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Les diagrammes suivants iilustrent la m^thode. 1 2 3 4 5 6 l^ \\ 1 ] .M ^(^ "■ V ^ •) UPPER CANADA H('I1J)[NG FUND. Up to thoyear I8")',t tho oapltal of the various Tnwt Fmrls w,w invostcd from tiiiu- to timo as it accuimilatiHl, in our own or in otiier Delionturcs ; liut in ISi',). wlien Sir Alox Gait convortt!(l ,1 iari^'e portion of our ilolit from (i per cent to o per coat. li<> rcdooni.'il , 'ill our 6 i)(>,r cent JX'ljonturos liold for Trust Fuiici-. antl from tint time tiioso funds, or .such parts of them as wer« not invested in otiior Dohentures thui our own, wen; treated as hoolc accounts, aud were alloweil interest on tiioir (pi irterly balances at ."> pei' cent, tlio interest lieinjj /ulded to the principal at tiiR end of eacii year— This was in fact a cousider.ilih^ giin to tiie funds, as tiie investments weie only mido at interv.ds, and a good ileil oi' tho capit d often lav uninvested. The Upper Canada liuildinj; Finid account has ever since heen kept upon this principle. The sottlem'snt of tho S Mgiiiori d <|ne>tiou was only l.rought into our I'oolts in ISOfi, as until thit timo we iud not received th • linal report of the Commissioners; and in order to mike till) subject intelli<.;il)le, it m ly be neeessary to reeite tho provisions of tho various Acts in as f.ii> as they bear upon this suhJHi". In IS.jt three local revenues were set apart lor the jjartial conipen.sation.-: of Seigneurs, viz.. tlie s(>iginory of Lau/.on. Shop, T,,vei n and Auction licenses, and the droit de Ouint. Tho Act provides : — "That tlio totd amount of money- to bo paid under this Act ^kall not e.Yceed by more than £ir)!l tlio sum, of whicli tho avenge y.'arly j)r.)!-ee Is of the other soiuces of Revenue hereinafter mentioned, upon an aver.ige of the List tivt years, would be yearly nitere.st at G per cent per annum added to tho v.due of tli»' * '.-own lights in the .Seigiii(„ies ullectod by tins Act." In accordance with this pi'ovision the Seigniory of Liii/.on and tho J.icenses were valued but the tj lint was not tlicn viluel. The < 'ommissoners, whilst valuing the Seiijiioiries, were instructed to valuer tho tjuint also, and when that value was .ascertained, insti-ad of addiii" it to theciipitd of the luiid, they deducted it from the capital i)ay.ible to the .Seigneurs, which, in connection with tho siilisciueiit b'gidation in i8.V.l," oOvou'sly produces tlie .same result! The other local funds wer.' valueen the iiiteiuion of the Act of l,'roceods of these revenues, so as to trench upon the $6l)l»,(>)l.i l)y which it w is permitted to exceed them, a simil.ir amount to such excess should be sot apart for Cpper Ciimida. But tho Act of 18.').5 provides that the Receiv a' ffeneral shall, from timo to time, place any moneys in his hinds as partof th.> Fuml appr ii>riated by the said Act (that of 18j4.) and not then rec|uire Alt, till' .-.iliMi.OOO t" Ih' ii|i|iiupii!it(v| to >imu- I.kmI |)iii|mwc in L'piiiTCiinndii, ic .Si'i;.'iioii;ii Act 111 .'S.jl, nml tli,' (Miiiiv.il.'nt tc \\\i\i\, in |,,)w..|' «';ininlii Iim<1 Ihm-m' (in^litiilcd l.y tlic Act .>!' IS.'iMiil pint "1 the S>■ whole Scij-nioriid Legislation o| till' Seijinoiid Fund, Would not tiuK", and int(rr>t connied on it. wlicncvci' reiiniied. No i r. C. Unlldie;; F\nid us it stood in oui' lio.iks until iStJO, wlientl was first dealt Willi III )8.V.) uiiotlier .Scifrnioiial Aet w.is passed, eli ir^iin;; Consolii luted Fiin'ei;;nen]s, to the o.xteiit which was not covered h\ tli<( St'igniori'd Fund of 1,S04. and for un.v additional uniount «o piyal.le out of ConsolidutedFnnd U].lper Cannda and llie Towiir.l.ip,s weie to ^'et «'oinpensution. ' Hut it was noi known at that time what the (ii].itul of the .Seignioiies would amount to, and it wa.s not until KSOO that wo were 111 a jiosition to hriiiK the ucconiit piojierly into our hooks. .\s I'pper Caiiadii and th« Townships were to hive tiieir coinpeiisatioii lia-cd upon whit would have l.eon jiayalile over nnd ahove wliat was covered l,y tlie capitd of tlie Fund at tlie time of the pussin;; of that Act.it was i.ecessury toasiei tain what the capital of th.' fund would havi- heen, itWe h.Td known of all the clmr^'es which would come ufiain-l it at that date; ,anil this was ,0(X) thn eipitd with nT4,.")T7.7il interest at per cent to, May 4lli iSVj, aiid5<,'',_';j.SI().S,S interest at T) per cent from May 4tli, \S[,'.\. was hioughl to its credit. The (|iiestioii is wi.ether th©.-e latter eiitiios urn correct : iind lirst c- to the interest to May 4tli, ISj'J. I St itcd to the <'ommittee my impression that in tlii- icspect the fund hid heen ahort credited, as it was only allowed simple inleres;, whilst u should hive heen allowed compound iiiteicsl. When thi- suliject was hroiight up hy .Mr. Wood 1 askecl tlio Biiokkeei)er how he h id c ihiilated the interest, who said it u) penied to he at simple interest, and us the sum wis evidently a little les> than ') years intercs;, which correspond. 'd with the interval li.'twcen the Actsof |S,')4 and IS.V.i, I en(|uired no finth-r. But upon going into the culculatioi )rtli.'].ur- jio.-e of this answer. 1 nnd tint it is at coiiipoimd inti'.cst from the date of the jiussing ol the Aet of 1S;')4. 1 n made out of the siiecial revenues, and that the !:(j:mi;i;) from C'oiisolid ited Fund rem iiiicd intact, llail wo I.een working iijion the Act of 1S.")4 alone, I think lint w.)uld hive Ijccu the proi.er interpre t ition of the Ac ; hut ill tnut c ise, the claim of I'pi. ■!■ ('nrida to any compensation would not h.vejiccriled uiilil the sp ■cial levciHies were (xhaustid. which wo'iild not have Ijeen till a'loiit If^.V.I. ami thereafter an ei|iiiv,lenl umonnt would from yi>ur to year have heen paytihlo to ih,' "pper (.'aiiad.i Bu Iding Fund as <.'(,n,solidated Fmai wis dliwn inon for further e.xpei, ire up to iiOOD.tX)'). " sin,' l.s.j."). Inste.id of whicii ('iiper Canida his liaolidated Fund, The ij'dUT.S'.M which was left of the fund in IS.")',) was not therefore the .s ill )(), 01)0 from Consolidated Fund und some small halance from tho .special revenues; hut it w.is whit rennined of an undivided *il,4.")S,2.J3 upon the larger portion of which I'lipcr (.'anid i had no el lim to compensation at all. Giving the greatest weight possildo therefore to ,\lr. Woods argument, it apjiears to me that it is only ui>on about !t!287,l:iU of the Building Fund that uiiv claim can ho advanced hy Upper Canada to receive per cent, interest. But I go further, and contend tliiit they hav(> no right to any more than 5 percent, since 18,W upon any portion of the fund. In ISaC, when, instead of 'waitiiii; until it might he re- (liiired, the sOod.doi) f,.,,,,, (.'onsolid:)te(l Fund was uddcil to the Seigniorial Fund, and made to hear interest, a similar amount ..ught to hive heen id.iced to the cicilit of r]iper f'anada, and similarly treated. At any rate, in IS.".7, when the J'.uilding Fund was created for the e.\presspuriioseol con taiiiing any sums iipplicalile to local ]iurposes in Upper Canada, !:GlX),0(JO should have heen placed to Us credit with interest froin.Iimi' I, IS,)."), as I gave the statement of the fund in the public accounts of that year. The account hetween the two I'rnvinces would then have been s(|ii:ired, and the jiroceeds of the ir'Ono.OUO would have formed part of the I'und. undistingnishahlo from any other portion, and could not Imvo been alfected by .Tny .sut>sei|iient legislation resp(>i'tiiig tlio Seigniorial tenure. It was not done then, but in ISli'O the addition w.is made to the fund, .it such rates of interest, as to Jilac* it in the sama position as it would have been if tho entries hud been made at the time.