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GRAND TRUNK RAILWAY COMPANY OF CANADA.. 
 
 ■0 
 
 Verbatim depart 
 
 ■. OK * 
 
 The Presidents Speech, 
 
 WITH 
 
 SUMMARY OF THE PROCEEDINGS 
 
 AT 1 HK 
 
 ORDINARY GENERAL MEETING OF THE COMPANY, 
 
 HELD AT THK 
 
 CITY TERMINUS HOTEL, CANNON ST.^tONDON, E.C. 
 
 THURSDAY, 14th bCTOBER. 1897, 
 
 In Pursuance of the following Advertisement: — 
 
 I^JOTICE IS HEREBY «IVEN, that the Ordinary 0<ineral Half.Yearly Meeting 
 
 of the Grand Trunk Railway Company o< Canada will be held at the City Terminus 
 Hotel, Canqpn Street, London, E.C, on Thursday, the 14th day of October, 
 
 ^897, l^t Two o'cloclc'p.ni. precisely, for the purpose of receiving a Report from the 
 EHrect4rs, and for the transaction of other business of the Company. 
 
 \ Notice is also, given, that an Act passed in the late session of the Parliament of 
 Cani^a, entitled the "Grand Trunk Act, 1897," will be submitted to the said Meeting for 
 acceptance, and if ad:epKd, the necessary resolutions to authorise the exercise of the 
 additional ^rrowing powers conferred by it will also be submitted to the Meeting. 
 
 NoTiCR IS ALSO GIVEN, that the Transfer Books of the Company will l>« clbsed from 
 Thursday, the i6th day of September, to the day of the Meeting, both days inclusive. 
 
 By Order, 
 
 C. RIVERS WILSON, President. ' 
 \ WALTER LINDLEY, Secretary. 
 
 a» 
 
 '«. 
 
 Dashwood House, 9 New Broad Street, London, E.C. 
 loth September, i8gy. 
 
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 GRAND TRUNK RAILWAY OF CANADA. 
 
 VKRBAXIM R,EF»ORT 
 
 ov 
 
 THE PRESIDENT'S SPEECH, 
 
 • * . WITH 
 
 • SUMMARY OF THE PROCEEDINGS 
 
 '. . ■ \. AT THE 
 
 ORDINARY CENERAl, MEETING OF THE^ COMPANY, 
 
 HKLI» AT THE 
 
 CITY TERMINUS HOTEL, CANNON STREET, LONDON, 
 
 * 
 
 On TAu^sday, 14th October, ^Sgy. 
 
 Sir CHARLES RIVERS WILSON, Q.C.M.G., C.B., in the Ohair. 
 
 The Secretary : (Mr. Walter Lindley) read thte notice 
 convening the Meeting. 
 
 The Report and Accounts were taken as re^id. 
 
 The President (who was received with applause) said : 
 Ladies and Q-entlemen, fi-om tfie very friendly reception which 
 you have just given us I hope I may infer that you are not 
 altogether dissatisfied with the progress we have made in 
 trying to restore prosperity to the Company. (Hear, hear.) 
 I assure you it is a source of great gratification to th^. 
 Directors to be able to come before you to-day with healthier 
 accounts and more encouraging prospects than have been 
 presented to you for the last four years. Our position, 
 in a few words, may be summarised as follows: — Instead 
 of a deficit of £82,062 for the half-year ending Juiie 30th, 
 1896, we are able to show a surplus of £2,708 for the 
 past half-year. The total gross revenue receipts of the 
 Company amounted to £1,722,491 being an increase, com- 
 
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 4 Th^ Orand Tfunk Railway Company of Canada. 
 
 pared with the corresponding half-year of 1896 of £14,951 1 
 I ,and, therefore, from a gross traffic point of «Vipw, there Si^as 
 not any veiry niaterial improvement ; but the actual net profit 
 fQj- the half-year shows an increase of £84,770. (Applause.) 
 The passenger ^receipts, owing in a great measi^e to the 
 continued efEeot of the commercial depression which had 
 unfortunately existed for so long a period, but which I am 
 happy to think is now disappearing, show a decrease of £4,:31;5. 
 We carried, owing to the circumstances I have just men- 
 tioned, Vnd from causes which are not attributable to us, 
 no f^wei^than 300,000 passengers les6 than in the previous 
 half-year. Therefore, I think it is creditable to the manage- 
 ment that notwithstanding this falling off in. the number of 
 passengers, our receipts on the whole have been so satisfactory. 
 (Hear, hear.) I may say that this, in a great measure, is 
 owing to the stricter manner of collecting the tickets from 
 the passengers, and the more close and constant supervision 
 than perhaps was exercised in the past. The receipts from 
 , mail and express service are more by £456 than for the cori-e- 
 sponding period, and the freight earnings have increased by 
 £17,032, although there has been a small reduction in the 
 quantity carried of 12,047 tons, the average rates hafl^ been 
 slightly higher than in the June, 1896, half-year. The 
 revenue derived from rents was ^524 more, and from sundry 
 receipts there was an indrease of £1,254, making a total 
 increase in the receipts from all sources, as I have said, of 
 £l4,951. It will, therefore, be seen that it is from the reduc- 
 tion of the working expenses that the larger proportion of 
 the increased net revenue has been derived. The total 
 working expenses amounted to £1,162,568, showing a decrease 
 of £55,677, and when the details of this reduction are care- 
 fully considered, you will, I am sure, agree with the board 
 that the economies effected in almost every branch of expendi- 
 ture, reflect the greatest credit on the management. In the 
 
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ItrijOTt of tfie President's Speech, Utii Octobe(% 1897 . 5 
 
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 •Vir-*"'' 
 
 firet place I wish to call ybiif special attention to the large 
 reduction in the train mileage, which could only have been 
 secured by the most careful and untiring efforts of the general 
 manager and his executive officers. Thfe gross receipts, as I 
 have mentioned, have increased by about £15,^^000, while 
 there has been a diminution of no lea| than 594,673 in the 
 train miles run, a reduotiob of upwards "of 6 J per cent., which 
 has had the effect «f raising the earnings per train mile from 
 49-95(/. in the June, 1896, half-year to 49-66d. in the past 
 half-year, an increase of >i'7d. pet-train mile, or 8 per cent. 
 This reduotbn.in..the. -train- mileagoh^ been a<HM3mpUfh^ 
 partly by the larger average numlber of cars hauled in each 
 freight train, partly by the reduction of unprofitable passenger 
 service, and there has been also a marked decrease in the shunt- 
 ing mileage, resulting altogether in large savings more particu- 
 larly in the locomotive, car and-traffic" departments, to which 
 I will presently refer. J should say«that the increase in the 
 average number of freight cars hauled per train during the 
 past half-year has been from 21*2 to 23-3, and gentlemen 
 who are conversant with railway matters will see„ the import- 
 ance of these figures. In the last comdw^ return — 
 viz., for July, the average number of freight carf hauled in 
 each train is 25-8 as compared with 23-1 in July, 1896, and 
 the shunting mileage was 298,986, against 353,416 ■ in July, 
 1896. It will be observed that the maintenance and renewal 
 of way charged to revenue in the past half-year amounted 
 to £156,164, being £l4,l96 in excess of the corresponding 
 half-year's figjures, caused chiefly by a larger quantity of steel 
 rails being put into the track, and also by a larger Expenditure 
 for the maintenance and renewal of bridges and culverts ; 
 from my own observation, and what I heard during my recent 
 visit to Canada, no diminution under this head can reasonably 
 be expected for some time to come, as it will be absolutely 
 necessary to continue the work of renewing and strengthening - 
 
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 .6 The Grand Trunk, Raihvay Gonipanp of CanacUi. 
 
 the bridges inkfew of the constantly incrensing weight of the 
 larger engines ^nd inorftiised loads running over. them. The 
 expenditure in the locomotive department is divided under two 
 heads : Firstly, the working of engines or running expenses 
 which amounted to £308,770, a decrease of £21,670 ; secondly, 
 •the repairs and renewal of engines which amounted to 
 £101,41 1 a reduction of £14,462. The total expenditure in the 
 locomotive department thus shows a diminution of £36,132, 
 equal to about 8 per cent. I may mention that on Jnhe 30th 
 last there was a sum, as stated in the geperal balance-sheet, of 
 £40,026, which was charged in the expenses and |^mains ett 
 the credit of the locomotive department for futua^ renewals. 
 It has been decided to establish three standard types of 
 locomotives with interchangeable' pai-ts, which will gradually 
 supersede the numerous types now in use, a reform which 
 cannot faU to be attended with great economy and convenience. 
 The charge for the repairs and renewals of cars is-piactically 
 the same as in the corresponding half-year, and amounts to 
 £127,126, against £127,371. It will also be observed that 
 an amount of £68,603 stands in the general balance-sheet at 
 the credit of the car department, which will be approimated 
 , to the replaqement of the freight cars broken up and out of 
 stock referred to in the report, It is intended to replace the 
 old 10-ton cars out of service by the construction at Montreal, 
 and in the new ear shojps at London of new 30-ton cars, which 
 are urgently needed for the- heavy traffic now passing over 
 the li^e, I i^j^ust also ^mention that so urgent is the require- 
 ment for extra oars that we have thought it our duty to order 
 an extra 600 cars to be made in addition to those which 
 will be manufactured in our own shops. In the traffic depart- 
 ment the economies effected are very marked,' amounting 
 altogether to £36,729,^ or 9 per cent., the expenses being only 
 21-29 per cent, as compared with 2363 per cent, of the gross 
 receipts for the' corresponding half-year. The general charges 
 
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Report of the Pres'ident'a Speech, J^th October, 1897. If 
 
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 were also less than in the oon-esponding i)eriod by £3, 158, 
 but there were special charges in that )ialf -year's accounts 
 of £1,250, which reduces the actual saving undet this 
 head to £1,908. The miscellaneous expeases are about the 
 same as in the corresponding half-year, and consist of taxes, 
 insurance, and the Company's contributions to the employes' 
 s\i|)erannu^tion and insui^nce and provident funds, over 
 which expenditure the management cafl exercise but little 
 control. The only other item of expenditure it is necessary 
 to refer to is the :,charge of rent of rolling stock, which 
 consists of the mileage paid 'for the use of" cars of ottfer 
 companies less the amounts received for the use of our cars 
 by other companies. The Ijalance of increased charge on 
 this account was £5,485, caused by the larger quantities of 
 traffic carried during the half-year in refrigerator cars not. 
 belonging to our Company, 
 
 Having thus referred to the reduction of working 
 expenses, I desire to state that the economies which ha,ye 
 been accomplished are due Entirely to improved methods 
 introduced by the present management into all the spending 
 departments ; that they have been carefully and legitimately 
 eflFeoted, and will ba of a permanent character. The savings 
 that have been,|gM4@ have not in the least degree adversely 
 affected the conl^on of the line or of the rolling stock, 
 which have been efficiently maintained, . and, I may say, 
 greatly improved. 
 
 It is only right that I should recall to you the names of 
 the principi^ officers to whom — under our general manager 
 whose eulogy it is not now necesstiry for me to make — these 
 really remarkable results are attributable. Thfe efforts of 
 Mr, McQ^uigan, our general superintendent, have been 
 conspicuously sucoessfiil, and deserve the highest approval 
 of the board an(i the proprietors. Mr. Reeve, the chief 
 traffic manager, holding one of the most responsible and 
 
 
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8 The Grand Ttmnk Rail'imy Crnnjxi'ny of Camida. [ 
 
 difficult positions in our employ, hiis done admirabfo-senice, 
 and has laid the foundati&n for good resists in "the future. 
 The high qualities of Mr. Hobson, our chief engineer, and 
 Mr. Wlain Wright, the assistant to the general mani^er, are 
 well known to you, and they aw?^orking with greater energy ' 
 than ever, if possible, for the advancement of the interests 
 of the Company. Mr. Morse, the superintendent of motive 
 power, and Mr. McWood, tht?' car superintendent, have 
 their respective departmt^ts in excellent cQjs\dition, and have 
 'been preparing assiduously for the gradual ^acenlent and 
 .improvement of our rolling stock, the revenue; accounts 
 for the past half-ye&r, in comparison with those of ^e 
 half-yey ended June 30th, 1896, may be briefly summar- 
 ised as follows: The gross traffic receipts^ increased by 
 £14,951; and |he working expenses were reduced by 
 £55,677, showing an maproved net traffic result of 
 £70,628. (Applause.) There was an increase in the 
 balance ofXaet revenue charges of £2,421, but the amount 
 payable by the Grand Trunk for re\»^enue deficiency of the 
 Chicago and Grand Trunk was £4,593 , less, , and of the 
 Detroit Grand Haven and Milwaukee Company £11,970 less, 
 leaving the net result of the half-year £84,770 better than 
 that of the corresponding half-year of 1896. 
 
 Although the present board came into office in May, " 
 1895,--the H<<w management fbr all practical purposes can- 
 not be sard to hdve commenced until some months later. 
 It may be interesting to the proprietors to hear the result 
 of the traffic operations for the entire year ending June 
 30th, 1897, compared with the two preceding years. The 
 following are the results of the year ended June 30th, 
 1897, compared ^jrith the year ended June 30th, 1896. 
 The gros^ traffic of the Grand Trunk proper increased by 
 £110,734, «fee working expenses decreased by £31,832, '' 
 
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 eceipts amounted 
 
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 Btipori of tha Preaidefnfa Speech, 14th October, 1897^'% 
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 to £142,566i Compared with the year ended June 30th, 
 1896, the isnf&o operations of the year to June 30th, 1897, 
 show the following results. The gross ,reoeipts inereased' 
 b5rX195,061, the working expenses by £66,029, and thenet 
 traffic receipts by £139,032. (Applause.) 
 
 With reference to tEe capital aooount./there was» issued in 
 the early part of the half-year £450,000 4 per cent, debenture 
 stock, the proceeds of ^hioh were tq)plied partly in repayment 
 of loans, partly to meet . capital expenditure, and finally in 
 increasing our cash balance, which stood at- December 31st,, 
 1896, at £128,481 , whereas the cas^ in hapd at June 30th,fij|^7, 
 was £433,175. The amount of loans outstanding at June STOth, 
 1-897, was .£400,000, ^ut I*am happy to say that these loans 
 have since been paid ofE. ° 
 
 At the suggestion of the general manager; tke" board ' 
 have considered and adopted an improved syste^i for the 
 better supervision and checking of the expenditure accounts 
 in Canada, and also for a revised classification of the 
 revenue expenditure a'ocounts, which 'i\ is confidently expected 
 will result in greater, uniformity and economy.^ This 
 amej»4isa^ system came into operation on July J at last, and 
 the current half-year's accounts ^^jU^be rentiered to the 
 proprietors .on the revised ba8isj!'the figures of the corre- 
 sponding half-year being adjusted to conform to the new 
 regulations for the purpose of comparison. 
 
 The net working of the Chicago and -Grand Trunk, 
 Railway has been less unfavourable than in the corresponding 
 half of last year,, as although there wa» a decrease of 
 £32,482 in the gross traffic, there was an improvement in 
 the net result \of £4,593, the working. expenses having. been 
 reduced by £3^,25i, and the net revenue ohiwpges by £824. 
 *the half-year's working resultSa in a defeoieno/of £60,073, 
 which under our agreements, is charged in the Grand Trunk 
 V net revenue account. As you are aware, these apparently. 
 
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 10 Tht Grand Trunk Railway Company of Canada. 
 
 burdensome paj/toents which we have to discharge on account 
 of the Chicago and Grand Trunk Company are amply eom- 
 pensiated-by the value of the traflSc interchanged with them. 
 The Grand Trunk earnings from traffic interchanged with 
 the ^Chicago and Grand Trunk Hailway for the half-year 
 ended June 30th, 1897, amounted to £302,284. 
 
 The gross earnings of the Detroit Grand Haven and 
 Milwaukee Company wftre larger than in the June, 1896, 
 half-year by £5,707, while the working expenses were less 
 by £6,429. After the payment of interest charges the 
 deficiency amounted to £20,084 against £32,054, an improve- 
 ment of £11,970. 
 
 On the whole system the aggregate gross receipts of 
 past half-year amoimted to £2,112,619, a decrease of 
 £11,774. The working expenses were £1,406,265, a 
 decrease pi £98,356, and the net traffic receipts £616,354, 
 an increase of £86,582, and deducting the increased net 
 revenue charges of £1,812 for the half-year, the improvement 
 amounts, as I have previously stated, to £84,770, a result 
 which in the circumstances must be considered very 
 satisfactory. (Applause.) 
 
 I have lately returned from Canada, where I was engaged 
 for several weeks on the business of the Company. 
 
 I took an early opportunity of placing myself in communi- 
 cation with representatives of the Central Vermont bondholders, 
 being anxious, if possible, to terminate the unsettled state of 
 our relations with that Company. After a good deal of dis- 
 cussion on the eve of my departure for England, we came 
 to a mutual understanding as to the lines on which the 
 Company might be reorganised. It is only within the 
 last few« hours that I had the satisfaction of receiving a 
 despatch announcing that the scheme had been submitted 
 to a meeting of the bondholders and adopted by a large 
 majority. I think they have acted wisely in their own 
 
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lUport of the President's Speech, 14th October, 1897. 11 
 
 interests, and I hope that this long-pending and troublesome 
 matter is now in process of satisfactory adjustment, with tt 
 due regard to our financial interests and the maintenance of 
 a useful connection with the New England States. Of 
 course, as soon as the matter is brought to a focus it will be 
 submitted to you for your confirmation and approval. 
 
 I have to inform you th?it an arrangement of a temporary 
 and tentative character with the Wabash Railroad Company 
 has been in operation since June last, ^ving that Company 
 trackage facilities for iJ^Pmited number of passenger trains 
 over the Grand Trunk line between Windsor and Suspension 
 Bridge, on mutually satisfactory terms, and when in 
 Canada, I, with Mr. Hays, was in personal communica- 
 tion with Mr. Ashley, the president, and Mr*. Ramsey, 
 the general manager of the Wabash Railroad, and discussed 
 with them the terms of a more comprehensive and permanent 
 agreement for affording the Wabash Company trackage' 
 arrangements for passenger and freight business over our line 
 between Windsor and Buffalo and to Niagara Falls vi& 
 Welland.^unction. Our negotiations have not yet reached a 
 final i;esult, but the nature of the communications which we 
 had together lead me to hope that an alliance, advantageous 
 to both Companies, may be contracted. Our proceedings in 
 this matter are guided by that policy of conciliation and joint- 
 working to which I alluded at Qur last Meeting, and of which 
 I think you signified your approval. 
 
 A good deal of excitement was created when I was in 
 Canada, by the unexpected introduction into the United States 
 Tariff Act of a clause which would appear to have the effect 
 of imposing a discriminatory duty upon goods introduced from 
 a foreign country into the United States through Canadian 
 territory ; and it was feared that if such were indeed the 
 effect of this legialation, the result would be injurious to the 
 interests. of the Canadian railways. I am happy to state. 
 
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12 The Grand Trunk Railway Company of Canada. 
 
 If - 
 
 however, that the Attorney-General of the United States has 
 advised that this proposed amendment to the law is uncon- 
 stitutional, and, therefore, of no effect. I am bound to say 
 that I do not think the effect upon our Company would have 
 been of material consequence, but it is satisfactory to know 
 that such a possible cause of friction is not likely to arise. 
 
 When I addressed you last April, I was able to inform you 
 of an arrangement with the Dominion Government, under 
 which the IntOToolonial Railway would be exte^ided to 8te 
 Eosalie, a point on our line, whence running powers would 
 be given to them over our system, and over the'Victoria 
 Bridge into Montreal, a distance of 38 miles. The amount 
 of rental to be paid the Grand Tnmk for this use of our line 
 was $140,000 a year, together with a proportionate contribu- 
 tion for working expenses. After the passing of the Bill 
 embodying this agreement through the House of Commons, 
 it was rejected by the Senate, the opposition to the measure 
 being founded apparently upon certain objections, relating 
 not to the Grand Trunk Company, but to the intermediate 
 line between Chaudiere Junction and Ste Rosalie. The 
 Government intend to reintroduce the measure next session, 
 and in the meantime have obtained a vote in supply for the 
 necessary funds, and the arrangement will probably come into 
 effect next month. (Applause.) 
 
 You will be interested to learn that good progress has 
 ab^ady belcn n^ade with the works of the Victoria Bridge, 
 which by the way, in commemoration of the great event of 
 the present year, is to be known in future as the " Victoria 
 Jubilee Bridge." Mr. Gibson, the contractor for the masonry, 
 will have completed before the frost sets in twelve out of the 
 twenty-four piers besides the two abutments. An immense 
 amount of iron material has already been deposited on the two 
 sides of the river, and it is confidently expected that the new 
 bridge may be opened for public traffic some time in the month 
 
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 B^fport of the President's Speech, lJf.th October, 1897. 13 
 
 of August next. Tenders were received for the supply and erec- 
 tion of the steel superstructure, and contracts were awarded to^ 
 the Dominion Bridge Company and to the Detroit Bridge Com- 
 pany. We have also an agreement with the Carnegie Steel 
 Company, under which the proper fulfilment of the work' by the 
 Detroit Bridge Company covered by the contracts is guaran- 
 teed. The total cost of reconstructing the bridge, with a double 
 track and with roads for foot passengers and vehicles, complete 
 for traffic, after allowing 10 per ceftt.' for contingencies, is 
 estimated at $1,794,000, but to this must be added^the outlay 
 required for widening the approaches of the bridge, and the 
 making of carriage ways and side walks on each side of the 
 river. The. total cost of the whole work will be considerably 
 less than originally estimated, and we are, I think, within the 
 mark in concluding that the total expenditure, including 
 approaches, will be less than $2,000,000, or, say, £400,000. 
 (Applause.) We have been fortunate in placing our contracts 
 at a time when the piioe of material was low. Another 
 fortunate circumstance attending the construction of this 
 great work is that the piers of the bridge— although at the 
 time of its erection a double track was oertednly not contem- 
 plated — were so broadly framed, with the exception of the 
 upper sections, that we are able to lay a double Jbrack upon 
 the existing piers at a comparatively small additional outlay. 
 'Had it been necessary entirely to rebuild the piers, the 
 estimated additional cost is placed by Mr. Hobson, our chief 
 engineer, at $4,000,000. ; 
 
 The Dominion Parliament have voted a subsidy towards 
 the cost of this important work of 16 per cent of the whole 
 cost to an amount not exceeding $300,000 ; and the Quebec 
 Government have also agreed to subsidise the bridge to the 
 extent of $250,000, making a total contribution of $550,000, 
 or £110,000, thus leaving an expenditure to be borne by the 
 Company of say, ^j|pO,000. In what proportion this amount 
 
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14 ^^ (^andTru^ik RaMway\ Company 0/ Canada. 
 shall be ohnrged tCpital and to revUe is a matter for calcula- 
 tion and future consideration, but in view of the magnitude 
 and exceptional character of the work, I think it will not be 
 um-easonable to spread any proportion of the cost that it 
 may be decided to charge against revenue over a certein 
 imited number of years. On the other hand, it is estimated 
 that a considerable saving in the cost of maintaining the new 
 double track bridge as compared with the old tubular single 
 rack' bridge will be permanently effected, amounting for 
 the first ten years to about $18,000 per annum, while the 
 traffic capacity of the new bridge will, it is steted, be fully 
 four fames that of thp old bridge. Moreover, the tolls thit 
 wdl be paid by other companies for th^ use of the hew bridge 
 and for foot passengers and carriages, although difficult now 
 to estimate, are expected to reach from $30,000 to $40,000 a 
 year Hen^e, taking into consideration the reduced cost of 
 maintenance and the revenue expected to be derived from the 
 bndge, the annual cost to the Company of this double track 
 bridge will not be great, and >he additional charge, if any, 
 will be entirely compensated for by the increased t«iffic 
 faculties afforded by it ; and we may congratixlate ourselves 
 If we can accomplish this important work on such satisfactory 
 terms. (Applause.) 
 
 I must not omit to state that it was with much pleasure 
 
 that I visited the new bridge across the Niagara Eiver, which 
 
 18 now open for tiaffic. It is a magnificent stoucture, of 
 
 great soUdity and with it« double tiack wiU largely increase 
 
 -our facilities for handUng traffic at that point. 
 
 One other important work which I visited I must mention 
 VIZ our new grain eleyator at Portland, from which we' 
 anticipate very substantial advantages. A great deal is being 
 done also m the improvement of our line on the Portland 
 section. 25 miles of new sidings have been added, and our. 
 traffic manager, Mr. Reeve, has been active in promoting 
 
 ■.if^ 
 
Beport of the Prmdent'a Speech, 14th October, 1897. 16 
 
 oonneotion with the steamers plying to Europe % the 
 aooommodation of our freight. Fourteen different stekmers 
 are at present under engagement for this purpose, runWng 
 from Bristol, Liverpool, London^ Glasgow, and Antwerp. 
 The earnings^ of the Company from traffic to and f^m 
 Portland during the past half-year were £37,000 more than 
 in the corresponding period in 1896. 
 
 I will not detain you with an account of the vaijoiis 
 incidents of my inspection, but confine myself to saying that 
 I carried away a most satisfactory impression, not" only as to 
 the condition of the^j^e, but as to the remarkable activity 
 and intelligence which are manifested by the whole of the 
 working, staff. 
 
 i was glad to find Mr. Hays particularly impressed with 
 the necessity of doing all in his power to locate manufacturing 
 establishments in close proximity to our line. Great portions 
 of the country through which our line passes are ahnost 
 exclusively agricultural, and however bountiful the harvests 
 may bti, and however considerable may be the traffic which 
 these fertile lands may send over our line, th^ advantage to 
 be derived from manufactories is of a far more conspicuous 
 character. For instance, a 30-ton box oar holds 1,000 bushels 
 of wheat; the average yield of wheat per acre is about 20 
 bushels ; therefore it would take no less than 1,250 acres to 
 produce one train-load of twenty-five cars. Compare these 
 results with what might be obtained from factories on our 
 road. Such factories, in the first instance, give a haul of raw 
 material into their premises, and the railway carries out the 
 finished product, besides all the traffic secured for supplying 
 the food and clothing required for the maintenance of the 
 ^mpldy^s. I think, therefore, you will see that any steps we 
 /may take iR^e direction I have pointed out will be of great 
 advantage to flie Company. ^ (Applause.) 
 
 Yo" ^^^ Po d oubt made yourselves acquainted w ith tha- 
 
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 16 m ^ramd Trwnk RaMway Company of Canada. 
 
 prorisK>n8 of the Act of th« Dominion Pa|Jiament, which is 
 appended to the report, and to which I no^ have the honour 
 to ask your approval. Its ohjeots are threefold.. Two of 
 these ohjects require hut little explanation. In the first place 
 we desire to take formal powers to make advances to the 
 Chicaga and, Grand '^^.ink Company, which under certain 
 circumstei^ces we are compeUed to make, but for which it 
 appe^ to he doubtful whether we had stetutory power.. 
 Then in what I may call th. ordinary course, we have to ask 
 for additional borrowing power, to enable us to ^eet from time 
 to tmie capitel expenditure as necessity may arise. There is no 
 immediate necessity for exercising these powers now asked for 
 
 buta8l^datthelastMeeting,wehaveobtained the powers iri 
 anticipafaon of possible future requirer^ents of the Company. 
 The third object is one to which I must refer more particXly 
 in consequence of various communications /hich have been 
 addressed to us by individual proprietors. The Act enables 
 the directors to charge to capital the revenue debit balance as 
 t stood on June 30th last, the time and manner of charging 
 the same^iog subject to the approval of the proprieL 
 We applied for those powers as a precautionary measure 
 and as an act of prudence. At tiie time that we applied 
 
 date be found necessary if the depression then prevailing 
 
 TntTf. • ''' '"'' '^"^^^'' '' *^^ great^impr^ve 
 ment both in our returns so far this year and in the out- 
 look for the future we hope and believe that it will 
 not be necessary to act upon them-(applause)-for it is 
 perfectly obvious that only in an extreme case could such a 
 oou«e be defended as sound finance. We have those .powers, 
 or shaU have them if the Act is now approved, and wTshaU 
 retem them, but if, .ns we beKeve, there will be no necessity 
 to use them, it wiU be because the recent serious decHnrof 
 our revenue has been arrested and has proved to be only 
 
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 MSsW 
 
 
Repwi, of the Prmider,VH Sfjee^h, IJfth October, JS97. 17 
 
 temix)rary, which miist he a source of the greatest gratification 
 to every proprietor of the Company. (Applause.) We havV. 
 as you are aware, paid out of revenue already a jwrtion of 
 the revenue deficiency, whicli reached its climax on June ;JOth, 
 1896, when it amoimted to £306,769. There was a surj^lu^ 
 , after the payment of fixed charges for the half-year ended 
 December Slst, 1896, of £39,086, and of £2,709 in the past 
 half-year. We have, therefore, reduced the original 
 deficiency by £41,79-5, lea.-ing the amouAt outstancUng at 
 June 30th. 1897, £264,974. (Applause.) TlTis amount, 
 capitalised at 4 per cent., would represent, a permanent 
 increase to our fixed charges of about £11,000 a year to the 
 detriment of all stocks, the guaranteed stock included, and 
 It may reasonably be estimated that towards this deficiency of 
 £264,974 we have earned in excess of our fixed charges up 
 to the present date abou^ one-half. 
 
 There is another matter of which I may remind you, 
 which should particularly interest the guaranteed stock- 
 holders, who rank first for dividend laftei-ttre payment of the 
 fixed charges, namely, that five and six per cent, terminable 
 bonds, amounting altogether to £6,500,000, begin to mature 
 next June, the first amount so maturing being the Hamilton 
 and Nori;h- Western six per cent, bonds amounting to^- 
 £409,400, ancfthat within five years nearly £3^00,0^^ 
 the bonds of the Grand Trunk and ita eofiSoUed lines fall 
 in, which, with our impro^-ing credit, will mean a large 
 reduction in our fixed charges. (Applause.) In face oflhe 
 obvious importance of raising the money to meet these obliga- 
 ttpns whenever we do it, on the best possible terms, you wiU 
 see of what great consequence it is in relation to the question 
 I have just disousse^— that of dealing with the deficit-i-that ' 
 we should adopt no course calculated to impair the credit of 
 the company. (App'lause). 
 
 m 
 
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 ,f^,f: 
 
18 The Grmul Trunk RaUwiiif Gonipany of Canada. 
 
 In oonclusiou, I can o^y repeat, upon a general review 
 of our situation and prospects, , that I think the outlooK is 
 distinctly encouraging. We are paying our way, and at the 
 present moment we h^ve not a farthing of floating debt, and 
 the results of the working of the first two months of the 
 current half-year show a net gain of £57,000 over the 
 corresponding two months of last year, (^.pplause.) It is 
 true that a continuance of the samd' ratio of progress cannot 
 be confidently anticipated, OAving to the fact that we are now 
 entering upon a period of comparison with economies recently 
 introduced ; but, on the other hand, we may reasonably 
 expect that the business revival in the United States and in 
 Canada, of which there are evident proofs, and of which tbe 
 effects are already beginning to be felt, will be attended 
 with results which will satisfactorily swell our revenue. In 
 conclusion, I will ask you to vot§ upon the following 
 resolution : — " ■». 
 
 " That the Eeport of the Directors and Accounts for the 
 half-year epded 30th June, 1897, be, and the same are 
 hereby, app-poved and adopted." 
 
 Mr. Joseph Price : I beg to second the resolution for the 
 adoption of the Eeport and Accounts. 
 
 Mr. W. W. Baker (Bristol) pointed out that since the 
 issue of the Committee's circular of April, 1895, the Directors 
 had continued to make advances to the Chicago and Grand 
 Trunk, instead of ascertaining in what way they coidd get rid 
 of the subsidiary lines. In the general balances the amount 
 of £586,626 was set down as advances under traffic agreements, 
 and that did not include advances to controlled lines for 
 general purposes, amounting to £324,636. He would like to 
 know the value of that asset, and whether the Directors could 
 justify their policy of furthering the interests of the American 
 railways, which in^ past have prevented the proper working 
 
 ^' 
 
Report of the . President's Speech, Uth Octobe)-, 1S97. 19 
 
 and successful development of the Grand Trunk Railway^ 
 In the report there was stated to be an improvement in the 
 result of the past year's working of £84,770. He ventured 
 to think that that was in a certain sense a misrepresentation. 
 (Cries of "Time.") During the past year £450,000 of 
 Debenture Stock had been issued, on which no less than 
 £84,376 was charged for discount and commission. That was 
 a dead loss, and, therefore, it was absurd to say that during 
 the past year there was^an improvement of £84,770. Mr. 
 Baker proceeded, amid considerable interruption; to complain 
 of the way in which the accounts were rendered, iiiid to refer 
 to the subsidiary railways, and concluded by asking the value 
 of the assets they represented. 
 
 Mr. Landau, said that if the Grand Trunk had be.en an 
 American railway they probably would have been wiped out 
 by now, or the proprietors would have had to pay a very large 
 amount of money in the shape of assessment. With regard 
 to the discount and commission of the Debenture issue, charged 
 to Capital account, he hoped that when there was any further 
 issue made the Directors would let the Shareholders haye. the 
 benefit of it. (Hear, hear.) He was glad that the Boaild had 
 come to the determination not to issue any bonds in respect of 
 the debit balance, so as to enable the Proprietors to receive a 
 dividend immediately. He had reason to believe that with the 
 present prosperity and prospects in Canada, it would not be 
 long before the directors would be able to wipe out the whole 
 debt which was hanging so heavily upon the company. 
 
 Mr. Hogarth expressed satisfaction vnth the funding 
 scheme. ' 
 
 A Shareholder : Is it true that there havja been many 
 gold mines found on the lands adjoining our railway P? 
 
 The President : No, I am afraid not ; 'we Ibave not ha4^ 
 that good fortune. "M j^ gentlemftn lgJ'' nk j have^wer 
 
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 20 Tilt (irand Ti-unk ^Railway Cont^my of Canada. 
 
 question^^ to answer to-dfly than on previous occasions. 
 Natiirally, with regard to our friend Mt, Baker, we shoiUd 
 have been very much disappointed if he had not nntde his 
 usual oration. (Laughter.1 But, reSlly, he travels over such 
 a wide field, and'he criticises us upon so many points, that I 
 am afraid I should take up the whole afternoon if I followed 
 him in detail in order to justify our coWuct in the several 
 matters he has mentioned. But, speaking for myself and my 
 colleagues, our conscience is absolutely clear, and I think I 
 should be ablfe to prove to you in the course of a detailed 
 examination of all these charges that there is not one of them 
 that can stand upon its legs. It is not for me to justify and 
 to defend the committee that sat t^nq or three years ago. 
 There is a gentleman much more competent than mysplf 
 present here who was one of the mpst responsible members of 
 that committee, who could answer if he thinks it worth his 
 while to do so, which I am sure he vi^ilL not upon this occasion. 
 ^ (Hear, hear). ^ B\ii; thwei^oiie thing that Mr. Bake^^jointed 
 outvviK.vtfie' necessity for better and more explicit accounts. 
 I think he might >t«ve done Mr. Price, of all men, the justice 
 to confess that it is "to Mr. Price's sagacity and intelligence 
 that yon are indebted for the admirably clear, and lucid 
 accounts published every half-year, and which you used not 
 to have fi-om the former administration. I ha^e not much to 
 say in reply to Mi-. Landau except to thank hiri^ for his kind 
 remarks, which are always listened to by us witl^ interest. I 
 have made a note of his okervations .with rejjard to the 
 future issues of debenture ^ock, which shall £duly con, 
 sidered. One gentlem^, whose name I did not ca]ch, gave me^ 
 great pleasure when I heard his remarks eulogising our chief 
 engineer, Mr. Hobson. I quite agree with him that Mr. Bobson 
 has not perhaps had full justice done to him in tte past, V 
 but as everyone who knows him knows he is a . most modest 
 and retiring man, and thftt he is the last man to put himself 
 
 •1 
 
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1-^ 
 
 y^ 
 
 Repw-t of the President's Speech, J 4th Octobei-, 1S07. 'il 
 
 ^ torWard to, receive the honourji which he deserves us well us 
 any man in the world. He is having entire charge of the 
 reconstruction of Victoria Bridge, iand I feel sure that he will 
 add another leaf to his crown of laurels in this Avork, which I 
 am satisfied will turn out to be one of the most magnificent 
 works in the world. I thank Mr. Hogarth iot his fair 
 and sympathetic remarks. There was one remark which fell 
 from bim, which came home to me. I think * tlie sense 
 of what he said was this — and I entirely agree, with liim — 
 that the duties and responsibilities of this board — and I 
 "inW say of any board— of directors are towards their 
 permanent investors only, their proprietors, their real 
 proprietors. I do not wish to say anything di8re8i)ectf ul 
 of any of my correspondents, but I have had several letters 
 'addressed to me during the last f^ days from gentlemen, 
 stating candidly and honestly, I am sure, the reasons why we" 
 oi^ght to charge this overdraft to Oapital-^because, why! 
 fofBOoth? Because these gentlemen have just iiurohased 
 some of these stocks in anticipation that we should fund the 
 deficit, and that thereby they would derive a profit by 
 '-selling. I assure you— as it may appear incredible— that 
 that is the nature of the communications I have i-eceived, 
 and, therefore, I take up what^Mr. Hogarth says, and I say 
 that I think our duty is to the proprietary at large. (Hear, 
 hear.) It is not, certainly, due to the speculators— (applause) 
 — ^nd if is not due to any one particular class of the proprie- 
 tary in contradistinction to any of the others. Therefore, I 
 hope you will bear us out in this, that we shoidd try to do our 
 \duty fairly, and evenly, and equitably, for the whole body of 
 Proprietors. (Applause.) If no one has any more remarks 
 to make I will put the motion. l • 
 
 Thp Resolution for the adoption of the Report was* then 
 agreed' to. unanimously. 
 
 vX 
 
 % 
 
 
,%» 
 
 ^ 
 
 22 The Grand Trunk Railway tompany of Canada. 
 
 The Prbsident . The next Resolution is as follows :— 
 
 f '« That the • Grand Trunk \ot, 1897/ be and the same is 
 
 - iiewnby accepted by the Company, and that the Directors be 
 
 And they are hereby afutbtorised to put in force and exercise 
 
 from time to time as they may think fit, the borrowing powers 
 
 thereby conferred on the Conjpany, ptovided that the aggregate 
 
 amount of the annual interest payable on the Debenture Stock 
 
 -- to be issued under the said Act shall not exceed £50,000 
 
 sterling." , " ,^ " 
 
 Mr. Joseph Price : I beg to second the Resolution. ' 
 
 . The Resolution on being put ta ,the Meeting by the - 
 President, was carried unanimously. 
 
 Mr; Hogarth : I rise to propose a very hearty vote of 
 thanks to Sir Ch&rles Rivers WilsoiH our President', and the 
 Gentlemen who sit with him, at this Board. We owe them 
 grateful thanks for what they h^^j^one in putting the concern 
 into the improved condition ^"^ is in to-day, aided hy such 
 splendid men in Canada as Mr.' Hays and the Oentlemen. 
 who surround him. I beg to move that a very hearty and 
 cordial vote 6f thanks he given to the Chairman and Directors, 
 and to the staff, 
 
 > A Shareholder : I beg to second that. 
 
 ^ The Resolution was agreied to. . " . 
 
 The President : Mr, Hogarth and Gentleraei 
 you our most respectful thanks iif your kindness, 
 you we shall do in the future as in the past, 
 oertaifily oolnmunicate to our friends in Canrida your kind 
 exiNPessiong. 
 
 leedj^ngs then terminated. 
 
 S'fii 
 
 
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I 
 
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 / 
 
 GRAND TRUNK lAILf AY COMPANY OF CANADA. 
 
 
 At the Ordiiiary General Half-yearly Meeting <>f the Oompany, 
 held at the City Terminus Hotel, Cannon Street, London, E.C., ' 
 on Thursday, 14th October, 18^ : 
 
 Sir CtfARLEs RivKRS WitsoN, G.C.M.O., C.B., President, in 
 the chair: '^- 
 
 The Secretary having read the notice convening the 
 Meeting: , I .^ 
 
 It was i^noted by the Presidbmt, seconded by Mr. Joseph 
 Price, Vice-President, and unanimously resolved — , • 
 
 That the Report of the Directors and Accounts for the half-year 
 ■ " ended 30th June, 1897, now presented, be and the same are hereby 
 approved and adopted. 
 
 It was ^noved by the President, seconded by the Vice- 
 President, and unanimously resolved — 
 
 "That the 'Grand Trunk Act, L8$7:^be and the same is hereby 
 accepted by the Company, and that'^the Directors be and they are hereby 
 authorised to put in force and exercise from time to time as they nlay 
 think fit, the borrowing powers thereby conferred on the Company, 
 provided that the.aggr^ate amount of the annual interest payable on the 
 Debenture Stock to be issued under the said Act shall not exceed £d(MH)0'. 
 sterling. 
 
 C. RIVERS WILSON, Pre«(feii«: 
 
 Thereupon it was resolved— 
 
 "That a hearty vote of thanks be passed to the President and. 
 Directors, and to the General Manager and Staff, for their services to 
 the Company." 
 
 WALTER LINDLEY, S^rtiary. 
 
 . - '' ' ' • *■»■ -'"*' I 
 
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 Dashwood House, '\ ■ » 
 
 9 New Bkoai> Stsbkt, London, E.C. 
 
 'nth October, IS^. ' . 
 
 
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