IMAGE EVALUATION TEST TARGET (MT.3) /. ^^ Vj 1.0 I.I 1.25 i ■- IIIIIM U lA. 11.6 Photographic Sciences Corporation 23 WEST MAIN STREET WEBSTER, NY. 14580 (716) 873-4503 m ,\ ;V \ \ % V €^ 6^ <^. ^-^v^^ ////, C/j CIHM/ICMH Microfiche Series. CIHM/ICIVIH Collection de microfiches. Canadian Institute for Historical Microreproductions / Institut Canadian de microreproductions historiques Technical and Bibliographic Notes/Notes techniques et bibliographiques The Institute has attempted to obtain the best original copy available for filming. Features of this copy which may be bibliographically unique, which may alter any of the images in the reproduction, or which may significantly change the usual method of filming, are checked below. L'Institut a microfilm^ le meilleur exemplaire qu'il lui a 6t6 possible de se procurer. Les details de cet exemplaire qui sont peut-dtre uniques du point de vue bibliographique, qui peuvent modifier une image reproduite, ou qui peuvent exiger une modification dans la mdthode normale de filmage sont indiqu§s ci-dessous. n Coloured covers/ Couverture de couleur I I Covers damaged/ D D n D Couverture endommagde Covers restored and/or laminated/ Couverture restaurde et/ou pellicul6e I I Cover title missing/ Le titre de couverture manque I I Coloured maps/ Cartes gdographiques en couleur Coloured ink (i.e. other than blue or black)/ Encre de couleur (i.e. autre que bleue ou noire) I I Coloured plates and/or illustrations/ Planches et/ou illustrationj en couleur Bound with other material/ Relid avec d'autres documents Tight binding may cause shadows or distortion along interior margin/ La re liure serr6e peut causer de I'ombre ou de la distortion le long de la marge 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 ajoutdes lors d'une restauration apparaissent dans le texte, mais, lorsque cela 6tait possible, ces pages n'ont pas dt6 filmdes. D D D v/ D D D n Coloured pages/ Pages de couleur Pages damaged/ Pages endommagdes Pages restored and/or laminated/ Pages restaurdes et/ou pelliculdes Pages discoloured, stained or foxed/ Pages ddcolordes, tachetdes ou piqu^es Pages detached/ Pages ddtachdes Showthrough/ Transparence Quality of print varies/ Qualit^ indgale de I'impression Includes supplementary material/ Comprend du matdriel supplementaire Only edition available/ Seule Edition disponible Pages wholly or partially obscured by errata slips, tissues, etc., have been ref limed to ensure the best possible image/ Les pages totalement ou partiellement obscurcies par un feuillet d'errata, une pelure, etc., ont 6X6 filmdes d nouveau de fagon d obtenir la meilleure image possible. D Additional comments:/ Commentaires suppl6mentaires; This item is filmed at the reduction ratio checked below/ Ce document est filmd au taux de reduction indiqud ci-dessous 10X 14X 18X 22X 26X 30X y 12X 16X 20X 24X 28X 32X The copy filmed here has been reproduced thanks to the generosity of: Library of the Public Archives of Canada L'exemplaire rilm6 fut reproduit grSce d la g6n6ro8it6 de: La bibliothdque des Archives publiques du 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: Les images suivantes ont 6t6 reproduites avec le plus grand soin, compte tenu de la condition et de la nettet6 de l'exemplaire film6, et en conformity avec les conditions du contrat de filmage. Les exemplaires originaux dont la couverture en papier est imprimde sont film^s en commenpant par la premier plat et en terminant soit par la dernidre page qui comporte une empreinte d'impression ou d'illustration, soit par le second plat, salon le cas. Tous les autres exemplaires originaux sont filmds en commen^ant par la premidre page qui comporte une empreinte d'impression ou d'illustration et en terminant par la dernidre page qui comporte une telle empreinte. Un des symboles suivants apparaitra sur la dernidre image de cheque microfiche, selon le cas: le symbole —►signifie "A SUIVRE", le symbole V signifie "FIN". Les cartes, planches, tableaux, etc., peuvent dtre filmds d des taux de reduction diffdrents. Lorsque le document est trop grand pour dtre reproduit en un seul clich6, il est filmd d partir de Tangle supdrieur gauche, de gauche d droite, et de haut en bas, en prenant le nombre d'images ndcessaire. Les diagrammes suivants lllustrent la mdthode. 1 2 3 32X 1 2 3 4 5 6 I CHAMPLAIN & ST. LAWBENCE AND MONTREAL & NEW YORK STATEMENT OF IPIEIiSIEDDMTO. MONTREAL, APRIL 2nd, 1855. PRINTED BY J. STARKE & CO., ST. FRANCOIS XAVIER STREET. 185ft* » . ! - J • ' ■ - ' ' 1 • . 1 • 1 . , 1 ' 1 ' ' ' > ■ . ' , - , , ,11,1. ' 1 • i • 1 ' s ' > '■ 1 1 , I . • , • • 1 I • 1 I I > ' » . ' . • . . 1 . , > . • « 1 < ■ . I , > • . • • ( > • • '. * « « K « * ♦ * • t. n ?* )'(5 5? » • • • • • ••*• •• .• I I CHAMPLAIN & ST. LAWEENCE AND BuM k Mm fork %n\\m^ BILLS. Many groundless and erroneous statements having been put forth with the view of opposing legislative action, having for object the amalgama- tion of these Roads, the undersigned. Presidents of the two Companies, deem it their duty to make known the following circumstances, which, it is hoped, will lead to a right understanding of the true merits of the Bills. The objections against the amalgamation are urged : — 1st. In the interest of the Plattsburg Company. 2nd. In the interest of individuals living along the line of the Montreal and New York Road. It is to be kept in view that no objection is taken save by one or two of the Stockholders in either Company, a vast majority of them conceiving that by amalgamation only, can they be enabled to keep faith with and meet the just claims of their credi- tors. The reasons urged in the interest of the Platts- burg Company, are these : — that they and the Montreal Company, from motives of common in- terest, were induced to build roads whose respective termini should unite at t he Ogdensburgh Road- that neither could have built its section without counting on the continued co-operation of the other, and that the merger by the Montreal Company of its interest in the Champlain Company, is a vio- lation of that understanding. Now, it is necessary to view the circumstances under which the Montreal ('ompany began its ope- rations. It was undertaken with the view of rais- ing the Stock ot the Lachine Road. The Lachine Road had previously paid dividends of from two to three per cent per annum, and it was supposed that if they had a connection with the American Roads to the south, the value of the stock would be en- hanced. The Champlain Company had then been in successful operation for 15 years, paying, during almost the entire period, renunierating dividends to their shareholders. The Montreal Company, by a great effort, got only .£29,000 of stock subscribed, and the majority of the Directors being persons of character and influ- ence, connected with monied Institutions in Mont- real, the funds indispensably necessary to com- plete the road, were obtained from those institu- tions, almost entirely on the faith of the prospec- tive profits, which, it was anticipated, would be re- alised on the opening of the road. The original Lachine shareholders who declined taking stock in Ihe extension, were, as it were, compelled to be- come partners in the new concern, but, not wish- ing to oppose the undertaking, the Bill ratifying the extension was not effectually resisted. The extension, up to December, 1853, cost £120,809, of which there was only represented by subscribed stock, £29,000 the balance being debt owing to the Banks from which, on the faith of their personal character as already stated, tie Directors had ob- tained advances. It is to be borne in mind as an essential and a.l important consideration, that the Plattsburi^ sec- tion and tlie Montreal section, had another road to which each looked as a common point of union, viz : the Ogdenshurg Road ; and this fact at once destroys the argument which would seem to flow from the assertion that the Plattsburg and Montreal Roads were both constructed solely with the view of their junction with each other, whereas, they were intersected by another common and indepen- dent road, joining with the southern roads, into which both ran, and the connection with which, the Plattsburg Road still continues. Indeed, the Plattsburg Road intersects the Og- densburgh line at a point 2i- miles short of its junc- tion with the Montreal Company. It is most im- portant to keep the geographical position of the roads, with reference to each other m view, as it will be seen, that, while the Plattsburg Road does intersect with, and may receive the traffic of, the Ogdensburgh Road, the Montreal section ends at the Province line, a point 2| miles short of the junction with the Ogdensburgh Road. These roads were not built therefore solely with the view ot connecting with each other, the local traffic and the junction with the Ogdensburgh Road being most important considerations i Meeting their construction, as will be seen from the fol lowing extract of the Report for February, 1853, by the then President, W. F. Coflftn, Esquire : — " Although the experience of the three months commencing 20th September, 1852, cannot be regarded as any crite- " rion of the business of the road, yet the business " done during that period holds out the most encou- aging promise. During that time, large parcels of freight ofl^ered, which we were obliged to refuse, (( (( (( (( 6 (( (( " partly liom inability to convey it, and partly from " the want of suflicient buildinji^s for its reception " and protection from the weather. At that Late " period of the season, it was impossible to fomn run- ning arrangements or connections ivith other roacfSf ' whose arrangements had been alreadtj made, and the route being new had not attracted the notice " of the travelling public. The earnings of the *' road during that period amount to .£4627 10s. " Id. currency. It is, however, right to notice the " eagerness with which the rural population flock- " ed to the road. The market trains, run for their " accommodation, were thronged with passengers " and produce. It should be observed, that the road " passes through tivo of the most jjopidovs counties of " Lower Canada, Huntingdon and Beauharnois, " each, according to the census of 1852, containing " upwards of 40,000 inhabitants, densely crowded on " both sides of the line, and ivhich, according to the " same census, produce a larger quantity of grain " and products of the dairy, than any other coun- " ties in the Province. By the proposal already " made, there can be no doubt that all the expec- tations already formed, will be realized, and that the amount of business done will be cnly limited by the amount of accommodation we can afford." It is stated that an agreement was entered into, to run the two roads as one interest, on the 15th day of September, 1852. The date of this agree- ment being after the roads were finished, affords another argument that the roads were originally built independently of each other, and that, so far and so long only, as served their mutual interest, did they mean to run in common. But without attaching undue importance to that circumstance, what is this agreement ? It was en- (( (( (( terod into at Plattsburj^ jutvveen William Swetlaiicl, President of the Platlsbiirg Koad, of the one part, and William F. Collin, President of the Montreal Road, of the other part, a7id it was never suh?nitted Jar approval or rejection to the shareholders in the Montreal and New York Road. It purports first to make the Montreal share- holders co-partners in a foreign Corporation^ and this as is contended for all time to come. It makes them liable for accidents occuring on the Plattsburj^ Koad, and for the loss of or injury to persons and property on that Road. It takes away from the Board of Directors of the Montreal Road, the power of fixing a tariff, and deleo^ates it to three persons, one to he chosen hy the Plattsburg Road, a second by the Montreal, and a third by these two. The undersigned have been informed by a very large number of shareholders in the Montreal Com- pany, that an agreement of such a character was never heard of by them, and never would have been assented to, had it been submitted for their ratifica- tion. Can it be contended for one moment that such an Agreement, even if no controlling circumstances had intervened to justify the cancelling of it, was, in any respect, v/hether morally or legally, binding on the shareholders of the Montreal Company. They were not consulted. The Directors had no power to enter into such a partnership, far less the President individually. It was alluded to in the Annual Report of the Montreal Company, in the following terms, and it was never hinted to the Proprietors that the arrangement was other than temporary : — " under existing arrangements luith the •' Plattsburg and Montreal Railroad Company, the " whole Road from Caughnawaga to Plattsburg is 8 (( (( (( (( <( (( (( " oprratt'd midcr one sii{)eriiit(Mi(J('nce. Tlie car- ** niiijL^s form one fund, Crom which are hrxt defrayed " the expenses of general inanaoement and the *• expense of running the Koads. 'J'he nett earnings are to be divided between the two Companies on the mileage principle, or in proportion to the length of each respective Road. The proportion of expenses will be governed by the same prin- ciple. Each Company will maintain its own Koad and provide and keep in order its proportion " of motive power and rolling stock ; which, never- " theless, will operate indifferently over the whole ** line of the Road. It is agreed that each Com- " pany shall compensate the other at a settled rate for extra use of Stock and Machinery, or motive ** power, whenever extra services may be required." It is useless to say that any single shareholder could, successfully, have resisted any such partner- ship, even if it had been sanctioned by nine-tenths of his co-proprietors. It was utterly foreign to the objects of their corporate existence. But supposing what is not the fact, — 1st That the Roads were originally built solely with the vicAv of connecting with each other ; and 2nd, that such an agreement was legal. What follows 1 The Platts- burgh Company well knew that an undertaking of such a nature was, of necessity , temporary ; — t lat it was in no way binding on any new Shareholders who might purchase into the Company. The Proprietory of all Corporations is mutable, and new proprietors are bound by none of the equities of their vendors. If the old shareholders chose to sell out, the buyers might elect their own Direc- tors and manage the Road as they saw fit. Or on the contingency, which^it will presently be shewn was one of imminence, that either Road i ^1 9 had l)eon sold for debt, would the purchaser at the iSherifpH Hale have been bound to cany out am/ pre- exutinir a