New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1862-03-10
I'd up as they expected, they naturally began to
! 20, the cause of their non-succesa and as ap-

A.. from the record, they were not long in finding
n Canadian schemes for English investment were
.onosed to come through the London bankers for
- Colony. These bankers Were Messrs. Barring
tothers g. Co., and Messrs. Glynn, Mills & Co.
hr several years previous to the Introduction of tie
rand Trunk, they had done well by themselves as
,sn,s for the sale Of Province bonds Within Pc
al Of some two or three years as much or SO 0O0-
lad been borrowed in England on Provincial se-
rifles Dat Of this the cain Of the agents could not
ave been less than $500 600, and there wac, more
yer the prospect of further borrowings, year by
esr. which would make the Canadian agency safe
ID compensatiDg business. 1t was natural, in these
rcumstauces that the English public should look 10
essrs. Barring and Glynn, rather than to Mr. Cali,
advice re to Canadian Investments and it is not
be wondered al that, seeing Mr.. Barings name ab-
n from the prospectus doubts had been excited
nong English capitalists as TO Ito merits. They
atirally reasoned that the London agents Of the
ioyiace knew ali about Province loans, and what
revision was made for their redemption; and that II
Canadian railway was 10 be built under the diree
ofslip OF Crown Ministers of tie Colony, it would
DC ost natural that it should come before the people
If England with iuiroducticns through the Ordinary
insrcial agency of the Province. MI. b&flh5 'heh
MAS asked TO Join the Grand Trunk Board. lie was
odd low essential was his name to the enterprise
BE was assured that everything connected with II
1as sound; that Il YVES backed by tie Canadian Par
lament and the Capadan Government, and that it
xuld hot possibly injue him TO give il hs counte-
,erce. To all this Nr. Barring deliberately and care
i,;ly answered than lie would in no manner or way
end lis name to the Board. lie believed the prom
ses of the prospectus to be lacous, and he refused
% any plea to be party TO scheme which could
rot 20 sibly commercial grounds realize tie hopes
of lis founders. Mr.. Baring's mind thus resolutely
made up, had therefore 10 be changed. otherwise
there WAS more than risk Of the thing falling hope
essly aud finally 20 the ground; and tat banking
nina could only be operated on in one way. Mr.
}sriug, before seeing the case as Mr.. Gait saw it
ef5re discovering eleven per cent profits where lie
al previously seen accommodating loses, had 70 lie
81 that his peryeision of vision would result IN 4
hange of the financial agency for Canada INTO oiber
ands; in short that lhsre would be no more 500 600
commission profits unless 10 could see his way to be-
coning railway director. To impress inis TACT mp.
a. The bankers under tanding high Government
oscial Of the Province was detailed, and Mr. Barring
vas Informed one morning, by letter, that Whatever
ng,t be his private opinion Of the Grand Trunk and
those connected with IT, ne had to append his name
70 the prospectus as a director, or consider at once
that his services Financial Agent of the Province
were no longer REQUIRED. Ii seems hard story 10
rcreat Of personacs Of the repute Of Mr. Barring;
but it must nevertheless be said that upon the receipt
Of hat letter MIR. Barring did give his signature TO tie
Eleven.per-Cent Prospectus; did become the medium
ior the receipt and disbursement Of Grand Trunk
noneys; did, by tue magic of bis name, draw into
Tia. project thousands of small capitalists, who have
srce lived 10 curse the day when they first heard Of
he Province or its railway; and did constitute him
sf tue real, responsible author Of the larges, and
rcs worthless railway project ever devised By plum
dsing schemsrs, or built up at the expense Of inno-
csrt, ignorant, and eonfding Shareholders.
TIE PLUMBER.
We could hardly hope to interest our readers by
going INTO all the details of local plundeiiBg i'll tie
Province which followed close upon Mr.. Earrings &C
csr+snoe of the post Of English Financial Agent and
Director for the Company. But some of the promi-
cent facts may be brought within tho compass Of our
SPACE. and they deserve to be put on Zee I'd as
warning generally to strangers WHO may have means
70 invest We have already pointed out that by the
general balances of the Company in July, lS6O the
whole OF It's liabilities amounted 10 S7O733 S26, and
that even counting the assets at the value put upon
them by the Directors, there was at that period de-
icof sl322O 93J. We also reckoned tha. BY failure
in the payment Of interest or funded and unf0nded
debt and unpaid leases lie deficit at The beginning Of
the preaen, year mUst have increased to sH,'OOS56
and the whole liabilities TO 49, 2ll ,237. This, then
nav fairly he taken as The magnitude Of the concern
q. the present hour financially gsrded. Isproper
In this place to make an estimate Of the proportion OF
tbis sum which has been raised within the Province
by personal security or on Provincial aud municipal
bonds. The figures may be given approximately
thus:
Provincial - Y0
Municipal Bonds say .......''..''''.''''''.''. zt0o
TJ's s1o'I ,Ca, WIN nse. a.. 1000
Interest on bonds, say four ears att = cei'.''' 4ZoV
.:::.,c...::
%2J,2OJttO
This sum may be said 20 represent, inrouadGgures
.be extent Of the investment WITH the attendant loss
Of interest which the Province Itself bas made in
the Grand Trunk, leaving as tic amount funk by
English capitalists, without tie shadow Of lroapec
Of any return $5l 1851 237 being within q fraction Of
the whole paid-up capital Of the Company arising
from shares and bonds Of the different classes 1t j.
ssry TO point to these facts in order to BEE to
wha! extent the UNPROTECTED subscribers IN England
were made TO suffer while the plnLder WIS being Dis
irLuted in the Province. The first local proiec,
which was introduced as Grand Trunk contingent
was tie Atlantic and St. Lawrence Railway, extend
ing from Portland In Maine 10 the Province frontier,
with the Canadian connection Of the same road ex.
tending from the Line to Montreal, road altogether
Of 20 miles in length only partially equipped at the
tine Of making Tic b. gaIr-bAdly boi.t, badly bal.