.x^\"* IMAGE EVALUATION TEST TARGET (MT-3) J/. K<^. C^ 1.0 ^i I.I 1.25 2.8 [2.5 2.2 Hf bg 12.0 1.4 1= 1.6 V <^ /a m. c% 'r>.. Photographic Sciences UiJJUiciUUli V ^^V ^ :\ \ % .V ^ ^ ». 4^% ^^K <> 'S) 23 WEST MAIN STREET WEBSTER, N.Y. 14580 (716) 872-4503 CiHM/ICMH Microfiche Series. CIHM/ICMH Collection de microfiches. Canadian Institute for Historical Microreproductions / Institut Canadian de microreproductions historiques Technical and Bibliographic Notes/Notes techniques et bibliographiques The Institute has attempted to obtain the best 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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Un dea symboles suivants apparaitra sur la derniAre image de cheque microfiche, selon le caa: le symboie — *• signifie "A SUIVRE", ie aymbola V signifie "FIN". Mapa, plates, charts, etc., may be filmed at different reduction ratios. Those too large to be entirely included in one exposure are filmed beginning in the upper left hand corner, left to right and top to bottom, aa many framaa aa required. The following diagrams illustrate th") method: Lee cartea, planches, tableaux, etc., pauvent dtra filmAe A dea taux de rAduction diffirents. Lorsque le document est trop grand pour dtre reproduit en un seul clichA, ii est filmA A partir da Tangle supArieur gauche, de gauche d droite, et de heut en baa. en prenant le nombre d'images nicessaire. Las diagrammes suivants illuatrant la mAthode. 1 2 3 1 2 3 4 5 6 GREAT WESTERN RAILROAD. LKITER TO Ills WORSHIP THE MAYOR OF LONDON, S. MORRILL, Esq. Siu llAVINIi I' piisL'i! siibso It is |ii'opusi'il liy iii i'i'(|UuBtcd mo ti) su|iply furtlior iiiforniatioii resiMotiiig the Great Western Railroad Company, in oonneotiou with the pro- jriptiiiii lit' thi' Town i>( Lnniloii, in uiil of the early completion of the Central Division, I proceed to comply, as follows : — lop.jsril liy tlie Md.iril of Directo.H to employ the means at their disposal in building with as little delay as practicable the Une of 1 iiad exkn.liii^; IVoni tli<' proposed Depot in this City, westward to, ond including, the Town of London. The Kiadin;' of tliis— tlie Central — Division, is fur heavier than that of any other portion of the whole line of the road, and the Contract- ors for the g:adiii(,', masonry, ami superstructure of sections 2 to it, ex'ending from the Dcsjardins Canal to the Grand River, having been notified to eiiinm;nee aij following Corporations liavengreed to subscribe so soon as the consentoftlie Electors can be secured, viz: The To.vn of London £ 25,000 Coiiiity ol' Middlesex, 25,000 To'.vc. of Dunilasi 25,000 To.viisliip of Dumfries 05 ()00 £311,950 Dr. £T1,'J.MI beyond the amount recpiired ; and good rciison exists to suppose that the Municipal Council of the Connfy of Oxford will at its next Session, vote to subscribe for at least t'2.'),000 mole. With tlie.se prospects the Directors felt that they would liavc failed in the faithful discharge of their duty, had they hesitated in ordering a e;)nuM iieenieiit of the work ; but they have resolved to confine their energies for the present to the Central Division (so evidently within the c pass of their resources,) being, nevertheless, fully impressed with the belief that they would be at an early day justified in proceeding with the whole work, were the Canadian public properly cognizant of its estimated cost, the importance of the assistance so wisely provided for it by lA'gislativc enaetment, and, coiiserpienlly, the reduced sum which it will become necessary to raise for its constructiim ; small, iiiilieil, ill eonijiarison with the amount.s which they dailysee their more active Southern neighbors expending upon lines of admitted inferiority, and of trilling account when viewed in eoiuieetion with the vast line of internal communication which would thus in the most direct and feius.Ule way be completi'il to the incalcula!)ie benefit to the whole Province. ( )( the e:irly eomplet'on of the whole line, it may be as well to add that the Directors do not entertain any reasonable doubt. 1 have not alia. led to the benefits which the Sbareholdcrs may fairly expect to derive from their subscription. It is generally and justly allowed that the road thus underUiken passes over the best unoccupied lino on the Continent, and the most cautious estimates of the rieeipts IVotn "through" and "way" travel, not vi.sjonnry, bnt based upon the known results of roads now in operation, (which will become its tributaries,) leave no room to doubt that a Dividend of at least 10 per cent, on the cost may be depended upon. One-half however of the ei.st will have been obtained by the nesotiatioii on very favorable terms of syuaranteed Itonds bearing ti per cent, interest ; consequently the Sloekliol.il r will receive, in adiUtion to the Dividend on his own Share, any surplus over ti p"r cciit. wliieh may fall to be divided upon the half of the eo«i thus borrowed at tl per cent., or in this case an addition of 4 per cent., making 14 per cent, on ais outlay. This may appear to many f,ill,U'ioiis, b;il say that a clear profit of but S per cent, will be reali/.eil, and the Sli.'ireholder will receive 10 per cent, on his investment. W itii this view of the profits, let us turn to the consideration of the increased advanUigesolVered to a Municipality. On su'.iseriliiiiirfor Stoek it is not called upon to pay any money, but simply to issue its Ihmds or Debentures bearing only ti percent, interest. And iis the Hoard have undertaken to pay interest upon all paymciitson account of Stoek, during the construction of the work, a AIuiiie:pality,alllioiigh eoiiiiielled by the Act 12 \'ic. Cap 81, to impose a special t;ix to provide for the debt thus created, will not by this means entail any real increasi' of burthen on its ratc-payeis ; for while the special tax must be imposed, collected, and appropriated «pecioi/y forthepayiiieiit of llieiiiterest on the Debentures, and any surplus must be funded to redeem them, the Municipality will ft the same time receive from the Railroad Compiiny interest during constructiim, and Dividends afterwards. Hy employing this revenue in aid of itscuti'cnt expenditure, it will In; enabled to iii.ike a reduetioii in its Annual As.scssment for general purposes ciiuivaleiit to the s|)ceial tax imposed by the ]>y;l,aw aiitliori/.iiig the suliseriptioii for Stoek in the Company. For this loan of their C.i.porate credit the rate-payers will receive a Dividend of 10 per cent, or 14 per cent. 08 the ease may be, upon an issue of St entities on wliieh they only pay fl per cent., thus creating for them a yearly profit of from 4 to S per cent, on the amount for which they subseribi', while above all tli'y seeiire the completion of a public improvement, far beyond attuinment by the ]irivato means of the inhabil.ints of the eonntiy, and at the risk alone of "aying the amount subscribed should the Stoek prove valueless, a coutingcncy thatno man of any iiitelligenee ean in this instance fear. The same Statute which imlhoiizes Munieipalities to Subscribe for Stoek in the Great AVestern Railroad, provides that the Stock shall be represented i;-. the Direetion by tlu' presiding oilieer of each Corporation. This secures to each locality just representation, no matter into whose hands the control of the hulk of the remainder way fall. The past history of the Company, the value of its expenditure in making a permanent Survey and partial commencement, and it« freedom IVom liability, having bc^eii fully explained in the Addri ss of the President at the meetin.? held in this City on the 22nd April last, (copies of which wile generally eirenlated at the time,) it only remains now to be said that the best energies of the Directors will be put forth to build the mad with speed and eeoiioniy. Contiilehi ill the result of the present sincere movement, permit nic to urge upon your citizens the importance to their own best interests hothloeal and peeuniary, of aiding in the construction of the Rood, by a unanimous vote in favor of the By-Ijaw which will authorize you to Suhseiibe on l)|.h;iH' of the Town of l.oiiilmi for ,i;2.'i,000. Most truly may the remark of an eminent New Knglaiider be applied to London — " Men may talk about the burthen of taxes to build Railroads, hut the tax w hieh the pnuplc pay to be witl mt them is an hundredfold more oppressive." I remain, Sir, Yours very faithfully, HUGH C. BAKER, GaKAr Wkstkh.n lU.i. Roau Compa.w, ) Managing Direelor. llamiUuiirioth Octubci; 1850. S