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' ■ • ■ f ■

GRAND TRUNK RAILWAY COMPANY OF CANADA.

VERBATIM REPORT

OF THE

PROCEEDINGS

AT THE

OHDINARY GENERAL MEETING
OF THE COMPANY,

I \

HELD AT THE

CITY TERMINUS HOTEL, CANNON STREET,
LONDON, E.G.,

On Tuesday, April 22nd, i8go^

W PURSUANCE OF THE FOLLOWING ADVERTISEMENT:-

Notice is Hereby Given that the Ordinary General Half- Yearly Meet-
ing of the Grand Trunk Railway Company of Canada will be held at
the City Terminus Hotel, Cannon Street, London, E.C., on Tuesday,
the a3nd day of April, 1890, at Four o'clock p.m. precisely, for
the purpose of receiving a Report from the Directors, for the Election
of Directors and Audk'.ors, and for the transaction of other business of
the Company.

Notice is also Given that a Lease of the Toronto Belt Line Railway
to the Grand Trunk Railway Company of Canada will be submitted tc
the said Meeting lor approval or otherwise. «

Notice is also Given that the Transfer Books of the Company will \a
Closed from Wednesday^ March 36, to the day of Meeting, both

days inclusive.

By order,

H. W. TYLER, Preiident.
J. B. RENTON, S.crcury.

Dashwood House, 9, N«w Broad Strost,
London, S>C., Marsh ai, iSuOb

..If';^". V-ij- A-*,

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"■*•" ■ ' iii in i i ii

Grand Trunk Railway C

■ i >V

itSfnir ^

600 FEET Horizontal

60 FEET VERTICAL

(united states)

f/f

' f/mwmp/p/PA

OPEN CUTTING

LEVEL or ^ATER

LENGTH OF TUNNEL 6,00

Iailway Compy of Canada,

600 FEET Horizontal -
60 FEET Vertical -

One Inch

apnm

(CANADA )

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OBAND TRUNK RAILWAY OF CANADA.

'^•- ■/

V ERBATIM REPORT,

•'"•'■; ' ■^^^"v ■ ',"''■"■' OF THE ':.[y- ,. ' .

'' PROCEEDINGS

AT THE - - >

ORDINARY GENERAL MEETING OF THE COMPANY,

HELD AT THE
OITY TERMINUS HOTBXi, CANNON ST.. LONDON, ^
0« Tuesday, April sznd, rSgo.

The Secretary (Mr. J. B. Rcnton) read the notice
convening the meeting.

The President, who was received with cheers, said :
Before proceeding to the business of the meeting,
gentlemen, it will be m>- duty to read to you a cable-
gram, and I may say a very satisfactory one, which
we have received from Canada this morning. The
cablegram runs as follows : —

** Work on St. Clair Tunnel going on most satisfactorily ;
from 6 to 8 feet a day being taken out on United Sates
side under compressed air system ; will be increased as men
become familiar with work." , .

• That I will explain to you presently on the diagram
of the tunnel which we have prepared specially for the
purpose. - ; ^ »

• "At 7 this morning (Vlond-iy) 3,548 feet completed." i,
< That means to say, ih-it between this day and our
last meeting six months ago one-half of the tunnel has
been constructed. (Applause.)

" Michigan law re passenger fares will be declared uncon*
^stltutional."

That iinconstitutional lavv has been ^ considerable

flisadvantngc to us. The State of Michigan, as you

-^
.<

r .

<*-

4 Tfu Grand Trunk Railway of Canada

will remember, last year enacted a law under which
they reduced our passenger fares, and the passenger
fares of other railways. We complained of it at the
la^t iiieetihg, and we Have complained of ilet^er'sflrti^^
and you now see that it will be declared unconstitu-
tional (Cheers.) I may perhaps on that ^ubjedf just
mention to you that under the laws of Michigan you
cannot obtain a charter for any railway, but all railways
are made under a general law of, I think, 1855. Under
that law we were entitled to charge 3 cents per mile.
It provided that " the compensation for any passenger
and his ordinary baggage shall not exceed 3 cents per
mile," and the Legislature reserved the right to reduce
the rates and fares, " but not without the consent of
the (railroad) Corporation shall they be s6 reduced as
to produce less than 15 per cent, on the capital
actually paid." In 1889, they enacted another law,
which provided that all railroads in the southerii
portion of the State, whose passenger earnings for
the year 18S8 equalled or exceeded 3,CXX) dols. per
mile, shall carry passengers henceforth at the rate of
2 cents per mile, those whose passenger earnings were
over 2,000 dois. per mile, and under 3,000 dols. per mile
at 2^ cents per mile, and those under 2,000 dols, per
mile may charge3 cents. That was a most arbitrary Act,
which will now, we find, be declared unconstitutional,
(Hear, hear.) • '

There is another matter which, perhaps, I ought to
refer to by the way, and that is a statement which
was' made in that excellent Conservative newspaper,
the Standard^ in regard to us not many days ago,
The Editor of the Standard •wz.% <^oq^ enough to say:
'^^^ The - Grand Trunk Company pubhsJied its last
week's traffic figures to-day instead of, as custontaiy^
hitherto on Thursday, If it can cofitim* to dUthis^

;■. ■. . . \

/ ,, .. ,^

<.-'■

'■fii ,.

Iteport of the Procadings^ April 2i, iZgo S

iltnd at the same time prevent thz formation of a fresh
ieak, such as that whereby the figures wete hithtrto
knotun pfivatily on the day befotepnblicationy it will have
tjfected a valuable improvement." And after some-
thing about fresh issues of capital, the editor continues :
— ^" If the company were about to raise money to pay
fm its vitally necessary extension to the Sault Ste.
Mari6y the news would have been favourabUi not the
'reverse ; but tJtere is no hope of that under the present
sleepy management^* (Laughter.) These City editors
afe, as you know — dressed in a little brief authority-
very great personages, and wc, poor presidents of com-
panies, are unable and are very foolish if we even
attempt to contend with them in their City articles.
There is a well-known Italian proverb, "E ardito, il
gallo, sopra il suo letame," which means, the cock is
bold on his own dunghill. Now, this City editor has
been very bold in what amounts'practically to a posi-
tive assertion that our weekly traffic figures up to the
present time were hitherto known privately on the day
before their publication. That is a matter which it
Would be useless to pretend to discuss In a City
' article with a gentleman who does not heisitate to make
So wild an assertion, but which I iam bound to lay be-
fore you as proprietors of this company. (Hear, hean)
I may say that we have ourselves, from time to time,
heard rumours on this subject, and gentlerhen have even
iflometo the office saying they were able to tell us the day
before what our traffic was going to be. I have always
.blade one r6ply in every case to these statements. I
^liave saidj " If you Urill bring to me on any Wednesday
evening the figures of our traffic which will be pub-
lis^ied on the Thursday morning then I will believe
you.. It is not sufficient to tell me after the publica-
:^tioi) thatyou have heard or known the figures before-

(f TIte GraHfl Trunk RaihiHiy of Canada

hanc), hutyou must bring thorn to mo on tho Wednei-
day evening, and then I will believe you." They have
several times tried it, but they have never succeeded.
There is another test which I have applied. Wq
determined a few weeks ago that the traffic should, if
possible, be cabled . from Canada on Tuesday night,
instead of Wednesday night as formerly, in order that
we might publish the figures on Wednesday instead of
Thursday. Now, if outsiders knew anything of what
is going on through the office at Montreal, they would
have found out, through their friends inside, that we
intended to make this earlier publication, and they
would have known it ; but the traffic was published
on Wednesday, to the astonishment of everybody,
and nobody had the slightest inkling of it. So far as
our office in London is concerned, the traffic returns
arrive during the night, and are brought to the
Grand Trunk office when the telegraph office
opens in the morning. The envelope is opened
in the presence of the secretary or assistant-secretary
at 9.30 ; the figures are then sent to the Stock Ex-
change at an hour arranged to suit the authorities
there, and also sent to the country Stock Exchanges
and the Exchange Telegraph; and when the mes-
senger comes back the return is stuck up in the office
and sent to all the newspapers, so that there is no
possibility of any leakage in London. We have con-
stantly communicated with Sir Joseph Hickson as to
the rumours which prevailed here, and he has taken
all possible pains, so that there is, we are convinced,
no leakage in Canada. We cannot control the
guesses which are made by interested parties, who
employ persons in Canada, at considerable salaries,
to forward information to them for purposes of specu-
lation. Good guesses may eaaily be made from time

Repot t of tht Procccdin^^^ Aprti 2 3, i S90 7

to time from information 80 supplied, and frequently
6ven without it, Btit^ as far as any information leak*
ingf out officially is eonderned, I unhesitatingly assert
that the statement as to leakage is entirely false.

As regiards the allegation of large fresh issues, which
the City Editor himself believes to be untrue, I may
say thit tiie foundation ^or such rumours is no doubt
to be traced to a bill which we are promoting
before the Canadian Legislature, and I will explain
^Pf«>to jKOi2^4mder iKhat circumstuiccs we are promot-
ing that bill. You know we are constructing the
St. Clair Tunnel, and we are doubling the track
between Montreal and Toronto, and other money will
hereafter be required for other purposes. In the case
of all previous works that we have been carrying on
we have issued bonds chargeable on those works, and
we have power to issue bonds to pay for the construc-
tion of the St Clair Tunnel, as we had, for instance,
for the International Bridge at Buffalo. Now, we
thought to ourselves it would be a much more reason-
able course to pursue, and more economical for the
company, if, instead of first issuing these bonds to the
public, and then afterwards going through the process
of converting them into four per cent debenture stock,
we were to ask for power to issue the four per cent
debenture stock in the first instance, and in so doing
to acquire the bonds as security for the company. We
should save the previous issue of the bonds to the
public, and the conversion of them into four per cent,
debenture stock ; but in order to do that we require
Parliamentary power, and we have therefore applied
for that power, and we hope this bill will very shortly
become law; and we shall then have power to
issue debenture stock for the tunnel, and for the
completion of the doubling of the line betwe(:n Montreal

S The Grand Trunk Railway of Canada

and Toronto, and for other purposes ; but as for any
further issues by the company, we do not contemplate
issuing any more than if this bill had not been pro-
moted, because we shall only issue stock as required for
these particular purposes. But we always endeavour
to look well ahead, and to be provided with an
ample margin of issuing power, to meet any con-
. tingencies that may possibly arise in the future.
. The only other point I need refer to, as regards the
. Standard siAtQxnQnis, is that the City Editor is very
anxious to see our line continued to the Sault Stc.
■ Marie, and as long as we dp not obey his behests in
this respect I have no doubt he will continue to caU
" us a sleepy management. As far as my experiertiCe
goes the word sleepy is not very applicable to the
Grand Trunk Railway. Having regard to the com-
petition which we are constantly exposed to, and to
the work we have been going through for the last four-
teen years in continually amalgamating with other
lines, and working in such a country against enormous
competition, our operations have been the very
reverse of sleepy. (Hear, hear.) You know we have
enlarged this company from 1,400 miles up to nearly
5,000 miles, which we no»v control, and you know what
wc have gone through in doing that. As regards the
extension to the Sault Ste. Marie, there are many things
connected with it which I hardly like to dispuss in
public ; but we have, I may tell you, ap;)licd tp the
Canadian Parliament for what we think we have a right
to, and that is a subsidy for miking the railway frotp
a place called Burks Falls, on our. northern extension,
to Lai<c Nipissjng, tP the Sault Stc. Marie. Now,that Is
a questipn of making 300 miles of railway, and I am
, sure you would not wish, us to undertf4J<e it without
obtaining a subsidy from the Canadian Government,

- M'

Riport of the Proceedings, April 22, 1890

and if we can do so from the local Parliament as well;
and even when we reach the Sault Ste. Marie, there is
the question of traffic from lines 500 miles further.
If you get to the Sault without having arrange-
ments for traffic coming from such lines — from
Minneapolis and other places, your line would not
. pay ; so that there are a good many considerations
to be thought of, and we must be content to be
called sleepy, but we are not content to bring anything
before you unless we can see our way to make it pay.
(Loud cheers.) 1

r Coming to the question of the working of the past
half-year to December 31, 1889, if we have not done all
we could have wished during the half-year, we have
at all events made substantial progress in spite
of some serious disadvantages. You will have seen
that such is the case by the report which has been"
circulated, and which I suppose we may take as read ;
and I will now proceed to analyse the figures, and
give you some further figures with regard to the
work of the half-year. In the first place, our gross
receipts have been ;^2,203,026 for the half-year of
1889, as against ^^2,054,067 for the corresponding
period of 1888, showing an increase of ;6 138,959 —
;^i39,cxx) practically ; and the net revenue for the six
months ending December, 1889, was ;^63 1,830, against
^613,498 for the corresponding half of 1888, showing
an increase of net revenue of ;^68,332. Now the in-
crease of net revenue is earned in this way : Receipts
from the passenger department show an increase of
only ;^503, but the receipts from the freight depart-
ment show an increase of not less than ;^i 39,340.
Added to this ;^26,345 for extra and special receipts
(including what we received from the Chicago and
Grand Trunk, and deducting the loss on the Detroit

10 7V« Gtauu Trunk Railway q/' Canada

Crand Haven and Milwaukee) the total increase wat
-;Ci66,i83. If we deduct froni thkt turn of ;f 166,186
£97^1^ increase df wbfking expenses, that leaveli
us the figures given above oT increase 'of net revcnira
0f;f68,333. ' ■

As regards the ^ receipts ' from passenger trains,
^JJithhiij)^ they were, as I have said, ;^503 belter
than the coirrtisptiadia^ half-year, yet I must add that
this increasel was not due io passengers but to
express business carried with passenger trains, and
there was an actual loss in the receipts from
passengers. We ran 174,000 passenger train miles
more thah in the corresponding half of 1888,
and 392,000 passenger car miles more. We thus pro-
vided an excellent service for passengers in order to
meet the increasing competition which is always
coming upon us, as a so to provide a tram set vice tor
the increased length of our line. We carried in the half-
year of 1889 3,696,000 passengers, against 3,646,000
in the corresponding period of 1888 — 50,000 more,
and that is a greater number than in any previous
half-year ; but, unfortunately, we received a lower
average fare than ever before — namely, 3s. 8j^d.—
partly because of the low rates of the Michigan lines, in
regard to which I have already spoken. The through
passenger traiTic, that is the longer distance traffic ex-
changed with other companies, was also lower, whilst
our local short distance suburban trafHic has increased.
Now, the decline of passenger receipts was due to
four causes — namely, (i) to bad weather during the
half-year, (2) to a great deal of illness which pre-
vailed .particularly during the latter part of the year, (3)
partly to people having less cash to spend upon
travelling, and (4) to lower fares in Michigan. However,
by the latest accounts, we are led to hope for some im-

i?<^// <?/ M# ProuedingSt Aprif 22, 1B70 it

provement in these respects, which are anxlotislf io bft'
desired because the expenses of the train services irs
incurred in any case, and any increase of passenger
receipts, not entailing extra expenses, is practically aU
net revenue. As one minor branch of our past
senger traffic I may refer to the question of immi*
gration. There were fewer immigrants landed in
the half-year of 18S9 than in the corresponding
half-year of 1888. The immigrants into Canada
were few in comparison to those going into
the United States. The figures are these — in
the half-year of 1889 there were landed at Quebec
10,504, against 13,688 in the corresponding half of
1888. In Montreal there were landed 2,019, against
3,848 in the half-year of 1888. At the United
States ports there were landed 190,408, against
202,310 in the corresponding half of 188S. Of these we
carried 16,821 in 1889, as against 25,953 in the half-
year of 1888, so that we carried 9,132 less immigrants
in the half-year of 1889 than in the corresponding
half - year of 1888. These immigrants were
mostly handed to us by seven of our American
connections from the United States ports. You
will see by what I have said that as regards immi-
grant traffic, we are, unfortunately, obliged to rely on
what we receive from the United States rather than on
Canadian sources. : : ,

< I come now to the freight traffic. In the report
which we have sent round to you we have given
you the number of tons carried ; and this, to avoid
confusion.I shall not now refer to at all,but I shall speak
of ton-miles only as a more correct and better mode of
dealing with the matter. I mean number of tons moved
one mile. In that way you will best see the actual in-
crcut of the work we have performed, how much wat

iMm«n>

1 2 The Grand Trunk Railway cj Canadit, _

through, traflfic, and how much was locals &ti<3^1ievR
much was east-bound and -how much Vras
west abound; and how these various descriptions
of traflfic compared with the half-year of 1888.-, -I-
hope you will bear with me while I give you a few-
figures. We earned, as I have already raen-
tioned, ;^i 39,340 more in freight in this half-year than
in the corresponding half-year; and, in order to do this;
we carried 957,000,000 ton-miles in 18^89, against
880,000,000 in 1 833, making an increase of 77,000,000
ton-miles in the halfrycar of 18 89' over the* half-year of
1888. But it is most importanta^regards theeconomy
of working to ascertain how much of this traffic was
east-bound, and how much was vvest*bound,and the
relative proportions in the two half-years. We find
accordingly that of the 957,000,000 ton -miles in 1889
we carried not less than 75 per cent.,- or three-quarters
of it, east-bound — namely, 714,000,000 of ton-miles ;
whilst we carried 25 per cent, orftiii«»{|trtirkcr West-
bound -— namely, 243,000,000 ton-railesi In the
corfesponding half of 1888, of the 88o,ooo,'O0(i
of ton-miles, we carried 70 psr cent, or 6i2,OD3,OG>o
ton - miles cast - bound, and 301 pet,' centi or
^55,000,030 west-bound. You will see, therefore,
that what we may call unproductive mileage
was increased, and many more empty <iars were run
west-bound, all of which militates against economy of
ivorking expenses. In fact, we had no- less than' 33
per cent, of unproductive mileage in i^Sg\ against 28
per cent, of unproductive mileage 'in 1 888. -Now,
looking at the. question from another pr>int of view,
the -cast-bour^l and the west-bound traffic having thus
|jcei>,disproportit»nate, it will be easily understooi that
wit^ a greater p^pportion of cars running empty
from, the east, the average tonnage per car per fnU«

Rtpei^qftht; Proceedings, April 22^ iZgo 13.

must, b«^ye be^n less. Accordingly we find that the;
average load of cars in 1889 wasi 7.^1 tons, against,
7.86 tons in tl\e corresponding half of i888.

It is hf^fdly less important from other points of view,
to. ascertain thQ working of our through and local traffiq.
m different half-years. I have the full figures before
me, but to avoid ivearying you I will only give you
the general results. There has been an increase in
through freight of 78,000,000 of ton-miles, of which
74,009,000 were east-bound, and 4,000,000 west-bound ;
but, still more remarkable, there was an actual decrease
of local freight of 1,000,000 ton-miles, arrived at by
deducting an increase of 28,000,000 of ton-miles east-
bound from a decrease of 29,000,000 ot ton-miles
west-bound, of which I shall presently give some
explanation. The relative percentages of the ton- miles
of through and local traffic have also altered as com'
pared with 1888. The percentage of through traffic has
increased from 49 to 53 per cent, of the total, while
, the percentage of local traffic has decreased from 5 1
to 47 per cent, of the total. Now, as regards the in-
crease of through freight east-bound of 74,000,000 of
'. ton-miles, no less than 63,000,000 ton-miles were in
dressed meat and live stock more in the 1*889 than in
„ the 1 838 half-year. I may say that we were fairly well
; patron,ised by all the principal dressed-meat shippers —
, Armour, Hammond, Swift, Morris. Out of 27,216 car
' loads sent from Chicago and other points we carried
no less than 12,959 car loads in the half year. But this
alone will give nearly 6,000,000 loaded car miles east-
bound, and 6,000,000 empty car miles west-bound.
That accounts for a good deal of the increase of east-
bound and the decrease of west-bound traffic. As
regards the local traffic west-bound we have had no
ihipmenU Qf raw sugar from Halifax to Montreai, 'm

1*4 The Grand Trunk Railway of CttnddJn '

consequence of the failure of the Brazil sugar crop ; ani' v
the rates by boat and rail from Boston were too low'l
to admit of our competing for refined sugar to* [
Toronto, Hamilton, or London, or for some other ;
produce. Of this traflfic, we carried 4,700 tons in the' i
corresponding half-year, which would give a very con- ,
siderable ton mileage for 18S8. *As regards the i
decrease of west-bound local traffic, we also sent '
less west-bound traflfic in 1889 to the Chicago and .
Grand Trunk from local stations in our midland dis-
trict and west of Toronto, notably in barley for the
west, because there had been in the west a much larger
local production of barley.. There was a further
decrease of 37,000 tons in the totar traffic out
of New York to points reached by the Grand
Trunk Railway, though our percentage of it
shows a small increase. You will remember that I
had to speak last year of the decrease of our coal
traffic. This last half-year wo received 81, ooo more
tons of coal, on which we earned 47,coo dols. more.
The Intercolonial and West Shore gave us less coal.
All the other companies gave us more coal. I may men-
tion, without going into detailed figures, that we received
more traffic from the Wabash, the Detroit, Grand
Haven and Milwaukee, the New York Central, the ;
Rome, Watertown and Ogdensburg, the Erie, the 1
Delaware, Lackawanna and Western, and the i
Lehigh Valley ; and less from the West Shore,
the Michigan Central, the Toledo and Ann Arbor, and
the Vermont Central, though we handed more traffic to
Cither lines, especially to our Eastern connections. It is
rather gratifying to find, as we learn by recent
letters, that we are now working a through freight
1 me carrying traffic between ^he Vanderbilt lines on

K-

'H'

the east and the west of us through the peninsula of 'ftr

Rcf>ort of tJte Proceedings, April 22, \^^Q 15

Ontario; that is to say, the West Shore and the
^oosac Tunnel route bring us the traffic to
Niagara to carry to Detroit and there to be handed
to the Michigan Southern and Lake Shore for

• Toledo and the south-West, and vice versd. - •

'The traffic received at Montreal during the
half - year was the largest on record ; and, with
our through traffic, severely taxed the large ac-
commodation that we have near Montreal at Point
St. Charles. We received increased traffic also at
Toronto and Hamilton, which is satisfactory, con-
sidering the competition we now have at those places.
There was a decrease ia passenger traffic, but an in-
crea<;e in goods, exchanged with the Canadian Pacific
Railway at North Bay on Lake Nipissing. The rates
bn this traffic have lately been settled by arbitration.
The Chicago and Grand Trunk gave us a larger ton-
nage, yielding a larger revenue, than in any previous
\ half-year ; and on all descriptions of traffic out of
Chicago you will be surprised to learn that we carried
no less than 20.99 percent, practically 21 per cent.,
against 14.82 per cent, in the December half of 1888 ;
and the revenue on traffic interchanged with the
Chicago and Grand Trunk— which shows we are not so
sleepy as the Standard would lead you to believe in
managing our affairs in Canada — has increased in the
last four years from ;^2io,cxx) to ;^3 20,000.

• Next, as regards the rates at which we have t^xri&i
traffic during the half-year. The actual rate received
on the average per ton per mile has slightly in-
creased as ' compared with the corresponding half-
year; it is 75-iooths of a cent or fgths of a
penny per ton per mile, against 74-iooths of a cent
in the corresponding half-year, and 78-iooth8 for
■1887. ' ■ • *■ •

'■A

f:Jt.l

H**

\"-:

t6i

TJte Grand Trunk Railway of Canada

, We dp not find .in tUe. cqmparatiye exports and im?.^
ports of Canada and the United States any explanation^
for- the fajling-offinour local west-:bound traffic, but
wq are rather led to believe that it is mainly, in con-,
sequence of more west-bound traffic having been,
carxied at lower rates by water routes. The. eX|ports
from Canada for the fiscal year ending June 30 were,
89, 1 89,000 dols., and these exports have not varied much
in the last five years, though they were rather less in
1889 than in i888 ; whilst the imports into Canada for
the year were 115,224,000 dols., and tliese imports in-
creased by 4,330,000 dols. over 1388, being an increase
over all the previous fouryears.so that you will see, while
the exports have not much varied, and are rather less, the
imports have somewhat increased. But just the ,
contrary has happened in the United States. The.
exports have increased more than the imports
in 18S9 as compared with 18S8. Taking, how-
ever, the five years from 1885, the export.s
have increased from 688,coo,ooo dols. in 1885 to
827,000,000 dols. in 1889, while the imports have in-
creased from 588,000,000 dols. in 1885 to 770,000,005
dols.in 1889. I am disappointed tofind that the tonnage
of sea-going vessels arriving at the port of Montreal
does not increase so much as we might anticipate,
.There were 522 steamers in the half-year, of 1889
carrying 763,783 tons, against 532 in 1888, carrying
•742,276 tons ; whilst of sailing ships — sea-going sail-
ing ships — arriving at the port in 1889 there were 17^
carrying 59,882 tons, whilst in 1888 there were
123 carrying 40,000 tons. Practically, there has
been no. great increase for the last four years. There
has, however, beeq a great increase in the numbed
pC ioiand vessels, which means increased competition
with th« railway ratei. There have been s*S4p^

•;!• ■

<>';.-

'X- '

:■

■ 1
I

Rep(iri of the Prowding^, Aprii 22., i^go If

■' w

♦.■ '

vfsspls, parrying 1,069,709 tops in i889ags|inst 5,50Q
ves^^Is, with 8(53,014 tons in 1888.

I comQ DOW tq the question of working expenses,
which i^ fnost important to us. (Cheers.) We have all
ej^perienced during the past half-year sortie disappoint-:
ipept on the arrival of certain of the monthly revenue
statfsinents sept to us from Canada, as regatds the per-r

. cpp^age of working expenses to the increase of gross
receipts. However, taking the half-year as a whole;
an<^ Jqoking carefully to all the circumstances, the re-*
suit ^oes not appear so unfavourable as we theii'
thought it was. The passenger receipts are lower
for a longer passenger train mileage. Corn, though
so abundant, was carried at a miserable 20 cents'
rate by the action of our competitors. I have told*
you that the local west-bound traffic fell off, and
r believe mainly because of the water competition,*
while the east-bound traffic increased so largely. I"
am sorry to say we have been compelled to carry
dressed beef at a 45 cent rate, compared with a 65 cent
rate which we were formerly able to obtain for it. *
But it is some satisfaction to find that as against'

' these adverse conditions the expenses per train mile "
on the railway were reduced from 82.8 cents in 1888
to 80.8 cents for 1889. (Hear, hear.) Of the increase of •
working expenses of ;^97,855, there were spent on the '
permanent way and works ;^2 2,796, and on rent of roll-
ing stock, £2 3,780. These two items account for some-
thing like 50 per cent, of the increase in the working '
expenses. Tjic rent of rolling stock I may refer to
as being the amount we have to pay on the special '
cars — such as dressed beef and live-stock cars — running '
over our line. They are owned by the consignors of '
the traffic, and all companies running them have to *•
pay a certain rate for the cars. We had it reduced >

1 8 The Grand Trunk Railway of Canada

from one cent to three-quarters of a cent per mile ; but,
unfortunately, some of the competing companies have
been bidding higher. Of course, if they continue to
do so we may have to pay even more than we have
been doing. In the locomotive department there is
an increase of ;^30,623, which nearly makes up, with
the figures I have given you, the total increase in the
working expenses; but this last item is fully accounted '
for by the increased mileage run ; indeed, the percen-
tage of expenses to gross receipts in the locomotive
department shows an actual reduction so far as engines
are concerned. The working and repairing of engines
cost 20.54 cents per engine mile in 1S89, against 20.96
cents per engine mile in 1888. We have run 9,462,753
train miles, against 8,636,527 train miles in 18S8, giving
an increase of 826,226. The cost of maintaining the
car stock per car mile was in 1889 .501 of a cent, and
in 1888 .545 of a cent ; showing also a moderate re-
duction. You are aware from the report that we have
added 1,000 new cars and one new sno\v plough to
our rolling stock last half-year. There is still a cry
for more engines and more cars which shows that our
traffic is continually increasing.

Now the monthly Revenue Statement, which '
gave us the greatest feeling of discontent during
the half-year was that for September. We have
been at the pains of ascertaining what our neigh- '
hours experienced in regard to the working of >,
the month of September. Their returns, that
is to say the returns of our neighbours for the '^
same period were, we find, not more satis-^
factory than the returns of the Grand Trunk. The*
Pennsylvania Company earned 143,000 dols. more ^
in gross receipts, but showed only an increase
of net receipts of 24,000 dols. ; the Philadelphia and

]^0rt ofthi PfOCiidingSy April 22, 1^90 I0

Reeling Company showed a decrease in net receipts
of yofioo dols.; the Delaware and Lackawanna,
for the quarter ending September showed a decrease
in net receipts of 57,000 dels. ; the Boston and
Albany for the same period, with a gross increase of
about 26,000 dols., showed a decrease in the net re-
ceipts of 200,000 dols. ; the Delaware and Hudson
Company show an increase in gross earnings of
47,000 dols., with a decrease in net earningst of 1,667
dols, ; and the New York Central, for the month of
September, published a decreased gross earn-
ing of 16,000 dols. ; so that, although we
were disappointed with our own working, we
still fared better than our neighbours.

As regards our capital expenditure we have only
spent ;^5 1,863 on new works during the half-year,
including sidings, stations, bridges, &c., though we
spent ;^98,98i on the 1,000 new cars, of which I
have spoken to you. To December 31, 1889,
we have spent ;^449,S82 in doubling the line, and
j<^l 57,65s on the Sarnia Tunnel, and we shall proceed
with these works as rapidly as possible because we
believe — in fact we have ascertained — that we are
saving a good deal of delay to our traffic by doubling
the line, and we are reducing our expenses ; and both
of these works will be of very great advantage to the
company.

] I have some important details here, of which I will
give you the general result, as regards the savings
effected in our pre-preference interest On a fair
comparison of the pre-preference charges of 1887
and 1889 I find there was an actual reduction
in pre-preference charges of jC6,gS2 per annum,
which was equal to a saving of interest of 4 per
cent on ;^i73,8oo,of debenture stock. But in those

^O TJu Grand Trunk Railway •f Canada

three years, during which we ^aved this sum of
^6,952 a year, we expended ;^842,2qp qf capita ex-
penditure ; and I will give you the actual figurei -
During the years 1887, i388, and 1889, we spent in
doubling the track,' ;£449,8oo ; in new worksi
;^i95,ooo ; in rolling stock, £173,000 ; on the Gjty of.
Montreal claim ;^20,ooo ; on the Northern and North-
western Consolidation, £7,7'A9 \ on the Portland
City Elevator, £2,67^ ; on land and land damages,
^1,900; total, after deducting various credits,
;^842,200 ; which we actually spent. By the saving
of interest effected by the conversion pf our bonds '
and other securities into four per cent, debenture
stock we not only expended this large siim of'
money without increasing our pre-prefcrence charges, •
but we actually saved whilst spending it, the ^^6,950,
of which I have spoken, so that — you may put it one
way or the other — there was, looking at it in one
way, an actual saving of ;^43,ooo a year by the
conversions of these three years ; or else, looking
it in another way, we spent all this money without •
adding^ to our pro-preference charges, and not only .
so, but we diminished them during the same period
by £6,g$o a year, (Hear, hear.) I like to men-
tion this, because I only the other day received a
letter from a proprietor who said we were doing a very '
useless thing in doubling the line from Montreal to '
Toronto, that we had not enough traffic to carry on ^
a single line, and that we ought to save money
instead of speeding money uselessly and thus adding ;
to our pre-prcfercnce charges. That only shows how •
difficult it is to get some gentlemen to follow what •
we are doing ; and I may add, further, that during. ;
this year 1890 we shall be able to convert ;£^540,ooo "
of six per cent. Great Western bonds, which are

Report of the Pfoceedtngs, April 22, 1890 21

falling due, into four per cent, debenture stock, pro-
.ducing an additional saving o\ over ;£"io,ooo a
year. (Cheers.) As regards the doubling of our
track, we have already given you in the report
the exact figures of what we are doing. The fact
is, our traffic, in spite of what my correspondent
has said, has been so heavy on this Central sectioii,
and is happily always increasing, that the doubling of
the track is absolutely necessary. I do not believe
that anywhere else in the world has such a heavy traffic
been carried on a single line for such a distance — 333
miles ; and I may mention to you that a great many
people do not appear 10 realise the magnitude of the
work we are carrying out in doubling that portion
of our track. From Montreal to Toronto is 333
miles long. We are also doubling from Toronto
to Hamilton and thence to the Niagara River, which
is another 80 miles, so that really we are carrying out
these works over distances as great as from London
to Edinburgh. I think that gives us all a better
idea of what we are doing. Fancy an English line
that was laying down a second line of rails all the
way from London to Edinburgh ! They would think
it a very great work, but I am happy to say that
we have got it about half done, and it will not be
Ihany years before we have completed it. The im-
proved results of it are already apparent. (Applause.)
We are ^ble to keep better time with our high-speed
trains — the passenger, and dressed beef tt-ains — which
are required to run at a high speed in way that
it Wcula otherwise have been impossible to do. Then,
again, the expenses have been reduced wherever
pfacticable ; and I may mention, as it shows the
value ol'^oubling the line, that, comparing 1889 with
1^36, ifie train mileage l)etweeQ lllontreal and Torchitb,

i «

, ta TAe Grand Truvk Railway cf Can add

which is the most crowded portion of our system, has
increased lo per cent, while the delays to the trains
have decreased by 38 per cent., which is a great
saving, and another indication of " sleepy " manage-
ment As yet we are embarrassed with the con-
struction trains, and with the disadvantage of having
to build a second line alongside the running line ; but
when these disadvantages have been got rid of, and
our double line is complete, we shall find very much
more value and advantage from it.

There is another point which I ought to mention
to you. We had two serious accidents as you
will remember during the past year; one at St
George's, 20 miles west of Hamilton, and the other
in what they call the Hamilton Junction Cut, both
on the Great Western section. Some inquiries have
been made as to whether we have charged out the cost
of these accidents, or what has been done in regard
to them. Well, as to the cost of the St George's
accident, I may mention that the coroner's v?*'dict
in regard to it was that it occurred from the break-
ing of the tyre of the engine wheel of the train, and
the jury exonerated the company and its servants.
The damage to the rolling stock amounted to ;63>ooo,
and other expenses to £2,000, or a total of ;£ 5,000,
which has been all paid ; but there are suits pending,
one of which is now before the Court As this case
is sub judict you will appreciate my not saying any-
thing, except that I am hopeful as regards the result
to this company. With regard to the Hamilton
Junction Cut accident, that was to a limited express
train from the west to New York. In this case the
coroner's verdict attributes the accident to the break-
ing of the flange of the left leading wheel of the
engine truck. The damage done to the rolling stock

i I

Report of tfte Proceedings, April 22, 1890 23

amounted to ;^8,8oo, less charged to company's insur-
ance fund jQ^jooo, leaving ;^4,300. Other expenses
come to jQ6oo, or ;^4,900 altogether, which has been
paid. In that case we have had as yet noaction against
the company, and no compensation has been paid.

I now come to the St. Clair Tunnel, and if you will
allow me I will explain what we are doing with re-
spect to that tunnel. This is one of the most interest-
ing engineering works of the day. It is very much
larger, nearly four times as large as any tunnel which
has yet been constructed on the system adopted. The
diagram on the wall has been specially prepared to
give you an idea of the progress we have made.* You
will see there the St. Clair River is at its deepest
point 40 feet deep, and is about 700 or 800 yards
wide. I may mention that — as is usual with these
sort of diagrams — the horizontal scale is ten times
the vertical scale, in order that you may better see it.
There is an open cutting made at each end
of the tunnel, and the tunnel is being driven
through from the portal on the Sarnia side
to the portal on the Port Huron side ; the whole length
of the tunnel being 6,000 feet, and the tunnel itself is
about 20 feet internal diameter. We began in the
6rst instance by putting down shafts and driving a
small heading frum each end, and as they were only
done by way of test in a cheap way, when they got in
a certain distance the gas came from the rock below
and blew the wooden lining up. In that way we
ascertained the nature of the stratum to be penetrated
and the difficulties we had to deal with — water above
and gas below. It is not that we are between the
devil and the deep sea, but it is rather more like
having a shallow sea above and the deep devil below.

* A oopyef tht dUtram on «rtduc«dMal« U mi harawith for th« inft
•f tliM« proprklon not abl* to ■itmcl th« mMtinf.

TJte Grand Trunk Rillway of Canada

(Laughter.) In constructing the tunnel we have two
shields. They are of massive wrought iron, one for
each end, constructed with sh^irp edges, and are each
pushed forward by i8 hydraulic presses. They are
being driven through a stratum mainly composed of
clay, more or less soft, though sometimes very hard,
with pockets of sand and water, and sometimes large
boulders. Up to within a short peHod our excellent
engineer has been pushing these shields forward,
and making progress with the completed tunnel, at
the rate of loft. a day at each end, which is
very good work. But he has recently been
putting in a water-tight and air-tight bulk-*
head with air-locks at the Port Huron or Americaii end,
so that the men may work in compressed air between
the shield and the bulkhead. The advantage of that
precaution is, if water from above or gas from below has
a tendency to make its way through from the face of
the work, the compressed air will keep them back
and allow the men to work safely inside the bulk-*
head, and so continue the progress of the work under
all conditions. I read a telegram to you at the
beginning of the proceedings which shows that work-
ing inside the bulkhead they are able to make pro-^
gress at the rate of 8 feet a day, and they hope, as
they get more used to it, to be able to attain a speed
still greater. This is, so far, very satisfactory, and I
have telegraphed to them at once to put in ii bulkhead
at the Canadian end, and to use their air-locks and
compressors at that end also — for this reason, that
in a work of this description you should, to securs
success, provide for the worst. If there is a sudden
irruption of gas or water, and the bulkhead is not
avAilable, we might suddenly bte inundated, and meet
Witb iii immeiisto dei^ of troublei cott, and cieia/^

• k

Report of the Proceedings^ April 22y I'^gQ ¥§

But by taking the precaution beforehand of piittiH^
in this other bulkhead, and by working ih compressbd
air at both ends, we avoid almost the possibility of
ftiisfortune, and we can go on with greater confidence.
As the tunnel proceeds it is absolutely cdrhpieted,
because the heavy cast iron lining which is used
throughout is strong enough to stand anything it can
meet with, and follows closely on the end of the shield.
The part of the tunnel which you see marked on the
diagram with red lines is absolutely completed, and
if we can only make the same progress that we have
been making hitherto I ought to be able to announce
to you at the next meeting that the tunnel is com-
pleted.. (Cheers). ■;■;•'•;.; •; :>.-\^

Well, gentlemen, you will have observed that there
have been several remarkable features in the working
of the last half-year, and especially during the latter
part of that half-year, as in the beginning of the pre-
sent half-year. It almost seems ludicrous to mention
it, but what they call *' La Grippe " in Canada, and
what we in Europe call influenza, or the dengue fever,
has been much more severely felt in Canada and the
United States than in this country. It has been
estimated that no less than 50 per cent, of our officers
and servants have suffered from it ; and from state-
ments we have received from Montreal it has been
ascertained that one- half of the population of
Montreal have suffered ; and from our agent ih
Chicago we learnt that they had in Chicago "on6
sick man for every well one." Thi3 has effected
bur traffic seriously. It was at one time difficult
to keep the trains running. We actually had notice
from our connecting railways that they could ttot
ireteive bur traffic, because they had so many people
dn the sick lists ; and when there was so much {W^ki^

26 The Grand Trunk Railway of Canada

\ i

/f ■ <

there was less travelling. That accounts partly for

the falling-off in the passenger traffic. Then, again,

while the harvests in Ontario and other places have

not turned out to be so good as was anticipated, yet

the harvest for corn (maize) has been even greater

than we had been led to believe . We were told they

had the greatest harvest of it the world has ever seen,

but prices have been much reduced, and there

is not sufficient margin of profit ; and they are at

the present moment finding it cheaper to burn corn

for fuel in some places than it is to burn coal. Then

we have had continually complaints of the want of

snow during the winter. They depend upon snow to

make roads and bring traffic to the stations, and from

the want of snow we have lost some traffic during the

winter which could not be carried to the stations. But

not only has there been a deficiency of snow but there

has also been a deficiency of ice. This has turned

to our advantage, for when they have, as they call

it, a bad crop or no crop of ice in our more

Southern districts we are abundantly supplied in our

Lake district, in our Midland division, and we have

been carrying a good deal of ice — in fact, there has

been lumber that we have not beer able to carry as

promptly as we could wish, because we have been

carrying so much ice. Happily for us, ice is not only

a luxury but a prime necessity in a great part of

America and Canada, and especially so in the great

cities ; and we may hope to earn during the summer

some extra money for carrying ice to many regions

of the United States, as large quantities have been

stored in various districts of our line. We really hop«

now, and we are led to believe, that there may be

what they call in America an improvement in trade

and In travel. You will observe that, although a

Report 0/ the PfweedingStApri/ 22, iBgo 27

good deal was prophesied that we should be ruined
by competition one way and the other way, both
by Canadian and by American railways, you will see
we have not yet succumbed, though we admit fully
the serious competition which has been b ought to
bear against us. (Cheers.) It has no doubt checked
our improvement and delayed our progress, and kept
down our rates, which is the most serious damage we
could sustain ; but, as I have said before, we need not,
even so, fear for the amount of traffic which we can
command. It is only the shrinkage of rates and the
unwisdom of cutting them down in useless and hope-
less competition that we are powerless to avoid and
avert. We are still in want of more engines and more
cars, and long may that cry continue, because it means
an always increasing traffic, and the one point to
which we have to devote our earnest attention is still
further to reduce our working expenses — (cheers) — so
far as is consistent with true economy and with safety
in carrying on our traffic I have now, gentlemen, to
move : —

'* That the report of the directors and the accounts for the
hair>year ended December 31, 1889, now presented, be and the
same are hereby approved and adopted, and that the following
dividends be paid— viz., to the holders of the four per cent,
guarantee ' i*'KK of £2 63. per cent., making with the dividend
of ^i i.^: per cent, paid to the holders of the said stock for the
halt-year ended June 30^ 1889, the full dividend of £^ per cent,
for the year 1889, to the holders of the first preference stock of
£2 7s. 6d. per cent."

Mr. RODERT Young : I beg to second the adop-
tion of the report and accounts.

Mr. Butt : Mr. President and (gentlemen, during
last year I travelled over 2,000 miles of Canadian
railways, and I should like to give you my impres-
sions of what I saw. I travelled over the whole dis-
tance of the Grand Trunk line from Portland to
Chicago, and over other parts of the line. At Port-
land you have a large property, good elevators,
«nd fvery facility for carrying ot^ m vwy

' lai-ge trate. At MdHtfeil I Md two 6r
1 three interviews With Mr. Joseph Hitksonj who

■ was kind enough to allow me to go through the
[ various freight yards, machinery shops, &c., and I

was highly gratified at what t saw there, fevery
' fabbUt-saving appliance siefemed to the to be brought
J into use for repairing and manufacturing rolling

stock. At the time I was there they were making
' 1,000 new cars, which the president has referred to, and

■ they were beihg turtted out almost aUtortiatically at
, the rate of 5 and 6 cars a day. At Chicago the traffic

manager, Mr. Reeve, tpok me over the Dearborn Street
Station, and also over the freight yards there, and t was

' very hiuch surprised to find at Chicago that you are

- hampered for want of room. I hope that is remedied
by this time. There was a large plot of ground
adjoining the freight yard, which could not be utilised
because there were two wooden buildings remaining
on it which they could not coine to terms about, and
Mr. Reeve told me. they were bourid to submit
it to arbitration. I hope that ground has been cleared
arid turned to some practical use. The great
difficulty Mr. Reeve hais there is to deal With
the traffic. He had such an enormous amount of

, traffic to deal with that he scarcely knew what to do
with it. At the St. Clair Tunnel I spent several
hours in the shield, and going through the works
on the Canadian, and on the American side in
cbrtipany With the residertt fcngineier, and I must
say that every appllatice seethed to me to be
brought to bear, to bring it to a satisfactory completion.
They were working 6 feet a day at each end. Now

• I am happy to see they have increased their work to
lofeetaday. Of course, Utitil the meri get accus-
tonied to working in co^npressed air, it cahhdt be ex-
jiected that they Will get on very fast, but How that
they are getting under Vi^atfel: it i* absolutely heces-
sarj^'ahd also bn aceoiirit of the gas of which
thebe is k Verjr lai^e quantity itl the tunhel ;
but I think there is every prospect of ^eeltfg
thfe tunnd flhlshed by this day siai months br by this
day eight months. With regard tb the physical toh-
ditiod 6f thi^ Gi«nd Trunk Railway, t hatti ridden
ilbbtlt t;oob ikaie^ oh this tailboard of tKb clti* bf mke
df ib^iraiiii in 4>rder tb notice th^ |)hysic41 tbhditlbib.

Rej/iari #/ tkg Praii:t.edmgs, April 32, \ 890 2g

and I must say that the physical condition of this •
railway is equal to that of any single lin^ pf railway I
have travelled on in the States. There ar^ subjects
which the directors of this company have to deal with,
and which militate very much against our dividend, but
those are subjects which I am afraid they hav^.
little control over. One is the enormous amount of,
competition going on in the American States, by
which freights are reduced to such a low sum t]liat in
this country our railway companies .would not lopjc at
them, and then the price of labour, which is higher
than It; is herp. \ believe that train cqndwctors get
about ^20 a month, (jentlemen, with these remarks
Iwill i^it'down. ' •• ' '- • ^ ^ -•-.' ';.^

Mr. Sims ; What is expected to be the result of
the saving by niaking the St. Glair Tunnel ?

The President : ;^ 10,000 a year as compared with'
the ferries, which we are at present working, besides
which a good deal of delay to the trains willbe saved. '

A Shareholder : Is the ground more difficult on
the Canadian side than on the other side ?

The President : No, sir, I hope there will be no
more difficulty on the one side than on the other, but
still, as a matter of precaution, I have asked them to
put in compressors on the Canadian side also, so that
we may run no risk.

Mr. Norman : Are there two lines through the ,
tunnel crone?

The President : One line. • ....♦.-.

The resolution was then put and carried unani- >
mously.

The President : The next resolution which I have
to propose is : —

" That the agreement dated 20th January, rSgo, between the
Grand Trunk Railway Company of Canada of the one part, and
the Toronto Belt Line Company of the other part, now sub-
mitted to the meeting, be approved and adopted."

You will see on the wall that there are two maps of
Toronto, and you will see the Grand Trunk Railway ^
marked in blue and the railways which are now going :
to be constructed and which we are going to lease *
marked in red. Those two lines together are about ,
14 mijes long, or about the same length as the District
and Metropolitan put together. We are only going

30 The Grand Trunk Railway of Canada

to pay ;^3,8oo a year, and we consider, sleepy as we
are, that we are doing a good thing for the company,
and one which will benefit us very much in the future,
in arranging to take over those railways on a lease for
forty years ; and you may depend upon it, although
some of us may not live forty years, that at the end
of that time the Grand Trunk will not let go of them.
If anybody wishes to ask any (|ucsticns about these
railways I will answer them, but otherwise I will not
detain you further. I will ask somebody to second
the resolution. "' - ' ' '"' ' ^ ' ^ ^^ Y, . ..

5^, Mr. Robert Young : I will second the resolution.

£ The resolution was then put and carried unani-
mously.

Mr. Robert Young : I have a very pleasing duty
to discharge. You are aware that at our last meeting
the whole of the directors were, with your concurrence,
elected, and the order of retiring had not then been
fixed by arrangement. It has been fixed now that
the three directors standing first on the alpha-
betical list should retire, and also our worthy presi-
dent. Now, I do not like to speak in praise of any-
one before him, but having had the pleasure and
honour of being associated on the same board with
Sir Henry Tyler for a great many years I feel bound
to say it is impossible to find a president who is more
devoted to his work, more perfect in his performance
of it, and more willing to do everything in his power
for the promotion of your interests. He takes care
to give us his opinion fully, and to permit the most
free and perfect discussion, and during the whole time
I have been at the board there has never been one
serious difference of opinion, or if there be any, they are
all reconciled. There is nothing like temper
manifested by our respected president It may be
said we are sleepy, but if so I can honestly say the
president possesses the power of walking and working
in his sleep, and also is in possession of his faculties
and knows what is to be done, and he constantly
looks ahead, and you have evidence now with regard
to his most perfect knowledge of the most minute
details. I beg to move —

*' That Sir Henry Whatley Tyler be, and he it hereby, re*
elected a director of the company."

Report efthe Proceedings, April 22, 1890 31

Mr. W. U. Heygate : I beg to second the re-elec-
election of the president.

■ The resolution was agreed to unanimously. *'

' The President : I am very much obh'ged to you,
gentlemen, for kindly re-electing me, and I am sure
my best services are always at your disposal, and
nothing gives me greater pleasure than when I can
give you some satisfactory information. I have now
the pleasure of proposing — / . . ,'

'* That Charles J. Campbell, Esq., James Charles, Esq., and
William Foid, Esq., be, and they are hereby, re-elected ditec-
tots of the company."

As Mr. Young has kindly said, we are a most united
body. We all work harmoniously together for the
good of this company, and I hope you will unani-
mously re-elect those gentlemen as members of the
board.

. Mr. Young: I have great pleasure in seconding
t!iat resolution.

The resolution was put and carried unanimously.

The President : The next resolution is with re-
gard to the retiring auditors, and perhaps some one
in the body of the hall will move —

" That the retiring auditors — Brackstone Baker, Esq., and
Thomas Davidson, Esq.— be, and they are hereby, te*elected
attditors of the company."

Mr. Hodgson: I beg to move it. "*

Rev. A. Cooper : I beg to second that resolution.

The resolution was put and carried unanimously.

Mr. Thomas Adams: I think before we part wc
should propose a vote of thanks to the chairman
and directors. Our directors are struggling against
great difficulties, which they are not responsible for,
and I think we should give them our unanimous vote
of thanks for their services.

A Shareholder : I beg leave to add to that, that
our best thanks be given to the officers and staff.

Mr. Thomas Adams: I have not the slightest
objection to add that, as I know one or two of them
there, and they are very persevering. I shall also add
the secretary and members here.

The resolution was put and carried unanimously.

The proceedings then terminated.

'^.

ty/,-;'..^;, ! - JA ' ,.N-' ' t-'k.

ij , THE . -

im mm mmmm of canada.

At the Ordinary General Half-Yearly Meeting
of the Company, held on Tuesdiay, April 22, 1890,
at the City Terminus Hotel, Cannon Street, E.G. ;

Sir Henry W. Tyler, M.P., President, in the cjiair.

The Secreta^' having rpad Ithe potice convening
the' meeting,

'. It was mpveicl by the President, seconded b;^''
IvbbcEt Young, Esq., and unanimously resolved—

" That the report of the directors and the accounts for the half-year

fnded 3lpt Deceipber, 18^9, noyf presy nte^i l?e fipd t)ie saj»e aire
^ti% '{improved anff adopted, and that the following qivi'denas be
Ci ij ■ paid--viz., to ihe holders of the four per cent, guaranteed stock
-' f ' oj £i 6s. per cent., inaking, with the dividend of \^i 14s. pe^
cent, paid to the holders of the said stock for the half-year epded
^ofhjtine, 1889, ti^e full dividetid of ;^4 per cent, for the ye.'ir 1889,
to the holders of the fiibt preference stock of ;^2 7s. 6d. per cent."

* It was moved by the President, seconded by

Robert Young, Esq., and unanimously resolved—

V'^That the agreement dated 20tb Janu^y, 1896, between the Grand

■Triipk Rail\|ray Company of Canada of the one part, and the

Toronto Belt Line Company of the other part, now submitted to

■ the meeting, be approved and adopted."

It was moved by Robert Young, Esq., seconded by
W. U. Heygate, Esq., ?ind unanimously resolved —

"That Sir Henry Whatley Tylfr, M.P., be, and he is hereby
re-elected a director of the company."

It was moved by the President, secotided by
Robert Yourtg, Esq., and unanimously resolved —

" That Charles J. Campbell, Esq., James Charle^, E>ci., and William
Ford, Esq., be, and they. arc hereby, re-electeJ directors of the
coihpaiiy. ' ' ,

It was moved by Mr, Hodgson, seconded by the
Rev. A. Cooper, and unanimously resolved —

' " That the retiring auditors — Brackstone Baker, Esq.» and Thomas

. Davidson, Esq. — be, and they are hereby, re-elected aadito.rs of

the company. '

' . • . H. W. TYLER, President.

A cordial vote of thanks was then passed to the*
Presideiit. Directors, and Officers of the Company.

J. R RENTGN, Secretar^;
Dash WOOD House, : . - li

9, Nev»' Broad Street, E.C., '-V

■ "'' April 2S, i8go.

'Is J