The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-03-28
CANADIAN PACIFIC
HAS BANNER YEAR
Report for 1918 Shows Sales
Of Agricultural Land Total
Is S15,375,996.
BALANCE is S89,548,417
Surplus, Reserve, &C., Mount
to S409, 822,189 and Assets
Are $1,055,273,514.

The Canadian Pacific Railway re-
ceived s15,s75,sse from It's sales OF agri-
cultural land in 1918 and Mt the close OF
the year its cash on hand amounted 70
s3s,54s,417. according to the full pamph-
let annual report. the first copies OF
which wero received in this city yester-
day. The income account. showing the
full annual dividend earned. with a sur
plus OF s2,eo3,e22. which was placed In
reserve TO meet special taxes imposed by
the Dominican Government. was pub
lished last week on receipt OF q telegram
from Montreal
The full report shows not only q re-
markable cash position and working cap
ital account. considering the subscription
OF S12.4t7.000 TO the second Canadian
Victory Loan, but such surplus and re-
servo items as S9.959.S32 equipment re-
placement, s1s.sts.ss6 steamship re-
placement, s21,929.7sS reserve fund for
contingencies and for contingent war
taxes, $t5.000,000 premium on ordinary
capital stock sold. fs4,079,6S6 net pro-
ceeds lands and town sites, tl27. 275.36o
surplus revenue from operation. S2.203,-
62l special reserve to meet taxes i'm
posed by the Dominion Government and
s1o6.724.sI7 surplus In other assets.
These items total no less than s409,S22,-
1919. or 40 per cent of the total assets of
sl,055,27S.514.
Edward w. Beatty. president of the
company. in the report to the sharehold-
ers said tina. the sales OF agricultural
land In the year were s42.l91 acres for
s15,375.996. an average OF $lS.25 an
acre. Included in that area were 64,424
acres OF irrigated land. which brought
S42.94 an acre. and thus the average
price of the balance was S16.22 an acre.
Gross Earnings Its Largest.
Discussing the earnings Mr.. Beatty
said The gross earnings OF the trans
portation system exceeded those OF any
previous year in the history of the COM
pSny and exceeded those OF 1917 by
S5.14s,363, but the net earnings were
less by sl2.043.630. This large addition
of s17.191, 1913 to the working expenses
vas principally due to the great ad-
vance in wages, though the increased
cost OF fuel and materials Of every de-
scriptlon also added substantial
amount TO the years expenses"
The report discloses that the dircc-
tors have authorized expenditures on
capital account in 1919 amounting to
s4.4S2.0 900. In addition the directors.
holding the view that the construction
OF additional branch line mileage in the
West will be necessary in the near fu-
ture. have asked the authority OF the
stockholders for constructing the follow
ing lines when conditions warrant such
construction and issuing and selling a
sufficient amount OF per cent. CONSOLE
dated debenture stock to meet the ex-
penditure. The lines proposed are from
Empress to Milden. 1872 miles: from En-
press to Acme. 13e miles; from Vidora
east, thirty-fve miles: from Russell
north fifteen miles. and from Lanigan
north, $50 miles This is a total Of AGA
miles OF new construction.
Stockholders on May with stock of
record Of April IS entitled to vote at the
annual meeting. will be asked TO sane
ton the issue and sale of consolidated
debenture stock to defray the cost OF
construction of that portion OF the Moose
Jaw southwesterly branch from Mileage
S5 to Mileage Sc for not exceeding $780,
600 a mile.
Has sixteen New steamers.
Canadian Pacific. according to the re-
port, subscribed to $4,000 COO OF the
Second Victory Loan, and was allotted
$12,447 900 of its subscription. Included
IT. the latter amount was $4.S66.666 al
lotted in exchange for the surrender by
the company OF S5,000,o00 Dominion of
Canada 50 per cent bonds maturing In
1919.
Discussing the steamship end OF the
Canadian Pacific's business Mr.. Beatty
said: at the outbreak OF hostilites
your company had In commission In
Atlantic and Pacific service thirty-eight
steamships. with an aggregate gross
tonnage of $4,000. Since August.
1914, the construction OF four steam
ships previously authorized, having
GROSS tonnage OF $4,000, has been
completed, ard twelve steamships OF
SO. 900 gross tonnage have, in the same
period. been purchased. During the war
fifteen steamships were lost by enemy
action or through accidents at sea and
nine have been sold to the British Ad-
miralty after having been reQuisltioned.
1.-THE construction at the yards OF the
Fairfield Shipbuilding Company OF
chip 625 feet in length between perpen-
diculars, having a gross tonnage Of 21,-
900. is to be proceeded with pur-
suant 70 the authorization previously
given, and three passenger ships of what
Is known as the intermediate class, for
Atlantic service, two OF which have been
previously authorized, will he put under
construction as soon as possible. At
the end OF the fiscal year your company
had in ocean service twenty-eight steam
ships having a gross tonnage OF 264.-
900. and six steamships under order or
purchased. but not delivered. having
gross tonnage of about 10000. On
their delivery the total tonnage OF the
feet will be slightly = excess Of ag-
gregate tonnage OF ~ IesseMs~k COM
ut