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 -r 
 
 raquirad. Tha following diagrama llluatrata tha 
 mathod: 
 
 
 at da haut 9n baa. •n pranant la nombra 
 d'imagaa nAcaasaira. Laa diagrammas suivantv 
 illustrant la mAthoda. 
 
 
 
 
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 ORAND TRUW RAILWAY GOMPP OF CANADA. 
 
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 VERBATIM REPORT 
 
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 TSE PRESIDENTS SPEECH 
 
 AT THE 
 
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 ORDINARY GENERAL MEETINQ Of THE COMPANY, 
 
 HKLD AT THl ^ '^ k 
 
 C^Y TERMINUS HOTEL. CAHNON JSTREET, LMTDON, E.C.. 
 
 •; • On Friday, October 30ih, i8git "* 
 
 tS PURSUANCJ^Or THB POLLOH^/hs ADVERTlSBUSITTi^ 
 
 Notke !• tterety Given that the Ordinarj GeOetal Half-Yearly ^ 
 M eeliog 6f tlw GoM Trunk Railway Company of Canada will be held *# 
 at the Gty Terminus Hotel, Cannon Street, London, £.C-> on 
 Friday, the 30th day of Ottober, 1891, at Half-Pait One o'clock p.m., 
 precisely, for the purpose, ct receiving a Report from the Directois, 
 and for the transaction of other business of the Company. 
 
 Notice is also given thilt at the said meeting agreemenU made by the 
 Coi^pany for working tl)je line,,abont il miles in length, of the Watedoo 
 Junction Railway Coippiuiy, and for the acquisition, of the Shaies and 
 Bonds of such Company, irill be submilted for the approval of the - 
 Proprieton. 
 
 Notice u also inrther given that the Trfosfer Books of the Company 
 will be Closed from Tuesday, the 6U1 day of Octoberj to the day of ' 
 Meetii^;, both daya iiwliisive. -^ , - . 
 
 By order, 
 
 H. W. TVLEB, President.. 
 J. B. RENTON» Secretary, 
 
 Oashwoocl ttooM, 9, Me* firoAd Stseet* 
 London, EC, 1st Oetober, i89l« , .■ 
 
 
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 0R4ND TR9Rt ItAItiWAT OF CANADA 
 VERBA T I M H mWQM T 
 
 -" > V ., ■' :.i_ ■ '■ ■ 
 
 HELD AT THB" 
 • ^ . Cm fi'iitift Otttitr joi*i i9^ * 
 
 The SfiC^Ei^Aiiv (Nlf/ J, a Reatofl) rtA^ |hejM»^ 
 CQCiycflii^ the meetli^^ ! - 
 
 Tlie^GHAlliMAii, wbo Wis reeetval wUh eheeis: 
 i lMf« 10 cCmimoioe to-day, gaitlemea^ with H 
 veiy disagceeabie dtt^, to i^^ologiM for tiw xesnltt 
 of working of a veqr misemUe ^If-feaiv Duriaf 
 that half-year, emM June jo lMt»|We loce^of graas ' 
 
 iffie no leas than £izilifioo, And of net traffic no 
 
 than £77/500, Qmitting ^icUc» for sanddes 
 
 * ■ 1 
 
 rents, our traffic for the bilf-ytoar divides itself 
 
 natundly into ^e-t^drd io receipts bom passeqger 
 
 traiiis, and two<third8 in receipts from fre^ht traioik 
 
 The ene-^td receiptsirom passeogei trains anraunted 
 
 ^ £S9AfiOs^ ABd the receipts from freight traios 
 
 kiiieuated to £1,177,000, Of liie one - t^iid^ the , 
 
 1^594^000^ there is not much to say. We did n little 
 
 iiKH« trahi mileage ; we carried so ne fl^ooo mcMie 
 
 passdngers j but we received Jinver j&tfts. The result ,, 
 
 ;was that Ihefe was 1^ km^^l £3^ on the pas- 
 
 That was partly «iad^4ip by lifyi extaft^ 
 
 lilrdaa' mails and riinniiMii] ^a lesuk beiiit' 
 
 ^tiiat to the recelpti|M|»ii^ 
 
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 4- \'thedrand trunk kmtw^i^ of Canada 1 
 
 loss of K788 during the half.y«ar As r^id. Ac ' 
 twcthirds receipts from the freight trains the matter^ 
 rv^r^much^ore serious. We lost altoge^he . 
 lio7^ in tHe half-y^ar from that source. Half of 
 fvlu^w« duetpthelower ratef,which were reduced 
 
 two hundredths during the half-year. The other half 
 w^^dSet^cfidency in the traffic, in consequence cj 
 ^Ce-i- which existed throughout theUm^ 
 
 Canada, simply i"*"*"" ™" .j„ „. n,, .mount 
 export Now, .to give you an idea of *« "»™"V 
 
 "rth. item, h. which f^}^^^^ 
 ftiention that of » toUl decrease of traffic of 172.0M> 
 tZ^ ton, was from through .rafBc«.d.5..o> 
 
 ^^^ (torn l«al traffic. Of local faffic. we U^ 
 ,Zo ton, «U lumber ; we lost 25^ tons jtom 
 
 ■- -^i, called «,n«.Umb.': >3«^ton, froji ^. 
 
 ; :^a«,e the winter having h«« '^^^ 
 United States, they did not want so mi^ We. »"« 
 ^L 50,000 tons from grain and 55.~otoy; rom 
 
 ^.driei Th,. is.altog^er '«<"»° '""vJticW 
 the other hand, we had an Increase frqm coM, brick^ 
 Hme^S,e.co,;iwood,.nd»me other articles whKh 
 
 S^ltatamount to a^et decrease of .53^t»>* 
 ^ wTbeenin thehabit of givi.igyou,ev«yhalf- 
 «ar, the ton mileage, because that U the mo««o««:t 
 
 Wo' d^^riW"? *" "ri^tioi" of the traffic; brt I 
 
 Z^ it would'be more convenient to yo. on th« 
 
 ,^on that I should edribittoyoatah^^*^^^^^^ 
 
 • iherwults of the whole system, and the«.they«e. 
 
 . SU chainn-. indicated adiagram on U. nght bapd. 
 
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 j0^^tfUPmulent»SpteA,Oa,^\99^ 5^ 
 
 FREIGHT STATISTICS June H<a»-Y«AM, i99l*KP »«9* 
 
 ENTRt TRAyFIC— ' 
 
 Fmight— 
 No. of tons, 1891 ..... 
 
 „ 1890 ,-.. 
 Percentage, 1891 .. .. 
 
 j^ 1890 ..... 
 
 7otaL 
 
 EaitBonad. 
 
 Wot Soond. 
 
 3.«90.776 
 
 Tons banled i mile, 1891... 
 
 „ „ 1890.. 
 
 Teroentage of Toni havkd 
 
 z aSLtt 1891.. 
 
 1890... 
 
 M M 
 
 833x00.000 
 
 865,000,000 
 
 fi,seo,i70 
 
 65 
 
 i^* 
 
 Throogh Ambriqan - 
 Frright— 
 
 No. 3f tons, 1891 
 
 „ 1890 
 
 Percentage of total Na of 
 tons, i8qi.. 
 „ „ 1890... 
 
 i,a73.7a* 
 33 
 
 574.000.000^ 
 6W,000,eOO 
 
 is. 
 
 T,3$«.47S 
 
 Jl^DS baubrd I mite, 1891... 
 
 ^ „ „ 1890.. 
 
 Perecn'age (rf total tons 
 
 hanled i mile, 1891.. 
 
 n t» >896.- 
 
 4)0,000,000 
 
 *liO,000,000 
 
 sa 
 
 «9 
 
 93S.M1 
 
 m,9oi 
 37 
 
 348,000,000 
 
 »8S,000,000 
 
 854,000,000 
 
 347,848 
 807,688 
 
 36 
 88 
 
 Local Frwoht— 
 
 No.oftaiis,'i89i 
 
 ,W! "890 
 
 7ttoea|ag«<rf toi*f ^o- <>' 
 
 toDS, 1891... 
 
 ,- IT ,»» 1890... 
 
 : T<»s battled t mile, 1891 
 
 «,»» »» W**"* 
 
 Percentage of totiLl»2» 
 
 ^vled t nfl^ 1891 
 
 1*617,047 
 8,f88,f 
 
 98 
 
 t9>.000,000 
 
 41^00^000 
 
 f,6oS,4*o 
 
 1,674,889 
 
 u 
 
 mmm 
 
 X -f 
 
 tUtPOfuooa 
 
 896,000000 
 
 t,6wfitf 
 
 l,094,m 
 
 7i 
 
 1 10.000 000 
 189,000,000 
 
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 'o«it«ffic,. wha.tSi,t«^7^^'L-'«« Of 
 
 
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 ininlioarr o»^ro» wjcwiw, working BWf»sj» 
 
 wwH •«■ AraMMi, lUna ipi T<«i vm ¥iMb ««P ^m 
 
 j4Mt io»^ ■• 
 
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 4 OJiT 
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 $ IK 
 
 
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 I i4ii«iqiitVrf W)»«Bg exIXiM*! 
 
 AM tlw iti^ilAfair^ »( 
 
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 -tm^*» •om^mi^tmm-m^mmi^'^ ^ 
 
 mimWwMm^mf^ 
 
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 TI>»t table ri»«.;™.^. -1 "-""v 
 
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 That table »»w ^* *'^"***" *;: j 
 
 mlleitl.e ^g„«, beuw^,^. '•^*'. «"t» per ton 
 
 •"^ could not have bL^ ' '"^ """^ 
 
 - r ta our powe. to ^n^ '^' "^ »Wchft«^ 
 
 «P««.yon will ^^^''^'"'"^-ofworkfag 
 
 •X""* th.t fa the ^„tT^J,'^ '^"<*''>» ine.l» 
 . "Wyou. Th.,„.^f/*;'*,?'y»"chtofa,p,es, 
 P«n«^of no les, th^^^^fa^ uT^""' «^ " 
 " to «y. that between i!T' ^•''.'"-yw. Tb,t ■ 
 
 o"' working expens^ eawj '^' "'* •»* «dueed 
 .•""fsattherateof/l*^ *^ ^ "«"«^» »il« 
 
 ^^ to Wf-year and fi4 \S,'T''5 '» t '"^ '»^- 
 ,*5w<"»i«e«pen«aofttS w JT *" "^""^W ' 
 
 «•« P« ton per Xh^-^t? '***^ «» 
 
 ^^ nore than that That&„^ *'^''"««Uy / • ' 
 i**-?**.-..,. Ji'.^^^'faetten.att.,, 
 
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 ih-f. 
 
 
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 '3 down^ 
 cb case» 
 obtain; > 
 ^ti bor 
 mtil in 
 ouwlil 
 ^ohimn 
 olHQin 
 erton 
 3Uid 
 
 t was 
 
 rking 
 
 uced 
 
 train 
 
 »na» 
 
 ress . 
 
 ex- - ' 
 
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 Rtpart 4/0$ PmUtMsSput^ da: 3a 1691 
 
 ^v. 
 
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 fead* on our tnJnp. We aie stiU going on frt that 
 
 -, 'direction. '' ■ ^ ■ '^'^^ ' • 1 , 
 
 * As regaidsjw^ftitnre decrease of wo*Ing«ipnisc9. 
 
 <v^e one gitsat item which we have to look to is th<f 
 ^ dbty oh coal. It costs us twice as much to place 
 qoal on our tenders as it does some of the American 
 lines, and that adds enormously to our cost of work^ , ~ 
 W. I Am sorry to say that the meeting whi* it ^ 
 waslntended Should haVft*laketf plac«Kon October i 
 betweeit the an^drities of the United Stetes and 
 a deput'atioh^-from the Canadian ^vernm«nt, to 
 consider the question of redprocityr™ postponed. 
 I Jyopc that meeting will shortly %opaeofi;a^ 
 that'lt miiy result in a certain*miasure of reciprocity* 
 . I believe one of the firat articles to be dealt with will*^ «^ 
 be coal, and it will be, as you will Me at once, an ; • 
 enormous advantage to us-to the' extent of some-_ 
 thing like ;f 100,000 a year^if the duty on coffl i» 
 given up ; and it will be a benefit not only to us, but 
 to Canada gisnerally. (thteers.) That duty is placed 
 -^ ^pon coal entering into Cjmadain the mtercst of one ^ 
 little 5xJr^ of Canada in Nova Scotia to the dctri-- 
 . ment of the rest of Canada. There isjAso anc^her 
 matter, to wiifch I shall refcr.presentlyi m which I hope 
 we shall be able to see some substantial improvement. 
 Well, gentlemen, since I had the pleasure of meeting 
 
 ^ou last I have spent two' l^il^ in paying a vfeit to 
 
 Canada, anf in- go<ng ^ff' «>' ^^^^^ sys^m in a 
 
 " inost cAreful, exhausti v^^nd laborious manner. I 
 
 . W^.doubt thaVagooa many of you wai think 
 ^^atHf went l^irough was very hard labour, but 
 
 ° io m^% is iai4y* > lOfitt^ of extreme Intfcrwit 
 
 / - "Iftnprovemmtt can be «la^ 
 
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 ft wTk.. •""»"«« la Ike Zu ^ '*^ 
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 . f^" to wallc througli TtT? ?*' -^ "W ' -, 
 
 
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 <«Owlit tMKty kMi9 iMdiif »ftm.tft>°4»y(OctolMra8>aot 
 ••it ||9«M |W« fmiA 4rai|#^ tB Afif ««ifk Vfntitotioa 
 Pfffll^ Oat fiffy liwt laid 09.* 
 
 Thtkt; SM^ns th«t they liave ^iti^y discontiniKd the use 
 of one of tfaie^Bfiyb^ta 4t Swikia, am} I hope that when 
 t^e tttiuuil fhaU havo gqit int9 fuU w»rk we shall 
 gei a gr««| d^iil oC henefil ^rpoi it Ai^et leaving 
 the tufuwl . I went mmfmi^ fmx th^ Vne to 
 Chic^lgo, walkiHii^ oi««r Hh)fi8 |ortioQ9 of the 
 p^rtn^iiQnt way, »fMI tf^peOuni »U thf «hop» aiul tho 
 she# and stutioiw In progrest m I W«nt throiigh. 
 Ao4 Chicago U iQcreastfig (a«tet fh«(i eves; I fouod 
 at QiM flation, about 9Q miles Ctom Chicago on <m 
 l«Wf » >§«• ^«d Harvfy, whwc thewi were 1^ 
 people when { p«bs^ through it in the pdMsviou^ 
 autumn, there ^ are now Spoo people, «uad ^ey tok) 
 «ie there «iU he i6poQ or 90|QQ0 peopifi thtero next 
 ye^KV they lue h«iidji|g up » new oi^ M that point, 
 We fa«ve doubled our track, «od we are impcovini^ouf 
 stationt and iM^ommodation Uom Harvey to Chicago 
 Ibrthesenfict^oftheUMaltrgpc* In Chicagci itself due 
 iKicommodation i% iif yo«ko(^r <lfihehest,andwe 
 ^opetQ midce Aill U3f of |t during the ^ibition in 
 tii^3. After iaspecting all our lines west of the St, 
 ci^'r Riyqr, ; wqnt hack agafti ^the tuniiel tio push 
 OE^ the works therei and froni^ th^ce over the sub^* 
 «i4iary Un%^|||dla^. and aU those systems, and so 
 
 . Slifintfiiiii^lSOfito.l^'M <^ ^ 
 
 ■'X-' 
 
 •» ^1 
 
 ■a' i 
 
 ^ # 
 
 . ! "V 
 
 .dS: 
 
 TT, 
 
> - n 
 
 •i It 
 
 m 
 
 
 
 "« »«i* Dot » ^ "*" tegW^u '^ 
 cliniale-_„r^r^ '**• "Ky are »„? *^"»<f 
 
 ** *<H.id w?"r" *" «»% to bit i*^'"" 
 
 'f-' .'-» 
 
 •'\ 
 
 
 i'--*v -"= 
 
' 'T^'^''*' !■' *" ' ''■ "^^ 
 
 "I'vt,- 
 
 *c greater 
 «43 macs 
 
 »ve heard 
 
 • bridges 
 'Wgratfow 
 I to the 
 'ar that 
 
 Grand 
 ' to the 
 
 taken 
 Jdjand 
 them. 
 
 most 
 
 glad 
 hem^ 
 hem. 
 t to 
 
 ^ng 
 
 ent 
 
 tit 
 
 txif 
 
 iat 
 
 »^e 
 
 M 
 
 
 r p. 
 
 engines and fewer cars under repair oh thfe line now 
 tban ever there were beforehand especially compared 
 with last yeair, When we were rather ba<Uy off for 
 rolling stock, and might have carried more traffic if we 
 had been better prepared for it. We have now some- 
 thinglike so more engines avaihble for traffic,and 2,000 
 more cars,partly from the additions we have made to the 
 i stock and partly from expediting repaurs in comparison 
 with last year. (Hear, heaf.) Therefore, I hope that 
 i when the traffic does come we shall be able to make a 
 good showing with it "^ 
 
 As r^;ards the shops and the sheds along 
 the lin^, there are constant improvements being 
 made iti them, and you know that our works at Point 
 St Charles are on a very grand scale. We are able to 
 turn out a large number of engines and cars from, 
 tiiem. To these works we have been adding a rolling 
 mill, which you were good enough to authorise, and it 
 will be finished this wintdr. That rolling mill wUl 
 pay for itself in about a year and a half, because we 
 shall then be able to use up our old rails and scrap 
 iron instead of selling them at a cheap rate, and 
 make them up mto gOod bars and billets instead 
 of buying inferior ones at a dear rate. The con- 
 'structlon of this rolling-mill has been forced upon us 
 as a consequence of the protective duty which 
 has be«Ki placed on these articles iij Canada. 
 There H« some pther appliances which have 
 been brought into use. We are employing oil for 
 l>bllers and heating furnaces instead of coal. The oil 
 ll cheaper, because it can be turned on just as re- 
 quired, and it actually benefits the iron or steel that 
 'that is heated. There^is also a little adaptation of 
 ace In all the sWfids for taking the wheels 
 easily' from jUieir :^ engines, and icr^r 
 
 riji 
 
 ■*>} 
 
 
 
M-, 
 
 in ' 
 
 I ' ■' 
 
 0*9mi *mWi*v V Ain«*b 
 
 <=^P'y- We have g^ tL.,"* ''°»* "^ 
 
 waaei JflMrf ,^ . "^ ^W "t small 
 ^* ^4i«d not go into ,11 the details of m„ . 
 VMt, but 1 may meiiu«. that I met ^77 ^ 
 
 "O' p«* In goi,« over the ^SZ^- ^ *" 
 Vstem to Portland, 1 w« m^ ^SlT ^^ °'°"' 
 •ia.tte,bea..,yofthe ^ a^?.**^ "»P«»<««^ 
 
 •'W a to splendid c™,*^ "»««<* on that line 
 
 . White McJSt.^*:"'^ '^ "" '^^ '" *« 
 
 Gtao-'and-PotS w„t »^'*'""'°'* «' •'^« 
 
 ^i-S '»::ti;T:::: rxojn' ~^^ 
 
 Mu-cipahVorXo^. ^"7^^ ^ 
 
 ^^ «>- the G^nd t™nk clX 1^ 
 «»»• Trunk and ^ affiliated Bn- . r^^' "• 
 
 » \ 
 
 
''ifi 
 
 •9 fur 19 
 
 wodb a(t 
 
 line; th^ 
 
 * if«,ooo , 
 «nd we 
 
 estabiisli^ 
 >n« VBiy 
 M the 
 t small 
 I of day • 
 «y point 
 nd beard • 
 
 iy them 
 
 personal 
 ind the 
 el to be 
 1 of our 
 prwsed ^ 
 tage of 
 Ratline 
 to the 
 ;**The 
 rurther 
 
 ought 
 
 'acific 
 
 the 
 
 ■•» V- 
 
 
 R^fid^tkt Pt9tiibtit9j^miki4)m, ^ 1891 If 
 
 we AoooflMBodatod tiMn fa our statfoe there j bdt as 
 ttie aooommodatioQ It not now sufficient foe both 
 eempanie^.the muaici^i^ are aoxkHis to have a ' 
 Iwtter atatiea tiiere. It was a very difficult matter to 
 •mmfOi A great aieny {»laiis jMve' been devised 
 and eensidered frola tiaae to |imei^ for the improve- 
 0im. ef the dfy^ aad» at the itone Jime^ forthe suit- 
 tfde aoeooeimodatioa of the two eomfluaittiriAttJI^^ 
 #ehav6 combined upon aptaa which ifiU pr6babl}rbc^^^^ 
 tanied c»ut lor eolarging die existing statioot and for 
 dealiogwitli Uie strati There is one;Btr^ called 
 tile E^anade, aldog wlSH;^ our trains run, which is 
 to be handed over to tts altogether. Then some of the 
 streets that cross our line have had subways Iniilt 
 tmder them, sMae aie to be dosed, and bridges are 
 to be built over othen. Altogether* die agreement if 
 carried out as now proposed, vnW be advantageous to 
 tiie Grand Trudi Company, to the Canadian Padfic 
 Company, which we are glad to see ; and abo to tihe 
 people u^ng tiie station, and to the muiiidpality 
 generally ; and the whole matter, as weJ^ve discussed 
 It wlwn I wa^ at Toront<^ instead of costing lis 
 a laq^ sum of ihoiiey, which I was afraid at one 
 tini ive should be let hi for^ will so eene out bf the 
 l&terchanii^ dr property and urangemehtsdFlhatsiii^ 
 ^tiii^ we diall not have tQ/pi^ anything^ ahd I.hcqpe 
 there willbe aUttle balance In our favoar, at the same 
 Hme tiiat we get greatly inovased acoommoda- 
 •tteq*- <Cheers.);"\; ■:;■■ •.■>",./■--'■ 
 
 thete is amrtitf i riifiii rti B t niMtor ^1»Uch 1 
 (bevtt to bring before you, and that is with 
 leferenoe to the Canadlaa Ej^iress Companyi 
 Vott hardly understand in thfil country Krimt express 
 Companies ete; Thi^r are very coramen, and nmoter 
 ,alMiC^ illtt' iilimb'ihe Unildl illliii iteAJiM 
 
 
 -. * „ 
 
 "V M 
 
^1 f^ 
 
 the G,ind Trunk Rail„4y re^fe^^even y^^„ 
 
 Md underuke tte convey««e of »«hL« 
 m«,q,, ^eweb.^d .11 tte more ,.mabie .rtfcta, 
 «.dther«ponribiHty of delivering them «fely; .J 
 
 prefer to deal with an express company, which i, 
 g.n«^lly a responsible company, rather than mn the 
 mk .« ca«orio,s of having ,„ „.ke cl«ms«Zthe 
 ^.flirent railway companies. The Cn««,„ £L«, 
 
 l>.ng hke ^64.000 a year, and, no doubt, of making a 
 large sum of money for itselC f^ office, «f ft. CaL 
 
 ^1. "T T ^^ '"^ a»t »mpa„y. and .u.rted 
 somefme since the OnUrio Express Company, which 
 demanded .0 be p„, in a similar position L have 
 s«n,larfac,l,t,« on the Gland Trunk Company as 
 he CanadiM Express Company. Our olBcers replied 
 that they d.d not consider that this new company 
 hi^ an establishment calculated to conduct such . 
 builm^ wth success.or that they were sufficiently re- 
 sponsible to be, entrusted with the valuable irticles ' 
 »hiAa«handedtoan »cpre,scompany. The«„tte, 
 wen' ntofte courts, and the ciurt, justified the 
 
 Onuno Express Company then went to the Canadian 
 larhataentand passed through Parliament a bill with 
 aviewtoobligmg us totake them on our Una And I 
 ■may mentionthat this Mil was so altered in its passage 
 tta^the Act i^ally obtains! did not contain one wort 
 
 ■ExoLT "'1: <^«^'") ^ *^ Canidian 
 Expres, Company l«abe<w ninping si long ov»ro«r 
 
 ,^i>%^.*«"., J'*t^'u. ■^Ai-t^.^'i, I j^ f 
 
via t 
 
 iningr over 
 «ars-~evef 
 -woirk very > 
 r difTertot 
 xlinpanlefl, 
 uxhandlse, 
 e artidesy 
 fely; and 
 ndividuals 
 which is 
 tn run the 
 I upon the 
 > Express 
 u$ sonae- 
 making a 
 he' Cana- 
 id started 
 »y, which 
 ind have 
 ipany as 
 s replied 
 rompany 
 t such a 
 ently re- 
 articles * 
 e matter 
 iied the 
 but the 
 anadian 
 Mil with 
 And I 
 >assage 
 le word 
 inadian 
 i^^r o^ 
 
 R^i^^f^mmfi$fiid,M^i^ Jf 
 
 fine we ta 
 
 „ ItMviMS^am^ col&pr^ctibls: p^K 
 iti <^ng witii it ii^ tfe i^yrn witch yf6 ni^ )^ 
 piMe'todealii^thii: B^lt wouijfl^ <^»k&sn^y IS" 
 
 convenient ^ l^ve 1^' pr6^^ iSr' ^d ocprcss'com-' 
 p&^id^ because wl^ ati^ild ^nr^ t^ Miiiif thl^' With 
 
 se(^uray£e vehicles' c^ ^,„ .^. „...^, «„, 
 split up ^dse fraTds'ih SO^iab, ad^to aSka^ tli^ 
 separate a<xdmmo<rajdo«l'af did'^^d^ i^ ^^^^ 
 Jading & we must etty^ ik^ ^ 
 pamiescompe^l'for bi^«S over dur sys$^i^ 
 the risk o^fl^m^^^^ 6r <^k 
 
 ti^e the bi^ess in^ oiir owii Imd^, vt ^'WEh 
 v»a^y an opportun!^ ot^eaX^^w^ the wh(^e 
 subject in a way which f t^^ «i|ll' 1^ ^ aSnn- 
 tageous to t^ company. Vt^e l^avcCdbei^on^ gly^ 
 notice to the Caiiadtan ]^xpr^ Company to 
 discontinue running oyer our system, so that 
 we may undertake |i[e business, and^ secure 
 all the profits ibrttie Ghmd' l^ninte dotapany; It' 
 is very difficult to est3ma)» w^' t^ose profits are^ 
 A^ I t£>Id you, we liave been recelvuig somethiiiglike 
 jC6^,0bo a.year ^in tbem, anij^ tj^t was somet^iig 
 like half &Vjrecelpte^ siipposed' ^ b^ ^2 
 there^i^, #e nolay suppose tliey have been" reciSvin^ 
 a^ ri»st ^otber ^60)0 a 'y^ax, & it cost ^^M 
 J^^^ A j^&yoi^ £sStinMncsk' t^ey W^re' 
 geftlnjr a pi>fit oi^io/SooyS it c^ itum j^xoM sl 
 
 no mekns dl" lo^wI^iUMDrofit W^ ^t t^^ 
 e^ it WM we shalTha^ {t^ fef.^ flfe dw®^ 
 tlrunic Company, because we iurearmng^^ ^etSm 
 biisjfntes into' dur own hands as from Jtmuary !« l^» 
 :i?Qti will have oli^emd th:^ siiW die last'^^ 
 
 i- 
 
 _!&i!- 
 
»'V- 
 
 ■^ %'% 
 
 "n 
 
 . « sitting here tcHJay. I am happy ta sa^ «n^ \^ 
 
 very good .«Wce. I Jn,^ ,^0.^^,"* ^' ^° !" 
 COmpmy, tod I beliw you uTfZT^f/^'' 
 
 a;.fro^ r . J ' ^'*' *o inform you that he 
 
 acted for.,ght«„ j,ea«a,,re««rer of tJo"<i«'t 
 of M.d.1 «ex-a position oTg^at tnist and resZsf 
 
 Baker, who has bee, ou, auditor for some vears Z! 
 was an old officer of the Great Wes^ r "^ 
 has placed his «,ig„a,i„u toryha^raS T?; 
 ^ for the s.^„ho,de„ to say p^^^,X;\:J" 
 w,,hto ooohnue Ws se^ie^ „ whether they "feh to 
 appo.pt a new auditor In his place. I knLZ, 
 proprietor present fatend, ,0 prop«. L*" * "^ 
 -a-ras .urfitor of the «,mp4"^uXt'^ 
 opport^tty of expressing^onr owS w«rld I*' 
 exactly what you life on tte subjec^Sl .S? 
 
 ^*a^hoid^^S^';ri^v 
 
 bfeen aud tor Tor ^aom^s v*.k^ «*kw, wiio has 
 
 the shareholder ftough it ^.,, „b. y, ^,^ ^ 
 
 ■4£&' 
 
 
 .VjC 
 
 a-' 
 
 ,> 
 
 TV. 
 
 #H. 
 
 ■^l^^S 
 

 '•f 
 
 -r^': 
 
 , T'^,. 
 
 >v. 
 
 Vve retired from the o<Bce earlier than the date when 
 |Us appointmient woqld terminate>^viz^ 4t the meeting 
 in April ne3^ Du^g the time Mr, Qaker has held 
 office he has been m ost assiduous and painstaking in 
 , the discharge of his duty, and has always acted up to 
 his mandate from the shareholders to thotottghly 
 investigate the aco^nts. l^o one knows morei tiian 
 he does aboyt the financial concerns of the company. 
 ^,He waaformerly the sajretfiry of the Great Western 
 p^mpany ;^atfd, whilst acting in that capacity, he tpok 
 * a lively interest in the concerns of the Grand Trunk 
 Comply. ■....•_. ^^ J .-r ;:.'... J- J.;Li:?V:!r':^ 
 
 Gentlemen, in conchision, I may sum up by saying 
 that we have passed through a half-year of unmiti- 
 . gated gloom, of agricultural distress, and of political 
 disturbance. The elections which took place in Cuiada 
 last April were an obstruction to business ; and they 
 were not content with 6ghting each other there, but 
 they wanted to quarrel with us here, too. However, 
 that has passed away. The harvest was bad in the pre-, 
 vious autumn, we lost traffic,as I have explained to you, 
 on that account, and we have hardly recovered yet 
 from that position. But, happily, a brighter prospect 
 is opening out for us. The harvest|nQntario this year| 
 has produced 30,ooQ,oop bushels of wheat, i|nd the 
 whole of Canada has prodjiced iip JesS ^|i 
 55,0X^000 bujshels of wheat Tlie ^ar^ in fte 
 United States has produced popfiqoflQO. bushels^ of' 
 wheat. 7<3Ofi06flO3 bushds of pats^ «aid [^/aoofio^floq' 
 bushels o^ corn. The corn has np$ yet be^n to move.^ 
 The farmers keep it to harden before they put it in 
 biilk ifito the l^lway cars, but weiiope tha^t after 
 the end of this qnontb it \rill begin to move from 
 Chicago, and that we shall have to cariy 9. good deal 
 <<>C f^ A^^ A?^\ai ^lig ^piain^ to you, W ' 
 
 5'v- .•-■] 
 
 ■.^i 
 
 
 '■\. 
 
* \': .^'^^.S'^^ 
 
 ' 
 
 w 
 
 4t 
 
 iSt 
 
 '^^-'■■ 
 
 
 
 ffi^si'&ism tsgeS 
 
 ^» ipiM Ifttlw hflW^Tof tlit Koar per ctlifc GiwwS^ 
 
 (iJ;# Ete "««^ tiat £(Ir HMorTylir. 
 'W^'^Mj^.^ »«■* to Canlk -^ 
 
 ll'l'^^^^.^onlfewmovemeria of gra«. Sinoi 
 
 tif^ VSL"' I? S7? "■•>»™>™o Of grain. Since 
 *S^."^*^i''-'™^"'l^ almostslatioMry. iji^ 
 
 f ^YS™.»^>*a.tK<! Canadian Pacife TheGmii 
 
 ftdMce dfway a,d stn,^,^ „„ ttetadidlihPadficl' . 
 'W»4t9.93J.wMst the amount <KpentfeaT.y tKe " 
 ^^^T'«"^'«>mBix>ttB»ace'otmy and stnictura 
 Ml?;^''- f^VK^imi pf the Canadian PadSe" 
 
 'W * -^ w two millloni oli^t to be at-: 
 
 •'Wl 
 
 
-■f-'7'*|?^S 
 
 ■'"/■ '^at" ■'_.' 
 
 '■*>; • ,-«p ' t V 
 
 • ' S-S '** * ^l 
 
 • --^ tf ' 1 
 
 ■ .■'t<a' 
 
 %t wmpaiiy so pay its J jK?r os^t ^ivWdid iiSiefl 
 the subsidy of ttc .Canadian Owkni^^ 
 
 p%io.^ wai^ci^,^^^ Pacific 
 
 fa a lietter position tord^^than ^e CanaffianiPifeiiic, 
 
 |^ijyj,o.Jv^ 
 
 mwiich dividends can be palf js by ipc^asliig fl^ 
 /Jl^ ; and our great com^etitor^eCaiadiap f adfex 
 mjist be taught that it is to , their intei^t to do.tljc 
 ^f/?^SP^^ .CHc^,hear^ Sp^J^rWf u^^^ 
 ^ould be better employed in promotinct » scheme of 
 ||U9 kind thM in rat^ imwnaWne'afticies^ a^^ 
 
 f!l»mple which I have iidopted on pMgns occasions 
 inpving an aipendinait I do jot tl^ik the 
 
 ■■i-^Sp: 
 
 / 
 
 >« iSs'v: 
 
 ;-4^>^c*^^f . 
 
m 
 
 .HI 
 
 '^ 
 
 m 
 
 ■'\,'iy *;i.v¥"i^v^^. 
 
 •t Wr AlwiilSttii ^kk^ ^CamuU 
 
 
 V««» iliOttW beadofMbK which that laMcativ* 
 
 AdiiWiM changtti and itiftebody placed In the pod. 
 
 *» to ciwy out thfl wkhet of the proprietor, as they 
 
 have been decl«^ tOKlay wd on previous occa^foni 
 in the most emphatic terma (Cheer*) 
 
 ' ^r^:..^ Q«P''«STQyB; I should like to elldt from 
 
 jwy. Wd ouglit najM^ to consent to Uve ori 
 J^P-tndprxjphesIei onry/lNit to press for such a 
 ^hWg« of poBqr a. we beUeve win produce dividends. 
 
 ^ The fact is W^have for. nuny^^ 
 been far tp^ apathetic^ W^ hav,^ sanctioned «lnf 
 howtl spending our, money ind pledging our creik 
 fartpofiedy.. Wehave alteL them to leaJ^ 
 
 S^ ^dend earning value, to spend our capital 
 
 right and left, apparentiy- regardless of the fact that 
 
 omiig to diminished Mtcs, increased competition, and 
 
 ^ other causes, the net revenue available for dividend 
 
 ^. the guaranteed and preference stocks mu ^ 
 
 .. the ^me dwindling away; Look at the present 
 
 i accounts. Could anything be much worse? Our 
 
 J^reyenue has now so dwiijdlcd down as to 
 
 M tte.posltlon of being M|^ able to do mot 
 
 cover the interept do ou* bonds and the d^mmm 
 
 • g^|tf>atis, Aatt^jif ihilUons of guaranteed and 
 
 wefiUrgK»(tQ say nothing ojTao^ millions of ordinary 
 
 w) get practlcally.no dividend. Just thlhic of 
 
 ««« We have been told over and ovel 
 
 hac^ts and fares, poor raf^ ^ 
 
 U^etlt^^are the chief causes cl" ou# 
 
 ■■:^:^ 'm^ 
 
 ( 
 f 
 
 * 
 
 f 
 
 
 *•' 
 
 • 
 
 •m 
 
 i» 
 
 
 « 
 
 , .l> 
 
 I.. , • 
 
 :-TS.-" 
 
wm^ 
 
 >■%■' • 
 
 
 ,.,r,if 
 
 *-'4-; -!«:;»■? /. 
 
 , .i> 
 
 ■ "\ .)rf ' 
 
 
 1- 
 
 aj 
 
 ^ RtpoHof tk* Pr^fidffSt Sfuc^,<^. 3^, 1891 
 
 biisinesslike for us or o«r bond |» oe cdntept 
 
 tucb an answer? He advocated economy all jroand, 
 
 .andr diew an anadqgy nJd) tf>« mapagipMBl of West 
 
 ^toffl^ ,augare^ate^\ -;!::-,'.;; : ' r' 
 
 '^■'i^^fl^ I^^OOABfpi wM. se^ 00 ifi|dog)r between a 
 
 ^pi ^|pkj9^^ ,aii4 a railway cbropany. 
 
 il^0lfg0i&xm, ruined eir^ytblngi and he saw noiliopes 
 
 MlptJa • Si^ii^mmLVli^^ witb the Canadian 
 
 pacific or a ppoliog u-rangisment of some sort. 
 
 Mjr. Chester said : Pot^is, generalise spisfUcing, 
 -Ibe only province of Canada that has any. profit 
 jattached Ito it ■ Your railway ii now the on^ railway 
 jpractically entirelyjn Ontaria You have justly and 
 vvery wisely, in my ound, for the last twelve years^ 
 striven to improve the connection between Ontario 
 and Chicago. You have also put out feelers there, and 
 at the present moment you have the whole of that 
 valuable country in your grasp, No^ your railway is 
 in what I may term first-class condition. You have 
 flow good bridges, good steel rails, an^^tHr question 
 wp have, to decide, or that our board has to de^ide/is 
 what is best to be done to improve thatposition. Now 
 all. persons who have looked at Canadian and 
 ^ American prospects for many years have found that 
 changes come very, very rapidly. Xou are at the 
 commencement or threshdd of a very great improve- 
 ment in American traffic, ju) improvement which 
 tb»se who have not experience in these matters have 
 oot the ^htest idea qt You may make som^ 
 arrangement with the Canadian Padfic, ' but byJio : 
 means venture toto any joint wiion <ur joint punk^ npf 
 . ^ythiog of that kind iifith them, flw Canadian 
 radfic is just in the poaitiMi that the Grand Tnmlc 
 wat tw«enty or thirty years aga tl^ey are just in the- 
 ItfftilndiotfpfoapM^^ 4^^|^g8iitleiaao who has 
 
 / 
 
 ir 
 
 iM 
 
 
 
^^i' 
 
 
. *'v-- 
 
 'iy. 
 
 >» 
 
 '"'?>*;T&'"'<^'r^ 
 
 It i> 
 
 t\t- 
 
 % ;^t^^ ^RaUwa^ of Canada 
 l^lanseft^*!** /-^^tT " * "^ railway, and the 
 
 - G^Z^l^- /'»««'.*il« fa the St- 
 to wake rTir , T ."**' ■" ''•^ '"S'tenay 
 
 t.J'bpS'' M^V«l»«_be« .riveted o, *,«, 
 -iwo bottom figures Id tiie lajt coIiimM flu." . ^^ 
 «te per ton per mUe .72 to' ii,"L "^' ^. * '^ 
 averaee mf.^ „ ' «89i against .50 to iggi • 
 
 5S. Tdto'^riT^ "'*'''" ■«9'-a^^4 
 3 u. in i»iJ3. I Jo „ J supoose th^v> 1. •- 
 
 chance of getting back to the .883W W ^1 T 
 P^*c director ei,g« ft. „tes,i.«,a,apiv^S 
 
 .st^o^"^.^"^" '^■i'*y«^«.a.Ctben.»e 
 'Stock of this company has heen inn...^ ^ ^"j'?V' 
 
 •"or^ous extent daring l^.^^*" '"'*»" 
 
 How ha, this money bee^sp^, , t^!," "^ J^ 
 
 ;;J.chhavehee„'*d'Tt:t*:^^^^^^ 
 
 
 
\ «T«i|v»«r,* ; 
 
 •'?.• 
 
 r,f.J- fti ^u 
 
 Report of tht President iS^edt, Oct, 30, 1 891 ij 
 
 posely abstained on this occasion in my opening 
 ^speedi^rom referring to the Canadian Pacific, because 
 I think we are now on such t^rms with them that It 
 is, desirable to avoid aK appearance of hostile 
 fecKng towards them; We have said hard things 
 abbut them in th6 past, and we have, T think, 
 been justified in what we have said in the. past, 
 tnit it is wise in us now to accept tiiie inevitable, 
 ^hey afre' there, and we have to make tiie best terms 
 'we can with them for keeping up rates for the benefit 
 ofbodi cbinpanies. That Hks been the wish ^ aft 
 the speakers! andl tfastt is what we really have" been 
 ^oing. T have had various interviews with Lord 
 kount Stephen, and with thie president, Mr. Van 
 '^iorne. MriVan Horne and Lord Mount Stepheri 
 were good enough to call upon me: at Dadiwood 
 House b#«e 1 left for Canada, and they left shortly 
 ■atterwards. As 1 waswttirttingfrom the W«Jt towards 
 Montreal, I teceived a telegram from Lord Mount 
 Ste|>hen and Mr. Van Home, asking me to call upon 
 them, and on ariivinig 1^ Montreal,! had tSie pleasure 
 of meeting them, and 1 may tdl you that we are oii 
 !ttie best of terms personially, and Ihat we are 
 thoroughly agreed that we will, so far as Aose two 
 <:ompanie8 are concerned, maintdn rates-^^cheers)— 
 and tiiat we will get all we reasonably can out of 
 Canadian traffic. Kow, I think that^is exactly what 
 we all want But then this unfortunate figure of 
 72-iooAs of a cent, per too per mile does no* depend 
 upon iipt relations tyetweoi. va and' the. Canadiaii 
 |*adfic. Unfortunately We are running ag»fn9t watet 
 lines and American railroads, and ttiose lines have 
 •done much moreharm incutling rates than ever has 
 heexi dofte hy the Canadian Pacific or the Grand 
 TTQok. i do 1^ mean to snr Hi^ Canadian Fadfii; 
 
 t^-^: 
 
 \ rS" ?f- -"f 
 
 B-i»J^iMl JOnttt.-BB- Easy ici »• J •XVJma^^xialr^,■^all^a^^i 
 
 r 
 
/y-J"^)"^ ;1 ^r >t»%'»%'s|^f<^^ 
 
 i'*" 
 
 
 
 2« fit Grand Trunk ktutway ^f Canada 
 has not been «,sharp thorn in the ^e of the Giand 
 JT^,^^"" ^°f *S.ooo tons of dressed beef traffic 
 out of Chicago last, haif^ear mainly on acicount of 
 their competition. We shall have constant comneti- 
 tion at numerous liail poinu with the Canadian 
 Pacific, and we shall get into trouble n<^ and then 
 m consequence of the energy and activity of local 
 officers; but the instructions of this board and the 
 feehn^ of Mr. Seargeant, and my own feeling: 
 are All in favour of minimising and healing up the^ 
 littie difficulties as they arisen and of working on 
 good terms with the Canadian Pacific and doing 
 the best we can for the mutual prosperity of heS 
 companies. (Cheers.) One shareholder j»ked why 
 the traffic on the Chtc^wo line has latdy fallen 
 Off. Well, it is io consequence of the pre^ioq, 
 i»ww»t «ot Jiavtng been good ; of the paucity Df traffic 
 
 «»t<>fChicago;andofthecompctittt>nfor traffic by 
 ae Jake lines at «ry Jow freights ; and because the 
 i>ttlk of the new harvest, which is yeiy abundant, has 
 not yet come forward by rail There has also been 
 some cutting of rates in Chicago, and our officers did 
 not see fit to follow the two other companies who 
 engaged In it I do not want to mention their names, 
 because I do not want to make bad blood, but two 
 companies did cut rates, and there were the usual 
 remonstrances and attempts at restoration of rates • 
 and we determined for some time not to follow in the' 
 cutting, and we lost some traffic In consequence. \ 
 hope that trouble wUl disappear shorUy as navigation 
 ' ««omes more difficult and is at length closed. I do not 
 ,1, know that I need trouble you with any more remark* 
 -^ A Shareholder : Who Is Mr. AUen, the new - 
 dfrector? Ji ho vestgr dark of St. Aiwe. Watt- 
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 Rt^ ofiksPrtsidinti Speech, Oct. 30, 1891 '3^ 
 
 The PRESIDENT I Mr. Allen is here to speak for 
 Umself. 
 
 Mr. Geou Allen : I beg to state that I am 
 Mr. Allen, the vestry clerk of St. Anne, West- 
 minster. My father and grandfather were In- 
 terested in the Grand Trunk "^ and I am also 
 interested in it, and I would take this opportunity of 
 saying two br three words. I have only joined this 
 b(Murd with the intention of canying out if possible to 
 the best of my ability every possible retrenchment 
 - consistent with efficiency, and to carry out any altera- 
 tion which may be for the benefit of the com- 
 pany. (Cries of « Cannot hear you.") With regard 
 to affiliated lines, I shall give my immediate 
 attention to this important question. I am sure 
 that Mr. Hubbard, who has been elected a 'director. 
 TJBir « great service to the company, as he brings 
 ipifli Mm lA the sxperience of Great Western 
 
 Hr. HOUsi«DLD : At the last half-yearly meeting 
 1 took some prominent portion with regard to this 
 company, and tried to assist in the rejection of certain, 
 membeis of the board. As the result of negotiations 
 we had with the board, three new directors have 
 been nominated for your acceptance. Under those 
 circumstances I thoiight it was acting fairly to those 
 who are now to assist in the management of the com- 
 pany to make no hostile movement to-day with refer- 
 ence to the most unfortunate statement ofaccounts 
 made to-day. 1 think we may conclude, from the 
 observations generally made, that the company now 
 should have a policy of rest and development. W«i 
 have a very large system which requires to be de- 
 yeIot)ed, and where antagonistic InteresU exists they 
 f^ttift to be ameliorated and softened* Under 
 
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 Ihosei circumstance* I M,r„t ft fa w for .„ 
 
 Would be dealt with. We should spend no more 
 ^pn^m tayingup „„« „hich have^ flt^J"'^ 
 •», We teve devw m,n on tlfeboart ip Engiand 
 b« Urn quite certain they ,a^n6 iat^fo/S 
 gentlemen op thi other side of the AlinuV 
 (Laughter.) - ■ '"- ■»• ^ vySfA?- 
 
 wliich I did not ansyrer. find that waS-::WhIt Was the 
 amount orthe j^daiou p' ouT U^ 5WniiS 
 
 *»ntoheIpans»ddeben^„««k"|etweenW^^^^ 
 hf M •/ ^ and December 3,..,^ ^ i-7.83fto& 
 Of that seven, or nearly '^ -juso^; i^S, 
 
 tenat payable by tie company, and^n the .^.^^er^^n 
 of thosevre h.,, ^eali^^ .W laafe sum »n3^ 
 for the ^^efit .rf^the «,mpS,;r^eiS;3Tto 
 
 l.me-the^enprmou, b^efit wii,rii«faen''to'tte ' 
 company from the issue nf n,.'. j 1. ' .~^^ " '™ 
 .1.. ' ^^,- ."W* iP' *!>»» .debenture stock for 
 
 ;™^addedtoourp.H|g^^^^ 
 I^ capital pf the Northejn aud^ NoShl'wLS 
 
 cSr^ir.i''r-^*-'*^^"«^^ 
 
 V^ra?W in X888. 1 may menUon. howevd th^t 
 
 «nt bonds and .^630,300 of fi„^^r cent boid^ 
 on the cp„ve«.op of which « joyre^ „tes of inte«it 
 
 mav avnM '— . ■■:■■"■ ' •'?"•■" 'fWaff 
 
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 cOftsM<*Ajfe jinlOiftftitf «ini»ai ititferesfc Whentfio^ 
 companies W«re' tt&efr oi/er by ui^ thdf finances 
 were capable of much iniprdfement, which we^ 
 aH dnd* sflpplJetf. W«j paid thcA off by issuing 
 debenture stock, and realised a large annual saving 
 bydoin^sA' fhfe reftaining addition to the Gra^ 
 Trunk IbiOl ca^itd. ;^i,6j4,9 68, has been issued 
 for the general purposes of the company, and „ 
 has beed sp<!nt in the various works that have been 
 earned on during those seven years, and I ihay 
 state that it has been very well spent Qf ^ 
 antoufif 47^,060 was for dotitte trafeks, \^409.^'<^ 
 for stone bridges, sidings, &c.. £m^>oo fot new iplling- 
 stock, and ;6i3ftOOO for. t|ie /iJacques Qibrtier 
 Railway, and the United States and Canada 
 Railway, &c. I may add that the profits 
 on the conversions have been so great that 
 tiicy have nearly covered the annual charge that 
 would otherwise have been caused to the company by 
 the issue of this sum of £ijS74J9S^, since 1883, for the 
 general purposes of the company. I think I have 
 now given full answers to all questions. 
 
 Mr. Gardner : I wish to know why the large sum 
 6f jff77,d66 w^ ^ent ih roUing-stock, when the traffic 
 has not in<J^I^<Jr ^ * : . 3 ^^ . 
 
 The Presidents I b^ you* pardon, sir. It is 
 the rates that haye gone down, not the traffic The 
 volume of traffic basin the course of years very muchj 
 increased, and that ariiouht has be<5n spent to add to 
 the rolling-stock, so as to obtain increased earning 
 capacity^^tid l hbpe as this harvest <S%s. on to in- . 
 crease the profits of the company. .,^ 
 
 A Shareholder : Who has the rdlBhg.stock ^ 
 * The pRESiDENt js When we; buy rolling-stocjc we, 
 Wuy it exclusively fSwtheu«fbrih^^^^^ the St- 
 
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 30: Z«# G?m««/' rfig«/& Raifmy of Qmafy 
 
 Qair Tunnel is made with youn^money. It belongs to , 
 you an4 any ott^fe* company that wants tp go through 
 It will have to pay you. • ^ 
 
 ^^ASharehqlder: pcle. any other company run 
 through It? 
 
 The President: Not yrt. because it h^ only been 
 openafewdays.^ ^e shall have an enormous amount 
 of rolling-stock from other companies rim throujrh it 
 m our tram s. ^id we shall be paid a fixed cha^f fe ' 
 everj. car that does run through it Then it h^been 
 moved and seconded— 
 
 The resolution was carrierf unanimously. 
 «^ht/S^''i^'^^L- I now beg to propose- ' 
 
 ion rhT^'v P^'"""'" P-PO<ng that'r^^lu- 
 tion I believe It meets the views^a lai^e number 
 of shareholders who are supposed to beTse^ing 
 shareholders, but who. I hope, will no longer b^Z 
 senti„g.hareh61ders. for they will find wTare d<^. 
 everything we can. We are very glad to work wirh 
 Mr Hubbard and others, and if "hfy can he p uTto 
 do better than we have done in theU nobody wS 
 be more glad than ourselves. (Hearrhear.) ' ^ 
 Mr. Young : I beg to second it ' ' 
 
 The resolution was agreed to ^ 
 
 asaL^uiL!''''''''^'^''^ proposed Mr. Household 
 
 ^^Mn^ROBERTSON seA>,nded the motion, which was 
 
 ^ The President: There are two mqre resolutions I 
 ''^y?*^ ^i^^ before you. Firstf- "'M^ons i 
 
 GraJd "JSkSlav SSiS? ST'"^?' '^90^ between the 
 and the WaferS^ JaJc£"ffifwfi cS±.^VrV"* ^^ 
 part, now submitted to tfiV2i«rti«r?L-'"'^y ^ ">• «coo«l 
 
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 ttwd approved." 
 
 published •» -^"^J^'X it „t. AssSce was 
 
 3 from the Goye™m«^. "^^^^ J^; 
 bonuses from the m«nK.paUU|.^^.,^^^ 
 
 ^£.6,000 ; and we ««*' ^ *^ ^ , t us 
 consequence of these bonu^ ^„^ a Bourishing 
 about ^£900 a ''=",f,"&Sf and factorieson 
 . rwCati^tJaSS^weconsideritaveryu^ul 
 
 branch of the company. 
 Mr Young : I second that. . 
 
 ?!;;;'^,utionwascarH^u^an.m«..y.^ _^^ 
 
 Mr. Robertson: I P'°P°!?i J„ He has been 
 <he president and *«»"7'*^l^„,„er occasions 
 
 „or^ affable »» *'!f °T°" '^ "" my fdend here 
 Mr. HOGARTH : May I ^^'^'''J^d,, „„ the 
 
 ^^.^sSff^lnSr ifMUl^toaddthat. 
 
 ^^'?^T"tro/r;^sSn":s?::f*u^'- 
 
 proposing this vote of W*""?-^" „ „p„ on behalf 
 
 S. kindly -»««*»8 to 't w^^i„y''c.nada that 
 
 • °ir«fa'rr".^.'^orrU »a we ho^ to 
 
 t "he proceedings thAnterminat-l. .... 
 
 
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 AttheOfdlftarjrOwieral Half-Yearly Mating of the Com- 
 panjr, held at tke City Terminas Hotel, Cannon Street, London, 
 on FridAy the 30th October, 189^ 
 
 Sir HwfRY W. TYLER, MR. Prd^dent. in the chair, 
 
 The Seciiettoy having md the netlce convening the meering, 
 
 It was moved by the «resid«it, fe<k>nded by Mr. Robett 
 
 Yonng, and onanimonaly resolved— 
 
 " ^K^*."**'"*i* *•** <«««toii and aMooata for the HaUnmr ended 
 
 proved and adopted, and thataividend of 72: «• «i!?^- 
 pSd to tto hold^of tte Fou?Sr ^cS^^i W>ti^ ^ 
 
 H wA thMi reiohred— , ■»• 
 
 " ^A Af?«o*5r Hubbard, of Derwenti^ter House. Actoo be. ' 
 and IS hereby, elected a director of the company." ' - 
 
 It was proposed by Mr. F. B^ Girdlestone, seconded by 
 Mr. Robertson, and resolved— 
 
 •• That Mr. Rohwi .Heniy Ifwisehold be. and he b hereby, ibpoioted 
 .T^audJ^r of the oompaiy to the place of Mr. aS^StoSe rK 
 
 It was proposed by the pUident, seconded by Mr. Robert 
 Young, and resolved— : ' 
 
 " ^^T^ '^^tr-r'^ asth NofwOw. 1890, bet«»m the Grand 
 It w«s also restrived— 
 
 H. W.TYLER, Fluent. 
 
 cordial v^te= of thanks wa« then passed to tfi^ President, 
 Directors, and the Sfitffof the Company. ' 
 
 Dashwood House^ 
 9, Ntw Broad Stree^ JLoodoiu Etv... 
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