IMAGE EVALUATION TEST TARGET (MT-3) 7 // ^< fo y. « 1.0 I.I 1.25 2.5 KtUu ■ 1.8 U 11.6 7a / ^/ ^^' ^ ^^ ^V V Photographic .Sciences Corporation mr< m \ ^s^ \ ;\ ^\^ \ ^^.M '^'■ 33 WEST MAIN STREET WEBSTEK.N.y. 14S80 { 7T6 ) S72-4503 '' ^^"^4^^ m CIHM/ICMH Microfiche Series. CIHM/ICMH Collection de microfiches. Canadian Institute for Historical Microreproductions / Institut Canadian de microreproductions historiques I Technical and Bibliographic Notes/Notas techniques at bibliographiques The Institute has attempted to obtain the beat original copy available for filming. Features of this copy which may be bibliographically unique, which may alter any of the images in the reproduction, or which may significantly change the usual method of filming, are checked below. 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This item is filmed at the reduction ratio checked below/ Ce document est filmi au taux de reduction indiqu^ c' dessous. 10X 14X 18X 22X 26X 30X 12X 16X 20X y 24X 28X ] 32X Th« copy filmad h«r« has b««n raproducad thanka to tha ganaroaity of: L'axamplaira filmi fut raproduit grAca A lu giniroait* da: Manuscript Division Public Archives of Canada Tha imagaa appaaring hara ara tha baat quality poaaibia conaidaring tha condition and lagibility of tha original copy and in Icaaping with tha filming contract spacificationa. Original copiaa in printad papar covars ara filmad baginning with tha front covar and anding on tha last paga with a printad or illustratad impraa- sion, or tha bucic covar whan appropriata. All othar original copiaa ara filmad baginning on tha first paga with a printad or illustratad impraa- sion. and anding on tha last paga with k printad or illustratad imprassion. Tha laat racordad frama on aach microficha shall contain tha symbol —» (moaning "CON- TINUED"), or tha symbol V (moaning "END"), whichavar appiiaa. Mapa, plataa. charts, ate., may ba filmad at diffarant raduction ratios. Thoaa too larga to ba antirsly includad in on« axpoaura ara filmad baginning in tha uppar laft hand comar, laft to right and top to bottom, aa many framaa m roquirad. Th* followinc diagrama iiluatrata tha mathod: Division des manuscrits Archives puhliques du Canada Laa imagaa sulvantaa ont *t« raproduitea avac la plua grand soin, compta tanu da la condition at da la nT>ttfit« da l'axamplaira nim4. at m conformiti avac laa conditiona du contrat da fllmaga. Laa axamplairaa originaux dont la couvartura an papiar aat imprim^ sont filmte 9n commandant par la pramiar plat at an tarminant soit par la darniAra paga qui comporta una amprainta d'impraaaion ou d'illuatration. soit par la sacond plat, salon la cas. Tous las autras axamplairaa originaux sont filmte an commanqant par la pramiAra paga qui comport* una amprainta dimpraaaion ou d'illuatration at an tarminant par la darniAra paga qui comporta una talla amprainta. Un daa symboiaa sulvants apparaftra sur la damlAra imaga da chaqua microficha. salon la csa: la symbols — »- signifia "A SUIVRE", la symbols V signifia "FIN". Laa cartaa, pianchas, tablaaux. ate. pauvant dtra fiimte A daa taux da rMuction diff^rents. Lorsquo la documant ast trop grand pour dtra raproduit an un saul cliche, il aat filmA i partir da I'anglo sup4naur gaucha, da gaucha A droita. at d« haut •n baa, an pranant la nombro d'Imagas nteassaira. Las diagrammas suivants iliustrant la m^thoda. 1 2 3 1 2 3 4 5 6 THE GREAT WESTERN RAILWAY CANADA CiiNDlTlDN (IF TIIF. SURSCIlirTInN F.ISr. 1851. I'hlNnn HY I IliKIlfri. Uri'Kltl hlHKKT, H-UMillKI I w HLWAY S 1.1 ST. If W M UtKI-l Tin: (iRKAT WKSTKRN RAILWAY OF CANADA. 'I'll!' (.'iipilal, wlilch ihr ('(iiiipiiiiy may niioi' liy Subscription iiii(|cr die Acts iil' llic I'lirliiimcnl of Cnnadn, incorpiirntin.u; it — liii' Act n \'i('t. c, Mii, s. iv., )irovi(i('s — iiiny .'iniiil, liut Hlmll not exceed ((id.lKHI S/itins of il:4'> ('iirrrnri/ ritr/i), or . . Ciinvncv I'.! ,ril)ll,0(i(l The Ciipitiil ro(iuirc(l to complete the whole Line, according to lliu Uepuit of tlie Cliii'l' Civil JMigineer, Clmrles l{. Stmirt. Es(|., dated Hepteiid)ei 1st, I.S47, iind very recently conlirmed liy the pri'sent Acting Engineer, K. G. Hcneilict, Ks^., will not exceed ('Mrri'ncy f.l,yr>t),(llH) 'J'lie Stock tiiken nnd cngiigi'd to he taken, according to lh<' iiilnrmiition 'u\ possession of the Agents in {■'.iigiaml, Mr. lincliaiian and Mr. Aleheson, at the close of the hist year, amounted to II, .'1 17 Shares, or .... Curreiiev L'. I ,o:i3,('p"(."i But this anioMiit was suhject to contingencies, which rendered a revision of ilie Sul)scriptioii List neeessai'v. 'I'lie Haihvay (iuarantee Act of the Parliament of Camida, (I'i Vic. cap. xxix.) empowers I ije (jovenior in Council, on heluilf of the I'rovince, to guarantee the interest on loaiis raisi-d by anv Company, <;iairtcn'd by thi' Legislature for the (construction of a line of liailwav, not less than 7o niilcs in iengili, within the Province, on conditicui : — Tliat the rale of iuti'rest guaraMtced shall iiot exceed si.x per cent, per annum, — that the sum on which interest shall be guaranteed, sliall not be greater than that expeiuled by the Compfiny before the guarautei' is given, aad shall hr sullii'ient lo ciiuiplete the road to the satisfaction of the Commissioners of Public \V(U'ks : — that no guarantee siiall be given, until one-half of the line shall have been cumiileted, — that the payment of the guiu'anteed interest shall be the lirst charge upon the eariiinirs cd' the Companv. — that iHi dividend shall be' deebircd S(j long as any part oi'the guaranteed interest remains unptiid ; mal that a sum ei|mil to three per cent, on the princi|)al, siadl be aiiiiually sri a-.iijr iml nf the suviilns prulits, as a fund for the rejeniption nl ilir iiiiiliTliikiiii;, iliiii ilir Siiliscripiion in this cimnli'y nIkhiIiI not bi' U'ss tliaii tlmt in the Linilcil JStati's* rf the r.'i'lintr of fliis (Mmntry, luiwfvcr, is nut rnviiurnlilr in llir iiiiili'rtiikiiij», iind tiny nf ilicsf SliaiVH iiltiinati'iy rt'iniiiii unsiiljMii'ilMil lor. llic coniplition of iji,' ulmli' i.ini'. il is evident, is still st'ciiro. The deficii'in'y will lie niiide up, mul nmre tluui iiiiiilr up. Iiy ilir issue ol' gnaninteed |)elieniiires. In this cvcnl, an addition may lie made, when lliesr hehentiins mv paid oiY, to eaeli Siiliserilier's Stock, in tlie I'onii of Ikihiis or otherwise, with the I'lirlher advaiila,L,'e ol' a eorrespondin},' iiierease in the market value ol' the Shares, resiiltinf,' t'lom ihe dimiiiisheil iiiiiiilier capable of heinj,' thrown on the Stock iiiarkeis of this country and America. Ol' the Shares appropriated for suhseriptioii m Canada and ihe I'nitcd Siaies, neailv the whole htivo iiln'ttily bucii subscribed for; at the same time, the payments upon them have been •iiillieicni to warrant 'r''c Directors in oxtendinp the works for the construction of the lane. A force eipnil to* three thousand men, besides Ihe necessary engineers, agents, \c. iVc. is now cniplovi'd. and sanguine expectations are entertained that some portions of the Hoad will he open lor trallic in llie course of the present year, and that ihc whole line will lie coMipletcd by ihe close nf ihr ensuing vi'ar. t \ brief still. iiiciil will show ih.' value ol' the Si!bsi'ri]ilioii of ihc iMuiiicipalilics of l,i|)pcr Ciuiada. coiin.'ct.'d wilh ih.' Line, iind the ample security provided for the holders of llic Debentures of these bodies. Upper (.'iiniida is diviilcd iiilo t'oiinlies. 'rhese are subdivided iiilo Townships. Each Towiisliip is a distinct corporalion, 'I'hc Counties are also ecnjioratc bodies, governed by a Council, composed of the lieeves or heads of (hi' several Townships wiihiii their rcspeclive limits. The Cities and chief towns are likewise iiu'orporated. .\1! ihcse .Muniripahlies hiiv.', by sliilute, certain spceilied powers to incur ]icciiniai'y liahililies i'oi' local /iitr/inxct. These local piirpo.ses do not of course comprise the construction of Railways, or con- tributions lo the Slock of Uailway Companies ; but by an Act of the Legislaliire of Canada, which recnivcd the Koyal .Vsseut on the -i-^rd .Inly, I s,-,o, the Municipal Corporations of the Province were .ijiccinllj/ empowered " to Mibscribe for any number of Shares in lb.' Capital Htook of Till': GuK.vr WEsTKiis U.\iLUOAn CoMi'.wv, " and of Unit ('omimny only, — " or to lend any sum of inoiiev to the Company, or togiiaranlee and become security for any sum of money borrowed by it.' The same Act empowered the muniiipal coqioration " of any County. City, Town, Townsliip, or •■ Village, who shall subscribe for the Slock of Till-: (luii.vr Wkstkun Uaii.ww CoMi'.wv, or shall " lend or guarantee the paynuaii of any snni of money liy It. — to cinis. in lie asH<'ssed and levied. " upon the whole rateable property of the Municipality, siillii'ieni sums to enable them to discharg.' " the debts and engagements eoihracted in regard thereto. ' The Legislature of Canada, which has ihiis empowered tic .Mur.icipalilies of the I'roviiice lo subscribe to tln' Sto;'k of Till-; (iiti'.Ar Wkstkun Kmi.ww Comi'.vnv, has also provided the most stringent remedies for the paymeni of nuinicipul liabilities, and for protecting the holders of municipal securities againsi tin- iiiixniliilili/ of loss. l-'or the (jcncr-il .Aliini.'ipal Acl. la Vie,, e. si, provides :— That no Municijialily shall ])ass a By-law for the creation of any debl. or the negoiialioii of any loan, without inscrling a provision for a special annual rale liii adililion |n all other ratesi for the payment of the debt or loan, ■Jhat such rate shall be suflicicnt, according to the value of lln' rateable properly as shown bv ihe then last assessment r.l urns of ihe .Municipality, lo pay ihe ham and interest uiiiiin That the .Miinieipalilyshallih.i r.'p.'.il sn,.), Hy-lnw. or disconlinue sii.'h ral.' during the cxistei of the debl . That Ihe nil.', when levi.il. shall be lirsl aiiplieil i,. ihe payiiieiil ..f so niiii'li of th.' d.l.t as shall then he due, and the surplus funded in securities sclceled hv lie (l.iverii..r In Colin. 'il. I'..r the special purpose of extinguisliing the debt. That any Hy-law, by wbi.-b it shall b.' alLnipod i,, r.'p.'al uny i'.v-biw I'.u' nijsin^'. or O. iill.'V .ir diminish th.' rate f.ir llii' paymeiii of. siu-li |.)aiis anil ih.' iniei'i'sl thereof, shall b.' abs.i lutcly void. That any Jlunicipal Olhcer acting under such invalul liy-l.iu sh,-,|| 1„. ^ruiliy of a inisih' nior. and he punished by lin.' or im[)risonmi'ii(, or holb. In case of default in nayineni, judgment may be recovered againsi a .Miinieipiiliiv as !i;,'iiinsi an individual, by a s)M'cily and inexpensive pmcss : and lli.' iudgiiieiii civililor has ih.' option either .if selling, under exeiulinn, llie goods and lands of the Corporalion, ..r ..f orderi.ij,' the shei'iir, by eiidoi'senieni ,,;, ii,,. ..xccution, to h'vy the debt by rale ; .ir h.' may lii'si sell Ih.' Ciir|i.ii'aii.ai pi'.ip.'rly. iiii.l itfi.'rwards lew any unpaid bahin..' bv rat.'. ■Iii'i'iir, 'i|] lii'liij; iirdrri'il ti l.'vy iln' ili-hf liy niti>, is rcqiiii'i'd liy -(iM'tioii I7ii, id iiotil'y ilir ('i>r|i(ii'iitii)ii, mill it till' ili'lit lir iKii |iiiiil within iMiiuntli, hi ^ti'iki' a siitllrii'iit niii*, llt'CMinlillif til till! llSHCSsmi'lIt of tlml ynil', iiml tn issl|i> his |il'i'ii|il in liir riinii:tii|s 111' tilXi's to li'Vy ihi' suiiii', ill lulihtioil In thr t,'rlUiiil lillrH t'nr tlir Viiil-, Hy ihi' hiiIIIi- srrtinii, tho rh'fk 111' till' Mnnii i|miily. iisKr«Hiii's, iiiiil I'lilli'rtors iiri' ilrcliiiril m lir iitliri'is of llii' rniirl. oiil nl'uiiiiji ilic I'xiMMitiiin hiis issiiiil. mul iiiiulc liulilr Id Minnimrv |iiiiii>liiiiriil, liy illlllflllllrlil, fill- llr)»|i'i'| (if illilv. t l''l'olil till' iiliiivr ■'tati'MK'lil. il will III' si'i'ii tlml llli' Muiiiri|iillltli's of ('[ipiT I 'lUiililii riill llrllhrr f'vmli' nor posljioiii' th,' |iiiviiii'iil of tlirir ilcliN. mul tlml, ir fuel, thr sri'iirity of tin' iiolili'i's of ihi'ir ilrliriitiiri's is iirrft'vl. Il il olivioliH too, lliiil 111 II hif,'lily fi'i'lili' I'oiiiitrv, like rppii' ( 'iiiiiiilii, wlicl'i' iIh' pi'ot,'l'rssivi' iiiiTi'iisi' in piipiiliitiiin, lunl wlnri' tin' ucciiinnliitiiui of pi'oprrly in mnoniil iiiiil viiliU', iii'ii I'M'i'i'iliiiniy riipiil, — II niti' siilliiii'iit to pnv ii limn within twriily yi'iirn, in rordiiig to tlii' iisHi'ssincnt of niiriilili' pi'opi'i'ty lit t.lio liiih' ihr lomi is I'ontriirli'il, must disclmrgii tin' di'lit jji-i'iitiy within that pi'iiod. 'I'l r aHHOHHi'd viiliii' of riilnilili' property in UppiT ('iiiiadii ii|ipriiis. liy ihi' 'rahlrs of thr (invmi- nii'iil lioiii'd of Ui'Kiitriition mid Sliitistirs. to liavr amoiinti'd, III iM'iT, to L'.'-;,ll'.i,NI7, And in |h|7 — twmiy years nl'tcrwui'ds, to ... €.M,."i(i7,0ii|. lii'iiif; an incri'iiHi' of iinirly Hid prr irnt. This iniTi'iisi' is shown liy the 'I'lililrs to have hern ell'med hy 11 steady iinuniil iidvmirr. It is inipossililr, thereroic, to doiilit that tlio siiini.' yearly improvement will continnr — or morr proliuhlv. ndviinn' iit ii still more nipid nitr, mul thus render still more eertiiiu the extini'tioii of Miiiiiiipiil iiiLriiLrrnirnts ut ii prriod very r;rriitly within that eontemplaled hy tin' Stiltlllr. 'I'lir fojliiwin;,' Sliitrliirlil, rMrnetrd fiolii thr 'I'liliIrs of llir ( iovernilieilt lioill'd of l{ef;islriltioii illlil Sliitislies. rxhihits — ANNUAL AMOUNT AND VALUE Of all Aiticle.i A.issi\i.|.| ol , ! A.l.'.ifl Wliup*, line Oxi'ii, I'urriapps or Aisewcd Amount of a>si'>»..l viillli ll88l'*M'il vulile all khiJs .;'7i'' '"" "' Slorf . VniiiiK Haw Mills 1 kt']it for Vulo'.- of all Local Yean. Popiilnlioii, 43. HIT liLTf. £A I'tT ucn>. tl!*9i'«fc.(l. •■a 111'- 1 .(.mo.. H'lusei*. Cullli.. I'li'iuturi'. I'ropePly. 'rnxi>4. Jt. 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