^4' A^ .%^ .0^3^?^ .0. IMAGE EVALUATION TEST TARGET (MT-3) i % ^/i/ t^^ 1.0 !l I.I |50 ' 1^ IIIIIM • 40 IIM 22 1.8 1.25 1.4 1.6 -4 6" ► Photographic ^Sdences^ LjOrporauon 23 WEST MAIN STREET WEBSTER, N.Y. 14580 1(716) 873-4503 i^ ^. % CIHM/ICMH Microfiche Series. CIHM/ICMH Collection de microfiches. Canadian Institute for Historical Microreproductions / Institut canadien 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 filminq, are checked below. L'lnstitut a microfilm© le meilleur exemplare qu'il lui a ete possible de se procurer. Les details de cat axemplaire qui sont peut-etre uniques du point de vue bibliographique, qui peuvent modifier une image reproduite, ou qui peuvent exiger une modification dans la methods normale de filmage sont indiquds ci-dessous. G Coloured covers/ Couverture de couleur □ Coloured pages/ Pages de coitleur nl overs damaged/ ^ouverture endommagee p I Covers restored and/or laminated/ Couverture restaur^e et/ou pelliculee n {2( Kages damaged/ Pages endommagees Pages restored and/or laminated/ Pages restaurees et/ou pelticulees □ Cover title missing/ Le titre de couverture manque □ Coloured maps/ Cartes gdographiques en couleur □ Col< Enc Coloured ink (i.e. other than blue or black)/ re da couieur (i.e. autre que blaue ou noire) Coloured pir.tes and/or illustrations/ I I Planches et/ou iilustrationa an couleur D Bound with other material/ Ralii avec d'autres documents Tight binding may cause shadows or distortior. along interior margin/ Lareliure serree peut causer de I'ombre ou de la distorsion le long de la marge interieure 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 dune restauration apparaissent dans le texte, mais, lorsque cela 4tait possible, ces pages n'ont pas ^t6 filmdes. I T/Pages discoloured, stained or foxed/ LAZl Pages decolorees, tachet^es ou piquees □ Pages detached/ Pages datachees [""K Showthrough/ uW_J Transparence □ Quality of print varies/ Qualite in^gale de I'impression □ Includes supplementary material/ Comprend du materiel supplementaire □ Only edition available/ Seule Edition disponibU D iponible Pages wholly or partially obscured by errata slips, tissues, etc., have been refilmed to ensure the ^'est possible image/ Les pages totalement ou partiellement obscurcies par un feuillet d'errata, une pelure, etc., cnt ^te filmdes ^ nouveau de facon a obtenir la meilleure image possible. D Additional comments:/ Commentaires supplementaires; 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 v/ 12X 16X 20X 26X SOX 24X 28X 32X The copy filmed here has been reproduced thanks to the generosity of: Metropolitan Toronto Library Canadian History Department L'exemplaire filmA fut reproduit grAce h la g6n6rasit6 de: Metropolitan Toronto Library Canadian History Department 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. Les images suivantes ont 6t6 reproduites avec le plus grand soin, compte tenu de la condition et de la nettet6 de l'exemplaire fiimd, et en conformity avec les conditions du contrat de filmage. 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. Les exempiaires originaux dont la couverture en papier est impri.nde sont filni6s en commen9ant par le premier plat et en terminant soit par la derniftre page qui compor*:e une empreinte d'impression ou d'illustration, soit par le second plat, selon le cas. Tous les autres exempiaires originaux sont filmds en commenqant 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. The last recorded frame on each microfiche shall contain the symbol — ^ (meaning "CON- TINUED"), or the symbol V (meaning "END"), whichever applies. tin des symboles suivants apparaitra sur la dernidre image de chaque microfiche, selon le cas: le symbols — ^- signifie "A SUIVRE", le symbole V signifie "FIN". Maps, plates, charts, ^tc, 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 cartes, planches, tableaux, etc., peuvent £tre film6s d des taux de reduction diffdrents. Lorsque le document est trop grand pour etre reproduit en un seul cliche, il est film6 d partir de Tangle sup^rieur gauche, de gauche d droite, et de haut en bas, en prenant le nombre d'images n^cessaire. Les diagrammes suivants illustrent la m^thode. 1 2 3 1 2 3 4 5 6 3r% -1. 1 [CinCTILATl.] Kingston, 23rd August, 1865. To THE SlIAREHOIiDEHS OP THE COMMERCIAL BaNK OP CANADA : In the Report subtnitted at the Annuftl General Meeting held on 20th June last, the Directors, when alluding to the proceedings against the Great Western Railw^iy Company, tlien pending before the Privy Council, informed the 8hareholders that a decision would probably be had in August, and that means would be- taken to communicate the result to the Share- holders at the earliest practicable moment. The Directors further stated that they had no reason to doubt the decision would be in favor of the Bank. ' The case was argued l)eforc the Judicial Committee of the Privy Council, by the Attorney General and Sir Hugh CaJiins, on behalf of the Bank, on the 17th, 18th, and 19th July, and judgment was given on the 27th. When the judgment reached Canada, it was reprinted, and copies were at once forwarded to all the Branches, for the information of Shareholders. The views of Counsel could not be ascertained until a few days since. ! To those Shareholders who have not read the judgment, I am directed to sav Mmt, apparently, the Lords Justices havb practically adopted the views of the Court of Appeal in Canada, and have tidered a new trial to determine the amount due to the Bank. They decide that the account was the account of the Great Western Railway Company, not that of the Detroit and Milwaukee Company, and thus that the Great Western Railway Company could not claim a nonsuit; th "; the facts were properly put before the ju-y ; that the Great Western Railway Company were authorized to make ad inces to the Detr(jit and Milwaukee (Company, to the extent of £250,000 sterling or $l,2oO,000, and are liable to the Bank for the undrawn balance of that sum. Upon this judgment, the whole case will again go to a jury, by Avliom' the main questiyn to be iletermined under the direction of the Judge will be, the amount of liability of the Great Western Railway Company to the Bank. This will be divisil)le into two points— first, whether there is any liability beyond the £250,000 sterling, and secondly, what amount of tiie £250,000 sterling has not Ijeen properly drawn by the Great Western Railway Company on Detroit and Milwaukee account, and therefore remains applicable to the claim of the Bank. The judgment, although at variance with what the Directors had reason to expect, must however be submitted to, and acted upon ; and consequently, notice of trial will be given at the earliest jjossible day, for the next Assizes. But the Directors deem it proper to renuirk upon the decision of the Privy Council, because in the Annual Reports since the pi-oceedings began, they uniformly expressed their confidence in the result, and they desire to show that they had good grounds for that confidencS. At the trial, the jury found in favor of the Bank on every question of fact submitted to them. Then, and throughout the whole proceedings, the fact that the account Avas one with the Great Western Railway Company, and not with the Detroit and Milwaukee Company, was established and maintained, notwithstanding the most persistent efforts to make it appear otherwise. Then the referee,. to whom by formal consent the question of amount was submitted, found in favor of the Bank, to nearly the whole amount claimed. Subsequently, application was made by the Great Western Railway Company to the Court of Queen's Bench for a nonsuit or a new trial, but the rule was discharged by the unanimous decision of the Court, after full argument of all the points. Against that decision the Great Western Railway Company appealed to the Court of Error and Appeal. In the judgment given, by the Court of Appeal, effect was given to an objection to the Bank's recovering the whole amount claimed, which was not taken at the trial, nor raised in the Queen's Bench. Mr. Justice Hagarty's remarks establish this, and are in these words :— " I was not present at the argument, and therefore give "no judgment, but I think it right to add to the judgment just delivered, that in the elaborate argument of the Appellants " (G.W.R. Co.) in the Queen's Bench, no distinction whatever was pressed on the Court between the liability for the unpaid " portions of the two loans and the residue of the claim. Nor as far as the papers show, was any such point nuvde at the " trial." Nothing could be more explicit than this statement. Then, it had been an established rule of law and pracrice, that an objecrion or point not raised in the C^ourt below could not ()C heard in a Court of Appeal. Yet the Court of Appeal not only allowed the question of liniitiition of Hiibility to lie discussed, but made it a basis for i,nviitiiig ii mw trial. Counsel advised the Directors that such deviation from rule and practice could not be sustained ; and the Directors wore confirmed in the correctness of this advice by the remarks of Lord Ciiklmsfoud in a judgment of the Privy Conned in :i case from Australia reported at the time, (March, 1804,) wherein his Lordship stated, that the Lords Justices hud ennfiued their consideration of the case to the questions raised in and determined by the Court below, " as they were bound tn Ud." Not anticipating a reversal of established practic e, the Directors, (being aware that the Great Western Railway tUrmpauy, having assumed the position that they were not indebted to the Bank at all, and from their general policy as regarded adverse verdicts, would not be satisfied with anything short of a decision of the Privy Council), resolved to take the case to that tribunal without delay, in order to stop litigation and expense. And there can be no doubt that this step was both necessary antl judicious, notwithstauding the unexpected result. However, the Directors trust it will be evident that the course adopted throughout, was based upon good giouiuls. Nothing will be loft undone to obtain from the Great Western Railway Company the largest amount recoverable by law, The Directors take this opportunity of intimating, that for the sake of affording all the information in their j-o\\> r, andof ascertaining the views of the Shareholders on ihis important matter, they have resolved to call a Special Genu mI Electing, at as . arly a date as possible after the result of the trial has been ascertained, of which meeting, due notice will i>o formally given, as required by the Act of Incorporation. C. S. ROSS, Cathier and General Manager.