xrv3w2 11 m per ceat per nnrii- ecue fell such trusts tny he comuiilied 10 persons whatsoever the whole stock shall be subscribed public notice shall ho siven tor ai leat tinny days in iw upper fifth l accept and ex of every description as iliem hy any person or or mnv transferred to ivrr hv any court of krcord whfiievert iisib of opening ihe book fur mm wtaenp ma he neccy fur the mmfllw of weir w- w subscripuon pay o he the orts of ln mid company nnd he wen a occn pr hm me w to ell cove ml i p f j p uner ai 5uch time nnd mh to buy aod sell drafts and lull of l- wuhin 3 j sha appoim uf which stld e fre thai in all cts at least hee weeks puwic flolice shall be wsmm wmmm cases where ihe courts shall appoint mid cor poration administrators of any estate conseoi of the widow or next of l deceased person resident io the first be obtained 4th at be it 5t thai this act shall not 26th jlndbeit sfc thaf on the said company be construed to confer ou fl o make any contract or er l gl of he lime and place j to item or erise any rtfl for any mlmdual un- lo he such province shall fre thai on any sufl not je than twentylive pounds which shall be collected or received by the said company in its capacity of trustee guardian nnd receiv er an interest shall he allowed by tht said company of not less than at the raie of four per cent annually which interest shall con tinue unit the money so received shall be duly expended or distributed 5ih and be it sec thai where ih j annual income of an infant lunatic or other person of whose estate the mid company shall be tra tee or guardian shall exceed the sum allowed or which may be sufficient for the education and support of such infant or support of such lunatic or other person such surplus income shall be accumulated hy the said compjny fur the benefit of such infant lunatic or other person by adding interest on ihe whole annu ally as a new principal and the interest so to be allowed and added on such accumulation shall in do case be less than four per cent 6th andbcitfe that no bond or other collateral security shall be required from the nihi company when appointed trustee- guar dian or receiver but all investmeots of money received by lhsaid company in either of the said characters shall be sold at the risk of the said corporation and for all losses of such mo ney the capital giock property and effects of ihe said corporation shall be absolutely liable of the said corporation shall he one million of pounds which shall be divided into shares of twenivfive pounds each the whole of the said capital stock shall be invested in bonds or notes drawinz interest not exceeding seven per ceot per annum secued by real estate within this province of at least double the value 8th and be it fyc that in default of pay ment of the principal or interest so to he se- 1 cured as aforesaid or any part of ihe same at fhe several and respective times mentioned for the payment thereof in said bonds or notes it shall and may he lawful for the said presi dent and board of trustees to advertise for three months in the upper canada gazette aod in one public newspaper in the district in which such lands may be situated if any paper shall be published ilierein any lands tenements or premises which may be so mort gaged or given in security to the said compa ny as aforesaid to be sold in manner and at the times following thai is to say in default of payment of the interest or any pari of the same the lands tenements or premises so mortgaged or given in as security as afore said may be advertised for sale and shall be liable to be sold at public auction to the highest bidder at the expiration of twelve calendar months after the same shall become due and payable and in default of payment of the principal or any part thereof such lands ten ements or premise may be advertised for sale in manner aforesaid and shall be liable lo be sold at public auction andto the highest bidder as aforesaid at the expiration of one year from the time the same shall become due and paya ble and any deed or conveyance which shall or may be executed by the said president of che board of trustees in either of the above eases by virtue of such sale or if ihe said cor poration shall become the purchaser of ihe same any deed or conveyance executed by any agent or auctioneer employed io sell the same shall be as good and valid in the law and con- v tey as perfect and ample a title to the purchaser ffuraatetsam u ju i u n ivnrmim w premises as if the same had heen sold and conveyed by any sheriff of an district in this province in which such land tenements or premises may be situated under and hy virtue of an execution issued out of his majestys court of kings bench of this province against the lands and tenements of any such debtor or debtors and if there be anv surplus money after payment of such principal or interest or bach part thereof a may be due and the costs and expences attending such sale the same shall be returned and paid to the borrower or mortgager borrowers or monengers 9th and be it fc that all the corporate powers of said company shall be exercised by kuarj of trustees and such officers and agents as they shall appoint- the board of trustees shall consist nf eighteen persons all of whom shall be stockholders subjects of his majesty and resident within this provioce they shall establish and keep up an agency in each of the districts of this province they shall annually elect a president front iheirown body and shall have power to declare wha stockholder shall be forfeited il be omit make such payment as aforesaid and books shall he aain opened as directed in the ihineenih clause of this act for subscription and so from time to time till all the shares are subscribed and paid for as before provided 15th and be if c that every trustee named in this act shall be a stockholder to the amount of une thousand pounds within one month after the buoks are open for sub scription and the seat of every trustee ceas ing to be a stoelclnliler to that amount shall immediately be considered and held to be va cant provided no judge of his majestys number of trustees less than a majority of hie ijrhole shall be a quorum for transacting busi- couri of kinds bench shall be a stockholder or be directly or indirectly interested in hid company lgih aitdbcit lc that so soon as 10 per cent of the capital slock b been paid in and a president elected the trustees shall make known io the governor lieutenant go vernor or person administering the govern ment of this province thai they are ready to transact business and thereupon the said go vernor lieutenant governor or person admin istering the government shall appoint some suitable person to examine and count the mo ney so paij into the vaults of the said compa ny whose duty it shall be at the expense of ihe said company to make such examination and ascertain hy the 0th of the president and at least ten of the trustees that the said cap ital has been bona jicie paid in hy the said stockholders of the said company under the regulations of this charter and that il is in tended io be and was received as a pari of the said capital stock and forthwith make due htufh thereof to the governor lieutenant goven 0 person administering the govern ment vh on the mlurn tolas made as afore- saidierthe great seal ul ihe province in ihe u der i ur canada gazette and on the first publica- per con of such proclamation it shall be lawful ton or the said company to commence the trans for itction of business acn 17th and be il k that no loan shall le made directly or indirectly to any trustee be rout every trustee may secure the shares of butituck possessed by him by his own bond aod stocbongjgc on unincumbered real estate mort lsih and be if c that ihe certificates isf stock and of monies received in trust issued of y the said corporation shall he assignable on by the botks of the said coporalion to be kept ihe it such place and under such regulations as at sibe board of trustees shall establish but no the iteration shall be mide m the regulations so aliersiablihed unless by order of the cuurt of esiaxings bench made on application of a ma- kinvnty of trustees jonr 1 9th and be if c that the trustees isloll have a discretionary power of investing shalbe premiums and profits received by thecom- the pny and ihe monies received by them in trust pany debentures of the province of upper cana- in dhi or in such other securities as they may da rvem safe and proper deensoth- and be it c that the board of sflrustces shall exhibit annually to the court truf kings bench at hilary term a full state- of kient of their affairs in such form and verified mem such manner as the said court shall direct in shie said court should it be deemed proper theiay direct a full and thorough investigation mao be made inio the altiirs and management to bj the company and report their opinion of of ifye ability and integrity with which its af- the airs are conducted ihe prudence and safety of fair investment the security afforded those by its jvhom its engagements are helj and the ad- whotniage derived by the public from its opera- vnntons the expeuss of every investigation tiono made shall be defrayed hv the company so msisl and 6 jf r that upon the exhi- fltiiorv fiftao tdbwnmifiic cniion bition of any such mnual statement or uporlie the making of any such report thereon ihech court may recommend to the trustees suchjns alterations and amendment in the regulaiionm and byelaws of the company as if shall deif to he required by the public good and a jtj regard to be security of the creditors if a nv recommendation so made hy fhe said co shall be selected or without just cause d regarded by the trustees the court sh make a full communication of the facts n i governor lieutenant governor or person a ministering the government to be laid befv the legislature at the next session of rnl ment 22nd and be it c that a copy of cfc statement made as aloresaid and of every port therein shall be transmitted to the i spector general of the province by the pr dent of the company within ten days aftep li shali have heen madeor received and the le gislative council and assembly shall hl i power at any lime during their sessions to vp t point a joint coin kap dntv h hfeil l would not be lawful for a of law which are or shall der ihe general rules of law pti or execute be in force to make accept fl hat the jatd trustees 87lh andbtitfye thaday of january and july shall on tbe first monday ofdeclare such dividends re- annuallv make and declare w1f the said company sultios from the profits of ior in any wise lessen the ns shall not impair of in lll san1e l he p capital stock and cause lm hereof on demand to the said stoclt hat this act shall be 23th anuiufo tha courts by all judges taken and received in all co pwlc olticers as a mcistrates and all other n public act at s0 so0n as a court 29th andbeitfc tliaf courl possessing equit- of chancery or other couri lhe province shall be es- nble jurisdiction io lb the powers tabltshed by the lealatoyby vested in the court of sod authorities hereby m 5 be kings bench shall cease hor deemed and held like powers and authority w of chancery or court to exist in said court of cljwsdlwlod to all intents possessing equitable jurtadif conferred upon the said attd purposes as herein coow c0url0fkid canal debate ov tht wzuday december 2 1886 friday dby mr fowler reported by mr h itself into a committee the house resolved il i repori ol the wel- of he whole upon the first v land canal committee mr jaivis was called to jones rose to propose its served that the object tot w ertam the before them was 0 1e propriety of mak- would be this he would advance sufficient nto- ney 10 render the work permanent but lie would require thai the first fruits or products should be applied 10 ihe payment of ihe inter est of that money the siuaiton of the work was this the province and a number of indi viduals have united together in constructing this work which it turns out has now fallen into decay aud no prolii can be derived from it be would therefore put it in a proper re pair so that a profit misht be derived from i and upon having the inieresi secured he had every reason to suppose that the work would lurn out a profitable work but hiiherio whenever he had voted in favor of the differ ent grants of money to hat work tl was not with a view to its being immediately profit ble for he had always considered that money r pended in connecting the lakes ontario and lesh intent of their money for twelve years and b ihe measure now proposed it would be three hefot they received any part and seven years before they receive the whole of the interest the learned solicitor general was of opinion that purchase the canal from the stockhold ers require too large a sum for lite pro- v to advance as we had not a population if half a million he mr shade would tleman i certn nty agree with the hon gentleman if the v would ultimately fall upon the peo ple fl upper canada but it was not so it l ihe vast territorry to the west which nnw lwominp so rantdlv settled and w a ailed to the ch3ir pose its adoption iject intended by bringj and mr and ob- n ilus report sense of the hoase as to the pwic work and incthe welland canal r should be ex- 13 ultimate injemnificaf of stock he belev- tended 10 the proprietors offm counr ed there were few persons i satssed that no work of were not perfectly mtmffi of so much ra- ol whatever description wj hu c 3 t il thai in order to complete the public confidence n public work the os 1 portaoce io ihe public were not convinced ibat t c the work and insure the that it should be made a t rad a hppio of the rapid increase of uieiraderng of the caual showed i u- nnfn nfdto complete operation the the province clearly that if put into corfp upon benefits il would confer nj i f vesseu would be immense the w l we owned at oswego alone the wdland canal n consequence of openinsv rhero mr jones read a increased to seventjl hw president drectorsand letter addressed to the presip f company bv the ship 1 oswego urging the merchants and others at very effort m ibeir power exj erie would be well expended whether they ever received a shilling he could not voie for the adoption of the re port ai the present moment thereby pledging the house to purchase the stock of private stockholders reported by mr dalton jr jlr jones the main quesiion for the con sideration of the committee was whether the weltand canal should become a public work he fur one would be very sorry to advance such a sum of money as would be required to put the work into complete repair and allow ihe stockholders to remaijl concerned in it to reap ihe benefit especially ns ihere was al ways so much difficulty arising between the government directors and those elected bv the stockholders it was the opiotnn of the hon gentleman from lincoln mr thoihurn who had always been friendly to the work that it could not proceed properly on account of the frequent colision between the two classes of directors it was proposed in the kepon of the committee which was now before them that the government should purchase tbe work from the private stockholders by issuing de bentures of the province payable in twenty years hence that in 1840 the work should pay one per cent to the original stockholders and from that time the per centage should go on increasing until they had received the full amount of the lawful interest on their money lie would now show the committee in what great estimation the work was held in eng land the hon member here read an extract from a letter from a gentleman in london the province has as yet received all the benefit from the work in the creat rise of property ihe erection of machinery the increase of ihe resources of the province and the advanced price of public land much of which would now sell for three dollars an acre which pre vious 10 the construction of the welland ca nal was not worth half a dollar an acre the province had already been well repaid for all the vast territorry to the now becoming o rapidly m1 chiefly contribute to repay the expences red in making that canaln terriiory hs could hve nu other ouilet except by n dil road to the southern states over the al- nd none thai could come jrotnpetiiion with the welland oanal furnished by order of the honorable the hotmof awembly hew ils for making the work permanent that j might have no more uf those interruptions hve 1 lie navigation which last season had id occn nincv ly cc nn w men last season to be impassable during nv ioneil the can ays the welland crtoftl hewasful need might he made a public work kqu the cos of one shilling 10 the pro- j lhat is if our credit were worth any ihinf k lx wou nnl by adopting any ulfway measure why should not we adopt i t course whirli our neighbours over u rater had so successfully pursued in the co jraetion of the erie canvl they borrow ed a we that cnn old repay in on the interest of the it ht likewise a very oonsh h iould with much pleasure to tj sufficient sum 10 complete the work nt cr and before that money had become due the t collected upon the canal paid offrhe i debr an e canal now yields n greairr reve nue any oher public wrk in america should pursue the same course and in case he hfld no doubt thai the welland would repay in a very short imc not money advanced upon arable revenue support the report and hoped that whatever course the hoot ni p w r lo m work that w be one which would be creditable province w sherwood the hon gentleman from p mr boulton had stated that the dljr of the canal would cost ihe province from whai infurtoarion he mr mwood could collect ihe private siock- holdi 1em 117000 upper ctnada xc07- qaq lower canada d35qq0 and the english jrovnment 50000 so ihai it would cost th province only 117000 the debentures for fthich would not u dde til twenty years henc- he would nther 50 ihe province offer to phy ihe stockholders the amount of their stotft with the full lgal interests thereon or olse delay any further proceeding until they coufj ascertain from ihe stockholders them selves the terms which ihcy would accept the ftepori would have been much better re- n m m ft 3 a o 2 mil all i on 111 o rt c 11 o i m 0 5- 3 r- 52 a pi wrm m 3 c c 3 0 c ft aij q3- pa m 9 nflf cx 3 i a- p 2 cd cl a ssjt 1 8 cu 0 s s j 3 5 0 7 0 5 1 liiri 1 1 j n cj u o p 03 i- h c v vta to 9 o c9 1 o f 1 1 to 2 en cc j w o 1 o 0 9a o 0 1 w- 0- jctoro oqrn nmu r w rm 0 i b a s a j 0 c j 5 3 2 os si 52 m 3 o c p c i p h 5 2 we 5 3- 0 c a 1 o it m 0 0 7 3 2 p 5 3 o tf ft s m n p- a t7 o5 2 3 q 3 9 x m r n o c z 1 r- 1 zvz n iii x o ho w 0 r a- li 3 3 k5 0 5t n a i 5 b v 0 h s 2 1 0 0 0 feb o m k 10 0 12 oi x o o on 0 k ti s sk o t9 ma cl fil 5 m m rt t fft o o a yet declared a ct ift mobi everv ep c m le ic opera- v certainly did r01 think it would be fair 10 call misckllaxeous til board of director have not dividend amount of dihip due to thr bank and not paid being overdue 1324 16 all ol which r fooftidttefl e utindinn 29rh nvemhcr csiti document what were the opinions entertained certainly uiu rot thin 11 by those best qualified to judge respecting the v ihe stockholders li relinquish then importance of the work in fact any person who is acquainted with the situation of the couniry thruugh which ihe canal passes and considers its capabilities would be perfectly sa- re- in- nu fess i oth and be it shall severally hold that the trustees ttce whose duty it sk be to examine the condition and state of said body politic and corporate to inspect i hooks and minutes of proceedings of amount board of trustees to ascertain ihe see their offices during good gold and silver the amount of depus the ihe the tof ere- tisfied 1 hat no 01 her work can compete with it there has been on application to the legisla ture of the united stares for a ship canal round the falls but it was quite impossible lhat if completed it could compete with the welland because ihe extent of the route would be far greater and consequently ihe expense of constructing it more enormous uoder these circumstances he felt assured that every one who was at all favorable to the improvement of the country would lend their aid to this work he could have 00 personal interest in ihe work it was more for the ad vantage of the western than of the eastern part of the province if indeed any distinction could be made regarding a work so generally beneficial there could be 00 doubt about its universal usefulness it opened such an im mense trade not only off ihis country but of the different western states and would in consequence produce an immense revenue notwithstanding ihe disadvantage under which ic had been attended and ihe frequent interruptions which had occurred in the navt- guion of the canal the tolls of last year amounted to 5000 he had no hesitation in saying that before ten nay even five years the tolls collected upon the canal would be suffi cient to repay the expenditure which would be required to finish the work he was also quite satisfied notwithstanding all that had been said with respect to the impropriety of j conduct on the part of the directors and of the lavish expenditure that as much could not now be done for the same money he was quite convinced it was impossible if any lurking objection remained upon the mind of any hon member it would be alto gether removed by seeing the work tisclf however sanguine ihe friends of the welland had heen their views he had nodoubf would h fuli rniltttfni m tcrn from hi f- be luliy reinzed a message 1 i his ex cellency the xiiectcnani governor interrupted mr jones at the commencement and now ihe master in chancery coming from the le gislative council rave occasion to mr robin son to remark thai the speech of his hon friend was subject to as many interruptions as the navigation ol the welland canal the sole question for the consideration of the commit lee was whether the work should be msde a public one upon the terms proposed he would move for the adoption of the report jur robinson sflid it was gratifying o him 10 hear ihe canal so ably advocated and by one whose interest could not possibly be con cerned beyond that of every individual in the province ad by one too who had heretofore been no very waffl advocate for it if any hon member was scepiirji about its useful ness were he to take the trouble of rmng ihe work the result would be his entire cro- vicuon of the propriety of taking immediate ures for butting it into complete opera- should hon members examine it there without paying them ihe whole principal and interest of the money which they had laid out and if ihe learned solicitor general would look upon the question in all its hearings he would see thai it would noi he just to the stockhold- ers lhat the work should becarried on as here- lofore a great public benefit bad heen at- tained bv private enterprise and to theexer- lions of the late lamented mr yaies next to one other individual the province was mainly indebted for that great undertaking the sum of 50000 advanced hy the home gov ernment towards the completion of the work would not be reclaimed lower canada legislature were willing to up all claim upon the work for the 25 pavment to the stockholders of the interest upon their money without public improve ments ihe resources of ihe province could not j be devieped and lie mr sherewoml was one of those who were willing to put the pro vince in debi to a large amount as long as ihe improvements upon which the money waa ex pended would return the interest it was lime the legislature took some means of putting the welland canal inlo pflertuftl operation when they saw that in every face of that work that our neighbours in the stales were projec ting the construction of a canal round the falls of niagara one thai would cosi five times the sum that would he required to make the s si 1i1 welland cnal permanently useful the hon gentleman from durham had said lhat ihc private individuals as would be 10 case government should purchase it the stticitor gtntrcu thought thai they rimuld nor at ihe prcpe 1 time liy out any public mnny upon 1 uny improvement which would not return the intcrtt of the mney expended upn it the hon gentle man mr jocs was mistaken os 10 the trms nff ihe report three and not one percent ml made i- t i r r mockhnlders in 1340 mr jones as- sooted and toppnea the work hnum not at that 1 time pay lhat per ccntatr the stockholder mut ho paid fronth public revenues rf the pmvinco if the imn gentleman ihmihl hat tho stockholders would rrccive such terms as wew net forth in the rp- poi l it mint give a very por ijla tliccanfi tffi cmild scarcely give the work worse eharactr as to its produrlvins than w ivon h lh r any other public upper canada of making the wcllant or work of equal imortaoce to he wa decidedly in favour cinal a public work to be continued- we nre very sorry to lowell traveller of the alexander stoughton who has monihs past living with john learn ays ihe hat- bth inet- that mr been for some thirkell rsq broomfield and was thrown out of mr thir- kell 8 waggon on saturday last died this morn ing from the effects of the wound which he then received w 1 ho itnderijrned make nath and swear iht our kmiwltidge and hi u f j m white prcftidcftl a steven cashier sworn before me at hmbon this 29th noveuihcr i836u p tl hamilton j p bnd opinion of it lh all rest of all pei ha p ftliire day it woyli he ftdl he iitone conlldent il wonld pny not bt pnamr he u llmu ruirn a id doubi iliai n p- woubi adhan his aral amp p nntodvaice rnnnry upun o hl b hwi dul he wik urlc w0 flhal nionov re which wnqw rtftlls rthosln h p and would any inenii purchase of hon gentleman ny lhat il lo have the work managed ma he hnum uld would pay tlie interest utrennnusly oppose e houc to the welland canal the n vrvdifiadvniitagoui by directum penlyapa chro gazette wednesday december 14 js3c- pointed hy government ami f partly appointed hv the stockholders he the sol iiorgeneral ctriaiuly ogreod with him itwaaveyv fhjdvnntagrui and it had alc hcn very mejiuluiial to the undertaking tiiai iotereated penna had constantly been making lelae coliidalmins of the expoene of ihe work often with 1 vie to pet routracis he would propose lhat ihe govertuttenl should takrr rhe work into its own poteeestoiii make tht nccessry repair ro render the canal available and wheneever ihc tolls collected should be more than suftieiernt to pay ihc interest of the motley advanced to put t it into a state of repair setnng aside all former adwances made by the go vernment then distribute tihc overplus aaiong ibo i shareholders the hn gcnnuoman could not drnr thai hy that phn ihe cnnal rvmight bf just as eflcc it- ally put into operation a t thtuiyh the unveniiicnt purchased it and if they wcimi on adding to ihe un- productive debts of ihe province they would vcrv nouw thai a mrmg be sor to die honorihli house op assembly the petition of gorc okilt stewart- i im d archdtncon of kinmn aod jhn s radian d d- and t l d arldmon of york praying for a new column for the mxl ceim tohowihc religious persuasion of ihe inhabitants of this pjiivince was read the potiiion of the board of police of the town of belleville praying for the loan fi0c0 to be paid in ten annual installment wee tend the petition of george okill stewart archdea con of kingston pnylnf for an ndihtionfll grant of 500 to complete ihe kingston hospital was read tkt division of district the commitfn on this subject submincd the following ns their first re port rttofrtfd that ihc committee rc deeply impre- cil with bo necessity of a revision of the ubdivi- 5iis of the province anii tu rnahle litem lo fitter flictually upon fitch revwnn aod tonrnk alifac- lorily such alteration and hmngea is mav hi deem- ed necessary il is expedient to ieenmmvnd lo the behaviour but the court of kings bench shall have power to remote a truatee upon appli cation for any niisdemeaoor in office nrn a ul bett thai every vacancy appenin5 in rhe board of trustees bjr death resignation removal from ihe province or otherwise shall be supplied hv the choice of the remaining trustees and in all such cases the votes of two thirds of all the trustees fur ihe time being shall he requisite to a choice 0 pejson shall be eligible who shall not have been openly nominated at a meeting of the fvueteea at least one month before ihe day on whiuh the election is held and the name of every person so nominated shall be published for tbrep successive weeks previous 10 the day of election in one or more of the public news papers of the citv of toronto i2th and be it tfc thl the following peraons shall constitute the first ho ml of trus- pe eizjoim henry dunn oeorge herch- mer maryland william allan augustus baldwin george crookshanks john macau is the an exact list of balances due to aud frf said bojy politic and corporate and all oif affairs of the same nnd make a report iht on at such time as they may be instruc and appointed 23rd and be it fye that the compti shall have power to issue hills or notes to a amount not exceeding twice ihe amount of j lne funds deposited with the said companv fjp j time not less than one year other than capivv tton would be no doubt about tbe conclusion they would come to and he almost regretted that ton members should give a vote upon the ahmily have no nvncy in lay y out upon any improve- ment it was impossible that they could go on panting fifty thousand panttrfldj one year and a hon drcu ijo0mfld the next witith l population f lee than hair pl9ik ho weeifl willing to vote 25000 lion ial kitby joseph wfi john hamilton john wells christopher widmer samuel street george munro james newhigging joseph cawthja john baldwin allan napier mac- bkb- jesse ketchum aod charles coswell 1 srnt istb and be it c that the board of rrosiees within six monihs after this act jijj be l force shall appoint a cammitiee of not less than three qor more than live of their number whose duiy it shall be and places 6d for the t books foe reoewi lal stock the hour of ten in tl morning and shall be kepi open from time to lime by adjournment till at the times purpose to open ions to the capi- wfcrshitl be opened at ihe but shall not at any time have in circulai a amount greater than one half the capp actually paid in and invested in bonds or o6 secured by an unincumbered real estate agf ably to the seventh section of this act o may lend the same in uoles or obligations or such other securities as the said trustees ny require at a rate of inieresi not esceedinr- ma percent per annum if the said complpvf shall demand and receive a greater rate of i terest than seven per cent per annum s charter shall thereby be forfeited and court of kings bench shall have excluj cognizance of all cases in which judgmen forfeiture of charter can he rendered billrt and notes issued hy ihecompany wlp- shall not be paid on due demand and pres mem shall thereafter bear an interest of twt per cent per annum 24th and be it c that for a1iossc money which the capital stock shall no sufficient to satisfy ihe trustees shall be ponsible id the same manner and to the ss extent that trustees are now or may herea be responsible in law or equity 25thandbeit o that the legisla shall have power at any lime hereafter lfe re peal alter or modify this act or any of its p visions j t viv u subject without having seen the canal mr mckay said that since he had had ihe honor of a seat in that house he had heard a great deal of discussion the welland canal and to say ihe truth ne had become rather prejudiced against lhat work in consequence of ihe reports he had heard he was extremely glad lhat he had been one of ihe committee who visited and ex amined the work and jip would say it certain ly exceeded his expectation it would be disgraceful 10 the province to sufter it now to fall into decay ard disuse h would eventually be the greu highway of the country say what you would he believed no thing could prevent it no not hi or would be able to compete with it he had no sort of ppronal interest in the work more than that every inhabitant of ihe province must feel for a work m highly useful he looked at it with a practical eye and wiih a view to ibe gene ral good afr solicitor general believed ihe report among other things recommends the purchase of the stock of the private stockholders 00 the terms laid down therein he would infinitely prefer that his hon- friend would not press that subject upon the consideration 0 the com mittee with respect to the propriety of ad vancing a sufficient sum of money to pui it into immediate repair he was prepared to con cur he thought it absolutely necessary also to advance money sufficient to make it a per manent work but be was not willing that the country should be pledged to purchase the stock held by private individuals the plan to which he was prepared to gire bis support o ensure the nvef durinng the approaching sea aon hut whatever sum i ntrht require should be expended by ihs government l iltfcir- mr bnuom hnrt always hcn in favor of the vvef land canal and waa o sill hut he certainly could not vote for the report then i before them lie very much agreed with ihclearocdd solicitor general and upon the subject of j would vol any reasonable soum of money 10 put the the legislative conned requiring that flonomtds house to appoint a comottc to coon- rate with thin cononm tee in the fnimtlflrntinn of tutit suhjrrl the cnnal and ttrrttorh revenue the follow ing address was road the third tunc and parsed we hi majestys dutiful and loyal suhjcts tkt rtriwjtd canal iv c hive in thi day papr commenced ho pnhicaion nf the debate on ihi ill engrosog question wn mentioned in our ust nnm bcr tfiit after a aionny discussion which lasted several days the report of the comintie lo whom the suhjecl was referred and who personally inspect- et the line of the caoit hsd been odopted by lift hntise mr solicitor general hagennan most strcnimnf- iv and with his uiiul eloquence opposed ihr pur chasing the interests of iln private stockholders by the government hut for our ovfi part vvr verv much doulit the soundness of the learned solicitors vmm on ihc subject tle wfjland canal 10 beany thing ouhl 10 be at ooce renilered provincial pro- perty it is asserted by he best inferawd ttwt the canal has already bror fitted the province to lh amount of the moocy jcpcjitlrd upon i rxl if s- surely it would hcdiscrenitahl toih countrv tosc the interests oftlic nrgmil stockholders nterificed- as fr as wc can hnni the debt of the welland canal at present stand thus arnoiiol held hy private tncuhoidcr 117000 do hy upper canada 2i7000 do by cower cenae 2io0o do b the eojjlish government soo0o now supposing that ihc province of lower caoa da aod ihe british government were to relinquish their claims upon the work which dniitl s ihey mill then the real amount 10 b purchased wdl cdy be 1 17000 aod lhat payable no the bmyst imagin- aldc lennta viz by debentures red einawe with in tcrst within twenty y nr but further eo important ie the wesiand canal viewed hy men of disceroinenl all over iheeoolinent of america that oner it bcoingoverntncnl proper ty its debentures barked by tn credit of ihe pro vince will be nrgotialed wuhoul difficulty thereby relieving the government from any advances on ac- couiu of the woik we be nor reader wdl pnfne with attention the drhaie on this grent qucsinn and we are persuaded ihey will easily perceive hr follv of thoe who op pose rendering iho welland canal at once pruvio cial property the yens and 7ttry were a follows 00 tin- question of adapting the report rf the committer yen mesrs atknmn bockns bntil on bur- well caldwell cainrron canwrtghr flhishalm nf halloo cornwall d tlor dunlop ehit ferrir hotbom jarvrs done macnah menftlmn mrcrae mcdootiel of glenifarrv imonpl uf coiihtlin- derland mckay mtmii norioo prince itrhard mn robnoo rvkerti shade sherwood ckens 31 ihe viyt mefiqr- alway cook ltrpe dnncuohr in kearny lewiy mall work into a ialo of repair bbui was not prcpored to nay lhat the province shouhld purchase the canal- it would com ihc province c450 and would put a stop to ad improvements inn every part of ihe pro vince for fifty years to enrnc the hon and learned solicitor general had proiossd lo put the canilin repair and whatever should 1 remain uf tho lulls after paying the interest upon ihe 1 money advanced by ihe province should he given to the stockholders he mr boulton would act htnofe liberally towards them j 1 ha did not think iheere should be any pruri- iy hut iha the proceeds shnoold be equally disiribuv- ed to all concerned the ppurchane of the canal under the terms epecified in the repoit could bo of no great benefit to the stock t holders as they receive no interest upon ihcir monevytill the vcar 1s40 and the province taking the wrork at such a discount would be tu throw suspicion ipon its productiveness he was very glad to see thai ihe committee io their report bore testimony to ihe proper application of the funds on the part of ibewe who had heretofore had ihe directions of the woirk and that the calum nies which bad heen circulated against the director were entirely without foundaitton il mould he bet ter that tho government wnld take the work into its own hands and makn it permanently useful as ihe public would have a grresier confidence in it when in tho handa of goveritimeru than if it were still managed by the company ibut that the province should now purchase the wvork from the company with the probability of huvimg lo uy out another 100000 to complete il waa wbot he in juslico to oiher parts of vc province ccould not consent 10 jtfr shade would moost heartily support the adoption of the remit- the stockholders of the welled canal nsatl already lost the commons of uppr cnnado in provincial parlia ment aeseuibledi humbly pray thai your excedency will he pleated to cause to ho laid bef r this tjmiw a rnrn if all crown riorvee tit townships sur veyed prci i85i no tipsed of et titer to ibo csnails company f lr indivitual a return of nil crown reserves in townhips ur- vcyed since 162a and reraojniiig undisposed nf ao est imn c of ih 1 1 a n 1 1 y t land hcongiog to ihe crown and now nunslonig at their disposal a return nf rfiservm eiuhrmnd in the first nod second hriids under lease with the annual amount ol rents accruing thereon the whole number of acres sold to th canada company and the amount due by them and when and how pavable a return in detail for the un five year of tho revenue arising from the sale of crown timber a return of fines under imperial statute a return of fiics under provincial statutes a return for the issl five years of rents of mills and ferries a reiurn for he laat five years of fees on paients or leases a return of the crown share of seizures received trom collector in detail frr the ame period archibald mciean r soeakc lommtms house of asemhtu 1st december is3g f norfolk biiri ttiiw- ik mirks mlhwson melnioih moor miirner parke powrl rolph rutao swr smxuor ge neral thotnsott thorburo wood ru it 27 mcdonh of slormonl tntst oud loan c omnnn pnnj we re indebt- k of ntpooy in our the gore bank mr speaker reported having received the return arrnrrfiio law of the slat and affairs of the goto dlttic bank fob the statement was read by the clerk ire lowa abstract front the books of the gore bank exhibiting a general statement of the affairs of the ln stttutian on monday the th day qfjvbvctn- vtr 1836 ed to john s cnnwright kq for 1 a bill to establish a trust and ltitil c within this province it will be found preceding columns we have not as yet had time to peruse the several provisions of the bill with any atten tion but we learn from various sources lhat it is viewed in a verv fivorsble light by the house and that it will most probably pass the assembly ihis session an institution of ihis description has been long wanted in upper canada and under ju dicious management itcannof tall of contribut ing greatly to the prosperity of the province it will in nn especial manner advance the io tcrests of the extensive landholders a cuss of persons hitherto but too much kept in the back ground in other countries real estate forms the very foundation aod basis of wealth in upper canada the case is otherwise a person may possess thousands of acres of land to the province and suffer tbe greatest incon- veoienceies aod privations for the waot of a small sum of money our present provincial banks however respectable aod well conduct ed are merely commercial institutions and are but ill ill calculated to aid and assist many departments of active enterpjize io the coun try who is the jneo however ctire that