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CIHM 
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Th* copy film«d h«r« has b—n r«produe«d thanks 
 to tho gonorotity of: 
 
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 gAnArositA do: 
 
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 nationalat du Canada 
 
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 d'imeges nAcessaire. Las diagrammes suivants 
 lllustrent la mAthode^ 
 
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 €(BAIiD 1*^I]K£ RAILWAY OOM^iNT 
 /OF CANADA. " 
 
 THE PRESii)ENT'S SPEECH. 
 
 SUMMARY OT THE PROCEElJiNGB, 
 
 miDIIIARV aENpAL MEETINe OF THE COMPANY, 
 
 MMtM Mtnm 
 
 CITY TiBMlNUS HOTEL, CANNON 57» LONDON, B.C., 
 
 ov 
 
 ' MONDAY, SOtli APRIL, 1894, 
 til Pur»ii«noe of the following AdverfclMmintr- 
 
 NonOK is lurnhv given th«t th« Qrdliiary Oenearal Half-Tearly 
 llMtt]|»ot tta Qfud Trank Bsiliray OompMiy of Oiamim will b« 
 hdd kt th* OtyiTaniiiiivfl Hotel. Ouuioii Street, London, ILO., on 
 
 r powof of tfatOoinpimyM the meeting may dwB fit; (4)AppvoT- ;^ 
 
 iajr en AcnMBeat (iBTol'ving no c*pitel enenditora by the Oooipeay, end 
 wSioh wm befcdnmlated with flie Bi^ovt)mth reforenee to the oonttrnotion 
 ofaMuMkof theGnad IVnaktOeon^ B«T,«nd Lake Brie Be&way, 
 1S| vQm Iflogt betweea FudtUeM and Owen Hoond, and authoiriring the 
 PiNOt«M to take all neeoMwy akepa to giro cHeot fliereto; and (6) The 
 tnuUM&on of oUmt hiiitnin off tto Oobum^t* ^^ 
 
 Ho^ is also hereby giTou that tlw l^kaufn Books of the Company in , ^^ ' 
 I^j^loD will be olosed from Saturday, tin 7th April, to the data <d Meeting, J^Hk^ 
 
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 H. W.' TYLER, iWiMirti* 
 ' J. B. EENTON, 
 
 
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4 S%e Grand Trunk BaUwojf Company qf Ctmaia. \ 
 
 Grand HavMi lad lCilwank«e there wa« a deoreue hi gross 
 reo0iplf ar;ei4873, and a de^m^ein the working expenses 
 of £1,286. ' 
 
 The year 1898 will not, gentlMnmi, easily be f(«gotten on 
 either side ef the Atlantio. (Hear, hear.) In this oonntry 
 the Britudi in««stor is estimated 4o hare suffered from loss 
 and depieeiation to the extent of upwards of £100,000,000 
 sterling. - You wUl remember the oon^iots between b^bonr 
 ttid oapital, inolnding sizteenTHvedc* ooal strike in -Englafld, 
 .and twelve weeks in Scotland^ and all the other adverse 
 conditions— «aoh as the AustraliatflHtbk failures, reT9lution 
 and ruin in South Amerioa, the difficulties of trust and 
 other oompaiues— during the year. , But majors have been 
 lav woive ovthe other fdde of the Atlantio. There is no less, 
 than one-fourth of the AmeHcan railways in extent of 
 mileage and oapital now Under the control of the oourts of 
 law, and during the year 1893 alone seventy-four railway 
 tsompanies, including a mileage of 30,000 miles and a capital 
 of 360 millions sterling, passed into the hands of receivers. 
 I do not know whether anyone in this country is able to 
 realise the amount of industrial and commercial depression 
 ijiathaa existed in America during tiie year 1893. The 
 > b^nks wore constantly failing; there were ficeqaiBt troubles 
 between labour and capital ; currency at one time^ after the 
 panic of July, 1898, was unobtainable; factories and milb 
 were stopped. The silver, question — the tariff discussions 
 and uncertainties — the low price of wheat in Europe-Hmd 
 the rate cutting, so frequently associated in a« extreme 
 degreto with scarcity of traffio-r-all added to the anxieties 
 and diffioolties of the situation; and it was no wonder that 
 we suffered under such oironmstanoes so much in loss of 
 gross reoeipts from freight, traffic There have be<pn volumes 
 written in the newspapers, in pamphlets, and in ]^ooks, to 
 trace the causes of this depression. We cannot tSks^ time 
 to go into that sulgcft^ which is a very Iwrge (me, to^ay-— 
 (be«r, hear).-^bu| those who are most interested M the 
 railways of AmMioia We all come to one conclusion, and 
 
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Jt^p&ft o/ihe Ptuidentt 
 
 ; 3<M ApHi, 1694. 
 
 <^iat' iif,' tiaft tfiine' otigfit to be -ifii alterfttioir by OongxMi (tf 
 tbd tntentsttf Oommeroe Liair;«> that the railway oompanieK 
 majr be able legally to oc^jbine in maintainiiig inodert^1>itt ^ 
 «iiiif<i(tla tates, ^fhioh yrjjivMi be to the intereat alike of the 
 piiblio, the freighters, and tl^e-tailway oompanies. 
 
 But I must j^nrn fiWthd«i^lMn||iig but general aabjeflta 
 to onr own immed^MconoeAis^— (hear/ Sear)— aaij^ more 
 espeoidly io oonsider the ^rorking of the Grand 'IVonk 
 Bailway for the la^ half-year of 1833. Yon Will see by 
 the teportB trhioh hate been Mint ronnd to yon that during 
 that half-year we had an excess of gross reoeipts of £17,000. 
 There was a diminution in freigU; traffic of no less than 
 £130,000 on the Grand Trunk proper. On the other hand 
 there was, including the two or three months of extra iraffio 
 in connection with the Chicago Exhibition, an increase in 
 the passenger traffic of £1M,000, so that the passenge^ 
 traffic for those two or three months made up for the de- 
 ficiency in freight traffic for th^ half-year. Then we had 
 also an increase on account of mails and expresses of £13,000. 
 Now, as regards the passenger traffic we carried about 
 ^00,000 more people, and at ratiier a better average &re, in 
 consequence of the World's Fair traffic. ASregards mails 
 and expresses, I have a very satisfaotorj^nfy to tdt to 
 you. itott will ftll remember the reason why ire w'ere forced 
 to take over the Canadian Express Company, whidi had 
 been running a great many years over our line. Anotiier 
 express company was started, and we could not possibly 
 afford to accommodate them both. If we had nbt taken 
 over the Canadian Express Company we should have been 
 bound to afford equal facilities for the ot^er express com- 
 pany^ and therefore we determined to take it over and work 
 it for bnrselves. The result has been very satisflsotory. In 
 1891 we received fM>m that company £66,000 ; in 1892, the 
 first yettr that we worked it durselves, we received £81,000 
 from it ; and during 1803 w« reeeited £89,000 fiNna it. 
 Not only have wiS) npade £24,000 more from having taken 
 the express oompMy into our own hands, but we have 'also 
 
 
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 thf^ oonsider tile actual ralue of t|s« lan^, .5M47 oobio fe^ 
 and not <tho owMeqnential 4fi||M^;ea iduoh.we «ULiai,Que 
 y eB«o having beesi that wt ahoald have to go to vary oonitiddr^ / 
 
 "^ 'aUe expense to atioommodate hotk freight" and paaaengex 
 tnSLo, in oonseqnenoe of the Iom of Talnahle qpaoe tck he taken 
 away from U8. There iaanothex diffietilty in oottneotion 
 with that station. There are several letel-proMings of ii^«- ^ 
 X, portant streets hy on; railway not more^tiian ahotft half-a- 
 ' nul|B^froin th^ Bonaventnre Stfeet. Station, of which the . 
 Monntain Street crossing is tha moat important... That \ 
 street oHMsea ov0r eight tracks. It ia only i^ yards from 
 our passenger station, and in fact thn^ passenger plat|||pn8 
 nin^ all the wa^ from the station bnilding to Morontain 
 ^ -Street. There is consbmf shunting over thai bvel crossing, 
 / in and out of the yafd, of goods trains and passenget trains. ^ 
 There is also constmii traffic lin the street. Yo<^ may saoi 
 a trhi^ line of -vehiolee waiting^ on jeaoh sidi of il^alid^hen 
 the tialna are shunting yon cannot-«rthough two'watohmen 
 are constantly empby^ ther«-^prevent peofie jumping 
 — and running over and through them, and ^risking their 
 
 lives in their hurry to get aorosB ihf ^aeka. Thatfaflsl)een 
 ^.< a ioare for aivery long time^ and eonstaut article havdl/ 
 
 apllifiu^ in the newspapers . abont n^m ** deeidly level 
 cikiBsing" question* Mr. Seacge|UBl- has lately been in > 
 communioation with the dt^ oi^^tiefvand they are now 
 prepared themselves to build a bridge in one span aerosi 
 our railway so as to offer no ohatsmttion to our traffic at ; 
 that point* whidh they estimate wj^l. cost i!lM^ S and it.: 
 has been propo^ tlu^ if we^e ^p oar^ ^pealm regard ' 
 to the street widening Aiefore rafinred to^ the city -should 
 add to the amount abaady awarded, tothe oompany, as I 
 have befbae itated,^ ihe sum nf £8^00^ to> meeti 6ur oo&t; 
 tribntbn(rf!|lalfithfliooifedf4he'brid^1!i4lnoh i asiivBBprB^ > 
 • sei^king parang nearl:^ tto oaipitaliiad oosfe of majiflsfnirtytte 
 ^ lavwlieioAingtj .^ei1ia'f^£Mqnan% at!ataA;tHM;^^^^ < 
 
 ' h^j^e^ptn^rbi oidaE togeirid oiamjiM thflii Utal ovoMng^^i 
 tocpay onr.totheicilytha oapitaUied ODstxrf timA«iaum i>> 
 
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 aft «xp«iiad^ i»/oiibneoti#n;^h: itM^rtTS^ .^ 
 
 getanore#iinJth6iie8,000 «i»ifb4i4iy<m wiU' *e» &^ 
 
 an ailoktabafe'adtnBieige to as and id 'the oity that' a fc]?u%». r 
 
 8hould>.l» DoaB(;c"ioti«id and ' #*4ewelt oiioteing. i done i awtty* * 
 
 < -I-iint 1W9^'? nniofllt obiigedt! ta^jfiac^^fw 
 pftttenoe; #itlL«rbioh yon have listened to ^wUatoI: iimti ia^at! 
 dismal tal«iv^9%a iriU' ni^entand that d» tfffioei^o«i^/: 
 taWng «am«ptttaalr>eaaM«4 at.4M» preseat time tfroeonortiiw!^ 
 oxpenaeii T Xfa)9iia«id|Bi^? of the IWfi-year's working hnw - 
 
 bMneatililybxeqitioiua^and majiaulytherdestribeaasa ' 
 pndooged iarkii^ tAinpAwd oidyihy titosm^^ hdavy^^ 
 
 paawnger inffia iik wniiflotioii 4itltr the WotMfs Waiiv! nli 
 knoirthat leors have beea espiMsed tinife'muo^ebenttaii 
 fttoek intarert wiltiaiot betnipt fdrAtWs liatf-^ea&i oWeit,' 
 gtntl amen^ I ant jhiire-to'dMs^ie thai^riear i-to^^Aa^um i 
 (flppl»ttM)-^vtpUi(gro«t thafer^leiaranyiiimg tinfo 
 wmn ilriiifiaU ba nwi at - tboiioiliJtHol tiie^ ilial^eibHi: 
 (Applana*.) liB shaU b« eomedioo^ . ^ {^vmvi^m^hmmytk* 
 Mx;iaeM(geiMililnar}Mlled laaoffioan together|vwithiaViev>toj< 
 thaviieoaiingtifedattionac being madet t Bdcleptiondl^^ti^tfn 
 csdidfa»teqniM ezeeptional nieainx^and !lli^ 
 mmmam yaiia /'btingHiap^lMd^iiMidiiisliiall^ iln.iivappliedt>f» 
 (A^kmaM)r) V^tucluKniJiMinntiiirirtBdi of itp t^ fw^'piq 
 ills Minab iraridag^dihlik%iU)})e^)itetiih]edoH(AppU^ 
 I >3iim) plil<«i* f texj^xdiiSf^t npntikmn'bo HMi.v^Staig9aMii 
 oirc^ tfdfaiisr'tfaMaiaMrf4f^iia8^«aii ,^ k^mM^^'^^^Mfi 
 UklhtiKiha eiitplgt t»t«lltli «o qalesii«tt»fnir tvle^nipiftd>« 
 tor Mmk^ifntm mmOi^ti^ fiiOminyimmmMmlta!^ bim 
 it«i»>afai4hdft — w t in y>iMt ixbnoadiiiMtjivi^eitMMiiltcinoipd 
 
 ^oi^fotfbyN».«MiiafiKtiiiMii^^itp><h<b^ 
 
 o d i ii iiti < i) t wii U i lDdMMiaiaityiind«Mi(nlr'ttrfta^flamNyqaK} 
 
 ^- ,. 
 
 all J 
 
■^^«ft^ 
 
 covered." You will see we ate doing ,idl — «^'-'4l»i 
 i,|pfi?,it|uii,,Jii^ypft^.„,,\y;§ .bfty^.jgc^iw iM>v.itlW0!ongh three 
 'rimpajUMiioiity;WQ.h«w9 tbfe.workk^ sUtementaioi; ^s' tbsee 
 inMKbiV «nditii0'«Mial<; is we li»ro aliEdgSdyOOOtto itiie f;9pd, 
 ton* ih.& Intereet of the present h«lf^i^fHMuf, lttidi1f«Hf&yi hope 
 to miike that do/ge»tiex|i^. [(J^piplktuie^Jr^^'^"^ 
 not expeot that Amenoa is always going io}yi m this state 
 i jof deprasmbn^irfoki' mnaii:xtoi)a|c|Bdi)t^Hfeiftre!lft|6ual«% 
 .gaagiHa iteamoi mpmim td tdeare^sea id(lo|rygiIifc^i;iraffic. 
 ri:^Ji9fl^8a£EiBiU tng|aB»^e{oi!»ileag&^ SfaaglMiioii wilLfOs 
 ; 1M^<44d bttiiiifliMRi^ye^) Tlte^in&U<)b^(it(Ota>Migfat,'to 
 ymmy^tMtsI^ with ikidoprease ^oiita^TOfiniataptiMok^wyire 
 iiwillihbpe. .better' imii^iiar itf oons9jaaoe^i\Menpm'^p9o- 
 . iposala . £(3tt:.p«oUngi tri«^ 
 
 ! A: vi^ igeoenl leeliag.is iaropi^ olv JMUMidiii^.'iiiBi Inter- 
 njdaonalY.Oonuuerce . Aet^x Yon i^ow: wer hwret •itneaaitMe 
 madft ftn xoonftmjr ^fitJ^^fiiOOQin th9 rediu)ti6nibf<^jUii)tp«ice q 
 . ti flooli lot, tiieipEQsoniif eai^leYbii witb(>ttt.iiha daty'takni «^, ' 
 . «nd iJMrjp Mft lisulnjttlrtiuKriBVouraUa'ain^i^^ 
 I sideriik tieirn^pr^enteoon^jii^ train: mile^^ wnl^ttsbirk 
 ( oa<ri9diOii;i;Miabove,a^wlMn thisTatiiE BiUl|»aaa^<3«ku 
 
 . Iittl«rfimfri4)«4 dtroMns that Jorm. thft.greiUtTriiiiei! oi teb- 
 H^efMiWiU b«giO)io J<»iE;iigii* frMl}t^tandoaixaa6tioii^<fiU«h 
 -ift! QtstlMl) AQtta«i:/X>r!;^ktflC.t« tiiMliexpeuenioed^> aad^ahrajTs 
 ' iloU«ni lKlH9P]»,fJlioii<0mi.«TeiB «odipEdMged»ibf Tprrwihl 
 av4ff>r!9lltfif9%uiiibiB(gtji^]i)tf|4mo^^ la -i^iioq cmUij^i 
 
 BttM tbiM '•-Idtmiitf ^hi fiViiirfwrTrtti fi|ngltiiiijtt JHHrjritiililiiftuNili 
 
 A,4» 
 
 iihmi fiBim ii»Qtibjii lo a^biud mii eatad orkd 
 
 Ij4uM>4ii4 Q^x*^' --bmiTd^' >^«4l.<^«-)««iiMa4»M4a-ft^a«wi;d^ 
 
 
 
;12 i^/fe Gmnd Ikiuf^Jiv^Iivq^ 
 
 . ; JIfr. B> :^Bjq|y QJQUnBiiOLp npiaved the fpllo^g am^ud- 
 
 ^.ment^— ;; ;.:,:-... ,..,, .. ,;■-, "' ■■ I .^:..', 
 
 '•That the repori and acdotmfs bei received hut not adopted, 
 and that a corataiittee of three shareholden and three diraotore he 
 appointed to inveMigate and report on the present financial position 
 olthe Compi^iy, i^ liabilitiea and commitments, and tlw ]|iabilitie8 of 
 every comply conoficted with the Grand Tmnk ^stom. TJiat the 
 meeting be adjomn^ until the l4th of June." 
 
 .■:i* 
 
 I:> 
 
 He said, that neirear dunng the history of the G<^npemy. had 
 its finapoial position been so unsound as it was at the present 
 time. In 1889 the gross receipts of the Grand Tiunk proper 
 were £4,022,004, and in 1893 they amounted to £4,0e2i217 ; 
 while the working expenses daring the same periods were 
 71-20 per cent and 72'4d per cent, reqwotively. The «m- 
 sequenoe was that, whereas in 1889 there was £^9,000 to 
 distribute, whioh gave 4 per cent, on the goamnteedi and 
 £2* 7b. 6d. on the first preference stock, this year, notwith- 
 standing the Ohioago Exhibition, they had onfy £136,000 
 to distribute, which gave £2. 12s. 6d. out of the £4 on the 
 guaranteed stock, and left nothing for the first preference. 
 Potting the increase passenger receipts against det^easei 
 freights, there was less than £10,000 dewease on 1893 
 against 1889. The proprietors were oonstantly told at l^e 
 half-yearly meetingiT that it was the decreased rates for 
 freight whioh caused the d^ciendee in net revenue for 
 preference dividends. This statement was moM than mis- 
 leading. The cause of lost dividends arose wholly from the 
 reckless policy of buying, leasing, and absorbing what were 
 crfHed the " subsidiary lines," at rents audrai^s fajr beyond 
 their value; an^ all these lines were enioyiog interest, by 
 prefereotMUy aeeured pecuritiea to ihJ pr^udioe o| the 
 original fisond (Trunk pr«f erenoe shareholders. Hod those, 
 Unea bew taiken over under ordinary working agreements 
 and the teoeipts pooled, the entire system of r^il^ys ihnst 
 have bona the burden of reduced rates, instead of which 
 J*fjfW^ OC (tibf wdttdAan wa« pweiioatty/ kwki .teyE the 
 
 preference shuehold«n of the Grand Triu^ pMp^^ and 
 
 
 U%.>MSCi'ii 
 
Jttport of iha Pruidentt Speech, 30<A AprH, 1894. 13 
 
 it Wab hopeleBs to expeot iiny improvement wUlpt 
 the ^xifltiiig xjAm itreare in foroe until drart^e^ meaaoxfs 
 were taken to gzapple with the ever*inoreasing expenditoro. 
 (Applause.) Hanng critioised the aooounta and ezpenditiuie, 
 he wished to say he waa still of opinion that, bad as the 
 potttion was, it was not hopeless. They had a system with 
 gxoss receipts of from £4,600,000 to £6,000,000 a year. 
 Capably administered, it ought to earn some interest on its 
 preference stocks; but so long as Sir Henry Tyler ▼as 
 allowed to maintain his power, reform seeioied in^tossible, , 
 (Hear, hear.) Leases, extensions, gaaranteefPj additional 
 capital expenditure, and the assumption of liabilities on 
 other lines^without any inf<»mation aa to their actual 
 indebtedneaa^prevepted tiie parent Oompany f^m obtaining 
 any net results for the preference stoc^olders, and the 
 continuance of this banefol policy , could only end in 
 bankruptcy. 
 
 'Mr. W, W. Baker said he intended to have proposed an 
 amendment to the effect "That this meeting is of opinion 
 that the minOus competition now existing between. the 
 Canadian Pacific and the Grand Trunk Bailway. Companies 
 is calculated to produce omilar results in Canada, which 
 cannot &il to be highly prejudicial to those en^)loyed l^ 
 these iservices, and to all concerned in the welfare aind 
 progress of the Dominion; that thesalaqrof theGteneral 
 Hi^ager, Mr. Seai^geant, be surohai^fed £1,000 ; aubje^ to 
 whiidi^ Ihat the report and accounts bf» [receiyfid r,and 
 adopt^/' but, having regard to &e importMce of deouring 
 unanimity amctng the proprietoors in order to put an 6i^d..to 
 the hidf-yearly burlesque which had b^etn taldng plaoe for 
 fiome years pilst, he rose to secoijtd tha am«idment proposed 
 by Mri Hou^old. (Applause-) ^|r ]|enFy 3VV^>9. 1»» 
 N^eeehei dut^g the last leK^ yeaars, had ioTiuUbly 4)ifuiM 
 to dsil. -Mth the actual situation, or ^ mi^M ray in9*<>i>«<^ 
 ! pi^k|K)sal|f iwilh the view of Impnwiaf .|hf | fMijtion jid 
 -s^foapaeti oc- -tna - 
 
 {»aii<|iittiiinDtallcadi«««d hia i«wrti«ii af.l^^if^^ 
 
 '\. 
 
 » ^i?i'SisS«Mfc«M%;iii'*C..,.i,iM. 
 
"ilt th§ li^if^^'^ fi6t'4^<ii^ter-^ He tliotighi^iftt in any ■ 
 ^iiolt^ta^'df '«Un«dKch»ti6ta'tblby idfflght td have sdnid adtrbMage 
 'mmOfM Itt iyorMie'lnTiy diibtoiiurrvMDt and in, >t)^e^ 
 
 '"mi'te OiiUtdtiifr l^oiati<irh«6b«r the^ i^erei goia^ toMn- 
 'iMdWm^y'^fttS^^im^li^' leiMftt oiittitf>p«pl4i(/<«V! for 
 '-tl^fMnM ot^ th# rf^tedld^. :^H^,<If«ir.) r>iii traMi no 
 
 
 iixj^meai (AM ^ritift <<tf <' Tltt^i '> Mr. ^ £al:OT ■^resumed 
 
 his seat) .v- Ujin^Jaatl 
 
 ^/M3fii<^Ai^< yid^ he dM^ ttt^ <#iiit ieo'.'^p^.iM'an 
 
 iWb^lioii^i' m Mi tUi^ie^hnOtaoi <hee&^^gtiittyrfof 
 ^4myiffiii^«if'o{ '(kMuM^iofr^^^W '4die tube 
 
 'm^lfl^^M ^ Aja ^Boi^the^hM 
 
 ^4^<1^|f^^r'hottei<i^i mimtimlllyitjai ^iumvmmglj, 
 % ii'^miimoaii i&d "diftileaiSt^tai^ Id* mariyiTtoiai with 
 
 (t&L^ktfh^* teiblk ' thMttgb' ' "n^*^ fa«tt ^ ithmr "«i«* . 
 
 ' liii(i^<M, li^iiiM tfait h» o6dd neieeff^iw #h«l'im[(7!!iB9Nlae 
 "hM '^(/^iihft.t tltt'^Ht)jr <^ 4he^a«iGtdoiil alqrf^ls^iMlyof 
 
 Hz^tt^, i^iid l^'^sMni^ in t«iii <!6- fludxanx^yipmotioal 
 I^DtefB 'WHiM^'Mi^^lhifif "IlliJ^ai^ >itlie mA> nDt 
 
 -^j— J— Aj-t-i — r I t > . 1 ■ , , a . « , — 1 
 
 ^fty<r<M'b«ibottH^ 4i^4jf(lMi«iiMii ^>ii»itMrtniHB0napania>q 
 
 
' ii;<PM-<v«2/')^^>Mu^>«<5i?M^ III. 
 
 did ilot.l)eliete( t<Jr boeimlolaiefit tji^t h^.didmea^iiuJ/^.'Qbv/ 
 oh ! ^')/ . He iMBlieted if i ttfcy. h$A %<, B&J»whgW <»» tli^ 
 Board )Ud would adopt tii0! aainoipolidy; 4a ^l^^^INreDtprs had. , 
 This . ipmft ao idia^ppala^iaig a cN^eeim, f^at i (if ^^4^i wiar^ iat 
 f or the fitafca he hiold,.a«diihe atake held bjrii^;|? ot^la^i 
 friendstthixntgihoatitheidOTUiiv'y^ h« wouH haT«ithe gr0aifl«tj, 
 pletoore inmaidng hia bow! and iretildng. < GQbe Direot^i^a- 
 hadladopUdairaiij teaaonaUe proposal Of ^tiggntion :^bi^ > 
 had .VaBQmiade tor them l^ th^ jpnopn^ors* .('^No.")' 
 I^hay had;had.on;,tlfeiBo^ i«epre80DtlKtiy«fr from $JU ^t 
 grdat: stMoeflaf al oompafniea ' iii.? EngUthA^ ; als^ 4id ; tb0 > 
 proprietors sappdHiJihat if thei» ifii^ atome . J^07all'rt>ad i tfi «1 , 
 dividoDd« or aoine;eertittn meaiuk of unpiimag ihanpOoikn 
 of tUe Oompah^ to a. degraoi wfaioh it hadnot jfatiArfiract . 
 aty aaanBiolctlneseigeiitliMikMk^^oQld not ha>TeH gilreitf )4)ita/ 
 and rendered assiatanoB ia anriinngati thatioonaaxamationiio; 
 Toauh. to ibe datfimi; i li had ! haett iiuggestod < tbati it; farsivld 
 be better to have a Caimdian nBoigd. < ; (Ap|^la<ae<), ' Thitn 
 was a very plausible idfia^ «i«d>iw ajak&ojnlcfdgad ihaihoiljiiui 
 omse Mtteq witiiiithiaam to iE^bsri•i]i ezteQt», ImkhA aatn 
 found out what a mistake it would be. This was triodi miih', 
 rdgaU; tothip v»ry Cbnipaiay jmrfj^ yeaw, ago^iand; (t. tgiw 
 found that CanhdiaaDjareotdofs poididjOiflihali) bein|^ iafluatiMd/ 
 by oommeroial and poUtioal oonaideraiipiiBi^ijhu^iifraBajii^Uiai^) 
 g^her'(»droi^plaiad^!ihaiJaanagaBnAt ti i^tMkmiiffootifnSily. 
 When they considered that out ot fhitl ?ff.ftftft ^ ■hjurnhnldoTtl . 
 ofthefiBMiaiilEiiink'&aihRaytOBlyriBQO (xsoMxmVem^, 
 tbayifanii}fiiaa tiurftiiijiriniUrl>at^-rn0^i«iiloiiafdj|K)]^ 
 handioyeisjlheiiifotroitfiihttr^aibniy ioiiijlQyia^Miii };fti|mi{ r 
 (Haarfdnai^urtEi^ mgadlilD IacxMMDirit}t^>olhej£fiKe«baianlMd<r 
 iallomd ^Ad^A^mh al ihi'|nroptifitittli ttt^m nnjttd^iotl 
 
 l«(i«ettiiK)E^1ilinj»vhildoBBaMU«mi«sdAetn«{^^^ 
 poin*>>*:>wMAi frfhiiauufni mt} ahaoat JsiiangMia^ laA Hbmr 
 
 ri#ittlqaja iti^ifi) tfaej^ o«aUffdiii'a<)»T9iit/toi 
 
 N. 
 
 
 . L.^ vi^'./i^i^v^*i;jK 
 
[ '("» 
 
 I# ' ^ Ormut 3Vm^ RiiU'voa^ Cfon^ny b/Canaeh. 
 
 a^UdktitVpifcyioUfl^Mid Sir Mimt^ Tker kad told thoni 
 whkt 'k dan^drotu t1>in|g; that iroald be. With Mgard to 
 th6ba^taIelc|^Stai«) th«y '^ad'also tried to follow the 
 pib^^vtB* Wiihei^ whiieh trtttv; itt fiiot, their own. The old 
 id6ii of olodtfg the di^itttl aoeooilt was an absolute impoui- 
 bility. Th»7 could not mj tiiAt they would never e.nlavge 
 a statiob, or thiit tiiey wmdd ile^sr put a new siding here or 
 thore. Mr. Itbnse^old had Mpoken of the aooounts of the 
 Ofeottgoaad Griitid Tra«k1n a TMfy discouraging way.' No 
 doubt'''th(eiy were disappolciting, but without that raflway 
 thej^ n^ght as well shut up the '0rand Trunk. It was the 
 Ghicagtf and Grand Trunk which gave a new lease of life to 
 the Grand Truni. (Applttusei) - 
 
 Ifcs. H06ABTK «rd the "e<«npany was now verging very 
 closdlyto that line of ^maroation \irhen the debenture debt 
 would be in jeopardy. He apjpealed to the proprietors to 
 mate tius <^ tifming point <^ the Oomp^ny. 
 
 iDr.'IUamiisoK accused Lord Gland Hamilton of being 
 a Director of lUitiB' different oompanies. *^ . 
 
 His I^nisfliT denied the accusation. 
 
 Dr. BonmTScar iipologisod, but subsequently repeated his 
 statement.' "^'-^ ^j-''' '..'■■^' »■■.- -" 
 
 Mr. 'Biuvis referred to the issuing of proxies, and asked 
 wlio had to beior ^% expense.' He protested against the 
 Goiiipany paying for proxies. 
 
 Idr^^DAvnesadctBd if the eQ«l strike in Pennsylvania was 
 
 jTbit TRBsiOMr; If thei#i8 no o&er gekitlemnn who 
 Wi^iqs io Spetik IwiB'aiiawer^hat lias been said; and also 
 th^ q«NlBtfMaii wfaidi haie be^ put to me. The list gentie- 
 Ottki^aakedw%4t effect the coal str&e in Fonnsyhaoia. will 
 bikte npbn the CHrknd Trimk. r^liat is difficult io answer 
 wititlotit lotM^kg.the'witiBf to whiditit/.wili gOt or'how long 
 i&wffl'lutJ^^ I '«m nbt; wrasertiialf weJ hiive snfibrad in: any 
 way firatt it yet^aidl sincerely; hop« weshisll iiiotdo so, ; 
 
 iv AuMfrioat whiohlnom of ds dULin any wiy:ootttsol^is » 
 
 I 
 
 \ 
 
 X^iuii 
 
 .""S 
 
 .f»'s,r%y,f^'.. !»v'vU>?jL»^i4^^i*^;^^^^^ii».^*_^^i\.V "; 
 
 .-^ .A^.t>^' m-aAVLi 
 
X 
 
 I 
 1 
 
 B^porf bf ike Pn$idmtf$, SfMoh, 80a4 AprUy 1894.^ II . 
 
 raM opportattity . for gentlevien- tike Hr. Hotuehold mnA 
 Mr. Bftkor. They h&ve doqie «1l they oodd to m$ke the 
 mott out of its ooiueqnenoes without Wking allowanoeft fori 
 its effeots, and they have made a numher of extraordinary 
 statements to you, a great many of which are hardly worth 
 replying to. Mr. HousehoiVi made a great point of- a 
 supposed discrepancy between my statements of 18192 and 
 those of Mr. Hubbarct to the effect that we oould not, with, 
 advantage to the Company, make farther economies than 
 we then recommended, on the o|ui hand: and my present 
 statement that we are carrying. oui farther eoonomies in 
 1694, on the other hand.. Mr. Hubbard and j^it is true, 
 went tc^ther over the systrai in 1892, ai^ examined the 
 shops and st(n«s and the pay-«heets,.and did everything we 
 •could to promote judicious economy, and-with a consider* 
 able amoimt of success.? We cfome bac^ and told you^— 
 what waa perfectly tme-^ai we could not then do 
 anything more in that direction without injuring the 
 Oompony ; and that was so. But what ii th? fai»t now ? 
 We have been passing- through. a crisis of nnp^ecedeuted 
 depression in America^ during which our receipts, from no 
 fault of our own, or of yours, or of way body's, have fallen , 
 off; and in the face 6f which we, are obliged to make 
 foither and exceptional economies, such as would .oot uqder 
 oxdinaiy ciroumstances be recommended, or be justifiable; 
 and, as I have said to you before, in. . e^q^pUoiw^l; Um^ I jou 
 liav« to take exceptional measwei. Wo »l» \tfm4^ i» #o 
 sa hkiyour interest, wd we. will do it—ipd ,tM cp|»n<>t 
 be fadraght'pcop^y. as a fault against^ufr-whiiit W;r mo 
 ♦otfag henartly for youK beiit ii»tewste,«l;llia^ l#4 »» S*^ 
 ma^atoii .' ^efH^vheaiN) •,..... h..\^H M;- ■'- ■■:>■ :■.') n-j/:^ 
 ib^. Bin^iM^ w$», iJfOji ,tfiy xiahemertb upc^ ^j 
 
 e mfmm ifmBiwfiM^mmBf iiFas|pAj» i^M^t^vsf ^i^^iMf- , 
 
 ofiliii C|wii8» wA: QwadaOsiii* a^r^h^ i^^ 
 Hutra anil rll^^!WllW9»M»i4 1. hj» p«rti<li#lfer^.««fBr^ t to 
 
 ifeW««iW* tq|«|^«iK l^dM^x^i 1% ^i%;^mS. 
 
 
 %i>i-^^,\cM^w»MWS/^i ri". 
 
/? 
 
 1^1 Tit iGr^ Trunk ftaiUoay Chmpmy of Cannubt:: 
 
 the Gjrottt Western ;ifjrBt#iB„ Wi»ii th« Grai^ a?i?unk aod r 
 
 tk» Ortftt iWeatoni wate ; fnitod together, the DbtroAt.iGtimd 
 
 .Haven aadJIilwaiUkee oume x)yer jas, part of; the Gbtat- 
 
 Western, ^jf»fcemi Aiid does toyone but Mt. HotisehoW 
 
 ntiw quotticm the tnUdom of iiiBg tho Great "Wotterai 
 
 a»d ;the; Qrand Trunk, together ? Beoauoi if they do! ^ 
 
 mil E&yiHhii: if ithoso two lines had iiot heen fmt together. 
 
 when thej #Br» they would both have g<md iat« trtttkraptoyt 
 
 inentaUy. rrilfthe (abwit Wort*a had ooutinuod fighfcini. 
 
 with the vAminaieaBiliaoB againtt the (Qxasdn Tronic, sndv 
 
 runmnj^idom rntea^ inaith^B tho> GrMtWeateta nor the, 
 
 Grand TroinE ooaldi faK^ MHmFited.1 It is aU reky iweUt^r 
 
 aay nbw^ i i«f jtodfc at, -iliiWiisihaa happeiiedj ? hut '»!» , must/ 
 
 remefnlmcrihe ^iiedniteaoeft a« ihcif 'wto4 at the tiiftOi.; ^]^d 
 
 cauuit, on&itiknatiliyv when.ir» «ie>^(tel|ed^upon' to Uk^x 
 
 aetioa,:fdltiMei what Hill h»^en\iii tho latioWtng 'ian<yieaif&. 
 
 AU' i^i^oolutitioiis^f'vth«fd«^')iArthid;t^ mmltv 
 
 anxiously oomudtted hy the Boiiid^aitd .axpfadnsd. Iaithe>: 
 
 . Shax«hddttr8j and werevfti^iidiyed «f tge.i^i fihveholders^xi > 
 
 the faots pntMnted most oareb%:iib tfaam* r As regards thW 
 
 side iineviii CNmada whidi .were-iaksd>Q«)w^^ whiidL<we«f«J> 
 
 now^aootuied (^Wasting money upon^-Hni|ipQai]ig wflDhadilofci 
 
 tahAD'th^mf ovei*^thfty woald haive aU gone to>JthBK:!iuuMliatlo 
 
 Faoifie^ iuid 9«m would havffdiadiTeiy little Oanadion tn^lBoi 
 
 on yottt maifi Une^ iThe aoquisition of iseiiaiii efistulg . 
 
 linear in Ifkhifan^ «ad^h« oomplotioa^ jyath>grMt^ iabouc: ^hdi: 
 
 ankioi^ ^ th^ OhSoiigb and #taifd Tnmk ip ooniiabtioarwithii 
 
 theiBj'1^ra#%is6 Meatareis itt^bi^4nlfte»est>o£jtkw <3«nipahyt.>i 
 
 We hid '^Bip4to9d'for J300,(K)aiof ottr Eifidt^ id|M £idnpJ 
 
 dition that we should extend our li&^'Hirdilplsy OMwigfti« 
 W¥& (iltttMsnMffl«1id|){iiJnin«^A^^ gtMtt 
 
 p(i^ti(<lif^<{h'<Oi^|^'^^i«drth<i a^'iMUtottUd^'ittinii^t^ti^Mii 
 
 
■5* 
 
 'pMi|< ,]Ml£;>«Br;t Mainlj id fOosUeqiienMC aiS^m lin^ie 
 tdnterJiiM tlw^.bad xates 'saC thb depmnonf ioi AtMitM, 
 ia lUff fltBft • ludf-year ! ^ roatriedlfcfriwufl •( idaftcitt^ 
 «KQli:e of £41j00a ofnom the €Biio««d ;«nd74]hted 'Tniit. 
 ^ Bat'twiiat jhaa litfp^dned in thdJaaooiui hftlf-jeasf^ Xitft 
 OB, look at 'the figi^g. Tke Ohidagd and) Qrand )$ri£bk 
 tiselfi hae/firoiBi tteprbftte.df tha^feeoiifl halfe-y^Mv H#^ 
 'oat the : dbfioit oi Mi^tm^ij^ has pa^^ off theoteapa^e 
 •ooounfc ?<tf : je80,06«J !il ihwi^ia: l<dA;lsaiyi>09aw^ 
 .tobs6r£h«d by: the jOhidEkg6 ja>a Qtdaat IBm^iGaaifmy 
 originally (ais wasLidotie an a!pr<»po^ita£^i^y tnadefnyofei 
 them by all the other oon^pimcagf^ng'lnta' 0hioi^ attiie 
 iaoj^tibn of ; the "Wforid'A B^)^ it taii' paid^taB13i«««r.^ 
 aoeoQiit; of thel l^idhel» ad^^eal, auedf Hi \iaB^iij£Se,4i&« 
 im th» jrMr: tothe Ftmman. Gfini||a% fift'ioatainobttMiilfctte 
 •rnih the World?« Fair traffic, and tho^deaoieniy ohwgeArfh 
 the^ aooottn*8i Ttfter plijr&ig fill vtii^ totaw andititif aaiea 
 ofaatgwi^ ia £I3^(Ml ilH'iit-fa^ 4^ Nifiittls 
 
 aecidtittfi, for:^v^h:]J^eX)<M)rfir4t tboMr abated; 'vrislimild 
 hatvef hach an tAsolatie' benefit after ^pt^b^ hB:\^mtb>^i6»a 
 from the Chicago and.<3T«indi;l\*Hik'feff<lie.fBiBrJfrr/^^r,7 r.h 
 o r/lferf;*liipt Jlo#; did ;^ott fdttaftidtfi;i<jMto^lwt>5 i«0«tnt8 
 .j^uf^i^e^ afpin-thd ]^[^>biif ."r^o f 8ft,l ho^.nnf'noini o? rrnd . 
 1) .The' IbtMii^itTfriWe ^KtoeAled-I^^ tfem.! Those 
 't«o efertanta iwese iamiangsfe ^JlmttBiiin ^errhiidiift^ioiir 
 ^mfioju °Kieychadimttep;erdN»in<i;h(itf^haiidt'lii«^ 
 iveM notitojpamA :eei«ain!|ioititfiintR'the^Jiad 0M>8iqd)NttJ9 
 toutt. /CheysijpiMed that point and thdeolUaktt looanaa^ 
 «a4 mtf pnDseflutai onto jorimin^^ J^ntq tini job^isvoiild taat 
 lOOtm^fhilnrtrlDf TMioMu JlfBatfer iiotr.tQ>idiitatfbtti-«lha^ 
 
 3^«9l&nlieitlA^I 1wa^n«i9JngW' hiMf^Ki^dKriil {(jhaxgMy 
 «*0Qi(tiOlfi^i*n«lultlianii«e^iiD£ithft;|reifei' andola£k:flomt>(iu« 
 
 ^^SPii^rSriKi^it^ita^ AhdrlCibift MftdOnad 
 
 SSmkigilAttnittm 
 
 kjMp(ttoinffiLi^ufa/%lnD9insp(m 
 
 *>^'',?irii^*A«t»i • 
 
 '^X 
 
'i-n 
 
 It-. 
 
 SO ne Grand TnOnk Baihomy Company ^ Camada, 
 
 tUe Hue. U m wen 'to 4o as Mxz Hdw^old proposes— *oat 
 oif sll this nde Hnss in Oanadal and «nt off thft Chioago ai^ 
 Oraad Traak^yon would b&ve oompszaiiTely little tmfflo 
 left on the Qfimd Trunk main line. The Detro^fc G^and 
 Haven imd Milwaukee luki bem a mote'' unfoiHiuhate line, 
 because it has not only not^Wiefited by the tnffio to 
 dhioago, bat it has had the traffic taken away from it, as 
 explained in the Beport. I have h^ a statement of the 
 pK^KOtion of InflBb interoha%ed between the Ohio|go and 
 Onind Trunk and the Detroit Gxaiid Haven attd Milwaukee 
 <m the bnelia&d, and the Grand Tnmk on the other hand, 
 lor the year 1898, and that statement shows the benefit of 
 these lines to the Qiand Trunk proper. The traffic ister- 
 ohanjg^ between the Gtand Trunk preper and the Ghioago 
 and^Grand Trunk in 1B92 wa^ £695,000, and in 1893 it waa 
 £761,000 ; and on the Detroit G^and Haven and Milwaukee^ 
 
 ' bad as it is, the traffic interchtoged between the Gnind 
 Trunk proper, and that lihe for 1892 was £72,000, and M 
 1898 it was £60,000;so that the traffic intc^hanged betweeii 
 those two s^tems and the Grand Trunk proper in 1892 was 
 £768,000, and in 1898 it was £822,000 What woulcj^ you 
 do without those lihesP (Hilary hear.) :-;;?>;; ,;c] 
 
 Next abott the St. Olair Tunnel. Thisllirough traffic we 
 have so interchanged has been ioKainly by means of the kt. 
 idUii TnnneL Mr. Hohs^old described the inception and 
 oonstruotidn of this titdnel «• a sort of fraud, and he h^ 
 QaM mCmdm of disoourteous expressions towards us kl^ffat 
 thtttflhd other huttteia. ^ut l«t me teU you that evray 
 l^snngertniih and eiety goods train pasnng between ook- 
 nuaii lin» and ClnoAgb is Hired some Wo hours in time Imd 
 O^mileto in dist^Aoe 'by the tunnel^ and if you multiply ihwt 
 hy thh taia'aiilfaiBfe expenses ind inoni^ pajrmenttf f or ti^#' 
 ^tpill find b very iumdsome 'Moving, nf which itone (^ iis 
 MJed iw wfainied. Tbeisot is W taanel U k 0^ 
 
 , Giahd Thmk, land to aU <k)nheoted Swm'. itif-^Ht 4uic4 
 
 stip the onlysubdessful^ork oil' th4 GontiteeBt rtfoAiiMifc 
 
 »<-.£. ^^'j^ijfli 
 
 ^v^-s.'-jfc.at ii^ 
 
 i»(i£«*iS 
 
 fciS 
 
 ^ 
 
 >L?llI » ^">^ V^ i^-t ^H 
 
 J 
 
 
 l,'l\ 
 
 jijkj**aj: _» siisutiJ 
 
 'i^ 
 
~'-^ 
 
 f 
 
 ^ 
 
 r 
 
 Rtpori y thu PrMuIetU tjlpeeek, 90tk jApril, 16&4. -^l 
 
 of this dfMriptioii, whilst oth«r dmikr 'toaaels haT« been 
 attempted aad filled. "WiflKMit this Wn&el yon oduld not 
 have obtained oVfliaTTied the pusenger MflBo dnHng thoto t#o 
 busy months to and ifh)m he 'WvAdfifear. As to iir. 
 Household's allegati<ni that ihe eetun^te* were so lar^y 
 exceeded, the eost of the ti^'n^el was tinder £300,000. Of 
 course we have made extOnsi(m line* and hunting ylurdis in 
 o(mn^otion with it on both sides of the riyei^^oKipensee whieh 
 would otherwise have neoessarilj bOeu inomrred ekeii^ere — 
 and made stations axid ottstont Iwiises ion the tw^ sicfee; and 
 bought valuable property on both ^des of the nv6r, brut the 
 actual cost of the tunnel waa i^der| my original estimate. 
 (Hear, hear.) 
 
 Then something has been siud aboijit oar loans out^^n^iug 
 on December 81, and I may pzplain/ thiit from tiiue to time 
 there is a certain amount o( capitaf / spent ojn this liiie as on 
 every other line, but it is reduced tO tts loWt poasiblo 
 limits, and is really very small compared to ^ojther lines in 
 j^gland or America. You cannot work a large system 
 without, putting in sidings, imd accommodation ior tt^ffic, 
 and charging for the strengibening of badges, for extra 
 weight of rails, increase and imprbvement 6f rolling stock, 
 stations, <fto., and so on, and ^ou must thus expend on capital 
 account a certain amount of monieqr year by year. We have 
 also had to pay off from time to] time seqiiLTitiee lulling in 
 at high<nr rates of inte^rest. Af w mentioniod in the rejpbrt, 
 wo paid off during the hiU-yejt £l2l^fi&0 pl^^i^ a 
 hig^^l^iMe of interest whuk Ibll due^ \m^ard^-i»-ria» 
 mb^ey for these purposes we hkve to'sw^besft^^iloi^ 
 from t^e to time, and ^ we do not find iE|» ^arkei airul- 
 irble, or if Ve do ¥6t g^ W.JS.^, ft ^oe ju ire^t)^ ire 
 oughii'^e wait for beiter ^si^^. iteantin^e^ we We |ij?^g 
 dt less amount oi inter^art thti^ (f ' wo had issti^Ml tli^l<QiiiWe 
 stock, and, therefore, iib'liaa nol bedn 4 ;bfbft 
 t^ally for the Ocunpany to .Miiy^llste k 
 
 isy^i&^^PirSfi&itQ'^^td^^mj tiro p 
 
 •tbck ibr^ tfc m£^-T^fWf^. 
 
 SEIIil^'A 
 
 .•,A. ; 
 
 ttire 
 
 
 ^„i-.'&mm^{iS^. 
 
 j3. 
 i 
 
T 
 
 
 > 
 
 fi'i,tn»n Mjf. HoqsehaW i9o<*»lwn».af ttw «o«r»<>ii»^itt»ount 
 
 fby bftving it f)|i|ig«)[,4l»yoi]gh 1i^.^aftf4i<w tMOORnJl^ yltjis 
 
 i»Th^jiK»pimeo%p»,ftiift,,o|h«c,^a94i i« IfcM *liQ.,Qft»ftdian 
 
 MP«flifiQi<ifty»rywJiw. M4i,w^a»w)iw;We* Iwimm© wt^ont 
 
 ,tipjwd.»»o^M«»«y QO. agencies, i J, iiriU; WUiyw.iWitftt 
 
 -a90BfQ»«». w* J»*y^ Mr. ^jtmx h^ , jlj^ea se^t ftv^tjtm. 
 
 \>CmA^9, tQM our agent iR,Jliu»p^, Aftd J wiU teW you.^e ' 
 
 , vM^ ,W?et of hoFjMf ;^Bpjn^4. ^ I^I^M W!» v«re 
 
 .WP^lWl M^gji th?., Alk%nae47 tifc^^ J^oin^iipn Btegittslup 
 
 Oom^aiee, and there was no Canadian F^s^p,, w« ,iv;^e 
 
 >.al)$e to tfMt;i^^t^m tP.<,»B^,<*e busi^ss Iqj? ?if, '«i, Wr«pe, 
 
 ...and^we g9^ ^l^.,\>n«i|iesft|Q!^,theyi^ i|i Anjierip^ ;,tffit^lieii tfee 
 
 u<?wia4lanP«ci4p,oamflf HBQfi tj^ stage, an^ .^^Ipy^d tieir 
 
 ;<^ ogeate.jn JwoEp,,j|j4^e^ o^r^in, 1^ 4^9^. 
 
 „tlw pppottte party-HM jtlieyv^ to ,be, Tf«;w$i:e pfttQ^l^^ 
 ,to est^lOwli; onag^Wy. of,; oiif oijtn, ,and Ipok , ojf!^ p^n 
 ; W^ro^tfr ^4M?ei^idJt iiftef; sqine delay i^d Vitb great 
 
 inl^fr <^W»^ from, Oa^ft,^ ^j^^l^^po^^^ 
 
 „ ;r^0jw ,i^ «^o;i8^4ji,fipon, |th«|^n^8 wl^io^ aw hejpg j^f^ 
 ■>poi^% ag^io^fli^d,!^^^^ 
 
 ^itjeaopwnte,: Tpi5,,5^>d;|ni^^ •■ 
 
 ■ t 
 
 ts 
 
 W^^^^^Wmm^M^ 
 
 ^'# 
 
■%1,.,t* 
 
 / 
 
 . ■;■ 
 
 k ^ 
 
 V 
 
 
 .># 
 
 Reporlqf. ih^ J'reai(Mit'» Spmk, mk iprO, UM. 3J» 
 
 beenr ruled legally in this floiinhy that oompiigQi; oWi^qt/, 
 8en4'0!ii; proxies unLasa thd difeotor^ p»y f or thete. Bpt.' 
 we MTO, iM^t under jfengjirfi lnw. T^e dertte oujc poim 
 ^rom thelegWatuwof Cfenadn. We do not pend prazies ito 
 everybody, beonuae that wo^ be attended with •; gr«2. 
 deal of expeiwe^ but we do aenc^ out a Uinitod numWrof/'. 
 proxies; afc e9liaparatively*matt eott, and' we shall oonifciujie' 
 todoep: (A yo?QB:« Quite fight."} We are here rep*«r^' 
 Bentipg>i}8,000 propri^tera^ and tro afee ntoe going to iSnd' 
 over this ^roat system and til its inteteota to the tende^* 
 mercies of Mr^ous^hold and Mr Baker. ; (Loud applause.) . 
 
 ,lir. Kbsksdt : Wm you hear me lor a ibinute ? * Very* 
 6trong accusations have been levelled at the directors, audi ■■ 
 they hflve Been levelled froto time to time, and I think I 
 shall b0 justified if I deliver myself of the^opkion igainsfc 
 thetwo geptlemwi in- par^totfliw who have leveHedT' these/ 
 accusations, that I i oOnaider thM Sir Henryf ' Tyle^ th« \ 
 chairnutn fii the company, hab well UnsweiM thffit aocfa- 
 sqtiqBB in; the Opinion oifeveiy fair-minded mate 
 (A^planflOj) ; Now ay impr^isidn ? » that iS^ the dire^toiii.'/ 
 wew to All ^hat Jfir* [ HolieeSoiar: desires in his ■ ^wn< 
 int^reftr«tfidrwhat my friend, till may so speak, of hm^/. 
 Mr. Bakeii has be^tenging' fori they isiottld ii6t have swd 
 things tlwy;h^vfe be«» iNiyiag,*., liljuttk both these goilfe.. 
 njen would luiyotexSMdingly* woU likiJd, arid ttio dealrbusarff! 
 oo€ttpying a position oib: t]M otlior sidoloi'tbeiiable; (Hmb, 
 hear.) My imprefsiottiilr (hit that iir the groat seeret^ani 
 thai((ris;w)i»t thl^ hHiw beto woikin^Jdr, and ihat has be^ 
 r^mtfd by thiO/{6eli]ig^i!i/6 bofefrdlihatEiih^y are not'getoi^^ 
 men -that they could receive^ (Cries of 'faSme/?) ff'Svi^ , 
 when we come to,*ho!if«banI^(«v«lijp.,llidy «^d:g«itl«id4n 
 IM«»nirW*?«5 tlt«fr hwdif ii^a^ipBott^df the cfii^otOfa^ & 
 
 1)10^ «««n^Olltr !«IWrf itlMi^^ 1^ « AcN^^dlr^ 
 
 hands, and the substantive resolution was then ftalttmtli^, 
 «^t¥»gfW4|wlaiNt^ t)l^BiK»i»ilfV to ^»»I•Mlw(^.^tl4 
 
 J8i^if*wJ(M|»«| .^re^tonw ^BJ^r^^GlaiMi HanBBton laafc 
 
 '. . . * 
 
 avV*.2:i! 
 
T- ■•■;■..«., - 
 
 ..v,.A-::i; 
 
 ,>-■ . 
 
 \ '-'-.. ,:j.- 
 
 ■ —■ -t;--- 
 
 Mf. W; U. ^eifrgii^ ii^ dira^ts seekiiig rt-eleotibn. W© 
 h*ye, witi t^gltlfc, aocje^ted thb r^^tion of Mr. Doughty 
 BrtMrneifrotoill-liMlth';and WkB?©,8bdethe report was 
 irtn^, beMBtt farther inforaed tliiit Ur. Molntyre does not 
 o|^rl4rt8elf for w-dleiotioii. m not propose that Mr. 
 Molntjrrt's vacatfoy should Ire' filled up at present, hut, 
 anariotlg to meet as far aa possible what ^believe to be th^ 
 wishes of the proprietors, we have in the meantime elected 
 Mr. Jeffries to take tke-plactf^of Mr. Doiighty Browiie. 
 Mr. Jeffries received the (hanks of the meeting on pne 
 oooasion for his Tisit to Canada, and for the statement he 
 t|ien made, and he will notv coihe forward for re-eleotioii in 
 the; place of Mr. Doughty Browne. 
 
 It having been agreed to submit tW^ names of the re- 
 tiring directors separately, th^ Prksidbnt proposed, arid 
 Mr* W. U. HeygAte seodjiaed, the fe-eleetioH of Lord 
 Olaud John Hamilton, which was carried. 
 
 ^jord Claud Hamilton : I be^, gentleman, {o thank you, 
 arid to say how strongly- 1 deprecate these personalities, 
 whife!^ are brought forward at these meetings simply, I am 
 thankful to say, by only two shareholders* It is very un- 
 necessary, and it imparts ?ieat and discussion which are not 
 ndoessary. I hope if any gentleman has anything to say 
 against me, or against an;)r otfeeir director, he Will satisfy 
 himself beforehand of the oonreotniess of his b^Kef, instead of 
 comiilg here and makmg unfounded assertions like the 
 g^leman sitting ore* there.' (Applause. J 
 
 Thb PrUsimnt then proposed, and Mi^. Hogarth 
 se^nded, the re-election of Mr; Wlliam tJnwin Heygate 
 whioh:was canjed; ".> -'h7, "''v^f'v.;.n i: . . ■. . V 
 
 -Mir»MBVGAtB:I.thankyoii/geiitleifteA. > ^ . 
 The PftKsiDBjrf' theii pinposisd,' ftnd Mr. KaNHsbt sec- 
 oftrided the reflection of Mifr WiUiim Brame JeffrieiJ, which 
 was oarrledi. ■ - ? ?:// r-^'-'i.^'-v. , 
 
 ^U^mmnsB : I tttke thih' th^ oarliest opportanity of 
 i0|l|iiiiig thanks to the boatiio! ditecftdrsfor havliig selected 
 *r^. fill {Ik vMtahy mated by thd ifettrfn^ dinibtorj^ 
 
 k'4i'..f2&.* >iaAi^f iJ^VWafeU' 
 
 ■4km^t'Jit'i,i 
 
Jieport qfthe Pretidenft J^teeeh, 9fUk April, 1894. SB, 
 
 through ill-hoaltli ; and ' I thftnk you rery maeh, fhcc^«r 
 Bhareholder8,.for haying^Teo mo your^apport faydMlazing 
 in your opinion that thci vfoanoy irtw bo welifillecl by 
 Toting for ike u yoii haiit done thia aftomoon. Aa I hafe 
 no business occupation my .whole iiipe irall beat y<rar 
 disposal either in Engli^or,in America, and.I will da all 
 I can to try and resuscitate the Company, and improTe. Us 
 financial positimi. ^u: /_ i 
 
 The Pbbsideht : The next resolution i»r- , 
 
 " 'Hut the agreementmadeTth June, 1^ bjetween JameBjQraigie Boy^ 
 of the first part, apd the Gnqd Trq]^ ^*^»7 CoAjil«injr of Canada Of 
 the second part, relating to the tibnrtraction of a branch line of railway 
 from Parkhead to OwenBonnd, now suhuitted to fliMneeting, be, and 
 the same is hereby approved, and £hait the dfrectdra be ahd are lieT%, 
 authorised to take all n^scesaaiy steps to give effect thereto." " *^ 
 
 This is a little line which ha^been constiiiet^d, about 13 fniies 
 
 l^g, to oonn^-onr Geoigian! B»y imd X«]^e i^e 8eotji<m 
 
 with the important pprt of Owen Spwd,; , Itr has been ad- 
 
 jvooated for a very long ^e, and the people of Owen fiJQu^d 
 
 and other, places (Uoug the route have giY^ai^idifeiiifaTour 
 
 o! it. There is no guestien odf expenditun op the part of 
 
 the Grand Trunk, there is no guarantee; pu <^e part ot tiie 
 
 Grand Trunk, and aU we are asked to. dp is to woyk t|ie liboe 
 
 at 70 per cent and hand over 30 per cent, of the gross rejOeipjIs 
 
 i to these tvho hold a mortgage of $100,000 on t^ie line, ai^d 
 
 if that is not sufficient to pay, t^e iiiterest on the morigfkge 
 
 they will have to go. without* . In working the line at 70 per 
 
 cent, we are not bound to run «ny more trains t^ifin will jay . 
 
 Thejcefore, there is no fear, of loss to the, Gnnd Tr^i^; 
 
 Company. Under these eiroumstanoes I have no di^qulty. 
 
 in asking your consent to r ^hie agreement wl^oh . h^e iH^n- 
 
 .described wand appended iafjiU to the rep(Mpt,,jil.; '^,^ 
 
 Lord C|,A WD UAHwmiikX^m^ y^ry, much pleaeoxe in 
 seconding that. ,; . , 
 
 >he resointipDi woe oarried.uiwamw>ui4j« ,: 
 
 TheF*B8iDittn: : PerVpftsowebo^ii^ift^^ 
 kind enough to proppse 3fT. ipimney aad Ifc. J)aTid»g« .^ 
 auditoM. . MrtDaTidspttretiree'pni^Oeoaaioa in Canada, 
 
 .X 
 
 i4kM^iii i.h\,-ij iuAiiii' 
 
 fci*. s ^ 
 
 tr^A, i*.'^ %s 
 
 ^'^' *i;fr„ 'M~^i 'Wii'fl'V^. 
 
\ k 
 
 Xd liiiiaBteiv: oi «iMgYia!^ofiof«l» J^otHecoinifleotiaik <of 
 
 'Wfq^tits «f tUflvOtmqMJbjktoiivA vac xic>ihiqua-j(> «■ .'ii.iiid .. t 
 
 '^ma^ViiLfmn ,iaa<{m<i'0 mi QiaYmumi him y;ij oJ a^. > i 
 The Presidbht : The next resolution ia«^iiiao<jf Imwimlx 
 "That the OiteetoM MfiidiA&tliB^/jM 4Mitt)V,'iafiattMd'^)k(UTow 
 
 lW,™)9'",8a»n8 M *ey p9J^ tim? tp ,timerfay, th{ii tit; provided 
 Ui(^ tiie total in'tew«i.^ excexA £20,000 per 
 
 anniuu." .. ..,'.. ^fj '^,^ _^\*\'. .'' '■'■'"■, ," 'J' ' ''■')("' ■"'*? '/-y-'-' --.^ ■■. -■ ■■ 
 
 We have only twb iMge ftenuf of J^xpendKture ii view'that I 
 
 -jf^tffdi^^df t^>^krteMiiM«.ii^W^ «iig«|^4dHt|)«HA £16(M)M 
 ' Wtlb^<)/b|e6to,^Jbii<^tbN^JiilH\«0%felUib«|^^ 
 
 ^liee^kttie'^ ilM «^Mfai6^f>fri4^ttndei»'^4l^e«ment^bgtWeeitf ihe 
 
 <Uyif th0^^hilti«4of th^ e^ii^^'Stiftiott #^ieh ia mv o^/and 
 
 "^1^ eeutt tt^i^MOI^df tlie^'kdii«gri«j^«>in iinprovin^^ the 
 
 %tftti(tafc^' W«'a}80'^6a^vtaiklaii4»<aHdMao$mrot^ 
 
 '^tiMM^kti^ Me^eddM^ th«ig» wh&bhiaM'VMy admotageous 
 
 ^<<i1^€omj^j^ii»ithit^the liMPrtMliPinU '4)»« ;bene6i of 
 
 •iif^feiriri'thdiiiatedlBJ* tbl« ootopaiiyj' There- a« one 
 
 ^tt^nMii)(«»>of'«xpeiidittt]:^ 'Whi^ 4& will 'be naOMMcy^ 4o 
 
 >itideit^6;'\ ete btir Nortb«ra-F«eifl«ifttae<iou sootio»«.4he 
 
 '^Hliid ^ohtttiiiB ^'t^Laire NipiMiifM««^inpo«a^i«iadact 
 
 was original^ re6]ttfenid;^J ii2l90^^)nwtifiJ'long, ithMttgh-a 
 
 'i!l^ni]p4nt«liided<io •b^^tn^i^^d Jl««»r% a detiatiM on 
 
 solid groond. We have postponed that mattw asioi^as we 
 
 oonld, but that viadin^ ■!§< Itt'tiidi ^tt^state that 'ire am obliged 
 
 4(^;'eaih«r'ttfj«^ied'<l|(iH^ on 
 
 *%^ld'c<M pi^<e99,HM(d^ mtk9^ «h<r4ifw 'OH Ifolidi^nd 
 
 -jfr 
 
 >•:•*». 
 
 ■ Jd:'^44«!|;#if4^^?^5;^sf>i!4%%^^ .: t< ^' «■,' 
 

 will cost 060,000, and there cannot be a doubt in the mind 
 of any sane person as to what is the best thing to do. A 
 wooden viaduct ],200 yards long is a constant source of 
 danger from fire: It is our means of connection with the 
 mam line of the Canadiafi Pacific, with which company wo 
 exchange a large amount of traffic at North Bay. Therefore 
 WQ are strongly of opinion that we ought, instead of replacing 
 that Tidduot with wtJodan < material dVto the «w«imp to 
 
 construct a deviated line. «a.aQlid,grQuad,^iftd make a good 
 job of it forever. « -. & 
 
 A Shareholder: Are we qn friendly terms with the 
 Canadian Pacific P 
 
 The President: We are. We do not wailt to exJeTd 
 any more money, or to issue any more debenture stock than 
 is absolutely necessary, but we.Ask your authority, to be 
 used if, and when, \i^e find it to l)e inquired. We have 
 powers from the Canadian Parliamdat for an amount 
 cdrKBsponding to a further anntkal interest of £65,000; We' f 
 do hot 'ask for any such amouiit as that, but we believe 
 that in a crisis like the j^sent mt credit will be enormously 
 strengthened T)y its t(eing thdroughly well understood 
 outside and inside that 4.e have^a^ple reserve power. 
 
 ^.Shareholder: May I ask -whether the Board Save 
 any intention to issue tW deb^tipe stook at anything Jikd 
 the depreciated price t)iey did yc»tM» ago ? 7 
 
 The President : I hay^ already jnentioned to you that 
 we maintain a floating deb|; because; we do not want to ifsue 
 so much debenture stock at low prices. I now propose th.e>: 
 resolution which I hu to rea<^ to you. 
 
 Sir Henry Jackson : I b^g to second that resolution. 
 The resolution was agreed! to. 
 
 Mr. Kennedy: I beg to propose a vote of thanks to the 
 chairman and directors, whijh, having been seconded, was 
 carried unanimously 
 
 The President: We are^very much obliged to you for 
 your resolution, gentlemen; atid. I hopei we shall meet in 
 October under happier auspices-. ^ 
 
 The proceedings then terminated. 
 
 i 4 s^'H/^^*' 
 
 <iy^ 
 
 **' US'* 
 
-ti- 
 
 \ 
 
 TU OntndTfimi Bmltea^ dm^pany of Canada. 
 
 
 .V.' * 
 
 STATEMENT OF QBOjSS BECEIPTS, WOBKINO EXPENSES 
 AND NET PROFITS PEB TBAIN MILE. 
 
 VfitH TBX AVEBAOR BaTIB 
 
 Fabes pbb Pabsenoeb, 
 
 PBB Tom PEB Mile, and thb Avebaor 
 roB Salf-vbabs Ended 31st Decemoeu, 
 
 ' 1883 TO 1893 
 
 •^^ 
 
 
 
 / 
 
 
 .. ti.\'-* '■■ 
 
 ^ . ■ 
 
 
 ■ ■'*( 
 
 
 
 
 mila. 
 
 WarkW 
 nnrtnin 
 
 profits 
 
 pertntin 
 
 miltt. 
 
 Pmoe. 
 
 Aveng* 
 late per 
 
 tan 
 
 per mile. 
 
 Oeat. 
 
 AvcraflB 
 
 fare per 
 
 PM- 
 
 aengor. 
 a. d. 
 
 I)«o.l883 
 
 65-75 
 
 44W 
 
 21-05 
 
 0-85 
 
 4 91 
 
 n. im . 
 
 57-08 
 
 41-78 
 
 1535 
 
 0-76 
 
 4 2k 
 
 „ 1886 . 
 
 5^ 
 
 40-76 
 
 12-88 
 
 0-63 
 
 3 9} 
 
 p im . 
 
 W-7^ 
 
 40-75 
 
 17-98 
 
 0-73 
 
 3 lOi 
 
 „ 1887 
 
 59-98 
 
 41-53 
 
 18-45 
 
 0-78 
 
 3 10| 
 
 „ 1888 . 
 
 5736 
 
 4086 
 
 16-50 
 
 0-74 
 
 3 8| 
 
 ^ 1889 
 
 55-88 
 
 39-77 
 
 1611 
 
 0-75 
 
 3 9\ 
 
 ,,1890 . 
 
 55-12 
 
 40-A' 
 
 14-81 
 
 0-72 
 
 3 8} 
 
 ^, 1891 
 
 56-96 
 
 40-28 
 
 15-68 
 
 0-73 
 
 3 8i 
 
 ^, 1892 
 
 58-22 
 
 38-36 
 
 14-86 
 
 0-68 
 
 3 8f 
 
 ^, 1893 . 
 
 63*19 
 
 38-49 
 
 14-70 
 
 0-67 
 
 3 10( 
 
 Dflorease 1893) 
 compared with V 
 1883 . . j 
 
 12-56 
 
 6-21 
 
 6-35 
 
 0-18 
 
 0-1 1 
 
 m: 
 
 •ut . ■. v.. 
 
 
 
 ''J&Mik^&tMA,A,i.1 •''.^^Sil>iiMiii^&'.^' ,\ 
 
 .«a£M U: 
 
 
THE GRAND TRUNK RAILWAY COMPANY 
 
 OF CANADA. 
 
 At the Ordinary Q«nera] Half^yeurly Meeting of the Company, held 
 at the C^tyTonoinnu Bbtd, Oaxuion Street/Xrai^i]^ E.0.|«^ Monilkj, . 
 aoth April, 1894 : 
 
 Sir Hbxbt W. Ttub, FrMident, in the CSuor : ' 
 
 The notioe oentwaing the meeting haTing he«n read:>^' 
 
 It wM mored by the Pbsbiokxt, and aeoimded hy Mr. Hktoati^- 
 
 Tint the Bepflrt of the Dineton and Aoeoonta for the half-year ended Slat 
 Deoember,1898, now pxewnted, be and theaune are hanby i^proVed and adopted, 
 and that a dividend of £1. Ua 6d. per cent be paid to the holden of the 
 Four per o«at. Gnaranteed Stogk, aaUng, wtth the dMdend, of £1. per oent. 
 paid to the holders of Uie laid Btook for the half-iraar ewEed Mth Joae, 1898, 
 a dividend of £2. 12i. 8d. per cent, forihe year 1898. ,^ ,, 
 
 To which as an amendment it HftlM mored by Mr. B. H. Household, 
 and seconded by Mr. W. W. BiJUB — 
 
 That the Beport and Aoooai^ti be leoeiTfd bnt not adopted, and that a 
 committee of three ShareboldeM and three Di^eotocp be appointed to inTcatigate 
 and report on the preient flnanoial position <A the Company, its labilities and 
 oommitmentB, and the liabilitieB of evny Oompany oonneoted with the Grand 
 Trunk syitem. That tiie meetng be adjooniea ontil the 14th of June. , 
 
 On a show of hands the amendment was rejected, and the original 
 motion was then put to the meeting and carried. 
 
 It was moved by the FassiDva*, seconded by Mr. W. XT. Hbtoatb, 
 and reaolved— 
 
 Tiiat Lord Gland John Hamilton be and he is hereby re'«lseted a Director of 
 the Company. 
 
 It was moved by the FftiesiDiHT, seconded by Mr. Hogabth, and 
 reserved — 
 
 That William Unwin Heygate, Esq., be and he ii hereby re-electada Director 
 of the Company. y 
 
 It was moved by the Fbesidirt, seconded by Mr. Kbhvkdt, and 
 resolved — 
 
 That William Brame JeflriSB, Esq., be and he is hereby re-eleoted a Director 
 of the Company. 
 
 It was then resolved — 
 
 That the retiring aoditois, Frederiolc Wliinney, Esq., tfestdent in «.^ i |M >tMl 
 and Thomas DaTidsoa, Esq., rasident in Ouwda, be and tfiey are hereby !«• 
 «lccted Auditors of the Company. 
 
 <- 
 
 ■■.■M 
 
 1' .i'- s 
 
 :i:ul 
 
l^' 
 
 1>I 
 
 V ^ 
 
 /it waa moved by ti^ F^DniT, teddnded by Lord Oijivd J. 
 Hamilton, and rBwdved-^ 
 
 reU&if to the wnutraetion <tSSM/mf ^mv^^"^ PwkhBad to Owen 
 Soond, now ralmitte^ to th« iiiAffi* M10M th#lkme i«lie»l>y ap^^ 
 tiiat the Dixeeton be and an hneby anthoriMd to tidceaUneoeHMtry itepa togiT* 
 effect thareto. ,. , ~»j^p^^>''>^^^^^^^^^ 
 
 vas inov^ %' tbe PBiimnT,'«Me<mdeli by Sir H»nt<. M. 
 
 the ereation and iame ot GtandTnink Obaaolidated Four paeLtMtil. J)<^ihtML)>:; 
 think jit, p«?TidadK>tlatR<M |fiiMi)ifc%Bi#>fifa>>» jtll tli#a l» Bi3 l»Slt^«»»W* 
 
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 tajBii) Sit* ill* i»duoneoo ;{aii^cTo!) 's^'i9 ^b mHKdml ad-i Jjjie ,hi,rt«i*Jltui«»a-t 
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