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(716) •73-4503

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Canadian Institute for Historical MicroreproductionsV Institut Canadian da microraproductions historiquas

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1 2 3

#-/ «,«-

/n^4

/ C A

BeMons in fovor of the BiH now before Parliament ibr the
t^rg»ni«ft^ of the Ottawa and Presoott RaHwa)^

., 4.

, <

VieiMrii^ Mp. liF.nrte naK was thai the ^jrtown My fji S il Shwy.) 91^
■^Himj'iliwiii fionrFnMoM to 0llaw» City, ud it M miles la leimt

tmJOimfHM mt» oiganiaed in I8S1 and tlie Railww vn opaad thRM#tm-r
OttMra Cajr ia ISW. Tbe total coat of lUad aflMmma t6......r,^....». ||WPM||||i^

aad i« oomfMMed of die ftiliowing imna :

StofM.... ..,.. 1481,766

Moitgagea.

let'lfoflgage, 18Mt to secant Boads held by B. V . Compaay .... |478,9S3

«id do. taHnnioiralities, I85S.... ;..... 300.000

Sfd iia;' iyr^and Tmnlc RailwayCompany,18fi7. ....... !I48,3S0

l,0«0,«f«

^^ «l,452,0||

On IMMbrigagB |I64,4S2

" tad doi > 335,499

do. .• 34,166

4«4„0»7

#1,876,119
Idebto 187,767

$8,008,886

'. itlie fint iDortnge Beads whwh 1^ security were sold, and iron fi>r tjbe

IsyiDf 6f^4lie Rails purchased with the proceeds. These Bonds are now held by the
Ebbwlntle Company who ftirnished the Iron, but which Compaay, daring a period of
tenyellNi, that the Iroii has I)een laid down, has only received about six months' interest
aporftecostofit.

PMoeedinga in Chancery were taken some time afio to foreclose this mwtj^ge,
willd andar these proceedings the Raiiwey is now in the hands <rf a Receiver, adrmois*
V^tM jUs ajfaira under the orders of the Court of Chancery.

Ifi^iotiatianB have taken plaoe between the holders (A this first mortgage, and the
d|tiirant (Arties Intenwted in the Road, Shareholders and others, the result of which has
b«pa tlmtt a Contfnomise has been agreed upon, with the object of putting the aflaira of
MikB Ciki^il^ into a state whteh wduld enable it to carry on operations, and prevept
me comj^etun of the foreclosure of the mortgage and the sale of the Road by the Sheria.

The basis itf this aifangement is that the Bondholders shall be allowed to t<^, and

that the mortgagees shall so waive their legal rights as will enable the Company to go<m

without tbe neoessity <^ pushing the Chancery proceedings to their necessary conolusioa,

and^ thus by sale, placing the whole property in the bairas of the fint mortgage, entircily

' -jj^Toy every interest coming after that of the first mortgage.

Road and Rolling Block are at present in a state of very great and dangenwis
««»... ?PV«|al WQodw. brldgaa on the Um jreia an wseadjjgliJisww
^ partionlaily the two sbhctnrBS ; one across the Rldeau and the otf^^ nepMp,,]^^
NallaalUTer.

The net Earnings of the Liae uplatUs titaie have not only been insuflkslent to meat
wtSf fmaretl upon the firiit mortgage on the ftoad, but have barely sufficed to cover ttia
warkiag Jj^qtaasas. Large amonnta for yft^ga* and materials supplied fw the use of the
fi^Nid beiag aow ta anvart -and the Compaay eamunbeiod by a very heavy floadng debt
widdb U eaa by no potability ever be aub tp paqr.

The ilasparti aia greatty daoayad and ramiire reaawiag tluraagjhoot a verrbuye
iJMtaB of thsBae ; tha vmtmk^ boili anOialy insafBeiaat la ({laaaUty aid la ai^

:^- • ^ *

Willi thq pieMnt anumnt «f rolling stock, it is quite impassible thst the line can
■coonmkdd&t^tbe triiBo that wiltottitrby the time that the Mat of GoVaittftMit is
lemored to Ottawa, indeed it is quite certain that unless immediate steps are taken to
reorganise the aflaiis of the Company, and put the road and rolling stock in proper
repair, and to secure proper confidence on the part of the public that it will be impos-
sible when the seat of Uovemment is removed to Ottawa for the road to lie kept
cfteh.'

:' ■■ , ■ -i ;,'ia, ii^<'.-. -^ i. ■ ■ ■' ■ ■

The bill providety thit iniadditioh to the reorganisation of the AfTairs of tha Qonspaay,
wri the placing of its various ttocarities in a position which will give each a ehalMe of
cMiinltlg sorotsthing if the road should hereafter become more successful thati it ha« jiee*
in the past, and that aothoriiy shall be given to raise a sum of M60,000 as a first charge
upon the revenues of the niaJ. This sum, if raised at all, nlust be found almost^ if not ^
tirely.fcf .^tfae holders of the first mortgage, and there is every reason to believe that if the
present iheasutv is passed they will consider that their interest will be best served bv
raising this amount of money and using it for the purpose of putting the nMid Mid Rol-
ling stock in a phmer and eilMieM position, in the hope that by this coarse tbtff tni^ be
abw not onlytoMranre interest on this new first charge but place tbfe Kiad in a positiiih
to earn something for the first raorlgi^ as well as for those parties wlw hold sMoritiM
coming after tfaem.

Unless this is done, the road must, during the approaching winter, if not sooner,
otiHtB to an absolute stoppage. It cannot, in its present state, continue much longer to
run trains, and certainly cannot attempt to carry traffic which will ofier as Miott M the
seat of Government is removed to Ottawa. II therefore the present Bill is ndl passed
there will be no JMMirse left but fer the first mortgagees to enforc3 their present CbftAcen
proceedings, (<wlneh are olready in a forward slate ; the railway being now ia the hinds
criT a Receiver,) and as speedily as possible to have the Road sold under the directions
dtiSke BhetiS.

' In ddins this of course the Road must be stopped until such time as the necessary
lei^ ]|M*oceeaings can be carried tbroughvand measures taken fra the ieoi|faltiltatlMi m
the Company and the pliacing of its aroirs in a position which will enable money to be
rifMl to execute these repairs which are indispensable to its proper and safe ivorking.

ll^uil i^vi^nceoHlie'preseAt position of tlbe (Coinpany an4 the cause of ; jtn^ eimb||i>-
i|M$4 Xtuie in which it iu>w is , 'y^il), be ^given before thf Railwiiy CoDimittee to #Bieiii
the Bill will be referred ut«r it Iras been read a second time in the Hotise.