The Northern Daily Times.
Liverpool, Merseyside, England, 1857-05-05 00:00:00

CANADA

The Gran I Trunk Railway Aid Bill was read a
first time on the 17th,.and was to he read a second
time on the 24,1 i tilt It is equivalent to, giving
the company 3,110,5001., or say, a 'virtual gurtrantee
of 6 per cent. on bonds and shares The weekly
traffic, ending April 11th, according to a return
furnished the House of Assembly, was 13,8741
currency ; but for want of rolling stock it would
have reached 20,000/ currency. No dotibt is en,
tertained as to the bill
.passing,,hut it will be taken
adVantage of by the Opposition to attack the Mi-
nistry. Mr. Brown, the proprietor of the Toronto
Globe and leader of the " clear grit" section of the
Upper Canadian members, improved the oppoic
tunity by abusing Ministers,. and with it the rail-
way, concluding with declining to oppose the first
reading The Hon. H. Cameron, another of the
OppoSition, taunted the. Ministry with not g,
far enough. Ho advocated the free gift of the
provincial subscription. . The following is a sum-
mary of the hill :
An ACt to dispense with Government Directors in the
Grand Trunk Ralway Company of ainada, and to
facilitate the completion of the Company's works.
Whereas it is exp-dient to disponse with GovernMent
Diree,o7-s in the Grand Trunk Railway Company of
Canada, znd to grant further facilities to the company in
order to enable them to- complete their., railways and
works jo the manner and to, the extent contemplated by
the legislature as necessary to ensure to the province the.
full benefit to be expected from.the undertaking: theretire
Her Majuity, by and with
.the advice arid consent of thP..
legislative council and assembly- Of Canada, enacts as
follows

I. SO much of the Act of 1852, chapter 37, relating to
the said company, or of the Act of 1854 attending it, or of
any other Act, as authorises the appointment of any
directors thereof by the governer of this province, is hereby
repealed;' arid the present directors of the company
appointed by the goverser shall go out of office at the firtt
general meeting of the shareholders for the election of
directors ; and all the powers vested in the directors, shall
thereafter be vested in the elected directors.
11. On condition and provided the said company,bsi
meats of the Preferential Bonds mentioned in the Aet
1856, chapter one hundred and eleven (for granting ad-
ditional aid to the said company) or by, means of any
other loans 'effected'or to be elfzeted for such purposes,
compete their railway, including the Victoria Bridge and
!he other works and undertakings mentioned in the Said
Aet of 1856, and supply the same with sufficient plant,
rolling stock and appliances to work the same efHe:eatly,
-_within the limits of time named in the said. Act of 1856;
or within such ex erasion thereof as is hereina'ter stated,
and so long as thy maintain and work the same, the
Province foregoes all interest en its claim against . the
company until the earnings and profis of the company,
inc'uding those of the Atlantic and •St. Lawrence Railroad
Company, shall be sufficient to defray the following
charges ;-I,' All expeuo3 ,of managirg, working and.
Maintaining the works and plant of the company. 2. The
rent of the Atlantic and St. Lawrence Railway, and all
interest on the boads of the company exclu-ive of those held
by the Province. 3. A dividend of six per cent. on the
paid up share capital of the company, in reach year
In which the surplus earnings shall admit of the
Same. And-then In each year in which there shall be a
surplus over the above nun( d charges, such surplus shah
be applied to the payment of the interest on the. Province
Loan accruing in suc't year. The' bonds and share capital
herein Mentioned shall be held to include and consist of,
ell loans and paid up capital which, the company hare
raised, or may hereafter raise bona fide under the authority
of any Act of the Provincial Legislature passed or to be
passed,. for any purpose authorized.by any such Act.
The Montreal gazette understands the govern-
ment policy to be this, to defer the claim 'for'
interest on the provincial mortgage until the
shareholders get six'per cent. A clause in the new
bill will provide that the Grand Trunk Railway
Company may expend the moneys raised upon the
new preferential bonds upon works deemed most
urgent within the limits assigned by the act of last
session, without waiting for the wh9le tO.Pe sub-
scribed.