New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1862-03-10

should be himself Q stockholder 10 the extent of
1850. OOO-a round quarter Of million. We cannoH
follow tho details of the negotiations in London
which followed these proposals. The facts Of tbs
case however, came out n the subsequent histov.
Mr.. Hincks was not long in embracing the visvs a
Mr.. jackson and his friends. He did not v,k IA
consider whether the charters for railway lsnse n,
ready granted between Montreal and TorMto, "a
Toronto and Sarna, to separate companies, sesAbs
ser at naught; whether Parliament would rvoksa
grant deliberately and solemnly made; but b tsN
Mr.. jackson at once he liked bis plan, and wisbsu
delay lie Get sail for Canada to use his influence q
Prime Minister of the Province TO get the conditional
bargain he had made, ratified by the Legislature Ncs
wac he long in comprising his object. 1t s true he
existing charters were in the way; 1t is tue Tie
work was 10 be done by local contractors for tlso1
less per mile than Mr.. Jackson's firm proposed 70 d
IL; il is true the eminent contractors from England
independent of their proposed subscription Of $1,000
per mile. were still to have s500Oa mile more THAI
any one else; it is true there were scores Of neelY
and greedy men. as well az substantial caphslias
who claimed to have vested rights, to be got nd III
but Mr. Bincks nevertheless succeeded. His e%
leagues yielded gracefully and at to bis S,se.s
tions. Lord Elgn-most placabe of Governors
seconded bis Minister, and glOried in his SUCCESS L
short. tho Grand Trunk charter was fully "a tiled
end IN the FORM too, in which the eminent eonfaet
ing capitalists desiredit.
SOME OF THE WAYS AND MEANS
Mr.. Uinckss mode of operation in dealing With 10
factorv LEGISLATORS and recalcitrant local capitalist
who considered themselves sold by the Jackron co..
,,oct WAC. TO say the least, clever. His FIR sttsn
,ou was given to the question Of bringing &c is ali
nrouipept members of the Parliamentary Oppo 'iou;
and to this end be approached Mr.. a. I. tai
present the Finance Minister Of the Province ut a.
,ba, time stanch and patriotic in bis opposition Mr.
Calf "a GOOD fortune would have il, morrow wSt
40. onv member Of the local Legislature, wsis
concerned in the St. Lawrence and Atlantic Rail.
WAY Company, and also in one Of the Charters PREF
viorsly granted for connecting Montreal WITH thsi
Western Province by railway. Mr.. Cat y -eWlss
ws,the head Of land company which had JHder
TIA control hundreds of thousands OF acres OF the bs
land in the Eastern Townships, bordering % the
State Of Maine. Furthermore, Mr.. Gait was an axA
mart ;naneier: good at forming combinations fcs ccA
msrcal and speculative purposes, cunning, careful
and independent in means TO start win. eucn wa
the Provincial reputation of Mr. Hinckss chief a-
si,tsnt in the railway business His repuiat'onir
ENGLAND Was limited to his connection as manages
for the London speculators in Lower Canada lands
rt even this connection Of great account IN the
calculations of the Canadian Prime Minister-and
there fore il was that beside being made the chic.
agent for removing the outside difficulties In the way
Of the Grand Trunk Charter in Canada, Mr.. Gan
WAS selected 10 do an Indispensable portion Of tbs
work yet to be accomplished in England.
THE PROSPECTUS.
Thu Charter which, az we have seen, was procured
for the great Provincial enterprise shortly after Ar.
Hncks's interviews with the eminent London con-
tractors, appointed among Others as Directors Of the
COMPANY the leading members OF the Canadian Gov
smmeut. Although the Province was not stock.
holder bu. simply lender Of subsidiary bonds " tas
extent of sl5, SOC, 0o0, the act Of Parliament whsa
incorpora.ed the Grand Trunk, contrary to tie was
established commercial principle that the creditor -
hondbodcr Of a public company is not entitled to ~
Governing power Of shareholder, declared, In efe~
sbot tbe Province was subscriber 10 the Companys
..ock tba, il was at least liable for the Companye
lose. TO the extent Of the amount il contrbutsds
the fund. Of the Corporation; and that ii was fs
ri.bt therefore, to be represented in the Board q
Direction. We cay this assumption By the Govern
nept of n controlling power over the Road wash
defiance of all commercial practice but it was judi
fed nevertheless by the promoters Of the work ia
their own good reasons and when Nj. \. I. 81
was selected to draw up the prospectus Of the Coz
psny. and was sent with that lying document TO -
Gland he well knew that his being able TO show th
the Province was, or PROGRESSED TO be, s;ockhold,
and that all the leading members OF the Cansdis
Government were directors, would be good intr
duction 10 the Stock Exchange. Relying on this-e
h;sown power Of imag inaiion in promising eevenp
cent dividends in perpetu'y and on tho inauencef
the inevitable Jackson and the firm OF eminent CO.
tracing capitalists, Mr. Calf, with tie supplemen9
mid of members Of the Government Of Canada, bolv
set the thing before the London Stock Exchange.
should be said the prospectus showed as cesrlys
MONDAY that eleven per cent was tho very smalA
amount Of profit which would annually accrue to II
fortunate investors it showed also the Official nanA
in Canada IL proof of its origin from Government
and Il had besides, the personal sanction Of the arg,
railway builders in England. Still the fact stands
record in spite Of all these iayorng circumstances
that the Grand Trunk enterprise, thus presented
English capitalists in 1853, was treated with irdis'
encs. If not absolute aversion, by all the leadini
money men Of Londoa-always excepting ID
contractors who were to get $50 600 mile Tor build
ing tho work. There was sill one influence want
ing TO the successful floating of the schemei snds
The means employed TO secure that influence form
one Of the most extraordinary chapters in the r'iF
way history of England or any other country tD
details deserve separate heading, aud not The 'es
50 that we believe the facts will be new eVea &c
nearly every ore fthe Canadians themselves
- -. go, :. ,op THE CHEAT ~ EN