The following text may have been generated by Optical Character Recognition, with varying degrees of accuracy. Reader beware!

which went through without « '] TT : -- | lerton, others present being Controllers Another technical measure respec@Ns Hocken and Harrison, Aldermen McGhic fines, penalties and forfeitures was SIM1 Ge hy SATiL: s ' s ' ary, and City Solicitor Chisolm. The larly advanced. f a | ; argument of Mr. E. F. B. Johnston o Th Act. | on on e Companies 5d * + behalf of the company. was that the t Hon. Mr. Hanna m(;;'led tGh:v:{r(:::::ng': 1 onmmirnnmmnmmnrennererey Government, under the law, had only to ' ;)eas(mm;::;:%ifl; jo(i'nt stock" ABC . $ consider the question of bona fides. * M * 3 » -- : : & s Iother companies, which bas been ex-- A Premier Whltneys Declaration Premle{/ Whltney. replied with some plained at length. ; y on the Power uestion. force. ested -- rights, he promised, Clause 3(;3 ha(i 'cr*'.fltfedt hs.'"m; dncus;ng'z:. | o woul!d not be injuriously dealt with. He The second section o is clause stipu-- ; hx e t { ¥ $ lates the matters which must be laul! umc araarad k also spoke s rfingly s s'uppmt Of_th(' before the sharcholders at the anmmli «_ work of the Hydro--electric Power Com-- meeting. _ One provision is that if de-- i CABINET ARE U NIHT E D. -- mission. he manded by shareholders holding 5 per ! f cent. of the capital of the company t_hca wonnmennmmmnmmmememmmmzmse m 4 ) | The Premier's Reply. ':'eporthofhthohal;gltors ;l;usf('rt'h:"ppl;l;:l Del m / The Premier, after some preliminary ; to each sharcholder. r. Graham said | elegation i ul i eay s thut Many colupanics were family af-- € § egarding Electric l're_marks. d(?clared that the (Jmern.m-e.nt fairs. _ He was not sure that the 5 per ' Light Company's Bill, i }:}:Stll)l?pfi;zd tol tt-al}e a:} respogzlblh}y | cent. went far enough. 1 ocm mok l hlecltie . Power Comiale-- «__The Provincial Secretary thought that | | dnvvemrones ' sion . and | its , acts of commission the report should be supplied on de--| 53". ')dmt'"'o"- In thls] ct&nuect:;)n hte Emand. the 5 per cent. reatlire ; being | | : esired to remove some clouds in the at-- €liminated. Tll)\(:'r(:'ewnre"((l'ifli(-(:;ll:::. ':',"i;_\ !Su' Henry M. Pellatt Argues That City ! mosphere. There had been-- misunder-- 'ever. _ One dry goods house might oc | | of Toronto Should Not Attempt to | 8{ANIiD8 misapprehension and misrepre-- { interested in obtaining information con-- ; ; s | sentation. _ The 'Government had been , cerning the business of another at the | Interfere With Vested Rights--Cor-- , % told that they were doing all sorts of i eost of qnly one share. t poration Counsel Fullerton and | things with reference to the money °_ _"And it would be cheap information M Cost . | market, the rights of investors, here and | ntx&hat.\'{'{ mklnmcn]t;d Mr. (iraham. ayor Loatsworth Speak for City. |> | ';"dl Britain. "They had The Globe of the ' r. iMac wvy -- 'he 5 per cent. man. t 3th iflst. tellin them "'l'here 13 some | can create all kinds of trouble. I ob--| imacr s 1 M k e bolie::'ln that the reactionary i]ect to the claus> in its present form. | ixk? | element in the Whitney Government is | The clause was nevertheless allowed | | We are told that we are doing all |gaining the upper hand,. and that Mr. | to stand as part of the bill. | | sorts of things with regard to the | P¢°k is fighting for his cheap power pro-- | The Provmc:lal Sceeretary, -- answoering | money market 1 d s s | jects with his back to the w--!!" What Mr. Ross, said that whaterer powers | _ "' ks ie me rights of in« | were they to believe, this "highly honor-- the companies had enjoyed heretofore | YOStO"®: ie are told, too, | able, chivalrous statement," or the state-- with respect to the transfer of stock ;of the feeling in -- Britain as |{ ments that had been amade to--day. All had not been interfered with. ;'" our attitude tfoward the rights of _ the members of th_p Government, he de-- Allotment of Shares. < investors,. _ We have The Globe tel-- ;ZLa::i;d. \t\';'re h;l:'lmngl '."th thelrnbafikz | Ese s P | against the wall, and it was well tha There was considerable discussion on !:'ng a 4e o the 180 instuit ~that | that should be understood. a part of clause 87. giving a company | There is reason to believe that the : .}'1'0'" day to day. the Premier con-- the right to make by--laws to regulate : reactionary element in the Whitney | finued. rl:'l].)';rt] of ."'lll sorts of twadd'r the allotment and transfer of shares. | Governme is Imnins . (| were published with réegard to the This power was OPP(»:Nl i'n t;(-:-.:_:l 'i}(."':llnm'dm io Jh. on '.h" up!wr | actions of Hon. Mr. Beck, his goings quarters. Mr. MeDougal took the ground | 'mn , and that Mr. Beck is fighting ; | out and his comings in. _ He outlined that there should be no such control | fOr his cheap power project with his | s09me of these reports. saying they made over the rights of the individual holder | bask to the wall' What are we to | °U :"'""" that children were discuss-- of stock. ' i' 'Dbelfer 58 l ail s § | ing the questions involved rather than Mr. MacKay thought the regulation | CY 'hp. "'."mm ns made hete | serions minded people." The Government [ was 2 good one: By means of it peo-- gm-(lay or this highly honorable, chiv-- | would. deal with this matter and wouid ;gle from an opposition company could | alrous statement with regard to the | &Y*° 4 decision at the earliest moment. , be excluded. _ Why should not men who | Government and > 9 ° | § | go into business be able to say who "He --(Mr a|;',(,1;n¢""':f'r'tl,"wnf' 7 ?Thc Vested Rights. ! should or should not come into it ? kess is e is !ghting with Proceeding, the Premier declared. "i / _ Mr, McDougal pointed out the pos --| his back to the wall, and alongside of want it to be ~thoroughly understood | f sible hardships that might result in a | him, with their backs to the wall, is | that, with our knowledge, the Govern-- | ) / mining company such as the Nipissing | every other member is Gover iment will never be a party, and I aia if stocks could not be transferred. § | l was A ie oovernis speaking for the Giovernment, which in | Hon. J. J. Foy cited The CGllobe news lm(-nt. 'l'l.lat is the truth, and it is { cludes the Mydro--electric Commission-- paper as an example. _ Why should The | well that it should be thoroughly un-- | to doing or refraining from doing any (i:obe] b]el 001npolled to take him in as a | derstood. | single thing, or doing or neglecting .to shareholder ? w1 R i mm * P | do anything which will affect any vest-- . _Mr, McDougal asked if a person hold-- S¥ith ::" ':: '"P"' being """"if"d | ed rights improperly." * ing stock in The Globe should be refus | j gAl o what our action t Continuing, Mr. Whitney said that ed the right to sell his stock . ' would be we took steps to prevent | they were being cviticized with regard to ' al'}:f'l(."ho\]{{le(:':"t\;-l:'(l:l()t];]eliz::'()lilitl'-'(:( t(:;'fq af::('\ '.n"vtlling' 'h'lt a f"il' (\onstru(-ti('n be-- I':'lt' Il.\'tlrf)'elf'('trif' ('Ulnlnisfii()n' Yholl!h shia Ts s C direc & ( Eaben 99 M s { -- al 5 3 xt v~43 chtrist their business to them. That is 'mg placea upon our acts. That has !":;'l.:w hla:it tdl\e? steps to'pn.\entl'af.\} tah(' pOi"t. ig()no to (;'-(sat ';rit"in $ tak('n 'h("l'('- g l ..-l U li' alr construction l,wll}?_' Mr. May advocated a saving clause, | at my request by persons acting fon '£)|'.",P( t'|m on a.'.w' o 'I?(i hpp".g;"d by which the shareholder should first of-- | me. I have been in c leailo 14 . . fhe money _markets of Great fer his Stock for sale to the company ! f in communication Britain had been prejudiced. He could before selling to an outsider, |w1t.h the leaders of finance in Great say in ':"P',\' that he had Feen in com-- »\ _ Mr, MacKay thought that any prohi | Britain, and they do not believe that | PUNiC@tion with the leaders of finance { bitory clauses should be embodied in | any vested right will be affected in-- ;p '(;roat, Br""f"' and they did not be-- lt,he wording of the stock certificates. jousl ¢ | lieve that any vested rights would be j The clause carried. inviously by any action this Govern« | interfered with injuriously, s Whatever | _ The clause providing that no payment | NO"t may take. -- Whatever tempor-- "t"mPO""".\' effect there may have been | for salary, bonus or otherwise shall be | ary effect there may have been by | 48 @ result of legislation of the Govern-- lmalde to tt}}n'c .I'reisi%ent or :;ny d;rector | legislation of ours is another mat-- l"".'m "'ta"q ':"::\h"" matter. He was con-- nless authorize y a . e | r 1 scrious th f F 7 :":Ihirds in va'nue (;f the sha'lv'gh:.]d:rs ;\t\fln ,'"'r' We are conscious that we will | act "'hi"ha"'""]:'i' d:(;:;:l'n!wt'oprafl(i'n Caolr:l}- | general meeting duly called for consid-- | MOVCr do any act which will do an | pany without the fullest justification. | eration of the same, was .a.llowed to b injury to any company without justi--< The Cabinet Ministers brospnt besides : stand. Hon. Mr. Hanna intimated that | fication." | the Premier were Hon. 'Messrs. For i he did not himself favor the clause. If} HManna,. Beck, Monteith. Pyne. Hendrie, ' this is taken out of the bill it means | In these words Premier Whitney em-- | Matheson. Reaume and \\'ill«)l;ehhi' j < that the old law itands, a majority of | phatically and unmistakably stated the Among the eighty or a hundred share ' the shareholders settling the question. i policy of himself and of his Government }u:}dpm present were half a dozen t' _ to the people of Ontario regarding the N neer power question in this Province. it was Covernment Has the Power. % to a large delegation representing the Corporation Counsel Fullerton. who i city, and also shareholders of the Toron-- Slp(t)k.: firstt for};t'h'l' city, went into some f c:to Eleetric TA ompant lt f aetails as to the legal status of the ap-- . ctric Light (ompm_\w, "f ho appear-- plication. He was of opinion that und(?r | ed yesterday before the Cabinet to dis-- the statutes as they stood to--day the | cuss the proposal of the Electric Light Government could delay or refuée, or _ | Company to be allowed to increase its | &*AVt ON conditions. as they deemed fit. | capital by $1,000,000. : Iltzt(.'-'im%mm'"tnhad created the Hydro-- j t _ mectrmic Power Commission, whi ' | A decision will be given by the Gov. invited and assisted the muml:li)l;li:x'e(: | ernment at the earli f ity in joining to secure ch rer. e earliest opportunity, J g to secure cheap power. _ At The city's case was presented . by .zzleltpl;esen:h time -l:.he city was an appli-- _ | , or -- i | 1 Mayor Coatgworth, _ Controller fiub. .--|] Toronto e:t,.;:g];; .ht: C::]');:sn,:teht:: ' Pn bard, and Corporation _ Counsel Ful-- i oo ¥'s p |