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//J 
 
 CORRESPONDENCE, STATEiVIENTS, ^^ 
 
 GRAND TRUNK RAILWAY. ^''' ' '' O 
 
 Copy of Board Minutes recehed from Mr. Chapman. ^i5l£i!^ 
 
 Grand Tkunk Railway Co. of Canada. 
 
 On the 2nd May, 1854, Mr. Pclo atlendcd a meeting of the London Board, 
 at wliich Sir C. S. lloncy wort; present. 
 
 I ^ Mr. Peto then subm'itled the following slafement wilii reference to the finan- 
 cial position of the Company, and the prupo.sed progress of tlic works, which 
 having been considered, it was ordered that the same be entered on the Minutes. 
 
 Statement submitted by Mr. Pdo, and referred to above. 
 
 The cost as per contract of completing the lines of Railway from St. Thomas 
 .1 about one hundred miles 1o the westward of Toronto, afteV deducting pay- 
 ments made to the 24tli Marcli, 1851, /w/ not including expenditure on line 
 \ from Montreal to Portland, \mi including 2 years' worliTat the bridge, will bo 
 
 ^ , . ^4,850,000 
 
 To meet this, there is 
 
 Cash in hand 2SG,500 
 
 Balance of calls on '• A " series, 2 096.0G0 
 
 Bonds " B " series, l^Sl 1,500 
 
 Reserved Bondi^, ?SO.00O 
 
 1 4,474,060 
 
 To be taken in B shares, £ 375,840 
 
 This will give to the Company 875 miles of railway Complete in the: best 
 I paying district, stocked with plant, and leave unfinished 335 miles, say 
 
 113 miles below St. Thomas, 
 60 " Grand Junction, 
 72 " Westward of Toronto, 
 
 235 miles for which the provision may lie made from the 
 Ipai.i np shares of B series, and balance reserved for Quebec and Richmond, and 
 iSt. (.^xvrence and Atlantic. 
 
 i )i I he £4,850,000, £3,406,000 will have to be provided by October, 1855, 
 land ;ii J balance by Octobo, 185G. 
 
 The je3,406,000 will be met by 
 
 Cash in hand, £286,500 
 
 Balance of cash to arise from 5 calls 
 
 in A series 1,700,000 
 
 Sale of Provincial Debentures 905,750 
 
 Company's Debentures 613,750 
 
 3,406,000 
 
 There will remain, after October, 1855 : 
 
 Balance of Contracts 1 444 qoo 
 
 " A. Calls 396,060 
 
 " B. Company's Bonds, 392,QO0 
 
 Re. ved Bonds 279,200 
 
 Paid up Shares, 376,740 
 
 1,444,000 
 
/jl^ 
 
 o 
 
 the Alhilic and SI. /.«"■««■« IS.mh ' "'' /^^ /f^ ",■, rcovornmrnl of Cuna.la o 
 To car,y ont .ho above ,t }^'^ ''" "Xfof I e Vrovince Bomls, and app y 
 
 S„^;"T8raUr Xany'^Bo'r;:ccL.a.. pay.nen., and a,> U.e pa,a 
 up Sli^iTs until Isl January, 1S57. 
 
 9 Great Geohgk Stuket, Westm.n.tm, 
 
 30f/t January^ looo. 
 
 G.NX..M.x,-We bog respectnally 1c> can ycnjr ^J- ^^^^^W^ScltX 
 
 P^"^it will be admitted, ..e think, that I'i^^-^^' ^^Tn^ttf ^^^^^^ 
 
 the great, undertaking in which we ^.^^S^fed, -^^^^ ««/ >^J° ^^at difficul- 
 
 undSne by us to bring it to a «"f ^^^^'^^f J^;^ ^^.f^feS all this has been done, 
 ties and adverse circunjstanees beyor^ fo^^^^^^^^^ ^^ ^^^, ^, hj^herto we 
 
 it is needless to remind you. It is ^^^ \^";;';,Pt^^^ ^.e times has imposed upon 
 have not shrunk from the sacrifices ?^" V. w. have neither the intention nor the 
 us, so a. respects what ^^n^.^'-;" ^'^S^ ^^^ ^ve ;^^^^^^^^^ and are willing 
 desire to recede from the obligations ?\*^";^*^;7J ^^j,hiYUk to discharge them, 
 to the utmc^t of our ability and at ^^^^^f^^^I^^^^fJ'^^ekiL from the Company a 
 
 factorily worked out. . c,,Uprno for carrving out the combmed 
 
 You are aware that m the ^5V?'"?^^Sdicrnc lo^ jr^^^ Communication were 
 
 undertaking by which the benefits of a through R^^^ ^^^^ ^^^^^^^^^^ 
 
 in he secured from the Province ot Canada ctruim ic 
 
 ':X by -an' oi which ,hi. S-a. -^3%r;°,f „Stma.ion of .he Con. 
 Among o.her things, a sum '•{^^^J fZ'J^'Jl boon .o .he parlies emitted 
 
 C^Z^^^^n^^^ ■M,'':o„l3i%ha. it wJbe readily ac- 
 
 cepted by them. .. , „„„,,^„ tUr.* this amount which at the 
 
 ^ We had all a right to assume and did J?f ""^;^3, V^^^^^ (if not reset- 
 
 fortunate change of times ^vlnchoccimcd before the option w ^^^^^^^ 
 
 Again in -he prog-s <^^,^„— t"l MonS .o'^'por.land iupvope, 
 fhL\Tf ha^roSSerrr:^^^^^^ --ci ou,laid beyond wh.t 
 
 1. 
 
/fS 
 
 lat it was 
 in proper 
 or this aiid 
 ;e extent of 
 •yond what 
 
 
 was provided on ihis head, thus crcaiing a further deductiou to that extent, from 
 the fund relied upon as applicable to ihe conslruetion of the works comprised in 
 our contracts. 
 
 We make no complaint of this rxpondirure, which was certainly judicious as 
 respects the general undertaking, but if vd'erenL-e he made to our memoiandum 
 on which the arrangement of the 2nd May lusi between you, the Representa- 
 tives of \\\K\ Canada Board then in London and ourselves was based, it will be 
 seen that it was contemplated and was iu l\ict part of the Financial Scheme then 
 s^ibmitted by us that if provision were required for any wants of the line from 
 IMontreal to Portland it was to be made from other sources than those on which 
 we were relying, and in the Circular to the Sharehold(>rs consequent on the ar- 
 rangement then entered into it was clearly stated that in consideration of the 
 active prosecution of the works by the Contractors the B. Province Bonds \vould 
 be made available for the purposes of those works. When therefore it is found 
 that an amount nearly equal to the wliole issue of those Bonds has been spent 
 extrancously to our Contracts and thos*; of Messcrs. Gzowski & Co. we think 
 ourselves justified in advening to this fact as accounting in a great degree for 
 the financial diificulty which lias arisen and as explanatory of the grounds on 
 which we make this application to you. 
 
 Again by the Law regulating the proceedings of the Company the calls on 
 the A. series of Shares and Bonds could only be made in stated instalments and 
 at limited intervals, and the effect of all this is that the value of the works exe- 
 cuted for which payment is due to the Contractors has overtaken and now great- 
 ly exceeds the Fund available for its liqtndation. 
 
 In this state of things it has been formally notified to ns that the Drafts of 
 
 the Company in our favor for work" already certified cannot be accepted nor the 
 
 amount of the certificates not drawn foi be paid ; and we must assume that the 
 
 further amounts due to us for works already executed will be dealt with in like 
 
 manner. . . 
 
 It will not we are sure be matter of surjjrlse or complaint if under such cir- 
 cumstances we are compelled anxiously to consider our position and to ask from 
 you such support and cooperation as can be fairly and legitimately aftorded. 
 
 We do not forget nor desire to keep out of sight the engagement which we have 
 entered into as respects the B. series of bonds and shares modified as it has been 
 by the arrangements subsecpiently made. 
 
 But we venture to call to mind— first— ihat in accordance with the arrangemeuU 
 made on the 2nd May last we are in no default as to the accepting of the bonds 
 and shares of the B. scries ; and 2nd that by reason of the ai)propnation of 
 80 large an amount to the purpose already adverted to we have practically derived 
 no benefit from the issue of the B. rrovince Bonds authorized by the recent Act 
 of the Canadian Parliament. 
 
 Our actual position shortly summed up is this : — 
 
 There is due to us on certificates including those for the current month ot 
 January, £646,000. We hold in shares of the Company about £300,000, and to 
 this must be added the value of our Plant in Canada and of the Works at Birken- 
 head constructed expressly for this uudertaking and of the work done but not yet 
 certified amounting in the whole to a very large s am fir which at present we 
 have received no return. Indeed on the works of the Quebec and Richmond line 
 we have sustained a positive loss of upwards of £100,000, and we are warranted 
 in saying, as respects the undertaking generally, that in consequence of the en- 
 
 hanccd i)nce of all materials, as well as oi iauui aw^ ..v.gnr.-, ur5.4s-ti.i.--v j 
 
 loss which we may sustain from receiving a portion of our payments in Companv s 
 Bonds and Shares instead ofCush, the prospect which we had oi realizing a tair 
 profit from our contract is seriously and irrctncvubly impaired. 
 
^ f 
 
 arsr-ii— -T=-t.-i^ 
 
 
 Wl.»l armn-omcus slumM be- m,ulc for moolinf! the ,,n""'"t» no? .'"''= '""'." 
 Toronto in the autuinu oi ISoO. 
 
 I am, (aMitlcnicn, 
 
 For jKirmers ami self, 
 
 Yourt:, very iaiihlnlly, 
 
 S. MOllTON rETO. 
 
 To tfie Directors of the 
 
 Grand Trunk llailway of Canada, 
 Old Broad Street, 
 
 Loudon. 
 
 (Copy.) 
 
 , 9 Gkhat Gkorge St«ket, 
 
 Wesimixsteu, 2«(i Ftbruattj, 1855. 
 
 To Thomas Rarinrr, Esq., M. P., 
 George Carr Glvu, K^q., M. P. 
 
 D„,.,r, Sius,-It has occurred to us tliat as Agc.it. of the Provuiee of Canada, 
 vou may feel it incumbent to write to the Government you reprcsimt, your view 3 
 in the present position of tlie Grand Trufik llailway ; an<l to enable you to knoNV 
 our arrangements, we think it our duty to write you .'xpluut y 'j:;;;;;;'"- .„ 
 
 We have no hesitation in givin- vou our phnige that if the 1000,000 ol 1 ro 
 vince aid be given to forward the objects of the Company, that we will open lue 
 Road from Montreal toBrockviUc, tliis autumn, and also the line Ironi Quebec lo 
 St. Thomas at tlie same lime. ., . 
 
 We also pledge ourselves to open llic line from P,roekviUe to loronto {WAn^ 
 the entire length from Montreal to Toronto, the Victoria Bridge of course except- 
 ed,) in the autumn of ]8oC. , rp, 
 
 The line from Quebec lo Richmond is, as you are avrare, opened, lie 
 contract time for this line was December, 1855. We have in tins mstance aiiti- 
 cioate^l'>e time a year. i- onnnnnn 
 
 ' We propose that the Province aid should be given lo the extent oi -t900,"OU 
 in 50 ner ^^-^l- ^f each certificate for works, iiichiding Messrs. Gzowski & ^o- » 
 contract frcmi Toronto to Stmtlbrd, such certihcates to be Irom »f J^^^^^.^^.)^^^^^^^ 
 We ay^ to receive on our contracts 50 per cent, ot iH-odi;ce oi Province tsonas, 
 and 50 per cent, of B. Bonds, ^;c., i)reci:,elv as contemplated in the statement 
 of 9nd May, 'I'l^' as per statement sent lo the Graiul Trunk Board. With this we 
 gUjTj. {jj;„i into our contracls such additional capital as will enable us to com- 
 plete the Hue ut the times stated, and you will observe that these are in advance 
 of our contract time of the 1st July, 1857. 
 
 I am, dear Sirs, 
 
 For partners and self, 
 
 Yours, ery faithfully, 
 
 V 
 
tu 
 
 1855. 
 
 >g 
 
 1855. 
 
 ,^ , , London, ICih Februarv, 1853. 
 
 (Dupliciilo.) 
 
 SiH — As tho iw(. Dirc'clovs i,;imed I>y tlio Province of Canada in llie Board 
 ol Direetors ul tlu- Cand 1 runk Kailioad (Jmnpauv of (Canada, us well as mem- 
 bers ol the linns nv ho act as a.-'onts li. lo of the (Jovenn.ient, we deem it proper on 
 our part, and perhaps a.^rerablelo you, ihat we should shortly slate lo you our 
 opinion astolho pies.-nt poMlion and as to the piosijeets of the Company. 
 
 your predeeessor is aware thai it was al the request of the representative 
 then here of tiie(.<,vvrnnie:,t of Canada, ihal in 185:.!, we acoepied the cfFiee at 
 tfie IJoard ol J3ireetor.s which uv now iiold. We were indueeil to do so by the re- 
 presentation that the (iover!iim-iil desired our serviees in that situation, and we 
 were confirmed by him in the beliiftliat the eomphMion of the proposed line of 
 Railways was a work (-.ilcuhitcd to be of.-ssentiul advaulage tothe Province. We 
 leltthat m thus joining the dinelion we should contribute, so far as importance is 
 attached to llif^ eo-operalion (,f our firms l^y the j)ubii(;, to the success of the sub- 
 scription, and thaKau- respective firms should embark a considerable amount of 
 iheir own capital man undertaking into which our names might l-ad others. Our 
 respective iirms l)ecame therefore subscribers for a large amount of shares with 
 the conviction, no doubt, that the investment would be profitable, but we must 
 slate that we were mainly if not entirely induced to do so, and to take any part in 
 the operations of the Company, by the belief that such a course was agreeable to 
 the Ciovernment, and would be advantageous to the Province; and we must add, 
 on account of what has occurred in the Legislative body, that our subscriptions 
 did not prevent the allotment of shares to every applicant, whose addition to the 
 Itody ol pro|)rietors would have been of advantage to th(.' Company. We believe 
 that the course taken by us has been benelicial to the enterprise, and we see no 
 reason to change oiii opinion iis to the benefits to be derived by all interested 
 from its comj)letion, if the proper means are adopted to eflect that end. 
 
 Various circumstances have combined to create dilliculties in the financial 
 nrrangements of the Company, The changes from peace to war, from ease to 
 pressure in the money market, from speculative buoyancy to doubt and uncertainty 
 in the minds of capitalists and money dealers, would alone sulilice in a great 
 measure lo account for altered prospects: but to these must be added the defici- 
 ency in the subscriptions in Canada. % the prospectus, shares and debentures 
 to trie extent of i;S37, 600, were reserved for the Shareholders in the St. Law- 
 rence and Atlantic and (Quebec and ilichmond Railways on the amalgamation, 
 and for the bond-holders of tla; Ontario, Simcoc and Huron Railway Company. 
 This reserve was not availed of, and when the period fjr the option expired in 
 Canada, the shares here were at a discount. The Company was therefore disap- 
 pointed in the hope of rendering this large sum available. Beyond this a large 
 amount of paid up shares of the Grand Trunk Company, proceeding from the 
 amalgamation of the various Companies, has been transmitted f.'-om Canada to 
 Lonuon for sale, and thus by a forced depression of prices has prevented this 
 Company from realising the shares which remained unsubscribed for or forfeited 
 of the A series, and at the same time rendered the B series useless for the pay- 
 ment of the Contractors. These unfavorable circumstances have, according to 
 the statements which the Company have received, not interfered with the active 
 prosecution of the works in Canada. On that point however we refer to you, 
 Sir, who are fully able to form a decisive opinion, and have within your reach 
 incontestable testimony; but we may add that we have Vvitnessed on this side 
 of the Atlantic the expensive preparations which have been made by the Con- 
 tractors here for the prompt and successful tcrminalion of their labours. Every 
 thing therefore in that respect would appear to be satisfactory ; butlhi?, very ener- 
 gy and promptitude has been a source of dilficuliy to the Company as the claims 
 for jjayment of work done have, in the rapidity with which they hajye_aBBeai ' 
 
bocamcj noocssary on llic Alhmtio ami 
 ■ ■ ' oiu wliien 
 
 expendiiure lar beyond our culcnlal ons b^an - --y. ^ J .^J 
 
 St LaNVnM.c. lin... Tl.i. was us ' V ; j'l/V, ;' . .h absurbnl a porlion of 
 
 the means ol- '1h> Company (>.ciav.sc.|)|U a^^^^U>^^^ ..ries havo boon 
 
 On Ihe oll.or hand iho ca s ou ^'^ ,^ :\'\ ^.^/i',;' U„ pr.,spe..lus or evea 
 
 mad. by the CounKUiy w.th all the ^^M ^ '> ; f X^^\;^^^^ ,,, ,n,y of pay.nent, 
 
 a. last L the stale ol. he "loney n.arU t wo 1 aU nv v.1. .^^^^^^ ^ „,,.' i,,,,,e 
 
 and the calls w.ll ''f ^''^^ ''^■'^'''' ,^^\, ;;^'"e^^^^^ pnnet.iality, whilst ian.my 
 
 in stating ihat they have been '.»« ' . .^wT. have thus to eo..t;.alulate out- 
 
 cases instalment, have been ^^" ' •' ^ ^ j^^^^.^;, ui. is the best evklenee of the 
 selves on the vespeetab. .ly ol ^^^''^'J''^^ :,;;;'',, is however evident to us 
 judicious allotment ol the .hares ottcC^^^^^^ ^^^ ^^^^^^^ useless a. a 
 
 that the U series of Shares \.;'''^^, ',,;,' ,u. Con.pany. In fact the ap- 
 pecuniary vesonree euher o ^^^Jr^''^^^'^^^ ,,, the inarlfet and injuriously 
 prehension of an aliempt to ^ ' ^'^f i lo Com r nv m.w exercised the right to pay 
 lillects the price ot tl.e A shares f^hc^U ^^ lu..v..ed, the Con- 
 
 the Contractors wuh these ^''^^^"',^., '''.,, ".'he uavment of the future calls on 
 tractors would be unabb .o >-|; '1^-^, '^ t, e t me further assets would be 
 the A series would be jeopard!/ ;d. ^^ /'^ f „,^. i^^,,,^, produce oi 
 
 obtained in anticipation <>' j^^i; J'^^;,,f l,u in Canada be 'a matter of 
 the B series, if the v'^^>-- ^^^^ to Company but also to the Province 
 
 moment not only to the V,""'^''' ; f p.^nnj.. iu<tlv to appreciate the nnpor- 
 
 itself. It will be for the Governrnen o ^; ^"?\1;V '^ ' >:;Y„^ \, ,,,, ,„ us that 
 
 tance which is attached to ^''^V l^:!' the^^^c^^s ^'o "rS V aid. It 
 
 justice as well as ^^^^}'^y^f^J^J'^^^^Jr should be alU.rded to ,hi. 
 would seem to us but just that y'^^;-, ;^-\„^^, ,,,^1 the issue of Provincial 
 Company as lurs ^-^ -ten<^d^^ - ,^m that ^^ ^^^^^^^ ^^^^^^^^^^^ ^^ 
 
 Bonds should therefore be '"^'^tt;^,i,^;2^1\,, Stratford, exclusive of the expen- 
 the whole line of Uadroad f-^o'^, ^^•./, "^ ^^^^^^ sul uiittcd to us are correct, 
 
 dUure on the Bridge. '^^^^^^^^^^^Jf^"^^ .nade 
 
 justify an increased issue to th s ^,?^']':'\^^^ {,^1 by a letter to us of 2nd 
 
 ind contemplated ^"^-""^^"^ ^"["^f ^^^"^^^^ on tl e art of the contractors the 
 instant, of which copy is enclosed f^^^^^^ ^^^ ^ ^ ^.„j ^^^ 1350^ jf ,hc Pro- 
 completion of the road as far west as l^'^'ll^^^^^ With this addi- 
 
 viiicial guarantee to this Company ^^'^;'\'^'^'^^-i,7„rtle Company and conirac 
 tional aid we have every confidence . '^^^^^^ '^'^, .^and within or before 
 r;^::Sne-^:rt;-^^^^^ greatest douMso^ so speedy 
 
 ^^'^ '^t:^£;^?a^^ whether this ^^^^^^^ 
 
 Provincial Bonds would allect '"J^^'^^^f y. ^ "^,^'"\'^' ^^'^^^^ any con- 
 
 towards them it is not only the duty but ^ «;' ^^^ ^^ ;^ ^ 'j ^^^ y,U their 
 ,rol in these operations to -"^^^^^^^J^^//^ rt^n c n^^etion of the line, and 
 
 interests are identified with the ^^^f'^^f'^^^^^^ ,,f rcLipts and injured by 
 
 they would be beneiilted by l^l'^'^'^'^^^^^^^^ by the withdrawal even 
 
 procrastination and d. ay. Then ^i^;,f/'-^^^^^^^^^ if the issue of 
 
 L a time of the B series ",^i>--^;'^^^'^;"Setir amount of £837,500 pre- 
 
 Company. 
 
'// 
 
 ■ .1. tiLm— 'am.r :^ ' .s 
 
 • Tlin whole snbjpct lias had, as yon will well ima«?liio, our anxious attontion. 
 The completion and succrss oI'lliiH groat work is so imp(»rlaiil to all concc^rncd 
 that it is (inite unnecessary for us to urge upon the Governirient of Canada the 
 direful consideration of the proper means to attain these results, and whilst we 
 how with deference to your sujierior judgment, we have thought it to be our duty 
 lo submit to you the opinion which wc have deliberately formed. 
 
 Wc have the honor to be most respectfully, 
 Sir, 
 Your Obedient Servants, 
 
 THOMAS BARING, 
 GEO. CAUR GLYN. 
 
 To the Hon. W. Cayley, 
 
 Inspector General, 
 
 &c., &c., &e., 
 
 Quebec. 
 
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