IMAGE EVALUATION TEST TARGET (MT-S) ^^ /;t^" 4^n 1.0 I.I 1.25 ^ i«^ ill 2.2 12.0 iA ill 1.6 ^% V] /y ^> x'^? %/ .% > /^ Photographic Sciences Corporation Q3 WEST MAIN STREET WEBSTER, N.Y. 14580 (716) 872-4503 A ^ n, w V N> ^9) V o fv % "9)^ o \^ >> 4^r W CIHM/ICMH Microfiche Series. CIHM/ICMH Collection de microfiches. Canadian Institute for Historical Microreproductions / Institut canacJien de microreproductions historiques P. \ \ €^ O •<» Technical and Bibliographic Notes/Notes techniques et bibliographiques The institute has attempted to obtain the best original copy available for filming. Features of this copy winch may be bibliographically unique, which may alter any of the images in the reproduction, or which may significantly change the usual method of filming, are checked below. D Coloured covers/ Couverture de coulaur □ Covers damaged/ Couverture endommagde □ Covers restored and/or laminated/ Couverture restaur^e ot/ou peiliculde □ Cover title missing/ Le titre de couvertur titre de couverture manque ourad maps/ Cartes g^ographiques en couleur I I Coloured maps/ D D n Q Coloured ink (i.e. other than blue or black)/ Encre de couleur lie. autre que bieue ou noire) Coloured plates and/or illustrations/ Planches et/ou illustrations en couleur Bound with other material/ Relii avec d'autres documents Tight binding may causa shadows or distortion along interior margin/ Lareliure serree peut causer de I'ombre ou de la distorsion le long de la marga intdrieure Blank leaves added during restoration may appear within the text. Whenever possible, these have been omitted from filming/ II se peut que certaines pages blanches aiouties lors d une restauration apparaissent aans'le texte mais. lorsque cela dtait possible, ces pages n'ont' pas 6t6 film^es. y Additional comments:/ Commentaires supplementaires: L Institut a microfilm* le meilleur exemplaire qu il lui a et4 possible de se procurer. Les details decet exemplaire qui sont peut-dtre uniques du pomt de vue bibliographique. qui peuvent modifier une .mage reproduite. ou qui peuvent exiger une modification dans la m*thode normale de filmaoe sont indiqu^s ci-dessous. □ Coloured pages/ Pages de couleur □ Pages damaged/ Pages endommag^es □ Pages restored and/or laminated/ Pages restaurees et/ou pelliculdes r~l Pages discolo'ired. stained or foxed/ I Pages d6color6es. tachetdes ou piqu^ □ Pages detached/ Pages ddtachees ees I 1 Showthrough/ Transparence □ Quality of print varies/ Quality inigale de I'impression □ Includes supplementary material/ Comprend du matAriitl ennni^i.^.. prand du materiel supplementaire edition available/ Seule Edition disponible I I Only edition available/ D Pages wholly or partially obscured by errata slips, tissues, etc., have been refilmed to ensure the best possible image/ Les pages totalement ou partieilement obscurcies par un feuillet d'errata, une pelure etc.. ont 6t6 filmdes A nouveau de facon a obtenir la meilleure image possible. [Printed ephemera] [3] p. This item is filmed at the n.duction ratio checked below/ Ce document est film* au taux de reduction indiqu* ci-dessous ^°^ ^^^ 18X 22X 26X 12X 16X 20X n 30X / 24X 28X 32X The copy filmed here has been reproduced thanks to the generosity ol: Library of the Public Archives of Canada The images appearing here are the best quality possible considering the condition and legibility of the original copy and in keeping with the filming contract specifications. Original copies In printed paper covers are filmed beginning with the front cover and ending on the last page with a printed or illustrated impres- sion, or the back cover when appropriate. All other original copies are filmed beginning on the first page with a printed or illustrated impres- sion, and ending on the last page with a printed or illustrated impression. The last recorded frame on each microfiche shall contain the symbol — *► (meaning "CON- TINUED"), or the symbol V (meaning "END"), whichever applies. Maps, plates, charts, etc.. may be filmed at different reduction ratios. Those too large to be entirely included In one exposure are filmed beginning in the upper left hand corner, left to right and top to bottom, as many frames as required. The following diagrams illustrate the method: L'exemplaire film6 fut reproduit grAce d la gAn6rosit6 de: La bibliothdque des Archives publiques du Canada Les images suivantes ont dt6 reproduites avec le plus grand soin, compte tenu de la condition et de la nettetd de I'exempisire film6, et en conformity avec les conditions du contrat de filmage. Les exemplaires originaux dont la couverture en papier est imprim6e sont film6s en commenpant par le premier p!at et en terminant soit par la dernidre page qui comporta une empreinte d'fmpression ou d'illustration, soit par le second plat, selon le cas. Tous les autres exemplaires origiriaux sont filmds en commen9ant par la premidre page qui comporte une empreinte d'impresslon ou d'illustration et en terminant par la dernidre page qui comporte une telle ompreinte, Un des symboles suivants apparaitra sur la dernidre image de cheque microfiche, selon le cas: le symbols — *► signifie "A SUIVRE" le symbols V signifie "FIN". Les cartes, planches, tableaux, etc., peuvent dtre filmds d des taux de reduction diffdrents. Lorsque le document est trop grand pour dtra reproduit en un seul cliche, ii est film6 a partir de I'angle sup6rieur gauche, de gauche d droite, et de haut en bas, en prenant le nombre d'images ndcessaire. Les diagrammes suivants illustrent la mdthoda. 1 2 3 1 £ 3 4 5 6 ■I I -Ti 1 w To the Honorable the Legislative Council of Canada, in Provincial Parliament assembled ; The Petition of t/ic Corporation of //>,. cu,, ,,/ Hamilton, Humbly Sheweth: That finding thon.selvos „„«I,K. „. c.-niMuo to ,„oet ti.eir enJ.^^;eM>ent8. y..ur Potitioners, in the month of December, l«Cl, took steps to apprise their creditors of the aetual position of ti,oir allairs, and invited those of the.r creditors resident in Great Britain, to send out two professional Aauuntants, at (he expense of ,he Citv, to mvcstigate ami report iip,.n the same, with a view to som.. e,,uita).l,- adjustment. Thosngf-estion was not acted „p„„, hui h,,m,c .er,lleM,en o( ..andi,,. and position in this country, largely mterested personally as b. „ul.hold..rs, and representing a vry large number of creditors, alter a careful exauVue.tion of the alla,rs of the Munic.ip.-dity, and its ability t,. pay, reeonnnended an arrangement, a leading feature of which was thalth,. mtcrcsl upou the dcl,t should l,e redu.'ed to three per .•ent. for a criair, number of years. Your Petitioners acceded to the proposed arrangement, but the creditors in (freat Uritain refused to as.sent to it, and matters remained u. this position until it was suggested U .|„. »j;v,.l of the En-lish Bond- holders that as Mr. Cassells, Matu.ger of the Hank of Upper Canada, was about to proceed to England, he should be allowed to examine into the alliiirs of the Municipality, f,r the itd'ormation of the creditors' in Great Britain. The bo , s and papers of the ( orporation were accordingly phuvd at the disposal of that gentleman, who, after a i.atienl an.l carelnl iuvesti.alion, reported that, in his opinion, the Corporation were in a position to pay pM,r per cent, up.m th, ir indebtedness, assuming as a basis for such eouelusion, that any prolits, derivable e,therfromtheStnckofthe(;reat Western Uailway, hel.l by the city, or Iron, the Water- Works, would he applicable to thi- payment of such interest. Acting upon the sug^eslioi, an,l rccMnmeudation of Mr. Cass-dls, the Bond-holders in England prepared a Bdl providing tor the r..,lemptiou of (he whole debt, by the issu. „r new Drbrntures. and liviu. ,1„. rate of .merest at tl,.- rates ,neu.,oued in .Mr. Cassells- report, but providu,^ ,l,:,t.-dl interest or divi.lends, .lerived either Iron,, he l^adway or W.■,.er\\^,rks, should be paid to, he |..|,|..,s,,, ■,,,,,,,.,,,,.,,,, ,r,,,,,,,t,,,,,_i„^ u,te.est, ,hus l,.ss,.Hi„g ,l„. ,„ea,.s o, payn.eut upon which Mr^ Cassells' r. nuoeudatiou had been predicated. The Bill in.r„du,v.l a, the instance of,),,. bVlisl, B„„,M,old,.rs passed the I lonorable the Legislative Assembly u. this lorm, but after its intro.lurtion into your lloiuirable 11,, use. .luring the last session of Parliauu.nt, an amendnu.n, was iutro cd on , ho part of the Water-Works l),.bentnre-hol,leis, provi,lin,r for ,h.. piument to ,h,.m „ro„.-hail p,.- ,vii,. p,.. annum lor th,. lirst perio,! of t,.,, years, contemplat.M by the A..,, a,i,lol one p,.- cent, forth,, next p,.,ao,l of ,..n years, ,|u,s maki,..- the in,e,...st pay.able ,o such holders l,,ur an,l ,,iie-lial( p.r ,vnl. Il.r l,ii y,.ars, .'uM six p.'r ,.,.iit. lh,.reafter. ^' ■ '' ■'i''"'"^'-'* ^'^'""il '" >""■• Honorable Bo.ly, that although s„eh Debentur.-li.Mers have the security ■' Meir works ,;,r the ultima,., pawnen, of their 1 )eb..uh.r,.s. ,l„.r. is n.ut her reason nor justice in .-Iving „ Pietereuce to then, of one-half.uul on,. p,.r ..en.., uiil..ss th.t. am.,,,,,, can be realized froui the profits of the works lh,.ms..lv..s, at rates which w.,ul,l 1„. fair a.u.l , i.abl.. m a ..on,n,er..ial point „f view. Tha. .hepaym.Mit „, su.h ra.e otherwise than from profits w.,ul,l be unjust .0 the Kate-payers, and to the other Bon.i-ho,.iers. as .li.ninis .the fund ,„ whi..h ,h..y look tor the payment of tlu.ir i,i,er..st. whilst the lvate.payersa,-e,.xpos,.,lataiiy tiu.e „, a I up„u for large ..xp..ndi.ur..s in repairing of aeci.lents to the w,,rks. Ill .•i.n.uiiiation ...' this, it may b,. men.ioi,.',! .1,.,. -,1 il,;.,-. ,• . , , ,, ,, , ■' miniioi,.,. .iiat ,u. lliis i,m,. an exp.n.litur,', .-stunatcd at several tli.-Hisand .hillars. \mI| 1... n.,|iiii-,.,l ,li„.||,,r (hi. orrMiit i,.,r ,■ ,■ 11, , .■ , , . , , , , , ' ^ pHMiit y.ai f,,i the purpose ol re-layuig some miles uf main pipe which has been dcfeetu.ly laul. '' /r.4 (z^) I Ynur IVlitionor- wunl.l r..sp,H>tf,.ll-; submit that iii.y logislatio.i hnvinu (or its oV|o<-t thr in.position of a higher n.f o. iMt,.v..Ht .ban 0,. available .neansof th- eitv wonUl .nab!,. tl„.,M t,. ,.nv. ^v,.,M .„., „„lv be nsel...s, hut, if mt,.,! upon by the eity, «o„l(l te„iel .t wouM be i.i their power to curry out, .in.i whieh wouH be at the same tin.o fair ,o both .lebtofs ami ernlitors that your Petitioners n quest-.l their ereuitors to se.t.l over cou.peteut parties to iuvesti.-ate a.ul report upou their alVairs,m„l they .lu^rfully subtnittec) them to Mr. Casaells, as a party totally uueonneelci with the, eity. au.i iu whose ju^lfruirMl all |.arties wouM have eoutMente. Your Petitioners wouM unp.vss upon your Ilonoral.K. ilous., thai in uith.l.awiu;; one s..nr. of revenue from th. eitv the rate of as.esH.uelit would bee.uue mueh more onerous than was ,.ontemplate.l by Mr. Cnssells when he ree"oM„ne,t.led f .ur per ecnt., as the sutn whieh >he eity wa-. i.i his ju.l.nu.nt, in a position to pay, and ,hallhea,hlitionol o.u, half per eenl. to the interest on Water Works Debentures materially increases the „,„„„,t of atuutal expenditure; whilst they wouhl also eall attention to the faet that other ^-entlemen m the interest of the creditors, had previously ecuue to the conclusion that three per cent, was the utmost atnount the city was in a position to pay. Your Petitioners would also eall ihe attention <.t your Honorable llou.e t,. an a.uendment proposed to th. 23,d Section of the Bill, provides for the pay mei>t <,f a,. indelu>ite aniu,.! sum for remuucration to the Trustee., and tr„v,l(i„!,, a.ntingeni and hmdmt.l expense, and the sahrics of a,,;, olllcrs employed by them. The Mnestion of the pavn,eut of Trustees was fully discussed both iu the private Hills (",un,niltee. and the (■<,n,uHtleeoflhe whole in the Honorable the Le«islativ^- Asse.nbly, and .!>at Honorable liody decided that inasmuch as thes w.re k-i^latiiu; (or an embarrassed nnmieipality, and the duties of the Trustees woul.l b. merely muninal. iuiless default shotdd happen to be „,ade hy the vity in payment of the coupous-the sun, llxed for their remitneratiou should not be payable until that eontit.p.ncy should happen, or until the sinking fund should eomnience. Your Petitioners would respeclfullv submit, that in the ev..nt of such delHult, a.nple provision is madr in ,„,...,, forth, oav nt,.f lll,v,s whose servi.'es would th.n hr rM..\ in.,, rcpusilion ■, the> w d. never- theless no,, „lrr," t,. th- insrrlion ol any wor.ls ,n:.M,dnl to alli.rd full in h.uni.v to ,1,.. TruM.,.s in lie- evnt of any defatd, b,.in^ toade in paynuM,,. and with this proviso they are williuL' that all expenses shouhl be amply provided lor. Ynur IVtitioners Im- |n.lh..r t,. slate, that since the last me.'tinir ol Parliament, a I'.il! has been prepared hy U,l-ea,< due ,o a,a ,.a,-,:eular |..-t,ler f.r prineipal and interest as it w,.s possible to ,1,.; leas in,- any fraetion,d portion ,.t one l„M,d„ d dolla,-. - Id not he so eove,-ed paw.lde in cash ; to l,.ave the op„„„ to , |!ondd,o!der ,od,linei,. ul,at de,,,„„inal ,o„ „f I )e!,entu,-e he would ,'eeeive payment, noi-hl l.^ave the nl,y liftlde lo be ealledup,.n for a laifrer casl, outlay than was int.-nded, or tlmn provision is made for under the Act. The 'Jlth Clause is p,-op,,s.d -o In. a>nende ernbtor woidd con.sem to leave his Debentures with the fhamherlain of the .atv. The ( anadian l!o,>d-l,olde,s nii-ht bo placed on a p.ir with those in (i,-eat iirilain by „ivi,er ,in,llar powe.s ,., our Canadian l!a„l,s ,o those j-iv,., to Kni-lish Bankers. This clause .also re ui. -s anHm'^ln,e,,,. by provid,,,.,l,al the ce,-,iliea,e of juden,e,,. sl,ould state the., ntnbers of the l)ebent,.res, in respect of which the ■•ee,.vei-y was had, as otherwise li,.- holde, „,i;ilil b,. doubly represented at the meeting. It would scemaUo u,d,spcn.suhle to the worUu,,^of the Act thiitall sterliuf, debentures should be exchanged a, s„n,e .ue place, to be named in the liill. ,ude^s the holdcs d,.s,f:nalc i„ writing Hon,e oth,.,-, place also to be named in the P.ill, and that in lilonnrs w..„l,l al M y„uv MWnlUm u f,.,! thai thr Art ^tipulaloH for the payment to Mos,r,. |)aw,.s >V.S„Ms,„, ,«..lv,. I„„„|,...,l , U .„.,l,n,, an.l ,i, ,|„. las' .,M-..,i„« „niu. r„.«W.,„n, thu '''""«"'' '■■ '"'''"'■^- "''"l'''"« ""^ I" ''■'" l'''vr|.n.|:m.,| a lain, .,f|lv.. I,un,lr-,| pomuls an,„„n,in« to no '7." "'"" "'■'" """'^"'"' ■"'''■" '"""''■'■'' I '^ ^•■■'■l'"^'- »'-■>• i' i- v,.n pr,„l,.n,Iy .u„«...t..l, nhall not bo Niibjci't to tn.xiitioii. Your P,..itiono,s pnCr to Iravo 'hrno rhnrp , to ho .l™lt will. I.y ^,.„r ri.moral.lo rUuiy, but they nro n.lvH..,l that ll„. i,„n„l,„H ,l„. w„nU'-,.o,N,asl.,.,w..,.„Soli,.ilor,H„l Cli,.,,.," wouhl r.-mlor it ov. dinRlv '''""'"" '" '"■"•■'''■'• '" '■'"■'■■> '"" 'I' '"I"' -<'■' ■■""! -"'•'■' ""• "V'ln,,,-,. n„„..,„plat,.,l l,v th. AH, that in point "' ^'"■'' "'" ^"'"^ '■'"■'""■'' '""''•'■ ■' '^'"-^ '■'■'■'■'••••"' '" v,.r, a,M far n.or.. ll,a v.t anv , n,l .wry clmrg.. wh,d. <.o„l,l b.. n,a.lo i„ ,i„u simp,., an,l that i, ,s ,nost .h.sirahl., .„ ,h„ prnp.r working ofany tnea.uro of this cl08cnption that any thii.K tcndinu t,. mmphrftte tho ..x.-cnthai ,.f th,. Art. shouhl h,. nvoi.io.i. '*''""'''""■"""■'•''""•'"' '"■•^' "'"'■'' "' II'.' P^'-»t position nl ,h,. s,.tth.n„.nt between the oity an.l its .ro.l,tor,,, y,M.r IVtition.r., thinl< i, unMm.ssarv to ol„n.,h. „p„n ,h,. alt.nlion ofyour llonornbh, II .,anH th.y ^"' -"''"'''^ '"""■ " ""''■• P"''''"" '-y "''-•vi«« ll'^'t tl'«|-«i'-" of th,.ir all-airs ,.ith.r..alU for a. o.npromiH., or ,t dooH not. If ,n point of fact thoy a,« in a po.i-i,,,, to pay, th,- i„l,.rH.n,nc.. of tho L.t-inlatnro is not only unrallnl for. I„U n„„|,t not ,o x..rds..d_i, „„ ,|,., ,„|,..,. han,l, th. .N.a.uination. and r..c.o,nMu.ndations of th. Konth.nu.n rWorrcd to i;, this ,n.W p.titio,. an. rWiabl.., it is n.anilost that they arv not in a position with rrduoed n,..ans o( p,.iynu.„l, lo pay t,. a lar^r,. proportion of thdr creditors an addit.on.d hall p.r <.ent. The irregularity with whiel, ass,..sM,.„ts have been made since the suspension ..f pav.oent by the eity will not only worU very .reat injustiee i. individual instances, owin^ to the ron.oval of tenants, and other eauses . but the n,ere e,reun,Manee of ,l„. cessation o( ,avali„n will very nialerially increase th.. dilllenllies of collecting! Your Petitioners in view of tl„. unsatisfu.tory result lo ll rediturs which nui.t n..cessarily follow the onforcon.ent of the Law as it stands. n,d the disastrous elh.ct up„n the city, with the ultin,ate destruction of tho creditor's security, which cannot, lad to attend protracted liti^jation. have been desirous of accclins to any "'""'l'''"'"''" ^* ''''■' ''' ^^''1' '"'■'^''•">- '"• •■^'^'■i'"l "Ml. They have yielded their own ju.l.nient to that of Mr. Oas<,.|s,and ihe.^ felt dispos..d, thnu^d, not without many mis^.ivin,i;s, to absent to th.. amendments of the KnglLsh ..redit,.rs, even lli,.ni:h their means uf payinj; wer,. thereby red:,eed by the dividends derivable from the (ireat Western i;ailway and Water Wnrks Keiui; withdrawn, but they feel that the payinji powers of the city will be ta\ed to their nun. .si l,^ ihis arraiit;em..nt, cspc'lally ti.r the (•nri..-Hl sear. Ymir Petitioners. lU'verlheless. enl,.|taiii strouii la.pes ilial uilh Hi,, ft.ljusi nl of ih,. ,|,.l,t ih,.y may reasonably look f,,r a relnin ..f prosp,.rily, aiel that in the coiir.^,. of a lew years, some reliirn will be received from the Wiiter W..iks, an.l they are desirous .,f oIlerinK '"> <'Pl>.>sitioU to any compromise which the means of lhi. eit\ will . I' .•I.. |||,'ni t.) t. V..iir l',.|iti..ii,.rs, theivloiv piiu, (hat in vi..w of ih.. fn-e^'oiiii; ficis, in .any Act which may ll.. pasH...l, p|..,visi,.n 1... ma. I,. f..r ,.apil:ili/in- lli.. ini,.n.st to the ihirtydirst .lay of Maivh n,.\t. an.l that inlen'si, thereafter 1... payabl.. on the lir.st days of October and April, in .M.'h u ir. That th,. vari.piis elaii>,.s i,, whi.'li refer..nce has la-en made in this P,.|ili,.,i. b.. am..ii.l.'.| m a. -.lan,... th. vwith ; ^ni.l thai if in ih.. jii.lirment of your Honorable l!,..ly. a pref..r..|i,,. sli.,ii|.| 1„. ^riv..p t,,,h,. \V;,t,.r W..rks I)el,..iili,iv h.il.le th.. a.l.lili..nal iiiL-resl prau.,1 f..,-. .hall ii..l ...i.m.ii. ... ,,r be |,ayable until l..n y, (roiii th(. imssiiii; of lliis .\.'i. rs, ars Aii.l\.iur I'llition.Ts as in .liiiv l..,iind will ..ye r pray, Ay l>at(..l 'JItr.l Pi'liriiarv. ISlil