 
 receive a shilling; because I believe that the Bondholders will at 
 that time very likely have ta step in, and foreclose the whole 
 projwrty ; so that if we are to do anything at all, we must do it 
 now vigorously an4quickly. I may state before closing, that I 
 have some hopes Siat Captain Tyler is quite aUve to the very 
 critical state of the prijperty, and to the fact that something must 
 be done to retrieve our fortunes. I believe he is ,quite prepared 
 to receive from his Shareholders throughout Scotland, England, 
 
 * and elsfewhere, the best advice that theycan give him; and thai 
 he is prepared loyally to carry out what he considers, and what 
 the Board may consider, the best policy for retrieving this pro- 
 perty. I may statq we have prepared a certain number <tf 
 resolutions, which we shall take the opportunity «f submitting to 
 the Meeting. If you will aUow me to decide in this matter, I 
 Would say it'would be conducive to the pi^gress of the business 
 ;in1uuid, that we should caU upon the party who is to move the 
 first resolution. Thereupon a discussion may take place, Of 
 course. I am in vour hands : but mv mootKam^r^ would facilitate 
 
 
 
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 the business, andimake our proceedings more regular. (Applause.) 
 Without saying more, I beg to call upon Mr. Wemyss, who has 
 in his hands the first resolution which we intend to submit to 
 this Meeting. (Applause.) ' ' 
 
 Mr. Wehyss. — ^In addressing a meeting such as this, where 
 th«re are so many far more intimately acquainted with, and more 
 deeply conceited in railways than I am, I think it i^cessary 
 to explain that my principal reason for taking a prdminent 
 interest in the affairs of the Grand Trunk Railway, arises rather 
 from my connection with Canada as a merchant^ than frojn my 
 ' interests difectfy as a holder of Canadian Railway Stocks. I,^ 
 and many others' closely connected|and largely interested in the 
 Dominion of Canada through our business relations, have long 
 felt that the financial positions of the Grand Trunk and Great 
 Western Railways were nothing less than groAs scandals in the 
 financial world; and, while sympathising with the Shareholders, 
 who, induced by the most specious representations to invest their 
 money in those undertakings, find thiit Turkish Bonds would 
 have repaid theni better; yet we have also^ felt that the odium 
 has been put on the wrong shoulders, and Canadians and the 
 Government of the Dominion of Canada blamed when the faults 
 and shortcomings lay with the administrations in England and 
 their nobiinees in Canada. JLa attempt, -and, I think, a very > 
 improper attempt, was made;|^he late President of the Qdrand 
 Trunk Railway to raise a national feeling against Can|^ and 
 Canadian interests generally, because the Local Goveniment of 
 the Province of Quebec chose to subsidise a railway on the north 
 shore of the St Lawrence River, a railway, it is ixue, running 
 parallel to the Grand Trunk Railway^ but on the opposite side of 
 this deep broad river, and in many places thirty miles apart.. , I 
 am not here to defend the policy of the Quebec Government 
 (which chiefly consists of French Canadians, aaxd rabidly opposed 
 to the Central Government, which Mr. Potter wished to ^ involve 
 in his cemipre), but I believe that a more foolish expenditure of 
 public money can scarcely be conceived. We all kn;pw pretty 
 lyelt what the Grand Tru^ Railway is financially fion^ Montreal 
 to Quebec; and I have little hesitation in concluding, from my 
 
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 knowledge of the country, that there is no prospect for many h 
 years of the North .Shore Railway payij»g f ithin a hirge per- ^ 
 centage of its working eipenses. Of the. two sides of the St. 
 Lawrence Bivef, however', \the north side was the better to have 
 located the Grand Trunk Railway, and 'saved |he cost of the 
 magnificent bridge (Victoria Bridge) to the ShaJreholders. No ' 
 one for a moment will* idispute the right, nay, the duty, of the '^ 
 Governments of the I^rovinces to <io aU in. their power for the \ i 
 development and advancement c(f the, countries they govern, 
 arid no means in,the history of the worid have been found m^C 
 effective than the making of railways; but there are some e^ential 
 coni^kions which prudence and common sense .require before 
 inaking L»rge outlays in their construction, which, in xs^y opinion, 
 are conspicuously absent din both shares of, the River St. Lawrence! ^ 
 . Tber6 niust be natural resources to develop, an energetic and^ 
 • increasing population to take advantage of the facilities offered' 
 them, and at least a prospect of remunerative employment, in 
 one way or other, oi the capital expended. Those we all absent, 
 besides severe climatic disadvantages to contend with. I, do not 
 think the Grand Trunk RaUway wiU suffer seriously by the 
 North' Shore Railway. ♦ 
 
 I wiU now, if ypu wiU allow me, sketch shortly the history of 
 thq Grand Trunk Railway, which, although known to many of 
 you, is still also unknown to \ number Tiere; but, before doing 
 80, 1 will just allude to the Great Western Railway of Canada, 
 which is so identified Witli the other in peoples'" minds, in this v 
 , country, and of which at o^e time I knew a good deal This 
 Une originally consisted oif the railway from" the Niagara River 
 to the Detroit River, and frorii HamUton to Toronto; and if it 
 hAd been left in its original state, with brancfos judiciously 
 thrown out to tap some of th§ very finest districts in Canada, it 
 would toHjay have beeji'tffe least a sisi per cent., if not ii eight ^er 
 cent, dividend-paying line; but to operate so smaU a railway did 
 not s^iit the .views of an ent^irising Managing Director, and 
 several absurd schemes were gone into. By and -by it suited 
 'the views and interests of some Directors; Managing Directors^ 
 Treasurer, &c., to branch out, until the parent stem has had so 
 
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 many tranches (feedera/thei projectors called them, the bst and , 
 ^ioblest being the Air -Line), that dividends have vanishqd into 
 thiA^, and Ukely to continue so Tor some years, if tho Railway 
 is fairiy kept- up, and everything fair and square. Any one 
 ' desirous of furthef information will find some profiteble reading; 
 in. the Report >y the last Committee of Investigation, I am ~ 
 sorry rhave npt a large map of Canada beside mo onwhich I- 
 cbuld p^nt^ut to you the route of the Great "Westem Railway 
 of Canada; but! may telf you that its termini are places of no 
 size or importance, ^nd, depending" aUnort solely on through 
 traffic, are likely to remain so for many ySars^to cope. ' Starting 
 from Suspension Bridge at the Niagara Ri^r we find the important 
 . towns on the line are. St. Catherines, 8,000; Hamilton, 28,000; 
 Toronto, '^0,000; London, 16,ad0; jparis, ,2,600; WoodstocI?! ' 
 4,000; IngersoU, 4,000; Chatham, 5,0d0 ; Windsor, 4,300*--9n;/ 
 the Detroit River^ and 4ts safety and prosperity lay, first of all, * 
 in keeping down its Capital Account, cultivating and developing 
 an exceUent Idtal traffic, and taking thereafter what through* 
 traffic could be got at paying rate*. Pn an eyil hour American ' 
 influences prevailed, the one^class of traffic was shunted for the ' 
 other, outlay after^lay -was made to provide for the one, until ^'" 
 at this time the-^cpended capital is somewhere about;g9,4 704)00. 
 Well; let us look at this through traffic as it is Ul^^ affect the 
 Great Western RaUway! It depends In a vejy large measure on 
 the New York Central Railway on the one side, and the Michi^ 
 Central Railway on the other. I do pot foiget the Detroit and • 
 MUTvaukie RaUwaj^. But we Jinow that the New York Central ' 
 Railway has obtained a 'controlling interest in »the ' Canada 
 Southem ^W, which runs-from Amherstburg to Buffalo, and 
 is not onl^^a-Wrter route, but is nearly a dead level throughout. 
 The ^^atural^cobclusion is, ^t Vanderbilt will us» his own 4ine * 
 by and by as his best bridge to cro^s Canada, and,, the largQ 
 outlay on the Glencoe Lpop Line will prove to have been a foolish 
 expenditure. Better far to have douy^-fcracked the ;ine from 
 Suspension^Bridge to Windsor, or to have secured the controUing 
 influence in the Southern Railway instead of V^pderbiltt In the 
 
 I repreaeDt the jiopiilationa. - ' 
 
 • 
 
 =** 
 
 I: 
 
 ^- 
 
10 
 
 •♦. 
 
 ■!".' 
 
 I -^^^i ■ 
 
 .m 
 
 onaway the Great Western Railway could have dictated terms, 
 in tiie^olher thex mast accept theita. ' y ' 
 
 But now for our own Line. You are, at least the most of you, 
 aware that th^ Grand Trunk Railway is a conglonieration of 
 railways. The Main Line was originally from Toronto (60,000) ^ 
 to Montreal (110,000), a distance of 333 miles, passing^through 
 some of the ^nest districts of- Gajiada, and embracing in its route 
 - some very important towns, such as Oshawa (3,200), Bowmanville. 
 (3,100), Port Hope (5,410), Cobourg (4,5^0), Belleville (7,400), 
 Kingston (12,500), Brockville (5,100), and Ottawa (30,000), &c. 
 The Bill for this was parsed in 1852, and the Line opened in 1856. 
 We have then the St, Lawrence and Atlantic Railway, from Montreal 
 to Island Pond, and its continuation on American soil to Portland, 
 a distance of 297 miles; the Richmond rind Quebec Railway, 96 
 miles; the Grand Trunk Railway of Canada East, from Pdint Levi 
 (Quebec) to Reviere duLoup and Trois Pistoles (where it joins 
 the Intercolonial Railway), 148 miles; Buffalo to Goderich, on 
 Lake Huron, 160 miles; Straftford to Detroit, 143 miles, — these 
 with the Champlain, Arthaba^ka and Berlin benches, make up 
 IJie Grand Trunk Railway as ^it now exists. Its history in the 
 past lias neither been a forttqaate nor a savoury one, and the 
 exposures a few years iigo in the Toronto Globe, the ablest 
 journal in Canada, shewed that at least Canadians were ready to 
 assist in upsetting a system of management which was built 
 upon political jobbery and individual aggrandisement, without 
 one thought of Shareholders' interests. Several of the lines I have 
 named ought never to have been made, or, if made ought never 
 to have been taken over by ]the Boa]^d pf the Grand Trunk 
 Railway. But it is needled |pi; go back upon the past, except 
 to gain e:^rience to enable us to avoid the rocks on which this 
 great enti^^rise has been wrecked, and to judge how to act so 
 as to ensured success in ||ie future. In dealing, then, with this 
 congloi^ratlon of raUways, we must do so as we find it, and I 
 will try to point out to you the character and capabilities of the 
 
 ^►_ 
 
 into three, aad starting from the farthest eafst point, 'Trois Pistoles 
 (the junction with the Intercolonial Railway) to Quebec, thence 
 
 .J... 
 
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 v^ i> 
 
 f- 
 
 .... ..■ . •■- . ^ ir-- ■.,../■-, ■ ■■•,'"■. 
 
 y «■ _T\ ■ ,.■,■■■ 
 
 to Richmond, thert is iip|) in all that 279 miles a village with 
 1,000 inhabitants except three, or as much local traflfic; of course 
 excluding Quebec, as pay grease to the \f heels and the train 
 attendants' wages. During summer there is some travel from 
 Quebec to €aco(ina, the fashionable bathing place ; but for eight 
 months of the year there is positively no traffic to carry, and 
 during the rest of the season the magnificent and comfortable 
 steamers on the St. Lawrence are preferred both for passengers 
 Mid goods.* . 
 
 ' I -would like to know the net result of working the Railway 
 from Trois Pistoles to Point Levi ; jfjkx Quebec to Montreal it is 
 a. little better ; but lookiiig to the enormous- cost of keeping those 
 roads open during the winter, I think w6 shall not be far dut if 
 ■ we place the annual loss in operating them somewhere iibout 
 ^60,000. We have next the portion from Richmond to Portland, 
 which, as regards local traffic, must prove a dead loss, but which, 
 for the sake of communication with the seaboard, it is necessary 
 to keep open. The service, however, ought to be reduced to a 
 minimum, and if possible only mixed trains run. Now those'': 
 portions of the system appear to pae to be the life-blood drainers 
 of the whole, and the other portions, which I shall not particular- 
 ise, are oblig^,. to sustain out of their profits the great annual 
 
 loss entailed in working thiem. • ^ .. ._ 
 
 Well, what is the remedy, some will aski while others will 
 doubtless say, you cannot pick arid choose, but must operate the 
 Railway as a- whole, and take the bad with the good. To the latter 
 I reply, Not so. If the Grand Trunk Railway paid on the average 
 I would willingly agree that it be kept open throughout; 
 but when million after million has been poured into this' 
 insatiable Trunk, and the cry is still give; give; when the 
 Shareholders find themselves year by year worse of than before, "? 
 when even the country through which the Railway passes is --- 
 imbenefited during a large portion of the year, I think it is 
 time to inquire what the Shareholders are legally bound to do, 
 a nd- ho¥L beat to ^^t^ 
 
 4io-bHng^~»^edly fine prepe rfrp 
 
 dividend-paying position. Now the first thing towards finding 
 out a remedy is to discover the cause of th|9 d i mw rn ^and m the 
 
 "■*-, -. 
 
I . \ 
 
 
 -.1 :' -■■•■■■ ■.. 12 ■■- : • ■■ 
 
 case of our patient, this, first of all, does not arise from the 
 charges for local traffic, those being full enough, and indqed my 
 friends in Canada have lately been sending me p^ers shewing 
 large discriminatory rates against the local fnerchant and* in 
 favour of the through freight. I may mention that my Agents 
 in ^verpool frequently arrange a through rate, via Portland to 
 Toronto, at from 15s. to 20s. per ton less than will be accepted 
 to Montreal. That means shutting out the Montreal merchant 
 from the Western trade; but it is done in competition by the 
 Allan's Line an^ Grand Trunk Railway, with the steamers 
 landing their cargoes at Boston and New York, and the railways 
 running westward. Well, gentlemen, we W here some trace 
 of the cause of the disease in the through traffic to Canadian points^ 
 but that is small in comparison with' the real " Through Traffic " 
 for which both the Grand Trunk and Great Western Railways are 
 mere links in the chain of railways passing from the busy east to 
 the great west of the American Continent, and which has lately 
 been carried at such ruinous rates. But there is, as I hope I have 
 ah-eady shewn to you, another and very serious cause-— that is, un- 
 profitable sections, and until those are dealt with, the Grand 
 Trunk Railway administration can scarcely be enough indepen- 
 dent to dictate iij the future terms on which through freight can 
 be carried. My prgposal may seem a very strong one, but I believe 
 it has the elemepts of prosperity and better times in it for the 
 whole Grand Trunk Railway system. Close the railway service 
 entirely on the line from Point Len to Riviere dii Loup and Trois 
 Pistoles, from the 31st q||/;ober to 15th May, and during the 
 rest of the year run only mixed trains when remunerative traffic 
 offers ; from Richmond to Quebec reduce the train service to a 
 minimum, and during the winter (if the weather and snow admit 
 of doing so) run one train alternately from each end daily. If 
 this does not meet the views and wishes of the Lower Canadians 
 and the Government of Canada, why, then, either let them guaran- 
 tee to the Shareholders the cost of the service, or purchase the 
 Line, at least as far as Quebec, which, in fact, is the natural t4^rmi. 
 
 nation of the IntercoTonial Railway, that city being the seat of 
 the Government of the Province of Quebec. We have heard a great 
 
 y 
 
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.'A 
 
 ■• ■.* 
 
 W-^'- 
 
 13 
 
 t 
 
 4/ 
 
 -- 
 
 deal about the amount grianted by Canada to this Railway, the 
 obligations which this subscription entailed; but I tell you, gentle- 
 men, the Grand Trunk Railway secured this £3,1 12,500 at a vast 
 sacrifice, when the Directors consented to make the eastern sec- 
 tions, and take over the Atlantic and St. Lawrence Railway; and 
 it is well also to remind some Canadians of the enormous advan- 
 tages which Canada has derived from the Grand Trunk Railway, 
 to ask them to consider what the country was in 1856, and what 
 it is in 1876; to ask themselves what Montreal, Kingston, 
 Toronto, Hamiltod, London, would have been to-day without the 
 railways; what the values of house and landed property, the 
 prices of all agricultural and other produce were twenty yeare 
 ago, and what they are now; and whether having doubled, nay, 
 in many cases quadrupled, the value of property in Canada, the 
 railways, the great agents in bringing about this happy issue, are 
 to be the only interests left to suflFer, or that the trifling contribu- 
 tion already made to their funds 4s to weigh in comparison with 
 the millions gained in material , wealth, and the advantages to 
 personal comfort in travelling at all seasons of the year. Let 
 them ask themselves; and let the Government of Canada say, if it 
 would be fair or reasonable to insist on a service where there are 
 neither passengers nor goods, or that Shareholders should be com- 
 pelled to continue to expend money t9 their great loss, and with- 
 out benefiting any one. I believe^thl?© 4S.now at the head of this 
 Railway, the best man that has ever b^ its President — one who, 
 free from influences that ought not t6 have a controlling power at 
 the Board, will bring to bear on its affiairs a very large railway 
 experience,:great administrative capacity, and a thorough deter- 
 mination to do all jp his |if)weif^"for % general Shareholders, 
 without regard to class. If there is'hope for them in the future, 
 I think they may rely on Cajjtai^ Tyl^lr. Let the Shareholders, 
 then, rouse themselves from the hopeless apathy into which they 
 have sunk ; let their influence be once more felt in the affairs of 
 this great Company, and let their loyal support be given to any 
 woU-obnaideged^aeaguroM that tfiv<LDH>misfrtrf-rais 
 
 Trunk Railway out of the ^^^refl^d condition which, from the 
 recUew folly^and time^JCTv^^^^ it har„ 
 
 
\ 
 
 / 
 
 14 . ,. 
 
 from tlie beginning been in/ That it has great vitality, and is 
 capable of a happier and brighter future for the Shareholders, I 
 feel sure; but to attain this end, radical measures are necessary, 
 and an entire change of the traditional policy of the adminisCra- 
 tion. I fear I have already trespassed too long on your time, and 
 Will now move the resolution I hav« been asked to propose— 
 " That, as the portion of the Grand Trunk Railway from Richmond 
 to Point Levi (opposite Quebec), and thence to Riviere du toup 
 and Trois Pistoles, passes through a district of country which, 
 ^ from its ungenial climate, absence of natural resources, and ver^ 
 sparse popuUtion, cannot now, nor for many years to come, pay a 
 railway's working expenses; seeing that the traffic on this portion 
 of -the line is of the most meagre kind at any time, and during 
 eight months of the year ahnost nit,'it is hereby resolved that the ' 
 position of this -portion of the Railway be brought prominently 
 before the Directors for their consideration, with the view of 
 taking steps to shut it up from the Slst October to 31st May of 
 every year, and during the rest of the year only to run trains 
 when traffic is sufficient to remunerate the Company." 
 
 Mr. M'^iLLOP— I beg to second the resolution, and in doing so, 
 I wish to oflFer one or two remarks. I can see no harm whatever 
 in the adoption of a resolution of this natiire, which I may say is 
 in tKe form of a suggestion to the Directors. I think that if any 
 reform is to be accompUshed at all, it must be done by more 
 urgent measures. I myself was a Bondholder, and am now a first 
 and second Preference Shareholder. But I think that looking to 
 the i>ast it is impossible that any reform can be accomplished under 
 th6 present Board of Directors. I quite agree with what Mr. 
 Wemyss has said with regard to the Chairman. But since the 
 revehitions which have been made with regard to Mr. Potter's i 
 retirement from the Board, I think considerable light is thrown 
 on the present Cbnstitution of the Boarcl of Directors. I think 
 there are gentlemen sitting there who have other interests to 
 serve as well as Directors of the Grand Trunk RaUway. (Ap- 
 pkuse.) I second this motion with very great ple as ure. I thinlt^— _ 
 
 It would be most necessary that a committee should be formed, 
 because the negotiations between the Directors of the Great 
 
 ■<■( 
 
 -^ 
 
 y 
 
, ► 
 
 <^ 
 
 .Western of Canada and the Grand Trunk Railways, have/^Aot 
 been conducted as they should have beejn. There has been an 
 attempt on the part of the one to overrcjach the other, whereas, 
 we all know that the prosperity of the one is closely allied with 
 tiiat of the other. Unless some such arrahgement can be brought 
 about by the combined action of both bodies of Shareholders, I do 
 not see much hope for us in the future, jl hope there yrill be a 
 committee. (Applause.) " ^^ __;--.[ ^.r..^^...^-:'^,^.:^.:.:::^..^^^-^^^^ , 
 
 Mr. Kay— Is It a fapt that the Railwajjr -Company is bound to 
 keep that unprofitable line open ? Is it a fact that- according to 
 arrangement they are not only bound to i keep it open, but also 
 keep it in good condition ? j 
 
 The Chairman — ^All I can say is this^ that I have read the 
 statutes with regard to this matter, a^d it appears to me, 
 although I am not a lawyer, and the question will have to ]be 
 decided by law, that if we have not the power to shut it up, we 
 h^-ve the power to run trains once a week, once a month, or once 
 a year. (Laughter.) I may be Avrong, but that is a verj' im- 
 portant question — one that will require to' be settled by law. 
 
 The resolution was then put to the j Meeting, and carried 
 unanimously and with acclamation. i 
 
 Mr. HAndyside moved :— " That, looking to 'the difficulties 
 " surrounding the Grand Trunk Railway 'of Canada, and to a 
 " management, owing to distaiice, practically irresponsible, it is 
 resolved that the Directors be requested to arrange for a depu- 
 " tation, «ither from themselves, or from among the larger 
 " Shareholders, tp visit Canada at least ohce annually as a 
 " committee of investigation and inspection, with full powers." 
 I think this deputation or dommittee of investigation' would do a 
 very great deal of gpod, the Line being so far from the eye of the 
 Board. I believe the Line is very badly worked. Having been 
 over it myself, I can Ijear testimony to that fact. The working 
 expenses atd nearly 80 per cent. I think th^ Line could be* 
 worked for very much less. The Directors appear to state that 
 
 l\, 
 
 -^hff cause trf i;fais-VBry higji' p e r centage o f workingnB^owmglo" 
 
 the through traffic. Now, I believe we have got very little 
 
 Jhrough traffic. A correspondent of mine states he had received 
 
xU 
 
 
 a letter from the Secretary, stating that the through traffic to 
 Boston amounted to no more than.£40,000 a year. I ca^ bear 
 testimony to the fact that the quantity of goods shipped f^m 
 Portland IS very trifling indeed. If such be the case, then, the 
 ^use of the high-worldng expenses is not explained in that way. 
 What the present decrease in the returns arises from, I don't 
 know; but I do know tljat the quantity of ^ain shipped, where 
 the competition haa taken place, is a mere nothing. The quan- 
 tity that IS entered from £oston^vould not bring, for the two 
 competing railways, more than £90,000 per annum; and if the 
 Grand Trunk gets one half-namely, £45,000-it gets a fair 
 share. Therefore, the woAing expenses, whatever they arise 
 frorf-they may be from mismanagement-dori't arise from the 
 competition of the through roads. I have no doubt, if a commit- 
 tee beformed, and they go over .to- Canada, they wiU be able to 
 do a great deal of good. I Imow what I foiind when over there • 
 no controlling power existed it aU. At Portland there are 
 roUing mills that rolled iron for the Grand Trunk. The rails 
 supphed were to be of a certain weight; but there was no con- 
 tract at all as to what iron the owners of the mUI should use 
 He might use good or bad iron as he liked. When I went to 
 Montreal and saw the General Manager, Mr. Bridges, I said to 
 him, the cause of the, Grand Trunk getting into difficulties was 
 the iron, because some of the iron sent from this country had not 
 h«ted twelve months. In some cases I brought some pieces 
 which were not iipon the track more than a fortnight. > Mr. 
 Bndges admitted that the caiise of the RaUway geiting into such 
 a dreadful state was owing to the iron. 1 asked him if he had a 
 person to inspect the rails. He said he had. IrepUed,youhave' . 
 not such a person at Portland. He answered it was not worth 
 while for an inspector bein^ there, so few rails being needed at 
 that plac<»5*but the fact was, that at Toronto there was no speci- 
 fication either. The parties could use any sort of WUhey 
 liked. This want of controlHn^ power was manifested in all the ' 
 affairs of the Line.. Take Montreal, for instancf^, mh^ 
 
 are built. There is no system there either. Every man in the 
 workshop appears to do what he likes. In any private firm ^ 
 
 \ 
 
iS^-- 
 
 ■ ' ■ ^~ . " '^ ■-■■• •. ■ -17 ■ :./ ■''■:'■.■'■ 
 
 certain numW of men would be set apart to build a carnage, 
 and the time, they took would be noted down; but at Montreal/ 
 no books werVkept at all, and they could not tell whether a 
 carriage cost £50 or £500; therefore, until there is a change, 
 and a thorough reform in these respects, we need jfiot expect 
 better results from the working of the.Grand Trunk. 
 Mr. Kay-— I beg to second the resolution. 
 A Shareholder— Does Mr. Handyside speak as to the 
 present position of the Eaihray, 'or as to that which was in 
 existence before Mr. Mport went over the Ling^l bewiuse I 
 understand there has b4n an entire change since that time, 
 
 Mr. Handyside— I. was ovfer before Mr. Allport was tljbre; 
 but the working expenses, I am sorry to say, are pretty nearly 
 as.bad now as they .were then. Therefore, f any change" has 
 taken pkce since then I do not know; but thisl know, tliatUe 
 working expenses have not been brought down. ' . 
 
 Dr. Donaldson— I am vei-y doubtful whether this deputation 
 ■or committee of investigation would produce, any good effects. 
 We all know that deputations heretofore have done no good to 
 the Grand Trunk. Howls it possible for a deputation to be 
 able to look into the working 6{ mch a large undertjAmg and 
 obtain satisfactory results? Any man with a large business 
 cannot go through the minutiae of that business. He must 
 employ competent and honest servants. That is the first point 
 we have to consider. If our affairs are carried on in a loose 
 way, it is not creditable that Mr. Hickson should be Superin- 
 tendent of the Company. But I think the first thing we shouTd 
 do IS to turn, out the Board. (Applause.) ThQ^ have been long 
 enough there. If they were gentlemen of honour they Vould 
 not take their money when we were in a state approaching 
 bankruptcy; therefore, you should get them turned out entirely; 
 but» by all means, have competent men in Canada— men in whom 
 you can place perfect trust. I do not object, however, to the 
 "^^"'^o"- I merely wish to state that I cannot see there will 
 
 ^ 
 
 muph benefit derived from sending out a deputation, dther of 
 the Directors or of the Shareholders, more especiaUy a deputa- 
 tion from the present Directors. (Apphuise.) 
 
 > 
 
 S.'- 
 
18 
 
 *^^-^~ 
 
 Mr. Handysidb— I beUeve, gentlelnen, that it #ould be a 
 ve^ good thing if the Shareholders were frequently to go over 
 and see the working of the Line. I know that when I went 
 there it was in a very bad state. When I arrived at Portland, 
 the Line had got such a bad name that if I could have got any 
 other, means of passing ov^r the Line, I would gladly have 
 availed myself of it, because there was n6ver a day but some 
 ^ were off the rails in consequence of the very ba^-State of the 
 Bwlway. I exposed the defective character of the iron, and, I 
 beheve, through my expostulations some good was done, inasmuch 
 as Mr. Potter, the Chairman tvho succeeded Mr. Watkins, made 
 a claim upon sevend of the parties^vho suppUed the iron. Now 
 had I not gone oveij I do not think that would have bfeen done' 
 Years w^nt on.with that^ad iron, an;i it appeared it would go 
 onforeW. They had not a machin/ to test the iron, and yet 
 they werUpending X100,000 per annum on new rails.- iky 
 they had hot a testing-machine to tell whether they w^e getting 
 good ironW not. 1 went to the pkce where there was .mad^ a 
 good deal M the rails, and I was told by the manager of the works 
 that when tW made rails for Russia, there were parties present 
 to test andlbreak the rails, in order to see what materials they 
 were made o^j but in the case of the Grand Trunt there was no 
 test at aU, th^ rails were never examined, but they were just as 
 received laid down upon the track. As I have said, by exposing 
 this I did some good. In the first place, our Chairman made a 
 claim upon several of the companies for supplying us with bad 
 material, arifl they commenced to lay down better rails. At the 
 present time the rails are ve«^ much better. W© know that in 
 this country, if shareholdera in passing over the line did not caU 
 attention to what they ohserved was going wrong, things would 
 not be well managed, ^ven in this country things ate sometimes 
 not well managed; so that I think if a deputation of Shareholders 
 went over annually, and observed the working of the Line for them- 
 selves, I have no ^oiibt the management would be much better. 
 (Apphnse.) In America the other lliif 
 
 are mxwh bcttet ^ 
 
 managed, simp^ because the property is urider the eye of the 
 Board. The way they do there is this, if the rails are suppUed 
 
'*'• 
 
 
 they instruct their inspector to Ifreak the rails and l;^t them, to 
 see that they are of good quality. I repeat that a deputation 
 such as is pointed out in the resolution, could not fail to advance 
 the interests ^f the. Company. (Applause.) 
 
 The Chairman put.the resolution to the Meeting, and it was 
 carried unanimously. 
 
 Mr. Robert Young— The ^t thing I should like to do, is to , 
 congratulate the Chairmk and this Meeting upon the very large 
 attendance. It shews the very deep interest that the Shareholders 
 of the Grand Trunk Railway of Canada are taking inits present 
 management, or as some would say, its mismanagement. I must 
 also congratulate this Meeting upon having in the Chair to-day a 
 gentleman who has a world-wide reputation— (Applause)-r-for, 
 his high character and railway experience. He is known for his 
 calmness, for his moderation, for>is judicious counsel, for his 
 incisive speaking, and, I am also bound to say, he is known for 
 the success of his movements. (%plause.) Therefore, I take 
 it as a good augury for the success of our present movement. 
 For myself, my own holding is not very large in this Railway; 
 but what I d6-hold is the first Preference Stock, upon w«ch you 
 all know I have received no dividend for some time past. What 
 I hold, I have held through thick and thin, and through good and 
 bad report for many years. I have $lso a small holding in the. 
 Great Western of Panada, as well as representing other friends 
 who hold an interest in it Without boasting I may say I have' 
 some little railway experience. What Dr. Donaldson said is to a 
 large extent pertinentj; yet I always find it is better, if possible, 
 to <arry with us, in aijy movement for the reform of a railway, the 
 sympathies ai^d feeling of the Directors. (Applause.) Now, sifr, " 
 I do not knoW personally, any of the members of the present 
 Board; but J believe they will be desirous to elicit our opinion; 
 in^faistl understand from thd Chairman, they have expressed 
 such^a desire. We are therefore here, not so much to find fault 
 with the paat as to regret, and also to suggest in our opinion . 
 
 
 -t)>4t 
 
 ^aafe 
 
 some remedies mt the future. We dg|te to be alive to th^ 
 interests of the Railway, and to take a ialHitemgent, acti^#knd 
 friendly interest in it. I havp not the slightest doubt that we 
 
 V- 
 
I 
 I 
 
 W' 
 
 20- . , , \ 
 
 shMl be w) far successful. I believe tharthere are many here like 
 , myself, Shareholders in botl^ companies— the Grand Tnink and 
 ' the Great Western of Cj^iada. We must all regret the ruinous 
 competition that has been pirevailing for so long a time. I know 
 /that managers sometimes in 'their competition with others, 
 aggravate the evil by their own zeal in brder to obtain traflSc, and 
 sometimes they obtain it in such a way as to leave no profit to 
 /: **^® Sh^eholders. This has been the -case as reprds these two 
 great railways. I believe that both railways have a great future 
 in store. We have" certainly more traffic than we haVe hitherto 
 received. ,X don't know that our efforts will be looked upon 
 with any disfavour by the traders. For theV sometimes tell me 
 ; they regret the competition; for.vhile th^ secxtr^ low rates, 
 there are often considerations which lead to their own discomfort, 
 and what is carried too cheaply is often not well carried. Various 
 : remedies have been suggested. I am not here t<i find fault with 
 , those who advocate these remedies. Each oiie may have ibJ ad- 
 vantages, ^oi^l know, from recent circulars, that there is af ery 
 general idea of a fusion of the two Companies. If that couli be 
 done the plan would be an excellent one; but, before entering 
 upon it, you would requ^e to obtain Parliamentary sanction.] knd 
 I put it to you as intelligent men, whether in the present stale of 
 parties in Canada it is atlall probable that that sanction would be 
 given. We must therefore look at something .whieh is more 
 practicable. Then there is the join^; 'purse-agreement. That 
 works well when the shareholders in btoth companies are equally 
 ' interested, and when the directors take, «s they ought to do, 
 a feir and intelligent share ii^it. ^y £wn experience has 
 been, with regard to something o^th^ safte kind, that there 
 are always many obstacles in the way 1 of such a scheme, and 
 you can only secure its effectual worlalpg by & Parliamentary 
 and statutory enactment, 
 the present time ? Then 
 and fares, 
 that 
 
 Is it likely ^e would obtain! that at 
 
 there is the t^d plan, of eqilal rates 
 
 Any on^ expeiienced in railway management knows 
 
 »l t b oHgh that IB thfti iii irL arrangem^LfetdCT t hdo fr^jque ntly" 
 
 they have got lower quotatio^ ii^om 
 to secure traffic a lower rate Jnust be 
 
 \ 
 
 Wf . 
 
 y> 
 
 come to a manager and 
 the ppp<isition line, and 
 
 stiite 
 that 
 

 made. We are now come tothe laat plan, jwhich I will take the 
 liberty of recommending to you, and that' is, the division of all 
 comptetitive traffic. I say thed^sion of that kind of traffic is 
 possible, and certainly is quite practicable, and it would be to us 
 undoubtedly profitable, ^o that this is what the committee, 
 who have got up this Meeting, are recommending to you now. 
 We don't wish to press our Views as to the manner of domg this 
 upon the Board, but if W suggestions have any effect, we would 
 say, you should go into it at once vigorously, and for that object 
 secure your, umpire, and tell your Managers you are determined to 
 divide such traffic. Appoint a joinr committee of shareholders 
 
 -w directors of both companies, and an umpire, and you have a 
 security for a fair division of the traffic such as is perfectly^ 
 possible. We haVe had- one or two names mentioned with 
 reference to. this matter. There is one name, than which no ^ 
 higher could be mentioned, namely that of Mr. Leman: I do 
 not insist upon his' name. There are men in England and 
 Scotland who wotild be^perfectly able to arrange a fair division . 
 of tr^ffid Looking both to the past and the future, there are 
 reasonable hopes that we should get the rates raised, and at the 
 same time give fair security to the public for moderate prices. 
 I beg to move the following resolution: "That^the present 
 " competition with thtf Great Western Railway of Canada, being 
 "ruinous in its consequences to both railways, \t is hereby 
 «5^1ved,that the Directors be requested to take ste^s to arrange 
 "for an equitable division of the local traffic at aU competing-- 
 "points, including Buffalo and Detroit; and ateo that amicable 
 "arrangements be made and continued tnth the American 
 "railways for' the through traffic at rates which, while fair to 
 " the public, shall be remunerative tci Shareholders." 
 
 Mr. PiRRiE had much pleasure in seconding the resolution. 
 
 £^ >Ir. ^Y.— May I ^k Mr. Handyside whether he considers / 
 the fltatement correct, that ^40,000 is the amount of the through 
 
 -traffic t / i^'., /■ V.^-- . ■ y 
 
 Mr. Hawuksidjc— I have taken an active part in the affairs 
 of the Grand Trunks I have two correspondents, one of whom 
 has recAved a lettei^ from the Secretary stating that the amount 
 
 / 
 
 
3' 
 fl 
 
 W^:: ■ 
 
 '**H 
 
 I: 
 
 
 22 
 
 ■ <»-« v>; 
 
 
 ttiie through tittffic to Bostoii U6nly £40,000 per annum 
 m tlMn that, I think I can prove the statement I have a 
 rail^ paper in which is, given the amount of the com tliat 
 is shipped at Portland and at Boston. I believe, from the 
 amount stated, t|jj^ it can b6 proved it will be less than 
 £100,000 per annuhi. I meian the whole exports. I thinl? 
 the most of our traffic is what may be termed ' local traffic. 
 It is .not really a through traffic. I believe that the terfti 
 ^^ilirough traffic " has been U8€()d for the purpose of throwing dust 
 in the eyes of the Shareholders, . . : 
 
 ". Mr. Kay — ^That is the very information I want. 
 The Chairman — I am not fully competent to speak upon 
 this question. I think there is some mistake. I recollect 
 making inquiry with regard to tho different quj^ntitiei of the 
 through and local- traffic; and I was told 'Ijiat the through 
 traffic of the Grand Trunk wa8d||lnething lijw 40 p^ cent, 
 of the whole drawings. '. That.4|8peaking from recollection. 
 I think, Mr. Handyside, there must JSe some mistake, and that 
 you have got pnly the outlets of tome traffic, imd not the whole! 
 Mr, M'KiLLOp— I think the difference may arise in this way, 
 what is called the through t^c is simply the grain shipped 
 ipromi the sea-ports! ' , i ' - 
 
 ^ytfTi Hawysedk — ^There has been noj competition with the 
 otner traffic. • • • r . 
 
 I The Chairman — Th^ has been competition 
 Allow ifie to make a statement as l|^he power to 
 I was in London, and had a conference with some _ 
 ■^hd ° knew thoroughly this question ;van|d it was said that the 
 hig^MPt >t»tftht>rities , in England* iHid very high authorities in 
 ^fifjitittlltTn rldrlnrrrl^ upon , examination of all the i^tatutes 
 
 jrand. Trunk and tljie Great 'Western Rail- 
 i^ay <jBH|PjlLjptt they^'hav§ power | to amalgamate .without 
 nirthei(^mBMS^w«>s. <||fflHKt of* cour|ie is the opinion ,of very 
 
 % 1. 
 
 emine 
 wh e ther 
 
 ttf whom liie question 
 
 allow e d or not iaMJothw ? thing 
 
 has been referred; but 
 
 Thie resolution was then put to the Meeting and adopted 
 umuumously. 
 
 
'\' 
 
 if 
 ' ■ . ' '' ' ^ 
 
 per annum, 
 it I have a 
 the com tliat 
 Bve, from the ' 
 be less than 
 >rt8. I thinH 
 I ' local traffic, 
 hiftt the terfti 
 tla-owing dust -'-] 
 
 ■ ' -■ ''''^ r-. 
 
 > speak upon / 
 I recollect 
 
 ntitied of the 
 the through 
 40 pi^ cent. 
 
 i recollection. 
 
 ake, and that 
 
 ot the whole. 
 
 e in this way, 
 
 grain shipped 
 
 ion with the 
 
 -Co 
 
 VI. 
 
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 «V>'' 
 
 ^ 
 
 n 
 
 Mr. M'Braynb— I have much pleasure in moving th» follow-% 
 ing resolution put into my handp : " That the following Committee 
 "of Sharehol^ra— Messrs. John M'Gavin, Robert Youi^, Robert 
 tMrey, Outram.G. Handyside, M'Killop, Pirrie, Lor 
 'TR and Dr^ Donaldson, with power to add to thieir 
 'appointed to watch the progress of the Railway ; tol 
 licate with the Sharel^plders in other large towns with ■ 
 the vijpw to formation of conunittees ; and generally to take such ' 
 
 nfhav afAWa ;» 4.1.^ :^4. i.- -i> XL. fit 1 11 " . 
 
 ^ 
 
 ■# ' 
 
 said that the 
 buthoritieil in 
 the statutes 
 Vestem Rail- 
 mate .without 
 inion of very . 
 refyrred ; but 
 
 otJ)er« steps in the interests of the Shareholders as may be 
 "considered advisable; and further, ^ith power to select one 
 J* of their number for recommendation as a Director." 
 11 Mr. Chairman, Itnay state Uiese were the names tha^ dc<;urred 
 to ua, and were not put down tiU we entered the side-room. We 
 have no fipecia! arrangement for names ; it is for you to say 
 whether rf larger or smaller' committee might be preferable. If 
 you think a lajiger one is better you can add names to those 
 ^h»ady read. If a smaller, you can transpose other names for 
 those stated her6. A larger committee would subcommit to a 
 certain number. If any gentleman in this room would nominate 
 any one, I am sure we vrould be very ^lad indeed tO/ accept the 
 nomination. ,, ,. :„ ' . ♦ 
 
 After a brief conversation, Mr. MIller seconded the motion, 
 which was adopted. 
 
 .The usual compliment, to the Chairman concluded the 
 
 
 ^roceedings.- 
 
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 and adopted 
 
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