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MKROCOrv RiKXUTION mi CHART

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A ^PPLjED nVHGE

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1.653 Eost Main Street

Rjchester. t4ew York 14609 ' USA
(71«) 482 - 0300 - Ptrone V '

(716) 288 - 5989 - Fox - -

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EXHIBIT

Of TlIB

CONDITION AND PROSPECTS

m TUB

PORT HOPE, LINDSAY AND BEAVKUTON

RAILWAY.

MAY, 18 5 6.

TOBONTO:

MACLEAR & CO., KINa 8TBEET EAST.

BOARD 01' Dl RIOTOUS :

■\

JA.ME8. HMITII, Ehq., M.P.P,

F1JANCI8 II. UURIQN, «fio , M.l'.P. WIJ.LIAM HuSEIl, E,q

BOUT. NEEI^IIAM WADUEL, Can

TII08. 0. HIDOUT, Eiio., CA.iiutt

Bark or Uitib Canada.
ELIA8 I'ETEIl SMITH, Etq.

NESIIIT KIRCimOFFEK, EnQ.
FUANCIS DEAMISII, E«q.
CORNELIUS QUINLA.V, Eiq.

Ex'Officiii Mnnhvrt of (he lioant :

HI8 WOKSIIir THE MAYOR OF PORT 1101%
Tub reeve of HOPE.
' Tub reeve OF OPS.

FKtolDHIT:
JAMES SMITH, Esq., M.P.P.

VIOE-FREBIDENT:
ELI^ peter SMITH, E8<i.

SOUCtTOB:
NESBIT KIRCHHOFFER, Esq.

CmETENGnfEEB:
ROSWELL 0. BENEDICT, fedQ

ASSOCIATE EROIXEEB:

THOMAS C. CL.UIKK, Esq.

SECBFTABT AHD TBEAStJBEB;

THOMAS BENSON, Esq.

BAHZEB8:
THE BANK OF UPPER CANADA.

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FOOT HOPE, LINDSAY. AND DEAVEinON

RAILWAY : .

I'm CONDITIOM AND PRfl!«l'»Xrr«, WITH BOMB BTATlTSTlCB Of TIIK
eliCTION 01? CUUNTH¥ INTBMHKCTKU UV IT.

The southern terminus of this Railway is the Town of l*ort
Hope, situated on the north shore of Lake Ontario, midway
between Kingston and Hamilton. At this terminus there is
now in course of construction, intended to bo completed simul-
taneously with the Railway, a capacious and secure artificial
Harbour, -yvhich will be not only the best on the north shore of
Lake Ontario, between Kingston and Toronto, but w:ill also
bo the only one entitled to bo considered a Harbour of Refuge.
At this point tho Railway forms a convenient connexion with
The Grand Trunk Railway qf (fanada*

Tho town of Port Hope has been rapidly rising info import-
ance. Within tho last four yeats its population has mo^ than
doubled, and is now above five thousahd souls. The value of
the assessed property of the town has increased twenty-five
per cent, the last year, and the rental or annual value now
represents an abtual value of upwards of six hundredihouiand
pounds currency. The Railway runs from Fort Hope in the
most favourable direction, naoN^, in a north-west course,
through a tract of country not surpassed in natural resources by

t/l

«nyporti«n of Upper Canada, of similar oxtcnt. Thosoil i,
. e,^o .ngly fortilo; and whilo tho surfaco i, sufficion ty" e
«fiod to g.vo r«o to numerous streams, fumisUing ,i„„Zt

wa er-pow foreonvertingthonaturalproduet3of theso^l iS?^
smtaMo articles of commeree, and ereating many nav i. b c
lakes and overs, a small proportion only of the land is unfit
for e« t.v.t,on. Of the 986,000 acres eiprfsed „t;.„™f
.hjps tributary to tte section of tho Railway east o Iw

The superiority of the alignment or course of this Eailwav

us southern terminus; so that those prodnetionsTn Ik

ox J.ake Ontario, as well as the merchandise and manufaetur^
■Wortedrnto the same tract, are, in thfe whorceur"eof he
--^^poceeding 1, .be most fiicile route to thS^ll^

f^f^^on of this Railway, provides for its beinKcomDlotJ
- *» *«^»'f n Ii«nt of the township of Mariposl To tit

S\:S B "" vaiage of Monteeello, i „i,es |, tt .
.west from Port Hope, the route is surveyed and located ■ and

2^Z^^:^ '^-Lt int^ded':^;^^

of *w-p of mrtf isr-wiifr^^^^^^

^ttension of tWsMway to Lake Huron, promfsesTavant*
which must ensure the early completion ^f it to GeorS S

(a dist«,ce of lOT mUes from Port Hope, by the snrvef eTlinef
«id se^re for it, when built, a remrniefativeSlf the
;tr.de of the Great West. From Montecello to Bca^crton on '

mfdl ""£e?f ^''T ^"^ ^OP^' *<■» 'ocatio: is 'a,^
made. ^Thence to Georgian Bay, t^e country has been

thoroughly explored, and a preliminary survey mfde'^xlUbT

The soil is
ontljr diver-
g abundant
the soil into
f navigable
and is unfit
n the town-

of Monte-
ong' remain

is Railway
it the ulti-
ntry inter-

nufacturod
athward of
in seeking
iblo waters
Qufactures
se of their
sir natural

ed for the
Boapleted
To this
es north- -
ted ; and
! to carry
imination

that the
vantages
jianBay
red line),
e of the .
irton, on
tt is also
as been

exhibit-

ing a very favourable profile. The actual work of construction
has, however, hitherto been linjited to the section between Port
Hope and Lindsay, 42 miles in length ; and on tlii?' portion
the work is so far advanced, that, unless the want of means to
pay for the iron rails, according to the terms of tho contract^
should interpose obstacles, there appears to bo iio reason to
doubt that the road will bo in operation to Lindsay in September
next.

By the terras of tho, contract, tho contractors. Messieurs
Zimmerman & Balch, ||pe agreed to accept payment for one-,
third of the coat of tho Railway and works, including expenses
of engineering and management, in first, mortgage Bonds of
the Company, at par ; payable twenty years after date^ in
London ; bearing interest at the rate of six per cent, per annum,
payable (also in London) half-yearly. The Company has
executed a Mortgage to Trustees on the property and irevenuesi
of the Railway, to secure tho payment of the principal and
interest of thfeso Boiids, to the extent of one hundred urid
twenty-five thousand pounds sterling^ to which sum At Was
mutually agreed that the issue should be limited. A copy of
the mortgage is appended hereto. 1250 Bonds of the dcnomi-
natioft of j£100 sterling each, have been prepared, sealed, and
signed by the President and Treasurer of the Coriipany, endorsed
by the Trustees, and deposited fpr safe keepirig in the office of
the Bank of Upper Canada, at Port Hope, ready to be paid
over to the contractors, as they become entitled to them. The
expenditure of the amount to bo realised from the sale of these
Bonds, as also the amount of stock subscriptions, is to be
limited to the section of tho Railway between Port Hope and
Lindsay, which section it is intended to open for traffic before
prociBcding with tho construction of the line west of Lindsay.
The work on this section has proceeded so far as to justify the
assumption that its cost is now ascertained, as the quantity
and nature of the material yet to be removed in excavations,
are both well known, and the price^f superstructure is settled
by the contract at a fixed rato per mile. The total cost of .
these 42 miles, including station buildings and equipments

'■■', t

snflScient for the anticipated opening business, and also inclusive
of the amount paid for interest on paid-up stock, will certainly
not exceed .£360,000 currency. Of this amount (excepting
the ^618,000 paid for interest on stock), the Contractors are
to take one-third in the Company's Bonds, namely, .£114,000
currency, leaving in the hands of the Company, Bonds to the
amount of .£88,000 currency. This balance constitutes the
entire amount required, above present available means, to open
the Railway for traflSc to Lindsay ; and the negotiation of the
Bonds which represent this deficiency, is the object which the
Company has now especially in vicAV.
The resources of the Company consist of thq following, viz. r

Amount of Stock Subscriptions, paid...... £205,193 10

Instalments on Stock, not yet called in 4,806 10

BondaoftheCompany, £125,000 sterling, or......... 152,000

; Currency... £362,000

— «an amount amply suflBcient to open the Lindsay section for
TraflRe,a»d dependent on no other contingency than the nego-
tiation of the above-mentioned balance of the Company's Bonds
of.£38,000. ;

The amount of the monthly estimates for construction
account, up to the 31st March, 1856, and also for expenditure
for all other purposes to that date, is £236,177 58 7d currency.
The particulars of this expenditure are given in the Statement
annexed, marked No. 1. The value of th|e work and material
yet required to complete and equip the line to Lindsay is thus
shown to be £123,822 14s 5d currency^ of which sum the
Company has in hand available means to the extent of £85,000
currency.

In the foregoing estimate of the cost of the Lindsay section, it
is stated that the equipment provided for is considered sufficient
for immediate wants; but to enable the Railway to do such a
business as would yield a net return equivalent to six per cent,
per annum on this estimated cost, an increased equipment will
be required, as will be seen by the Report of the Chief En-
gineer, annexed hereto. \ ■

soinclusive
II certainly
(excepting
ractors are
.£114,000
)nds to the
titutes the
ns, to open
tion of the
which the

ying, viz. r

[93 10
06 10
KM)

100 ,0

jection for

the nego-

ly'^ Bonds

nstniction
:penditure
currency.
Statement
1 inaterial
ay is thus
sum the

r>e85,ooo

section^ it
sufficient
[o such a
per cent,
ment will
Jhief En-

The following Estimate of the anticipated traffic of the
section of Railway between Port Hope and Montecollo, 66
miles in length, has been prepared with much care, and is
believed to be considerably below what will be found to be the
result of the business of the road, when its legitimate traffic i
becomes developed :•— ■

ITE^S OF PROBABLE TRAFFIC PER ANNUM. *

14,000,000 feet Sown Lumber (through freight), @ ISs £10,500

6,000,000 ditto , (way freight) @ average Ts 6d 2,250

1,200,000 b8hl8.Graili of all kinds, including Flour, @av. 3d 15,000

12,OOOton8Mi8ceUanoou8 Freight, (<^ ay. 158.... ..»,..•••• 0,000

53,000 Po88enger8, @ av. 58 6d........ .:.;>^44|575

Moils, Express Business, &c. .\....... 1,000,,^^^

Currency... jS52,325
This estimate makes the gross earnings equal to X1006. 5s.
currency, per week ; or .£951. 7s. 3d. currency, per mile per
annum J or X18.58. 9d. currencyj per mile per week.

To i^ssist in forming a judgment of the grounds on which
thls^stimate is based, a Table is atinexed, showing the Area,
Population, and some of the staple Productions of the Town-
ships tributary to this Railway, taken from the Census Returns '
of 1851-52, being the latest published by authwity. It
-^would probably be no exaggeration to assume that since that
period the quantity of wheat grown in the district of country
specified, has fully doubled, and most of the other articles of
agricultural 'products have increased at least fifty per cent.
The present population set down in the Table, namely, 53,653,
is considered by well-informed residents as much below the
truth. It will be observed that the estimated number of
passengers on the Railway is not quite equal to the present
population of the territory tributary to it'; while in Great
Britain and the United States, it is known that this ratio is
invariably, greatly exceeded. An exainination of the Map
annexed hereto (on which the territory considered as tributary
to the section of this Railway under reviewis traced by a pink
line), will convince the enquirer that reasonable limits are
assigned to tjie area included in the computation. .

.The estimate of probable traffic is based on the assumption,
that the railway wUl be forthwith extended to Montecpllo, on
Ae^grcat thoroughfare between the Counties of Ontario and
Victoria; by which a large portion of the produce of the
northern townships of these two counties now finds an outlet
ports of shipment on Luke Ontario. That point will doubt-
less become, when reache-d by the railway, an important mart
for the accumulation of the products of a most fertile section
of country ; but it is material to bear in mind, (what a glance
at the map will render evident,) that, even while the railway
is permitted to terminate at Lindsay, the traffic which must
concentrate there will be quite as great, in proportion to
mileage and cost, as it would probably be if the railway ex-
tended to Montecello. "^ ■

^The recent rapid developement of the resources of the tract
of country here referred to, justifies the anticipation that the
^ extent of^trafficiiidicated in the foregoing estimate, will be
fully attained withm three years after the opening of the rail-
AvaytoMontecello, and the same per centage on cost within
a hke^enod of jts being opened to Lindsay. According to
^e estimate of the Chief Engineer, the cost of tho railway to
Montecello, with foil equipment, will be ^451,000 currency
If 50 per cent, of the gross earnings be allowed for running
expenses and ^renewal fund, (and on a road like this, where
there IS no inducement to aim at a high,rate of speed, this
allowancemayfce considered ample), the balance ornet annual
earmngs-namely, ^26,162 10s. Od., currency-will be
nearly sufficient to pay six per cent, per annum on the cost.
IhiB result would relieve the Municipalities that are Stock-
holders in the railway from any charge upon the loans created
to pay up their stock subscriptions, except the two per cent
per annuin required t>y the Provincial statute to be paid into "
t h^ Consolidated Municipal Loan Fund, as a sinking fond to
redeem the ban. The Merest t>n the Company's Sends be-
ing a first charge on the revenues of the road, this defipjency
would necessarily be provided for by a tax upon the assessabi;
Foperiy of the several Municipalities r and in the same man-

v%i

isumption,
ecpllo, on
itario and
ICO of the
an outlet
kill doubt-
tant mart
}o section
t a glance
le railway
lich mu^t
portion to
ilway ex-

the tract
that the
; will be
"thorail-
st within
)rding to
aiiway to
!urrency.
running
is, where
3ed, this
Jtannual
-will be
the cost,
c Stock-
J created
)6r cent.
)aid into
fund to
onds be-
jfipjency
isessable
Qe man-

ner alsa it would bo imperative on the Municipalities to provide
for any portion of the simple interest on those loans, which
the revenues of the road may Iw inndcquato to meet before,
the due dovclopement of the estimated traffic. ,

The whole amount of this first charge for intorest i*jpon tho
issue of first mortgage bonds, will be i;0,120 currency, per
annum ; and for tho payment of this amount all the revenues
of tho road and tho real and personal property of tho Company
are pledged. This ample security will most probably bo fur-^
thcr increased, by the early completion of the section between
Lindsay and MonteccUo; the cost of which, there is good
reason to believe, will be promptly contributed in stock sub-
scriptious by the Municipalities west of Lindsay, so soon ns
the road shall have been completed to the lattcy point.

In tho general features of this railway, several decided ad-
vantages peculiar to it are perceptible. It penetrates the
rich agricultural region north of tho centre of Lake Ontario,
in such a direction as to avoid all competition with any exist-
ing line, and also so as to render the future construction of a
competing line extremely improbable, and palpably unneces-
sary. It proceeds far enough to the north to afford sufficient
facilities of communication, With the aid of existing navigation,
for the whole of the habitable section of country north of it,
and south of the granite ridges which divide the head waters
of the numerous streams in that region ; arid yet Hs westerly
bearing gives accommodation to a greatly increased extent of
country, andsecures a larger portion of traffic, than could
possibly roach a road penetrating the country in a (luc north
direction.. In all its aspects, it promises to become one of the
most important feeders of the Grand Trunk Railway of
Canada. '

The tract of country lying north of Sturgeon and Balsarii
Lakes contains forests of pine of excellent quality, of such
extent as to render them capable of furnishing to the railway
a business the only limits to which will exist in the amount of
capital invested in the preparation of sawn and squared tim-
ber, and in the means of transporting it to market. Intelligent

'•t:_tV9* '*•■''»"• %'**l*yR'>-J^*!F

:•*.■

^■'- \>--\ ■■- y '.■■.."

persons employed in procuring saw-logs, and m securing tim-
'ber licenses in this pine region, give the assurance that the
removal of twenty millions of feet annually for twenty years
iu succession, would exhaust but a small portion of the im-
mense forests, which the numerous lakes and streams render
accessible.

The unsurveyed lands lying north of the Townships of
Somerville,^ Bexley andEldon havie, within the last year, been
explored by a Provincial Land Surveyor, Mr. M. Dean, under
the authority of the Commissioner of Crown Lftnds. Mr.
Dean reports having found extensive tracts of excellent land,
eligibly situated for settlement ; and it is understood that tl^ese
lands are to bo immediately surveyed and offered for sale.
The entire tract to be embraced in these surveys must become
tributary to this railway.

It will readily occur to persons of observation aijd experi-
ence, that, in a newly settled and rapidly improving country,
such as is the section of Upper Canada here referred to, the
present population and productions are not so much to be
taken as a criterion of the) business to be expected, as its
natural and'-undeiveloped resources, and its capabilities for
increased production. As an instance of the rapidity with
which agrarian transformations, not uncommon in Upper
Canada, have really occurred on the lino of this railway, it
may here be noted, that twenty years ago the township of
Mariposa produced no more wh^at than was required for the
wants of its then sparse population. The yield of wheat in
the same township the last year is estimated by competent
judges at a quarter of a million of bushels; and yet a large
proportion of its surface is covered with primeval forest. In
other townships al^s striking change, but a no less constant
progressive improvement, has been going on ; and in all, the
productive industry of a thrifty population, with abundant
scope for all their energies, must receive a great and perma-
nent stimulus when the completion of the railway shall have
removed the only cause which has hitherto retarded the a4*

iring tim-
I that tho
nty years
r tho im-
ns render

nships of
^ear, been
an, under
ids. Mr.
lent land)
that tl^se
[ for sale,
ist become

jd experi-
; country,
jd to, the
uch to be
:ed, as its
ilities for
idity with
in Upper
ailway, it
(vnship of
d for the
' wheat in
iompetent
3t a large
►rest. In
I constant
n all, the
abundant
id perma-
ihall have
d the a4-

vanccmcnt of tho country, namely, ^ho want 4' cheap ,
and convenient access to markets.

Lindsay, tho present temporary northern terminus, thongb
labouring under disadvantages which the railway >viH obviate,
has, since the commencement of that work, become a thriving
inland town, rapidly growing in population and trade. It \»
surrounded by a fertile and healthy neighbourhood, and pos-
sesses extensive water power, created by a dam across Scugog
River. This interruption to tho navigation is renicdied by a
Lock of sufficient capacity to pass vessels 180 feet long. Two
steamers of this clasg , no^v. find abundant 'employment, and
make daily tripe from the southern extremity of Lake Scugog
to tho Village of Fenelon Falls, where are situated the exten-
sive Saw Mills of James Wallis, Esq. Tho interior Waters
affortl an available navigation for these steamers and the
freight barges which they tow, of upwards of one hundred and
thirty miles of a coasting trade on lakes and rivers whose
shores are now only partially settled. An appropriation for
the improvement of these waters appears in the Parliamentary
estimates of the present year— the expenditure of which will
greatly extend the benefits of this means of intorcommunica-
tJion. When the railway shall have been opened to Lindsay,
tlie lumber and produce carried on those waters will find its
centralisdng point at that town, and there take the railway to
Port Hope, instead of, as at present, being transported over a
common road from the south end of Scugog Lake to the port
of Windsor, on Lake Ontario. A Bill is now before the Pro-
vincial Parliament which, when passed, will effect a separation
of the County of Victoria from thai of Peterborough, to which
it is at present united. Lindsay will then become the Coun-
ty Town of Victoria, and. will derive from this an additional
impetus to its prosperity. f ^ :

The nuclei of many villages now exist along the Kne of this
railway; but they are hindered fr<^m increasing jn tHeir trade
and population by the peculiar circumstances in which they
have hitherto been placed. The mercantile men and trades-
men settled in these villages ^ould offer little inducement to

.rf

\ '#

it-
t ^

• /" . ■ 12 ■ •

tho surrounding inhabitanta to soil their aRticttltural produce
in the udjucont village ; because the farmer could convey it,
by the cxistmg moans of transit, to ports of shipment on Lake
Ontario at less eost than the merchant or miller could :
and consequently the frontier ports have continued to be the
marts where the pjoduce of the country in their rear found its
primary market; and here the venders have purchased the
great bulk of their supplies of merchandize, leaving the trades-
men of the interior villages to rely for support solely upon
the incidental and trifling wants of their neighbours.

But the opening of a railway through this section of coun-
tiy wil naturally, and without violence to existing interests,

S r^ .) T '^'' ''''''^ *^'"««' '^»'« ™«^«hant ami
miller can then obtain transport for largo quantities of pro-
duce at reduced rates, and with a great saving of time, com-

l^V'^if ?''^"''''- ^' *'^« ^«veral stations along the
I>no of tho railway, ^ where now villages of only 600 to 1200 ^
inhabitants eYist, thriving towns will grow up, embracing in
tlieirmore numerous populations merchants and mechanics
who instead of travelling, as at present, once or twice a year
to he^distant markets of Toronto or Montreal, for a meagre
and often unprofitable stock, to be slowly doled out generally
only to the inferior class of customers, will make frequent
journeys to the southern terminus of the railway, to supply
their oft-recurring wants. The cost, and risk, and delay of

transport will be so much reduced upon Wth his imports and
exports, that the village merchantwiUbecome tho intermediate
factor betAveen the farmer and the wholesale dealer in Port
Hope.; and thus the trading population. of the interior will
mcrease, and contribute in a most important degree to con-
centrato upon the railway not only the existing business which
now takes other channels, but also much that will bo the nat-
ura offspring of this new condition of commercial interests •
while the southern terminus of the railway will probably be-
come a populous city, whose utmost energies will be taxed to
meet the constantly increasing demands of new and whole-
some developements. ^ :

^-^

ural produce
I<1 convoy it,
lent on Lake
illcr could ;
od to be the
3ar found its
irchafled the
g the tradcs-
Boiely upctn
irfl,

ion of coun-
»g interests^
erchant and
bies of pro-
time, cora-
ls along the
00 to 1200 <
ibracing in

mechanics
ivice a year
r a meagre
t generally
e frequent

to supply
id delay of
fiports and
termcdiate
&r in Port
terior Tvill
Je to con-
tiess which
►p the nat-
interests ;
)bably be-
) taxed to
nd whole-

' is; .

Tlic earnest conviction of the practical necessity for this
railway, and the confideuoo in its utility, management, and
ultimate profitableness, which pervade the public mind in the
several Municipalities interested in it, cannot he more forcibly
exemplified than by a simple statement of the fact, that the
bona fide, paid-up stock subscriptions of these Municipalities
amount to X6,000 per mile of the road, or nearly three-fifths
of its actual cost,

. .JAMES SMITH, President,

v. n. L. A U. liailwauCo.

THOS. BENSON,

Secretary, r. JIJ" i^- D. Railway Co.

" ^

r !■ . ■

(■'• ■.■■ •

i t ■

1 .

Na L
STATEMENT

*M" tfci' vnluo of Work .loiie, id MatorM(|(IoKvorwl, nndttW
the actual Expenditure for nil puriKmoH otlvir than €on-
Btructlon, OB tho Port Hope, Lindsay, and^oavcjton
Kiiilwiiy, up to 8lBt March, lHr>U.

Amount of Monthly Estlmales for Coii-
Dtruclion, »]». ;

I. i!

I. rf.

"'■'"'"'' ••""" I2JI.174 11 1

I : •■.7f""« • ••••.•.• r,.H44 10 »i

llpldBing.., I.V,*" 18 T

J'"""»''y ' O.IIJI 18

8uper«truo(ur0....i, 21,8^.1 15 o

K.|ulpmeut..... .7....... (ijio o

Station Uuildings...... jjjqo:

Am't'pnlil for Engineering

do. Right of AViiy nnd Lnnd Dtt-
magea , ,

<lo. Mnnngemcnt ond Sniorics...

do. Printing, StMloncry, Vhpt-

tor, Office Furi)itiire, In-
strutncntB, Travelling ond i
Contingent Expcatcs, &cr

Ajii't p'l. on Extrn ConstructloD Account,
for Wharfnt Liiidsayi Wa-
ter Supply, Piling, iic. ....

, .do. . Stuck in Telegrnph Compatiy

Am't pd. foi' Interest on Stock... ............

Totnl vnlue of Work and Expenditure to,
«l«te ,... :

' 180,888 13
12,UU4

1,900

'y'

1,218 1 6 1

423 8

187 10

18,000 1

286,177 6 7:

V JOSEPH B. HALL, Acounlaut

r'-i

1 ■ .. ■ ■

THOS. BENSON, Trmmvcv.

/ ■ .

Port &opt, 81« Monk, 1866.

♦ '

■ .'*

'■A'

■"-■■■■. ' -0 .- ■'.

■• ■'■

't-

,ir

1,218 I 6 1

428 8 aj

1«7 10

■I
18,fl00 1 "

286,177 5 7;

N, Treasurer.

ivoitxl, nndnTsii'
JH^than Con-
mdlloavcilun

r. £ I. (/.

!' , ■■■'!:

I85,HH8 13 6t1

, V2,mi 1 j

15.100 fi « ;
i;aco 5 8:1

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.*"^^r;

REPORT

OF THi cirnr iNaiNrKR of tub i^ort nopi. wntmiv
ukaverton railway comi'anv to xwt i»oaw> or uhusotorh.

Port Uopi, ir><A Ma^, lHr>«l.
1 fo TAomrtf Benton, Etguire, Secretary of the Port Jlo^»4,

* Lindmy, and Ihaverton Itailway Company.

SiK, In compUanco with your rotiuoai tlml I nhoiihl

furninli you'with somo .Icucriptioii of tlio #iigifi«eru»g foaturoi
of thin U«tt<l, ana of it^ prcH«i>t condition, I beg, kaVo roiipcct-
(iilly to Bubmittho following Report: \l g

The Port Hope, Lindsay and Boaverton Riulray, a« you

~ will Bee from the accompanying Map, is forty-two milc« in
length from Port Hope to Lindsay ; from Lindsay to Monto-
cello, on the western boundary of the township of Mariposa,
is thirteen miles ; and from MonteccHo to Beavertoti, on Lake
Simcoo, is fourteen miles. The probable length of the cxten-
sion to Lake Huron is forty miles. Thus the whole distance
to Lake Simcoo w sixty-nino mile«, and to Lake ^ron one
hundred and seven miles. ,W

The road runs in a north-westerly direction from Plrt Hope,
maintaining a continuous rieo to the "Summit," where it
crosses the main dividing ridgo between the waters wlich run
into Lake Ontario,* and those which flow, via Rice Lake and
the River Trent, into the Bay of Quintc\ This ridg« varies

I in height from 600 to 1000 feet, and commencing at i\m River
•^ Ih-ent, runs in an unbroken lino along the whole nortlsliorc

* (yf Lake Ontario. ' .

The Port Hope Railway crosses it at an elevation otf 663

^ feet above Lake Ontario, at the southern line of the township

ofCavan. It descends thence into the broad and fertile valley

V : of Cavan Creek, one of the tributaries of Rice Lake, and again

rises to a gently undulating plain or table-land, extending over

most of the County of Victoria, and elevated from 650 to 600

feet above liake Ontario. It then descends in the Town-

I ships of Brock and Thorah, to the level of the country iuime-

^^r*-^

^^W

I I

^ 'f--.

:^-:

/•"

•■*

■ •"!g#

diately bordering on Lake Simcoe, which is about 500 feet;
ftbovo Lake Ontario. ;

From this slight topographical sketch it. will be seen, that
this road, like all those running from Lake Ontario towards
Lake Huron— the Toronto Northern, the Sarnia section of
the Grand Trunk, and the Great Western— has the general
inclination of its grades from north to sputh, or in the direc-
tion of th« greatest traflSc. The average grade going north
is twenty-seven feet per mile, or 1 in 195 ; the average grade
going south is ten feet per mile, or 1 in 528. The maximum
gradient going north is eighty fej3t per mile, or 1 in 60, which
occurs for two miles ; the maximum going south is fifty-three
feet per mile, or 1 in 100, for two miles.

This grade, which is the same as the maximum on the
Grand Trunk Railway, may be said to determine the capacity
of the road for carrying freight ; or, in other words, be what
Is technically catfed the jaling grade of the road ; for, judging
from the analogy ^f similarly situaited roads, the movement of
at least three-fourths of the freight will be iiji that direction,
or from north to south. Our engines can draw a train of
seventeen freight cars from Lake Simcoe— or, in fact, f)pom
Lake .Huron— to Port Hope,tully loaded with say seventeen
hundred barrels of flo.ur, and can draw the same train back
with half that load, or with say eighty-five tons miseellaneoua
freight, -ivhich, from its consisting chiefly of light and bulky
articles, would fill the train. I am satisfied that engines will
average lighter loads going north than when returning ; so
that as a freight road this compares favorably with any in
thci-Pirovince.

The alignment of the road is good, there being no curves
under 1^432 feet radius on the main line, and but two (Jf these.

The road, a/you are aware^ although located to Beaverton,
and under contract to Montecello, is under construction only
as far as Lindsay. It is entirely graded for twenty-five
miles, and there is only about fifty thousand yards of earth-
work remaining yet to be done. The bri'Jgesy culverts and
fences are completed. The sleepers are all distributed,- for

i' ■ ^.Ms.

out 500 feet,

>c seen, that
ario towards
1 section of
the general
in the direc-
going north
reragc grade
tie maximum .
in 60, trhich
is fifty-three

mum on the
the capacity
rds, be what
forjudging
□aovement of
lat direction,
r a train of
tt fact, f)pom
ly seventeen
le train back
aisccllaneous
it and bulky
engines will
jturning; so
with any in

ig no curves
two (rf these.
Beaverton,
truction only
• twenty-five
ds of earth-
culverts and
tributed,- for

laying track. Morc,than half of the equipment ia delivered
at Port Hope, and the rest is ready. Tlic station buildings
arc well advanced towards completion. The iron has been
shipped and is expected to arrive next month, and if the work
is pushed on, the road can bo opened to Lindsay in Septcm-
her or October ensuing.

The grading of the road has been done in the most solid
and substantial manner, and will compare favorably with any
road on the Continent in that respect. The width of the
cuttings at formation level is twcnty-lbur feet; that of the
embankments is eighteen fM, a^d proper care has been taken
to secure good drainage. ^ • ■ ..-. ■ ■ . ' :'. ','-;• - - U: ,.^_ _

As there is na stone along the line of the road, and what- "
ever was used had to be drawn from Port Hope, it Was not
^^emcd expedient to haul it over twelve miles. Wherever
Mall streaips hjavo to be cPoSscd beyond this distance, provi-
sion has been made for a temporary crossing of" wood, which
will answer the purpose perfectly well until the stone can be
drawn on the trains, and culverts of masonry be built. The
road crosses no large streams, anfl there is but one valley
where it has been found necessary to construct a trestle bridge
for permanent use. This has been so built that it can be re-
paired at any time without stopping the passage of the trains,
and the interest at six per cent: on the amount saved between
its cost and that of an embgnkment Mid culv^ t, or of a stone
bridge with iron girders, womi><ii5mi^hf^ years.

The road is to be ballastji/ with from eighteen inches to
two feet of clean gravel, two pits of which have been obtained, r
at; convenient points. The superstructure will -cOiisist of '.
rails fifty-eight pounds to the yard, of the Jpjittern. Chairs
of cast iron of twenty pounds weight each, and sleepers of oak,
tamarae, cedar and Norwaj^pne, laid two feet and a half froj^
centres.^ The gtatioii buildings. Engine houses, kc. are plain
but substlrtitial, and no unnecessary expense has been lavished
upon ornament. The road is fenced throughout with substan-
tial fences, and all public roads will have cattle-guards and

j
,1

•tjT'

■■■:■■ :\''' ■-■■:'::'''■']':' '20, ^.- ■-:;■:;■■■■:■'

sign boards. A sufficient ^--^f^''^^
vided for in tho contract to open tho road --^^'J^'^J^_
months' l^incss; rticrcaftcr an increase will be Jbund npces

^ ''The amount estimated to open the road for traffic to Lind-
say, according to the contract, is as follows '

Grading, Masonry and Bridging * *a"-.'..

Fencing .» a.....

Buildings
Eriuipment ..
SutJorstructure ...

•••••.•■••I

•••• :••*•

6,250
0,750
18,750^j
93,75pi

^^^EnSneTring, including cost of Pot^rDoiough

andBeaverton Surveys •—•

Small Extra Contraots ...— .........

,. £302,500 OC'y
This sum of £302,500 will put the road in a posi^n to
:, co^ e^^peratio;. As this business developes, add^ J
HTequipmlt; and to the sidings and ^tat^n, --;^;
tions,wm be necessary. Whenit-hasreached £1000 per week,
heincreaseonaccountoftheseadditionswdlbeabo^^
If-as is highly probablc-beforo that time conges, the road
'^ulve b!en"tendedat least as far as Montecello, (^5
ittl-n this last sum of £25,000 will -t allbe ehargeab^
rie mileage of the present Port Hope and Lindsay Road,

tt^i:^g:^rtofit^llbe^^^^^^^

'"Lm^ur surveys and estima^e.oftWsp^^^^
believe that the road can be extended to Montecello and Bea-
vSfor £7,000 per mile. This includes right of way and
InSeering, but not interest or other financial expenditures.
SW surveys which have been niade between I^kes

Simcy and Huron, have developed no -S-^-f f ^^^^^^^^^
sufficient to prevent the use of grades of 1 m 100, oi to m-
crease the cost of construction beyond Vhe said amount of

£7,000 per mile/

All of which is respectfully submitted. ^ ' v:

ROSWELL G. BENEDICT,

Chief Engineer.

• to Lind-

sSl

^00 _
)

) OC'y
position to
J, additions
ccommoda-
OpcrAveelJ,
It X25,000.
3, the road

I chargeabl?
dsay Road,
f the cxtcn-

tho line, wc
lib andBea-
, of way and
xpenditures,
tween Lakes
Lg difficulties
)0, or to in-
l amount of

ys, ■■■]-■

Engineer.

Pkoceedinos of the Meetings of the StockihjJ.ders, a?id of
the DiRECxoRS of The P911T Hope,-^indsay, and Bea-
VEUTON Railway Coj^ivAiiY, pfhich authorized the issue
of the first 'M.6RTQAQli''^^V^B qf the Company/.

At a regular me^jtitig of the Board of Directors of The Port
Hope, Lindsay lind Boaverton Railway Company, held in thr
townjijf-i^rt Hope, on Tuesday the 9th tlay of August, A.D.
i:8o5, among other proceedings, the following Resolution was
passed :

Resolved ;— -" That in conformity to the provisions of the
7th section of the Acf, 18th Victoria, chapter 36, intituled.
" j4w Act to change the ^ame of ' The Peterborough and
Port Hope Raihvay Company \ and to amend the Act
incorporating the sanu" A special meeting of the Stock-
holders of the Port Hope, Lindsay and Beaverton Raihvay
Company bo called ; and that«tho said meeting be held in the
Company's office, Port Hope, on Tuesday the 23rd day of
Augrfst, 1855, of which meeting the Secretary shall give
public notice in one or more of the newspapers published in
Port Hope, and also in " The Lindsay Advocate ; " and the
said notice shall express that the said meeting is called for the
purpose of authorizing the Directors to issue Bonds of the-
Coinpany, to be paid to the Contractors according to the terms
of the contract, and to aid in the construction and completion
of the said railway."

At Vi General Special Meeting of the Stockholders of
The Port Hope, Lindsay and Beaverton Railway Company,
iield pursuant to public notice published in each of the three
newspapers issued in Port HopCj— namely, ".The Guide,"
'•The Pilot," and "The Ensign," and also in " The Lindsay
Advocate/' at the Company's office, Port Hope, on Thursday,
the 23rd lay of August, 1855, among other proceedings it

was

Resolved:— ^'•Tho.i to ensure the more speedy completion of
the railway from Port Hope to Lindsay, the Board of DirectoEs
of The Port Hope, Lindsay and Beavetton Railway Company

:' >■

■.'■■ '■'"'■^N

■r'rrJ

il-ii

M
ri I

be ami they arc hereby authorhe.1 and empoweml to borrow
within this Provide or elsewhere, and to issue Bonds of the
c"c^n*tible into Stoek of the Company or other,«se
S^Zy be agreed «„on, to an an,onnt "»« --f '"« ™ , ™;
M md twenty-five tho^and po,,nd, sterlmg ^ ""S J
not exceeding six per cent, per annum, payable sem.-minuaUj ,
'such Lef and places, in this Provinee o-lsowW ;.s . e
Board of Directors shall direct; wh.eh sa>d Bonds shall bo
Sferable, sealed with the seal of the Company, a„ds,gned
byXrresident and Secretary thereof, and P-J"''''-' '^> ^"'y
years f.-ora the date thereof; and for seeur.ng tile payment of
riid Bonds/or such portions thereof as the »-etorsm^
:. deem expcdieni with the interest thereon accru,ng,rta„l
Directors ar/ heveb| authorised to make »nd execute.
Mort^-e t^TrustcJs for the benefit of the holder, of H.ch
S,;;f ll the property, lands.and tenements o^ rt>e.a,d .
Comply/or Y-hich may be purchased or many «« ocp^ cd
or pJrtiing.to the construction of the sa.^ Ra.Uaj,
llTTlV t4 Right of Way -quired, or ;vh,c may he
aciuU by the said Company, or any. portion l"^e« ' ^'*
also t/e iron rails and other fixtures eonnected w .th Jh«
supir/tructure of the said Railway; and; all or any por-
tioil/of any other property, real or personal of tho_saul
Corii^y, amUlso the rents.profits, tolls and revenue, of Ae
sanlagr«ablywith the provisions of the several Acts mco,-
pollng the sahl Company, and amending the charter thej-eof.

% utneeting of the Board of Pireeton of The Port Hope
Litdsay and Beaverton Railway Company, lie d at the
Lpany-s office, the 8th day of Pecember, I800, .t was,
ninong other proceedings, ..

i Jlemlvcd :--" That the Bonds of this Company, to be.ssued
Lxcr the authority of a Resolution passed at the speoa
Pneral meeting of (he Stockholders of the Company hehl
pursuant to public notice, on the 28rd day of August, 18o„,
E bear dlto the 1st day of July, '1855, and he made
payable twenty years from the date thereof, with .ntcrest a
the rate of six per cent, p e r annum, pay a ble half yea.lv. on

I'f ''V^

■|i;

borrow, ,

of the
licrwisc
nd hitn-
ititorcst
muially,
0, Jis the
shall be
«l signed

) twenty
ymcnt of
itorpmay

the f"ai(l
jcecutc a
31 of f-uch

the said
acquired

Railway, .
I inav be
lereof; as

with the

any por-
' the said
uiesof the
\.cts incor-
r thereof."
Port Hope,
Id at the
55, it was,

to be issued
the special

ipany;

held

gust, 1855,
id ha made
I interest at
'yearly, on

the fiPHt day of January and July in each year, at the Bankin<
House of Messieurs Gly-rin, Mills and Company, Banker^,
London, England ; and that the IVcsident bo authorized to
make the necessary arrangements for the payment of the usual
commission to these ]Jankers, as compensation to them for
tlieir paying the Interest Coupons when presented, and alsd
the principal when due. The President shall have power t<»&
■ approve of the form of Bond to be used, and to cause the
same to be engraved, and the Bonds shall be signcil by tho
President and Treasurer, but the signature of the Treasurer to
the Coupons shall bo alone sufficient, and shall be binding on
the Company. The said Bonds shall be of the denomination
of one hundred jiounds, sterling, each, and shall be numbw'ed
progressively from one to one thousand two hundred and fifty,
inclusive, and shall be countersigned by the Trustees to be
named in the Mortgage, or either of them. Each Bond issued
shall 1>e cnregistered in the usual form, in a book to be provided
for that purpose, — a duplicate of which book shall be kept by
the Auditor ; a record shall also be kept of the Coupons, and
when paid they shall bo cancelled and fyled in a form to be
prescribed by the Finance Committee."

ItesolvH : — "That the President be, and he is herebA'
authorized and empowered to execute a Mortgage upon the
property, real and personal, of the Company, in the terms of
tlic Contract, for the better securing the payment of the Bonds
tQ^ be issued to the Contractors or others ; that the said
jniortgage be made to secure such Bonds to'^the extent of one
hundred Und twenty five thousand pounds ^ sterling, and shall
be to Trustees to be agreed upon by the President and the
Contractors."

I At a nteeting of the Directors of the/said Company, held'at
i their office on the 24th day of December, 1855, it Avas

f llesolved : — " That the draft'of Mortgage agreed upon by
the respective Solicitors of the Cpmpany and the Contractors,
submitted to this Board, and now being engrossed, he executed,

I and the Company's Bonds perfected forfhwith." .

* 24

I, Thomas Benson, of the town of Port Hope, Scrotary and
Treasurer- of Tho Port Hope, Lindsay and Beavorton Kaihvay
Company, do hereby certify that the foregoing is a correct
copy of tho proceedings which appear regularly entered upon
the Record of the said Company.

GHvjjn under my hand and seal of tho Company, this seventh
day of January, in the year one thousand eight hundred and
fifty six. ,.,*'

V ' THOS. BENSON, /

Secretary and Treamrer^

P. IL, L. & B. RAILWAY CO.

Signed and scaled in the
presence of

Joseph B. Hall

(L.S.)

rotary and
n Kaihvay
i a correct
bred upon

lis seventh
idred and

WAY GO.

(L.S.)

COPY of the MoHxaAGE made by The Port HopCy Lind»ay,
and Beavcrton'Railway Company, to Joseph A. Woodruff
and aabert McMieken, iJ»(/MtV(J», Trustees, to secure the
payment of the Company's Bonds :

THIS INDENTURE, made this twenty-ninth day of
December, in the year of our Lord, one thousand eight hun-
dred and fifty ^fivc, between The PoHHope, Lindsay, and
Beaverton Railway Company, incorporated under certain Acts
of Parliament in this Province, oF THE FlliST PART, ajid Joseph
A. Woodruff, of the town of Niagara, in the County of Lm-
coln, andP^ince of Canada, Esfiuire, and aHhert McMic-
ken, of the village of Elgin, in the County of Welland, and
Province of Canada, Esquire, OF THE SECOND part:

WHEREAS the said parties of the first part, pursuant to
the terms ot the Statute of the said Province incorporating
them, and other Statutes of the said Province affecting them,/
are engaged in constructing a Railway from the town of Port
Hope, in the County of Durham, and Province aforesaid, to
the village of Lindsay, in the Countyjof Victoria, and Province
aforesaid, and for that purpose have procured and received
subscriptions to the Stock of the said Company, to an amount
exceeding Two hundred and five thousand pounds, of lawful
money of Canada, nearly the whole of which amount has been
expended on said Railway : And whereas, by the Contract
entered into by the said parties of the first part with Messieurs
. Zimmermari and Balch, the Contractors of the said Railway,
it was provided arid agreed that a certain portion of the cost
of the said Railway, with its Equipment apd Works, should
be paid to the said Contractors in Debentures, to be issued by
the said parties of the first part, and to be secured by a first
Hlfortgage on the Lands, Line of Way, and Rolling Stock
of the said Company, and for this purpose, and to secure the
completion of the said Railway, the said parties of the first
part are and have resolved to execute, in the mariner and
■ vv ith in tho timea hereinafter spccifiedy certain Debentures to an

■ .■./,■ ■■-■'

..«■

amount not cxcecling One hundred and twcnty.fiv. thomand
pcuud., of .toMin« n,o„cy of GrcU Britain, JL .,Z iZ
one honaand two humlrcl and Rtty in nu.nbor, for .l,oI„ ^f
one l,un,Irod ponmls sterling *a„l,, p„y„b|, ,„>s„„„.., ^^
, .no™,.n, or the holder thereof, dat.dte'peotivefy the fi„t ,1 I
ot July m tho year one thousand eight hundred anil fiftv
Ino, and numbered from one to one thousand t„, hund d Zd
fifty, and payahlo T,centy years fVom tho date thereof and
beanng .nterest at th, rate of six per eentum per an^l ' aT
able sem..a„„„„„y, „».te first day of January and th fosi
Jay of July ensuing th« date thereof, until tho prinoipaUhl
be pa,d, .„ accordance With the proper interest Coupor.o l!
sa.d Debentures attached, such payn,ents to bb made m the
B,nk,ng.housOofMessieu™Gly„„: Mills, and Compart in

n cSit"vso°f "" " ?»«''"■'''*''« -•' Dol-onturos fo Ifo' .^
an equality so far as regards security for the repayment thereof

Of Wav an^TT' ? "^ ^'"^ *^'^'*"^^' including the Right "
f ^W and the Land occupied thereby, and laid out nn^V!!!

:>--^

apart tlicfofor, TOOEtiiKii witli tl»p Supcr«tiMictnro nnd TrackB
thereon, an<l all Bridges, Viaducts, Culverts, Stnietures,
Fences, Depot and Station (irounds, and Buildings and Erec-
tions thereon, and all other AjJpurtonanciL'S belonging to or to
|)elong to the said Railway, or used or m bo used therewith,
and all Franchises, Rights, and Privileges, of tho sai«l parties
of the first part in and to tho same, and all Income derivable
or to bo derived therefrom, and all Iron Rails, Chairs, and
Eipilpments, and all Engines, Cars, Tools, Materials, Machin-
ory, Contjarets, and other Personal Property and Rolling Stock
of the said parties of the first part, now or hereafter belonging
to them : Bur nothing herein contained shall bo constrncd to
prevent tho parties of the first part from selling, hypothecat-
ing, or otherwise disposing of any Romls or other Secvirities
received by them in payment of Htock or otherwise, or of any
Lands or other property of tho Company not forming part of
their Line of Road proper, and not necessary to be retained
for their roadway, depot grounds or stations, or required for
JtixQ construction or convenient use of their Railway, nor from
/ collecting moneys duo the Company on stock subscriptions or
otherwise, so long as no default shall have been made in the
payment of the interest and principal of any of tho above de-
scribed Debentures : TO HAVE AND TO HOLD the said
Picmiscs and every part thereof, %ith the appurtenances, unto
the said parties of the second part, their heirs, asfiigns, arid
successors iji the said trusts, upon thefollowm^ Trusts; that
is to say, In case the said parties of 'the first part shall fail- to
pay the Interest oh any of the said Debentures at any time
when the same may become duo arid payable accordmg to the
tenor thereof when demanded, then, after sixty ^ys from such
default, upon the request of the holder of such Debenture, tho
said parties of the second pait and their successors in the said
V trust may enter into and take possession of all or any part of"
the said premises, and as the attorneys in fact or agents of the
said parties of the first part, by theniselves, or their agentg.or
8ul)stitutes duly constituted, have, use, and employ the same,
making from time to time all needful repairs, altcyations, and

-J^

8(l<l.t,on» thereto, an<l after dedi.eting the expen.™ of Mtiel,
UDC, repnirH, alteration., "and »,l,liii„„«,- apply the nre
e«<Kl« thereof ,„ ,he p»y„,„, „r „ i,,J,H»n all „„i,i
I)ehe„.„reH remaininR duo and unpaid: And it i, yX
ra^r«. between the parties to thew presonl, tha i^
-„ default ahoJl happen to he made in'^.hSv t Z
. «ny or e.ther of the said Dehe-ture,, or a„j*Crtheroof

of tho second pArt,and their 8ucoess«*in the said tru, „„

::r" '•""■'«" ?? "■« •■«•''- -f ■>» ii? ^41 .f f x^^^^^

tur then nnpa>d, without any-ftrther eonsent or eoneun- „ee

« Wy and qn,etly to enter into an.l upon, and to tak«i^ „e ,Tol
of, all and every tho said premises, and to receive aortal",
rents, .ssues an.I profits thereof, and after such enTry tot s ■

ofll such of aiSnr .'''"'■«'' ""=P'i"«iP«I «nJ interest
01 ail such of said Debentures as may then be due and unnaid

Port aiZ ' :r" ■" '"""'° "•"="•<'"' - *« -i'l ton
Po t Hope, or m tho eity of Toronto, in said Province civin!

"mo "n f ' '"""""■' P--T"y '<••«> »oH ky publishing the
To^l """ "JJ^P-P™ of good eireulatiort in said city of
Toronto „ whrf^ver else, if at all required by law, with Crtv

able for any loss or diminution in price by resale in tl?„!
successors a n d a l ign s , and all j^rsonselatn^r'tS

*Wi^

k .

of nil right, intercut or claim, in or to Haul prcmiHCH, or Miy
part thereof, and the purchaHcr or purchuHcrs Hhiill not ho
hounil to Hco to nor ho ariKwonihlo for tho application or
iion-ftpplicution of tho purChnHo money, or any part thereof,
hut payment thereof to fxc Trustcoi for tho tinjo hi'ing,
or to one of them, nha I ho a complete (ViHchiiVgo, and
said TruHtceH shall, after deducting from the proceeds of Hai.l
Halo tho eoHtH and cxpcnHtH thereof, and of mannging Mueh
property and of »ueh di»)mrsement« ttH they fihall properly
have made, apply ho muqh of the proceeds as may he neccH-
aary to the payment of said principal and interest duo and
unpaid on sai.l DehcnturcH, and nhall rcHtore tho residue thcrr. ,
of to the parties of Jho first part,— it heing hcrehy expressly
understood, that in no case shall any claim or advantage he
taken of any valuation, appraisement, or extension laws by
said parties of the first part, nor any injunction or ^ay of
proceedings, or any process or 'proceeding ho applied for or
obtained hy them to prevent such entry or sale as aforesaid.
And the said parties of the first part hereby covenant,
for the consideration aforesaid, to exectfte ahd deliver at the
roasonablo request of tho parties of the second part, or their
successors in the said trust, any further reasonable or neccs-
Hary conveyance of the premises or property hereby conveyed
or intended so to be", or any part thereof, to the said parties
of the -second part, or their successors in the said trust, their
heirs and assigns, for morefully carrying into effect the objects
hereof, particularly for 'the conveyance of any property the_
title to Avhich shall, subsequently to the date hereof, be acquirv,
c.l by the said parties of the first part,#nd comprehended in
the description contained in the premises, and for tho more
particularly describing by metes and bounds, or otherwiscv
the property intended to bo conveyed or conveyed hereby.
And the SAID parties OF the first part hereby further
covenant as aforesaid, that theDebentures to be issued for the
purposes aforesaid, and all and any sums of money borrowed
' upon the security of the said Debentures, shall be faithfully
applied to the payment of the said Contkctors, and to the

30
conMniction of ,|,o,.i,| I|.tlw„j. nn.l i.« npp„rtnm>,r„ ,),'

of «.,i r«.i„.^, .„,, ,„ „., „.,,„ «,,„„„.,,„/ ';''";;

"• uiht ot Nuitl Dc'b«uturo«, the vnutv hvrohv irrii.ih.,1 ♦^ »i

-.1 m-iu. .,f .,,. .„„.„.. ,..„ »,,„„ ,,„ V. z" ' , :

"« .1 |....lu» „f ,1,0 f,„, ,,„„ i„ ,„„ .„,, i„ ' " ' ""

uijiiiiHaiion for cvor^ lalwr or wrvico ncirornicl l,v >l, •

P«r^ ^l.nii M. A ^""n<ia, "s the parties of tlic Fii-Kt

. lio^ iDED, that the said part es of the First 1>»rf .», u
appoint such Trustee as the ma ioritvnf ^| ''.^/'f ^ ""^^ shall
l^ebentures may within s^fvT ^ tlw^ioldcrs of said
notiee roquirnrln L ^ f W "^" P"^^^*'-'^ of such .

^rthirt^dar,: ^^^

flr

majority of said Debenture^

■■■■ .. ■■ . nt \- ■-

may npply t6 the proper Court in t»io i»ftitl rrovlnrr to np-
point II new Trunteo to nupply tho place of either of the m\u\
TruHtet'H wo «lyin«, roHiKning, or becoming inciiprtcitutea a«
ikforcnui.l, iin.l thereupon Huch new Tnmtee Hhnll Iweomo vcMt-
e«l, for l\w purpoHCH iifoicmiia, with nil tiio rij;?ht« nn<l interentH
hcre»)y conveyed to or vcHtcd in the m\<\ pnrtiesof the Sceond
I'ui t, without any furtlier HHHuraneo or conveyiuiee for the
name, hut if the Hiune nlnill he neceHMary, both or eillu-r of the
parties hereto Hhtill execute any neccHmiry releancrt or convey-
ances f(H- that purpoHo. 'And tiiuTUBii, that the Miii.l Com-
pany Hhall and will pay, or cfiuse to_he paid, to the h<.hler or _
holilerH thereof all and every of the naid Debenture* when th<f
whall respectively full due, aiul the intorent thereon hnlf-yenr-
ly, at the place herein mentioned, an<l in nnmner iukI form ns
herein expressed. And tiik sail pautieh of tiik Ki lis t Paut
further covenant and agree, that in ease the said Ihmkinif
House of Glynn, Mills & Company shall cease to fxi;.t in \^iv
said City of London, or have no office or place of husines& <kt
which such payment as aforesai.l can he nuide or received, ,
then that the said Company will, if rcipilred, pay said Deben-
tures and the interest thereon as the same respectively fall
. due, at such place in the sai.l City of London us the parties ot
ihe Sec.ud Vari, ov their successors in 'the said trust, may
rciuire and appoint : And furtuku, Uiat the h«ddor or hohU
ers of any or cither of the said Debcutures mayT "t any tWn^^
"within five years from the day of the date hereof, uim'.u sign.-
fvin- his intentions to that effect to the Baid Company, con-
vert" he said Debenture or Debentures into so much ta^ntni:
Stock oi the said Company, and that upon cancellation and ■
deUverv of any such Dcbentiuc or Debentures to the saK
Company, the said holder or holders thereof shall be entitled
. ■ to an ainount of paid-up Capital Stock^bf said Company- cuun

to the amount of such Debenture or Debenture^, nl^l the said.

-^ Company shall and v^ill deliver, or cause to be^lnered to

• such holder or holders, &r//> for the same, m funayment or

,lischar.re of the Dcbcnt^irc or Debentures so given up; and

" - • • ' '^ ' nturcH bei ng so converted

n'}

in tbeevQnt of any of the sai(

4-Del

■..■32:- :::":■■.;: ■ ',: ..:■ ■■.■'^■;.

into Stock, the said Companv shall' and will cancel and des-
troy each and every such Debenture so converted, and shall
not and will not re-issue the same to any person whomsoever
And it ls further mutually AaiiEED, That each of the said*
Debentures after having been signed by the President and
Treasurer of the said Company, shall bo authenticated by the
signature of one t)f the said plarties of the Second Part ; but
.ifter, and notwithstanding such last-named signature, all the
said Debentures shall be and remain the property of the said
Company until paid over to the said Contractors in conform-
ity with the contract, or otherwise disposed of by the said
Company, and such Debentures signed and authenticated as
Jiforesaid, to the amount of One hundred and twenty-five
tfiomand pounds, iStertmg, and none other, shall bo deemed
to be secured by virtue of these pi-csents. And it rs fur-
ther HBREBY AGRKEDj That notwithstanding the powers and
provisoes herein contained, the said parties of the second part
Jind their successors in the said trust and assigns, shall, in the
event of default in the payment of the principal or interest of
the said Debentures or any of thorn, be entitled to their right
of foreclosure of the equity of redemption of the said premises
in the Court of Chancery of this Province. And the said
parties of the First Part hereby covenant, promise and agree
to and with the said parties of the Second Part, their succes-
sors in the said trust and assigns. That for and notwithstand-
ing anything by the parties of the First Part done, siffered
()r committed, they, the said parties of the :^irst Part, at the
time 6f the ensealing and delivery hereof, are, and stand
solely, rightfuUy and lawfully seized of a good and perfect,
absolute^ and indefeasible estate of inheritance in fee simple
of and in the lands, tenements and hereditaments herein be-
fore described, with their-^and every of their appurtenances,
and of and in every part and parcel thereof, without *ny or '
any manner of reservation, limitation, provisoes or conditions
(other than as aforesaid), or any other matter or thing to ahel-,
charge, change, encumber, or defeat the same: And also,'
that for and notwithstanding anything by the parties of the

--* — -- — .-

bo now defective) their tirt. to any aud an<)f the
1 v.<U nnd Btemiscs by them set apart and taken possession^of
t^ IfS^'f the .aid Company, and^he same (as
tol the 80I1O naunajr ^ ^^ ^ T,„„j„^ nnfln tllO WroVlSlOM

requWed)

fi.,t part done, Buffevod, «.co,..,«ittcd, they »''« -Jfj-'^^^.l^f
the tot part, now have in themselves good ng^^t, full po«.N
and lawful and absolute authority to grant, 8ell,aUen, comcy
nnd rnfim the said lands, tenements and heved.taments here-
bVco„ve™l, or intended so to be, ^ith the appurtenances,
loXLd parties of the second part, the. snee^s^^^^^^
Ihc said trnst and assigns, in manner and fonn aforesaid
11 ;,E PAKxiES OF THE F.K.r .AKT hereby further covenan
„ith the parties of the second part, the r -eessors m ^
said trust »d assigns, that they, the saul parUes of U e fir t
part, .ilUorthwith complete and r^^J^j^^:, ^
samamay
lands and

r.,„.ed)"lure^o «. «f ^™--. "^tr^cS
„nd upon' the same trusts and purposes in th s Mentme e. ^

pressed,! the said parties of the --"'l P/^^''^^'^;^^',.
sors in the said trust or assigns may requne. And T in PAR
TIES OF THE FIKST PAKT do hereby farther covenant « ah the
Lr„T the second part, their heirs, assigns and successoi-s
rrrs^LtsMl- Ly: tl. said parties ortlie tot part
will vcar by year, and in every year hereafter, as requne.
SV:^^Jes^th<.ec«.^t^t^

n"" '^XCcrty -V«^^ ouZ said Company now
''^'''Stomtimrrtime belonging to the said Company,
or hci-^after from "»« t» , i,e hda *» »>« ™'>J«<" *" *''''*
""'" "Tf^fpt^^es « -dtot^
P"^"T^treSSuresand interest as aforesaid, and

other purpose : A^D thai ^"i^

quired by the said parties of the second part, or their heirs *
assigns, and successors in the said trust, or the survivor of
them, make, execute and do, from time to time, -all proper and
necessary deeds, acts and things, for mortgaging the sai.l per-
sonal property to the said parties of the second part, their
heirs, assigns and successors in the said trust, as and for the
hke security as is afforded by these presents, and subject to
the same trusts and uses : Provide!) always, and it is here
by furtlier declared and agreed between the paHies to these

presents, that the said parties of the second part, their iieirs
assigns and successors in the said truBt, or the survivor of
them, and such new Trustee or Trustees as aforesaid, and the
Iieirs, executors, administrators and assigns of them and each
^.0f4hem, shall be charged and ehargeablo respectively only for
. «uchim>neysastheyshall actually receive l.y virt,^ of the
trusts hereby m them reposed, notwithstanding his or their
giving or signing any receipt for the sake of conformity, and

. ai^ one or nrore of them shall not be answerable or a,^^^^^^^
able for the other or others of them, but each and evei-y of
diem only for Ins, and their own acts, receipts, neglects and
defaults respectively, and that any one or more of diem ^hall
ux>t bc^ answerable or accountable fbr any Banks, banker
Broker, or other persons with whom, or in whose hands any
part o^ the trust-moneys shall or , nay bd" deposited or lod4
for^ife ciistody or otherwise. Jn the execution of the truS
\^ before mentioned, and that they, or any of them, shaH
^iH)t be answerable or account^rble for^the insufficiency or deli,
f cienc^ o any securities, stocks or funds in or upon ^lich the
said trust-moneys, or any part thereof, shall be placed out or
invest, nor for any other loss^mi.fbnu«e or dSma^^^^
may happen ,nthAexecution of any of the afb^^^^^^
m relation tWeto, unless the ^me shall happen by or through
• their own w'illful defaults respectively °

Ix WITNESS WHEREOF, the ii|l Company have hereunto
set their cpi^priite seal and the signaturV of their Pi42!

«.

:t.-.

aua the *aid parties of the second part respectively have hore^
unto set their hands and seals, on the day and year first above
written. ..■;--

Siijn&l, sealed,, and dcUccred in

presence of- —
(Sicned) , . ' '

TIIOS. BENSON,

, .it" the Town of Port Hope, Sec-
rotary of The Port Hope, Lind-
say, and Bcavofton Railway
Company.
(Signed) ,■

\ JOSEPH B. HALL,

Accountant in the Company's

Office." ; ,

( Signed)

JAMES SMITH,

President of The Port Hope,
Lindsay and Beaverton Railway

^^'^°toS. A. WOODRUFF,
^'^'^GILBERT McMICKEN,

1, Thomas Beusoii, of the Town of Port Hope, Secretary
of the Port Hope, Lindsay and Beaverton Railway Company,
do hereby certify that the foregoing is. a true and exact copy
of the original Mortgage, made by the said Company to the
within-named Joseph A. Woodruff and Gilbert McMicken,
which orginal Mortgage was executed by the said parties res-
. poctively in my presence. THOMAS BENSON,'

\ Secretary.

Port Hope, ^ilst December, 1855.

^v Rkgistry Office, Peterborouoii,
V ^ . 4th January, 1856.

I certify tfiat a Memorial of the within is recorded in the
Registry Office for the United Counties of Peterborough ami
VicVa, at 11, A.M., on 4th January, 1856, in Lib. K I,,
Fol. 137, Lib. RI, Fol. 288, Memorial No. 9733.

: ;; "^"^^ . CHARLES RUBIDGE, \ '

\ Registrar,

•'^:'

, t

^IceriifV that aMenioriai of the within was registered in the
Uesristry Office of the County of T>uH«imthis seventh day of

i--M'

. . i ■ ■ ■ , .■ ■- • - ■■■..■■

January^ 185G,.at 10 o'clock, A.M., in; Lib. 2, Pdn lioi-e.

'Folio 456, Memorial Ko. 939.,- in Lib. 2, Hope, Folio 484,

" Memorial No. 1084; in Lib. 2, Cavan, Folio iJUt); Memorinl

No.- 979, and in Lib. 2,Manvcr9, Folio 24, Memorial N». ',8(5.

■ (^jjjiH ) ' . ■ * '

- • , GEOHUK (V WARlX .

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