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 ,811 
 
NORTH SHORE RAILWAY 
 
 COMFj^ISTY. 
 
 REPORT OK THE ENGINEER-mCHfEF 
 
 TO THE 
 
 NKW BOARD OF DIRECTORS, 
 
 MAY 28th, 1873. 
 
 • '• 
 
 •. • • • « • 
 • • k at • r 
 
 • • 
 
 • t • • • • • 
 
p?,85 11^ 
 
 • • • • • 
 
NORTH SHORE RAILWAY 
 
 COMPANY. 
 
 At a Hpecial meetiDg of tlie new Board of 
 DirectoiH, held yesterday, Mr. Jamos U. Koks 
 was unaoimously elected President, and Mr. 
 J. B. lienaud, Vice-President, for the ensuing 
 year. 
 
 The Committees were struck of)' as fol- 
 lows : — 
 
 Executive. — The Hon. G. Irvine, A. Thom- 
 son, the Mayor of Three liivers, Col. Pkhodes, 
 and L A. Cote, Esq. 
 
 Finance. — The Hon. L. Archambault, W. 
 Hunt, £. Beaudet, J. Burstall and J. B. Ke- 
 uaud, Esqs. 
 
 Comtnitle'. oh Lands. — The Hon. Dr. Peau- 
 bien, the Mayor of Quebec, the M^yor of St. 
 Sauveu', Wiliis Uussell and H. T. Tastlie- 
 reau, Esqs. 
 
 Immediately after the organization of the 
 Board, the Engineer-in-Chief, General Silas 
 Seymour, was sent for, and reijuested to pre- 
 sent a report of his recent vit<it to Europe in 
 connection with the road, and also any pro- 
 positions from English capitalists, of which 
 ho was the bearer, with reference to the im- 
 mediate construction of the road — upon which 
 General Seymour read the following report, 
 which was referretl to a select committee, 
 with instructions to report to an adjourned 
 meeting of the Board, to be held on Wednes- 
 day of next week : — 
 
 NOUTH SHORE RAILWAY. 
 
 Ueport of the Engineer-in-Chiet to the 
 Board of Directors. 
 
 QnKBKC, May 28th, 1873. 
 
 Mr. I'teaident and Gentlemen : 
 
 1 have the honor to report that, by lequest 
 of Messrs. Perry H. Smith and Samuel L. 
 
 I Keith, on the part of the Chicago Contracting 
 Company, and by permission of the I'resident 
 of the Railway Company, 1 left Quebec on the 
 evening of the Jyth February last, for Lon- 
 don, England, where I arrived on the liithof 
 March following. 
 
 Messrs. P. H. Smith and G. L. Dnn!ap had 
 left Quebec for Europe in July, laVU, for the 
 purpose of negotiating a sale of the mortgage 
 bonds of the Company. Mr. Smith had re- 
 turned to America early in Dectraber of the 
 same year, and Mr. Dunlap had remained in 
 
 . Europe. 
 
 I had completed the maps, profiles, plans, 
 and estimates of quantities upon the line, 
 
 i from the revised surveys made in 1«72 ; and 
 it was thought advisable for me to iake them 
 
 : to London, in order to lay them before par- 
 ties who were inclined to invest in the secur- 
 ities of the Company. 
 
 On joining Mr. Dunlap in London, I found 
 that he had entirely abandoned as impractic- 
 able the idea of selling the bonds at present ; 
 and that he hatl some hope of being able to 
 form a syndicate of capitalists, who would 
 make a loan of 50 or 60 per cent, upon them, 
 and hold them as security until the partial 
 or final completion of the road. y 
 
 Our joint etforts. together with those of Mr. 
 P. H. Smith, who reached London on the 9th 
 of April, were therefore directed to tiie forma- 
 tion of this syndicate upon the basis of the 
 present contract, until about two weeks jire- 
 vious to my departure from London ; and 1 
 regret to say that these eflbrts proved to be 
 entirely unsuccis^ful. 
 
 The reasons for the failure in the first in- 
 stance to sell the bonds, and in the second 
 instance to negotiate a loan upon them for an 
 amount that would bo sufficient, together 
 with the means at the disposal of the con- 
 tracting company, to complete the road be- 
 fore placing them upon the market, are so 
 clearly set forth in the accompanying com- 
 munication from Messrs. Dunlap and Smith, 
 which I have been requested by thera to lay 
 I before the Board of DirnctorB, that I will not 
 
 59428 
 
UDdeitake to repeat or to uulnrgo upon lliem 
 to any coniiidi:rablc extent. 
 
 With tho purmisaion of the Board 1 will 
 now read the cummtuiication referred to. 
 
 London, Uth May, 187;i. 
 
 To the President and Hoard of Directors of 
 the North Shore lluilway (Jompany. 
 
 Ueatiemeu : 
 
 Inaamiich an our efforts to negotiate tlie 
 secnrities of the Company, whitli we have 
 agreed to talie in part lonsidtration fur the 
 construction and equipment of the North 
 Shore Uailway, have hitherto proved unsuc- 
 cessful upon the basis of our contract dated 
 April 5lh, 1872, and inasmuch as we liave 
 been able within the last few days to close a 
 conditional arrangement by which, if approv- 
 ed by the Company, we shall be enabled to 
 realize a sufficient amount to secure tlic com- 
 pletion of the main line before the close of 
 the coming year (1874), we have requented 
 General Seymour, the Kngiutcr-in-Cliief, to 
 return to (Quebec and lay the matter before 
 the Board of Directors, together with this 
 communication, and any further suggestions 
 and recommendations that he may citoosc to 
 submit for your consideration. 
 
 Since our arrival ill Kuiojic early in Atig- 
 ust, 1872, we have devoted our entire time 
 and energies to the matter of negotiating 
 either an absolute sab; of tiie bonds, 
 or a loan upon them which would Oe 
 sutticient to enaliie us to complete the 
 road before placing thciu upon the market. 
 
 The failure of these negotiations may be 
 tracetl iu every instance to one of the follow- 
 ing causes, or perhaps to a combination ot the 
 whole or a portion of them. 
 
 1st. The breaUing down of the continental 
 money market during the i)ast year, and an 
 unusual rise iu the liank rates throughout all 
 Europe. 
 
 2nd. The violent opposition of parties who 
 are interested in the Cirand Trunk Uailway. 
 
 3rd. The publicannouncement in Canadian 
 papers that the Quebec subscription of one 
 million dollars to the capital stock of the 
 Company had been enjoined, and that the 
 city would not issue its debentures as pro- 
 vided for by the terms of subscription. 
 
 4th. The fact that tho grant by the Quebec 
 Provincial Government of two million acres 
 of timber lands hod been found defective, or. 
 account of licenses having ^jreviously been 
 granted by the Government to other parties 
 upon portions of 'the same territory. 
 
 5th. The fact that the iroscnt compara- 
 tively small amount of iudi 'idual subscrip- 
 tions to the capital stock u' the Company, 
 
 would, under its present organization, place 
 tho control of the railway and franchizes of 
 the Company, together with its land grant, 
 which are the only securities upon which the 
 bonds are based, entirely in the hands of 
 parties who have little or no pecuniary in- 
 terest iu the future financial sue* 
 cess of the enterprise ; while the 
 bondholders, who had advanced the 
 money for constructing the road, and had 
 thus become tlie only parties interested in its 
 future success, could have no voice or control 
 in the management or preservation of the 
 property, upon the future value of which 
 they will be entirely dependant for tho pay- 
 ment of the interest and principal of their 
 loan. 
 
 The stringency in the money market has 
 sensibly diminished ; and the present is re- 
 garded as a tolerably favorable time for the 
 negotiation of first-class railway securities in 
 the European markets. 
 
 The impressions respecting tiie want of 
 integrity and good faith on the part of the 
 ( ity of Quebec, in the issue of her debentures, 
 has been partially removed by means of let- 
 ters and assurances received from prominent 
 ofHcials and citizens, that the obligations of 
 tlie city will be faithfully carried out, — and, 
 in order to do this effectually, it only remains 
 for tlie Corporation to pay the proportion due 
 tor expenditures incurred in the construction 
 of the main line during the past year, and 
 thus place this matter beyond the reach of 
 any contingency. 
 
 The olHcersand friends of the Grand Trunk 
 Kailway have made the most extravagant and 
 inconsistaut statements with reference to the 
 probable future earnings of the road, and the 
 value of the Company's land grant ; and 
 while the transparency of their motives in 
 endeavoring to prevent, by every means in 
 their power, the construction of a direct line 
 between the cities of Quebec and Montreal, is 
 (luite apparent, they have at the same time 
 an ert'ect upon the sensitive minds of capital- 
 ists. 
 
 The damaging impressions with reference 
 to the integrity and value of the Company's 
 land grant, have not been sufficiently remov- 
 ed by the official assurances of the Commis- 
 sioner of Crown Lands, approv-'d by the Gov- 
 ernment, that such lands as may have been 
 denuded of their timber within the blocks 
 granted to the Company, will be replaced by 
 others of equal value, both as to location and 
 quality. The shadow which has been thrown 
 ( ver the entire enterprise by this unfortuu- 
 tie circumstance, will never be entirely re- 
 moved until it can bo shown beyond a qnes- 
 
iy'8 
 
 been 
 
 lion, tiiat the Ciovurnnifnl Iiuh made ^^ood to 
 the CoiKpany the (iiaiit. a.s ori^'iiially con- 
 tfiiiplattd by the pct of Purlianitiit. 
 
 Having ;)ai'ti.illy ovcrioiiit', or iK'ntiali/.i'd 
 the dittit'iilticH abovi.' nfcirtd to, \>y tin- most 
 patitut 1111(1 pi'i>cvi'i'ii)fi ttloifK, (iiiiiiijr tlie 
 past ti-n incntiis in London, and on tlic ('on- 
 linent, we arc vobliged to meet the 5lh oh- 
 Jettion, with ntereiicc to the stock of tlie 
 (Jcrnpany; and hire, in onr Judfjnicnt, the 
 inteiprifie tunBt certainly langnish, and pos- 
 sibly fail, unless the Company, aftii- a tnll 
 knowlrdire and due reilet tiou upon the farts, 
 agree with our conclusion, and (.'iiarantce a 
 further bonus of three million dollars ol lull 
 paid Htock, which we can plac<' in the hnnds 
 of capitalistH who advance the mony upon 
 the Company's bonds, and thus enahle them 
 to exercise a Just and nnsonable control ovit 
 the property, which forms the only security 
 for tile repayment of their money. 
 
 VVe are perfectly assurid in our own minds, 
 from our past experieuc'c, and a cartful study 
 of the money nuukels of Europe, together 
 with the ncfjotiations which have been sue- 
 cessfnlly carried throui,'h siuci' our stay in 
 London, that the parties who furnish the 
 money to build the Koad, must hav(' a con- 
 trolling interest in the st0( k of the C'luupa- 
 iiy, to enable them to guard etiectually 
 against fraud and mismanagement on the 
 part of those, who have couipai/itively no jie- 
 cuniary interests at stake in the matter : and 
 we me referred to many proinimut Tiaiis- 
 atlantie Uailwaysa.s nllonling the most ( diulu- 
 sive evidence ol the necessity ot suili pn cau- 
 tion. The amount or future value of this 
 stock, does not enter into the amununt. the 
 only (piestioii being as to the amount lu cef- 
 sary to accomplish the obiect. 
 
 Your Capital Stock is Six Million dollars, 
 and therefor^it will require t>. bonus ot Three 
 Millions, and one share, to ensure success in 
 our negotiations. 
 
 Having devoted one year of our time to 
 the enterprise, and expended a large amount 
 of money in engineering, rights of way, and 
 construction : anil entertaining sanguine ex- 
 pectations as to the business of the Koad 
 when completed, we feel too much pride and 
 ambition to allow it to languish in our 
 hands, without resortinir to the last, and as 
 it seems to us, the only remaining inians 
 that will secure the immediate construction 
 of the lload. 
 
 The bonus which wc now apply for, is not 
 to be regarded as an additional compensa- 
 tion to us for constructing the Road, but as a 
 KocesKary safe-guard and gratuity, to parties 
 who may have sufticient faith in the Com- 
 pany, to invest their money in its securities. 
 
 We are entirely willing to incur the addi- 
 tional expense of opening the road for busi- 
 ness during tlie coming year, and of paying 
 the present high price for iron rails, in order 
 to accomplish that object, without asking or 
 I xiiecting any remuneration, other than that 
 sjircilied in the contract. 
 
 The Stock of the Company has no present 
 value, further than its issue may be succt'ss- 
 fill in securing the completion of the lload, 
 so vital to the interests of the City of Que. 
 bee, and the country through wliich it pas- 
 ses. 
 
 It has always been understood, that the 
 subscription made by the city of Quebec was 
 regardid as a gratuity, with the wise safe- 
 guard i)rovided, that she should haye a re- 
 presentation in the Hoard to guard and pro- 
 tect her investment. The Government, in 
 its land grant, has also reserved the right of 
 representation, and it is only carrying out 
 this |)rinciple that is insisted upon by foreign 
 capital. After using the amount of stock 
 above named, the Company will still have in 
 reserve nearly two millions of stock to Iws 
 used as circumstances may require. 
 
 And in order that the proposed issue may 
 be made available, it will be necessary that 
 script certificates be issued to be deposited 
 with the bonds entitling the holder to full 
 paid stock upon the completion of the road. 
 Finally — Without referring to the many pro- 
 minent and obvious advantages which the 
 ( ity of Quebec, and the country through 
 which the line runs, will receive by the hasty 
 completion of the roail, we bi'g to assure you 
 that we know of no other plan than the one 
 named, that will present sufficient induce- 
 ment to attract the capital required to com- 
 jilete the road : but if the directors coincide 
 with our views, ami tske prompt ik tiou in 
 j the matter, we are aide to state that the work 
 I will be completed, and the line in successful 
 I operation during the year 1871. 
 I We are, gentlemen, 
 
 1 Yours very respectfully, 
 
 { (Signed), Geo. L. Dunlap, 
 
 i PEIinY H. SjIlTH. 
 
 The negotiations referred to in tlie forego- 
 ing communication, were commenced about 
 two weeks before I left London, and they had 
 progressed so far, and so satisfactorily, at tho 
 date of my leaving, on the 14th instant, that 
 1 could not entertain a doubt of their success, 
 provided the railway com*pany acceeded to 
 the modification of the contract, which was 
 made a primary condition to success. 
 
 This modification, as will be seen, involves 
 the granting of an additional bonus of three 
 

 
 i 
 
 milliou dollars of the capital stock of the 
 company, in ca8o the roiui in opt-ticd fur bii- 
 Bincsa between yiicluc iiii(i Mc. tnal during 
 thu cominu; year, l.<74. 
 
 In order that thu Hoard may act iutelli- 
 gi-ntly upon this important Kiibitct, I fe*l 
 JuHtified in ntatinK tor thiir lull int'ormntron. 
 that thu negotiations ln'twecn the lontractorx 
 and capitalists, in which I piirticiputtii, and 
 the prcliniiiiariis ol which wirf coniliulfd 
 jUKt before I kit Loudon, were upon the fol- 
 lowing bariia : — 
 
 l8t — The cKtimati: which I had prtj>ared 
 before leavint; Quebec, of the probable tost of 
 the work, embraced in the contract, was aa 
 follows : — 
 
 Mainline $4,000,000 
 
 riles branch OijtJ.iJtJtj 
 
 Total $4.G6G,«ti6 
 
 At the suggestion of Messrs. Robert Don- 
 son & Co., my profiles, plans and estimates, 
 were submitted to the justly eelebrated En- 
 gineering house of Messrs. fSir Charles Fox k 
 Sons, who, after severiii tiays of careful exa- 
 mination ami study, leported the probable 
 cost to be as follows : — 
 
 Main line $4,255,880 
 
 riles branch 7o5,078 
 
 Total S4,yi3 1,558 
 
 Or in round numbers, $5,000,000. 
 
 The principal causes of (litlirence between 
 my estimates and those of Sir Charles Fox A 
 Sons, were the increased price of ii.on rails, 
 and the increased expense of tompletiug the 
 road within the year 1874 
 
 2ud — A syndicate to be fornud that would 
 represent $3,000,000 (or .f(J00,00o) of outside 
 capital. 
 
 3rd — The contracting Company to take the 
 Quebec subscription of $1,000,000 at par, 
 and furnish the balance of the means required 
 for completing their contract. 
 
 4th — The track to be laid between Quebec 
 and Montreal, so as to commence business as 
 early in the year 1874 us practicable. 
 
 5th — The mortgage bonds of the Company 
 ($6,000,000), to be held by the Trustee pnv- 
 vided for in the coutract, as security for the 
 money advanced by the syndicate, until they 
 were sold, and then, or after the completion 
 of the road, their proceeds to be applied to 
 the re-payment cf the money advanced by 
 the syndiuate >vith 10 per c<'nt. interest, and 
 the balance to b; divided e(|ualiy between 
 the syndicate and thu Contr.'ictors — thu time 
 for selling the boi ds to be governed by cir. 
 cumstances. 
 
 I 6th — U{>ou the sale of the bonds, either the 
 
 ' Hallway Company or the Contractora to de- 
 
 IMtsit with the Trustee the amount re(|uired 
 
 I to pay one year's interest. 
 
 I 7tli — The Railway CumiMiny to grant an 
 
 atldilional bonus of $3,000,000 of its capital 
 
 st4wk which should be placed with the par> 
 
 ties forming the syndicate, and purchasing 
 
 the bonds. 
 
 From my knowledge, and almost daily in. 
 tercoursc with the houses of Messrs. Waring 
 Brothers. Messrs. Robert lienson it Co , and 
 Messrs i;orthwick, Wark & Co . who propos- 
 ed tc be the leading subscribers to the syndi- 
 cate ; and from my knowledge of the finan- 
 cial strength and resources of thu parties 
 constituting the Chicago Contracting Com- 
 pany, and their entire devotion to the enter- 
 prise, I have not the least doubt, that if the 
 concession of an additional bonus of three 
 million dollars in the stock of thu Company 
 is promptly granted by the Board, the North 
 Shore Railway will be opened for business 
 between Quelx^c and Montreal by the Ist of 
 September, 1874. And it gives mo great 
 pleasure to stiite to the Board that Messrs. 
 Smith and Dunlap, in behalf of the Chicago 
 Contracting Company, promptly and cheer- 
 fully acceded to the demands of capital, in 
 the division of their prospective profits, rather 
 than submit to the mortiticatiou of liaving 
 their reputation as successful railway con- 
 traitors and managers sullied, by allowing so 
 important an enterprise either to languish or 
 die upon their hands. 
 
 That these prospective profits may also bo 
 understood by the Board, I have the pcrmis- 
 sion of these gentlemen for giving the follow- 
 ing ligures as the basis upon which the nego- 
 tiations were conducted : — 
 $6,000,000 mortgage bonds, net 80. $4,800,000 
 $1,000,000 Quebec debentures, " DO . 900,000 
 
 Total assets $5,700,000 
 
 Probable cost of road. .$5,000,000 
 
 Interest upon capital . . 200,000 $5,200,000 
 
 Leaving for frofit $ 500,000 
 
 One-aalf to Chicago Contracting Co.$ 250,000 
 
 It certainly will not be claimed that the 
 above amount ($250,000) will afford an extra- 
 vagant or unreasonable remuneration for the 
 three years of time consumed, the capital 
 already invested and to be invested, and the 
 risks assumed by these gentlemen and their 
 associates in connection with the undertaking. 
 And I think it will be admitted that the sacri- 
 fice which they propose to make in order to 
 , ensare immediate success, very far exceeds, 
 
St leaMt in present value, the concession aHkctl 
 for from thu lUilway CompHny. 
 
 It should be runmrked here that the amount 
 of stock involved in the concesxion axki'd for 
 from the Company lias very little, if any, 
 weight in the argument advanced by capital- 
 ists. If a majority, or controlling; intereHt in 
 the stock, aniounte<l to only one million, or 
 even a half million dollars, the oon(;e88ion of 
 that amount would be equally KatiHfactory to 
 capitalists who were inclined to look favor- 
 ably upon the enterprise. 
 
 If the Company could show a Hubscribcd 
 capital, held by responsible parties, of on<; or 
 two million dollars, with a fair proportion 
 pitid in and expended upon the Rood, capital- 
 ists investing in the bonds would l)e likely to 
 assume that their interests would be looked 
 after, to som» extent, by those Shareholders 
 Or, if the charter of the Company contained 
 the wise provision, that bondholders could 
 have a pro ratn representation in the 
 Uoard of Directors, upon Xhn same basis 
 as the holders of the stock, then there 
 would probably be no occasion for a resort 
 to the measure now sug^^ested ; but as 
 neither of these conditions exist at the i)re- 
 sent moment, and as there seems to be no 
 probability of a change in the status of the 
 Company in tlu-se respects, I do not see any 
 other practicable mode of meetiug tlie dilti- 
 culty than the one sui^gested by the Con- 
 tractors. 
 
 It may be said that, if the holders of 
 the Bonds desire a controlling interest 
 in the entire capital stock ot the Company, 
 they have only to subscribe to the extent of 
 three million dollars upon the books uf tli(! 
 Company, and pay into the Treasmy the back 
 calls of thirty per cent, or $900,000, in order 
 to accomplish the object — but it seems only 
 necessary to state such a proposition, in or- 
 der to show its utter impracticability. No 
 Capitalist in London would entcrt^iin the 
 idea for a moment, unless they were allowed 
 to deduct $000,000 from the prot;eeds of thts 
 linnds, ana invest it in stock, and this would 
 not leave a sutticient balance to pay the con- 
 tractors for the actual cost of the work. 
 
 It may be said again, and with much great- 
 er show of plausibility, that a subscription, or 
 bcmus of a less amount than $3,000,000, or 
 an amount barely sufficient to cover the sub- 
 scriptions already made by private individuals 
 (say $60,000), would be sufficient to meet the 
 demands of capitalists, and secure to them 
 tile control in the management of the Com- | 
 pany upon which they insist. 
 
 Tli« reply to this proposition is, that the 
 pecnlior manner in which the Board of Direc- 
 
 tors is at present constituted, leaves the Di- 
 rectors who represent the individual stock- 
 holders, in a minority in a full board, so that 
 calls could be mode ut any time for the bal- 
 ance of their subscription ; or, if it consisted 
 in a bonus of full paid stock, a majority of 
 the Directors could, at any time, issue the 
 whole, or any ])ortion of the remaining Capi- 
 tal St(K'k, to parties whose interests mi^lit be 
 hostile totliose of the bond holders — also, tho 
 further reply, that the charter of the Com- 
 pany may at any time be so changed by act 
 of I'arliauient, as to allow tlie Cities of Que- 
 bec and Tlirei! Uivers to vote upon their stock, 
 and tliu.-: secure to them the entire control of 
 the road, except so tar as it could be iutluenc- 
 ed by the votes of the four (iovernment Di- 
 rectors. 
 
 I am induced to refer here to tlie foregoing 
 suggestions, or plans that may be proposed to 
 meet the case, for the reason that I have re- 
 pedtcdly suggested the same plans, on behalf 
 {it the C mpany, to some of the most promi- 
 nent and conservative Capitalists in London, 
 and have invariably been met by tlie same re- 
 plies. Audi have, therefore, left these dis- 
 cussions, and finally left London, under the 
 most unwilling but settled conviction, that 
 th(!re was no other alternative than the one 
 now suggested, that would insure immediate 
 success. 
 
 Having arriveJ in Quebe*? with those con- 
 victions unchanged, it becomes my duty as 
 the Engineer of the Company, and occupying 
 a position entirely ueutial, as between the 
 Railway Company and thb contractors, to 
 make siK'li further sugg-'stions and recom- 
 nieiuhitions as may be deemed appropriate 
 under existing circumstances. 
 
 In doing this it will be assumed, that the 
 bonds of tlie Company cannot be placed ad- 
 vantageously in Europe, either now, or at 
 any future period, witliout at the same time, 
 placing the capital stock of the Company in 
 bUch hands as will ensure, beyond any cou- 
 tiugeney. such a control in the maaagemeut 
 of its ali'airs, as will result in the greatest 
 possible security lor the re()ayment of prin- 
 cipal and interest upon the capital advanced 
 for the construction of the road ; and at the 
 same time assure to this capital its reason- 
 able and just proportion in any contingent or 
 future benefits that may be derived from its 
 construction. 
 
 There can be no doubt that the combined 
 interests of the Railway Company, the city of 
 Queliec, the country through which the road 
 will pass between (Quebec and Montreal, the 
 provinco of Quebec, and the entire Dominica 
 of Canada, will be beat promoted by the com* 
 
J 
 
 iili 
 
 plotioii ol till' Noitli Shoir Kiiilway witliiii 
 
 tho MllOI'U'Mt ptlRNillll^ tillK'' 
 
 It Ih hIho i|iiit(i I'lour tliut llii< iiipilal Ktock 
 lit' tliii Ciiiiipiuiy wuh iintliori/.i'il liy ml ol 
 riirlittiiiiMit I'lir till* Kolc imi'txiMi' ni I'liabliiiK 
 till' CU)iii|iittiy to I'liiiNtnii t lli<> roa<l , iiixl lliiit 
 till) lt(i|>|-o|ii'liitioli of II |ioititili nl It lor tliat 
 piiriioHi', ill till- piisi'iit iin(ri;<ii« y, will hr 
 I'litii'i'ly li-^ikl, itnil III Ntiirt coiilorniily with 
 Noiiiiil piilili.' polity. 
 
 Till' aiitlioi'i/.i'il I'upital sioi k of iIk* Coiii- 
 puny is $ii, 1100, iKMi, III' whii'li llnii' Im.s ainaity 
 
 lu'l'll Hlll>M rilll'lt Ului plt'll^t'll. UK tolloNvs . 
 
 City of giu'liiv $1 ,000,000 
 
 City of riiri'f IlivoiH 100,ooo 
 
 St. Saiivinr 'J.'i.ooo 
 
 rrivalo ImliviiliialH, say lio.ooo 
 
 lloiiim to t'oiuiaitois 'jriO.Ooo 
 
 Tot4»l ji.»;i:>,iHM> 
 
 AiKI fonft'Hsioii now nsktii a, 000,000 
 
 Milking a uinml total ol $t,4:^'>.ooo 
 
 Ih^hu-ting will, h Iroin tlio »!, 000,000 
 
 iiiithori«(Hi iRpitnl, I'Vivoe l .."n.j.OOO 
 
 still at tlir l^i^posal vi t'u- l\iinpaiiy, auil it 
 Is Ix'lii'vtHi that th's aiuoont will W <\n\U' 
 Rtnplc to niot-t any ami all tHtiir<' loiilin- 
 m'lu it's 
 
 Ii the (>nriiinc> ol tlio loa I aiii r > oiiipKtiou 
 ail" t'oniul to W siiitiiii-nt to [v»y oxpfiist's, n- 
 lu'wals. anil thi- int« ri-sf on its iH^iulod iloht, 
 as it is lontt li-nily IhUiVihI ili.y will W -. 
 aiul if till' crant o! two uiillior i\ ns of tiin- 
 Ikt laiul.s sh.-iU I'l' K>iinil of siittitii-nt \-Jiliii lo 
 riiiociu tho I'onils at maturity. a> it is lonii- 
 ilontly Iv'lii'Vi'il tl.oy will W. th, n tlio Toin- 
 iv»ny will uovor havo ivv-asion to issiu' the rt»- 
 maiiuli-r oi its oapital sto< k. And if tho 
 alH>v*' oxpi-r tations atv not rx-ali>!»xl. tiun nii- 
 tluT tho st«xk alivaily isstu^il. nor that which 
 rt'iuains nnissr.ixl. will havo any iiitriusi, va- 
 liii'. S«> tliat in I'ithor ovcnt it is ijuito iliffi- 
 lUlt tvi itMUviso of any roal saoriiiit tho»'oni- 
 {vuiy would make l>y i,rautin:: llu .Mnivs.<ion 
 now «ppli«l for. 
 
 I ivin tiion-foiii* a'livo ai no othir ivudu- 
 sion than that th;' inltn'st* o: ail jv»rtie« t\>n- 
 ivrmM will Iv Ivst i>ronu>t<>l I'y tho piompt 
 Ami tavorablo av tion of iho i.\>{D|^a»y np.^n 
 the apptiitition now maiio hy tbo ix>utrHtt- 
 ors. 
 
 If it shall W thought that tho t^aniiS in 
 Loihlon who furnish ii\\.' u>ou<y lor i\>n*tiu; t- 
 in^ tho rt«(i, auti thus take All the ritiks of 
 tliofutisr*' ral J< of thi 0\M»jviny s sivuriiios, 
 a(too whtcii lho>> aii\iin<.'(>s aix> maiie. aro 
 lOAkini; unmu' .inai'U- di luaiids npoti tho I'om- 
 jwuiy ami «^out »*-tors. 1 am anttK>ri.tcii to say 
 
 that tho paitioK in * :inilon who propoHu to 
 fix'iii tho iHR'loii.-. of this syiulioato, will lio cn< 
 tiroly willing to allot any portion of it to th« 
 iiii'i'i'haiils or onpitalists of (^iiehoc, ur any 
 otiior locality in I'.iii-ula, who may doiiiro to 
 sliaro wilh tlinn thoso risks, and partici|>ato 
 with thrill ill till' Hopposoil prolits and ad- 
 Viiiilaiios wliii h arc to result from tho pro- 
 posed I oiiccssion. 
 
 II it shall lie thoiiK'lit, u^;ain, that tho ion- 
 tiactiirs arc making too lnri;o prolitK out of 
 lli< ir I oiitract, ill propoilion to tho capital 
 wiiich tluy .ulvanco, and tho risks wliiih they 
 havo assiinud ; and that tlioy should tlioro- 
 fore mnko larjtor sacrilicos than thoy propose 
 to do under tho :iiraugomoiit now oontom- 
 platiil, ill null r to St euro tho eomplotion of 
 tlioir cohtiaet, 1 am atithori/.od to say that the 
 loiitraetors will he nio>t happy to assmiatc* 
 with tlioin any exp'.'ri-ncod and responsible 
 parlies ill I'amiila who may desire to invest 
 thrir money pn>-iiit i with them in the con- 
 tr.ut. and share with them pro|Hirtionat<.'ly in 
 its risks and respunsihilitios, as well as iu its 
 ultiiuato protits and )ulvanta£;ci>. 
 
 I am fully aware that an impression pro- 
 vails in tho public luiml that tho jirotits that 
 will accrue to tho contractors, under thr^ir 
 present tontiaot for constructing the 
 North Shore Uiilroad. are enormous, 
 and quite out o( proportion to tho 
 actual ,ost of the road, and the risks which 
 thoy h.ivo assmnoU in connection with the 
 undertakinc. These impression.* have been 
 strenjrtheiiixi l>y recent publications in the 
 ni'wsj^apersof Montreal aiulijuoboc, in which 
 com j'ai i<ons ari- drawn U't ween the cost per 
 mil of the North Shore llai I road, under the 
 present lontiact, and the estimated i-ost of 
 
 ■ Nartuern t-'olonization Railway, whith it 
 is proptisod to construct between Monttval 
 and i.>ttawa. 
 
 Ttio statemeutji made in a prenous part of 
 this report, wiiii roforeme to the protits of 
 the contract, are believed to W a sititicient 
 an>wer to tlie impn-ssions tirst alluded to. 
 
 The statement* containeti in the newspaper 
 articles n-fornd to. and whiih were exten- 
 siv ly pnblisbeil durinu my r^ ent absence' 
 iu KurojH'. tor the evident purjH'i**.- of prvju- 
 dicinc the minds ot the new meml>ers of tii" 
 priseut Bt^Ani of DirxM tors agAJnst my-k !f, as 
 tlio Enginetr oi the Comj>any, a.s well as 
 acain^t the oontravtorfi who hare uodertateu 
 to build tbe toad, ^cem to justity if Dot de. 
 maud a moir ejEtrnded notice. 
 
 I deem is txcudiuiiiy fori -jnate thai at this 
 iho hrst mifticii: of the present Boaid of 
 I^irxMors, I am |>ermittc«1. as an *ctot jiftiix- 
 to mystli. and outv to Ibt Hoard, to mak« 
 
8ucli explutiiitioiiH with ruti'ntnt'e to tliis con- 
 trui't, aiirl Niii'li u vimlk'titioii of my owiipoHi- 
 tioii ill ii>ini<'( tinii witli it, as will. If licllev- 
 t'tl by tilt! Iloiinl, I'XiXiL'ruti- im- iVoiii tL<- 
 <'hiii>;cM liiid iiiHiiiu;kti(iiis i ))iitiiiu('<l in tlicHu 
 
 IllficlfH. 
 
 TIk! stiitciiK'UtH rc>f('rrc<l to are snliKtJintiully 
 us follows : 
 
 The foRt of till' Nditii Slioi.' Uiil way iiinliT 
 till! |.ri'S"'nt coiitriut will In' Si),H tJ piT tiiiln 
 lliol'i! tliiili till- rAtillliltctI rost of tint Moiitl'ial 
 Norllii-ni ('olo:ii//itioii Uiilwiiy, wliilit tlio 
 roiiil itsi^lf will III' i|iiiti- inferior iis rcpirits all 
 the cssriiliiil I'l'iinisituu of u tii'st-i'liiss mil- 
 way. 
 
 After <|uotin(? sevc^ml items of diftV.cnco In 
 the spei'ilications or plan of eoiistnutioii for 
 the respective roiiils, which are inteiuteil ti» 
 kIiow tiie superior chariu'ter of the Northern 
 Colonixatioii rood, the article contains the ful 
 iowiii); extruonlinary para^r..; h : 
 
 "There are other [loints where conipiiri-ionR 
 ■ui^ht he iMslitiiti'il, hut euiiiii^h has been ad- 
 vanced to si ow the necessity of ii ilioro;i)j;h 
 levisioti of the coiitraci: entered into by tlic 
 North Shore Conipuny with the Ainericau 
 I'ontractors, and also presided over by an 
 Aineiican engineer, who is in the interest of. 
 and under the pay of the contractors, ut tho 
 expense of tile i'rovince." 
 
 The article cIohos with the following para- 
 i^'iAph : 
 
 "lii'l the (ioverament and new IJoard insist 
 that the surveys, phms, estimates, »tc., be re- 
 vised by some eminent (Canadian engineer iii 
 whom the public have contidence, and wo 
 will secure actually a jint-clim.i rou I, and at a 
 greatly reduced cost to the Company and 
 country." 
 
 With reference to the comparative cost of 
 the two railways referred to, the dillercncc iu 
 the estimates is very easily explained. 
 
 Mr. Legge's estimate wis undoubtedly niado 
 upon a cash biisis, aud therefore represents an 
 amount which, in his opinion, will cover tlur 
 actual cost of the worli, if let by the com- 
 pany at cash prices. 
 
 My estimate, as stated on page IC ^f my 
 report t)f April 'iOth, 1872, wa.s based njioit 
 payments iu the securities of the company 
 upon which the contractors would pay the in- 
 terest and sustain the discounts, >'' Mild below 
 their par value ; the contractors uiso assum- 
 ing the past indebt(!dneKs, and future expenses 
 of the railway company, all of which is fully 
 explained in the report referred to. 
 
 If l>oth estimates were to be compared upon 
 a similar cash basis, the following would be^ 
 the result : — 
 
 Mr. l.egge's repoit wu.s ni.'id.! without any 
 pri'vloiis surv)-y and liK'ation of the line, or 
 any incurate Unowh'ilge ol lli>' iliih nlties to 
 
 I ni'ountered in its ion Inntinn . an i lii-< 
 
 dlimate was therefore based tipoii con jeiiiiial 
 ijuantities, and it sci-iim th.it il M'sulled In a 
 mrrf //'C'.', that the ' :ish co.st of the Norlliii ii 
 (lolohi/.atioii ll-iilwuyand (ijuipinents would 
 be ^:i(),00(» per mile. 
 
 Mv own estimate of t!ie cash cost of tin- 
 North Shore Uiihvay and I'lles branch, ag^re- 
 gating' IM.'i miles in lengtii, is \>^^M■^ upon an 
 actual siii'vey and location of the line, includ- 
 ing iros- sections and souniliiii.'s of til • .>-ii iiins 
 to be crossed, (ureliil computation^ of i|uaiiti- 
 tu "f tarth-worU, inasoniy, bi iil,,'iiig, etc., 
 etc -I it results, as prrvioiiiy stated, in an 
 Hgitn ,ate of $t,t;iJ';,i!iiii, or an aveiage i.j 
 $;j,2Jj per mile. 
 
 Tid ■.sliuiatc ,._'ethei- w ith the il''.l upon 
 which It if* ba..>-d, have been submitted to, 
 and r. vis'.ii |jy the l^Iiiginei ring house of Sji- 
 Cn.ii!' • Fox and Sons, oi Loudon, wlmse 
 I >, ini"iis, Ili'lieve, are legarded a.s of some 
 wcitiit in (Jiiiada, and they repiut t!;al ilie 
 total cash cost will be $l,yi>l,5.'.i, or iin avi r- 
 age ol ,>.(J,,srj per mile. 
 
 It should hi! I .••M'Ued that my csliinal'' 
 includes the interest on me r-'ir'^i'i^oOi) moit- 
 gttge bonds oi the Company, and on the 
 $1,000.0(10 of Quebec deb.ntiiies during the 
 construction of the railway ; and al.xi the 
 past iiulebtediiess and current expenses oi" the 
 Uailway Coiip iny, neither of which items or 
 any of a similar charai.ti r an probably i.i- 
 cliided i:i Mr. Legce's estimate. 
 I It has lieen shown in a prex iou-i part of 
 this report that with a nominal consideiati:)n 
 ! of #7,0(10,000 payabii- entirely in vei urilies 
 which must be sold, at least (;-7of thein at a 
 large disi'ount, the contrnctors ran expect to 
 reali/,' a net profit of only !j250,o(Hi u|>on th. 
 ■ contract, or say ."> per cnt upon the actual 
 cost of tlie work. And J feel jiistiiied in say- 
 ing that uo responsible contractors would 
 now iindertaki; to perform the (ontrait at 
 J anything like tfiis manjjn o( profits. 
 ! Twenty per cent i.s always regarded o.s the 
 [ lowest that will allord a reasonable margin 
 . for piolits upon a contract of thi- magnitiide, 
 ; and involving the risks and responsibilities 
 ' whiiliart! in.separable from it. 
 I The Northern Coloniziition Company may 
 I therefore regard themselves as e.xceet.ngly 
 I fortunate if they succeed in constructing and 
 ! equipping their railway upon as i.ivoral-l • 
 ' terms as those embraced in tlie present con- 
 tract for the North Shore UaiU-ay. 
 
 With reference to the above direct charge 
 of comidicity or collusion "with ihc American 
 
 ■ » • • • • 
 ••• • «.. • 
 
 • . • • .* • 
 
pniv 
 
 mm 
 
 m 
 
 10 
 
 !l 
 
 
 conttactvi-s at the expense of the Province,^' as 
 well HH of tlic llailwity Company, I < au only 
 s:iy Ihat it lia» tu'ver IwiMt my prut lice ti> 
 uiiswiT UL-wspupor a'tacUs madu titluT upou 
 uiy integiity or ability Ji.-* a Civil Kn^iiirfr. 
 
 If a toleittbly lolly; ami active lifo (iuvotcd 
 •entirely to the judfc-sidn, upon sorai; ».f the 
 niOKt important works of iiiiblic impiuvt'm.'iit 
 npoiillie Anu'ri< an coniiiit-nt, ha8 not mcured 
 for me a n-putalioii tl»at is abovo and licyont! 
 any injury lliatcan bn iiroctcd by tht- publi- 
 cation of vowardly artii li-K of this kind, it 
 would certainly lie iiselt ss for nie to attempt 
 to bolster it up by any other means, at this 
 late day in my protVs«ioiiHl life. 
 
 It may not be out of place, however, to cn- 
 • luire, at the present time, why Mr. Le!ij,'e, 
 ^•Ihe aMuti', clmrr, <iii.l tr/nTienciJ C/iiif h'nyi- 
 m'er of the yorlhiin Coloni:ation liailirai/,'' us 
 liH is called in the article referred to, or some 
 other of the "eminent VininJhin pn</hiferx in 
 it'hiim the jiulilic liiii-i' ronjidcnre," have not 
 dnriniT the past twenty years in which the 
 North Sliori! Uaiiwiiy lias been in a lnMf,'uisii- 
 ingand ahnostilyinu conilition,<li8covered its 
 jiecullar merits as "the Jirnl link in the Great 
 Aiirthrrn Rdiliiiui, to extend at no dixtant date 
 from one end nf our I'rovinee to the other," us is 
 very justly claimed liy the article referred to ; 
 and ha'. V not by thi ir reports and represenla- 
 
 tious iu its favor, induced Canadian contract- 
 ors to undertake its construction, and tbuH 
 reap for themselves the enormous beneflts 
 that it is claimed will accrue to American 
 contractors, who, at this late day, and almost 
 solely upon my estimates and reprebcntations, 
 have in ^ood f»ilh undertaken to construct 
 the load. s 
 
 I have deemed it proper to moke the fore- 
 going statements in defence of the previous 
 poli( y of the Company us connected with the 
 present contract, in order that the members 
 of the present Hoard, who are not entirely 
 lamiliar with the past history and present 
 condition of the Company, may act intelli- 
 gently and without prejudice upon the im- 
 portant proposition which is now before 
 them. 
 
 Having thus performed my duty iu the 
 matter to the extent of my ability, r.nd en- 
 tertaining a lirm conviction that the imme- 
 diate find rapid construction of the railway, 
 as well as it« future success, depend entirely 
 upon the decision of the Boord with reference 
 to the question now before it, I leave the 
 matter in the hands of the Diiectors. 
 
 All of which is most respectfully submit- 
 ted. 
 
 •Silas Sevhouk, 
 
 tngineer-ia-CLiet. 
 
 • •• 
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