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in 1874 the school was equipped pient as any High School in the will be seen by the extraordinary iate Examinations. me out FIRST of ¢ Province. At "White, Baptist At the 'the tricians, etc, The Power Commission will also see that the profits are usec t0 maintain the line in the highest, state of efficiency, using the to'improve and extend as far as ~ able the service and to reduce' rates. A short time ago the Hydro-Elec- | This will ¢t municipal councils tric Railway Act, 'which was passed | starving the service in to reduce: largely at the instigation of the Muni- : taxation or for any other reason. cipalities in East York and Ontario The Commission Will also be able Counties, received Royal assent' and to conduct the undertaking free from came into force. Since then no time undue 'influences of local politics, bas been lost by such 'municipalities ; which in municipal affairs so often, in taking the prelimmary steps to results in decided losses and ill bal- obtain advantage of the provisionsand anced conditions, er of this Act. The Councils in-| The fact that such an undertaking: to obtain a as a Hydro Electrie railway may, after ity ahd finan- careful expert investigation be recom- - {cial prospects of a - Hydro-Electric mended by the power commission, es- railway through the district between pecially by the chairman, will, in the: Toronto and Port Perry, which is. so 'Judgment of most thinking voters, en- badly in need of transportation sure its success. facilities. " |The railway will, of course, use the- Following the same procedure as is Hydro Electric Power, the commis- used under the Power Act, the neces-'sion building and maintaining the: sary form of resolution asking the power lines and Supply. Power Commission to investigate and. So far as thé financial aspect of the report to the councils, has been sent proposition goes, such a railway will ont, and so far as heard from at time be conducted with 'a reduction in "fof writing has been passed by the the overhead charges of a 'private rail- Councils of Markham Township and 'way corporation, in which jn additions { Village, Stouffville, Uxbridge and Port to the charges created by overcapital-- Perry, and will © be - immediately ization and stock jobbing, there are forwarded to the" Commission, which expensive Cop dt board of" has competent experts to report on directors, and a very heavy annual: railway matters. The other munici- expense invariably incidental to a: palities are 'acting as rapidly as private company. possible The cost of motive power will be 'The Act seems very comprehensive, greatly reduced compared with that. ving the Hydro-Electric Railway, paid by a private railway company to» which may be constructed and operated a private power company, -as one of in three different ways, every chance! primary.objects of a railway construct-- for favorable life. . The Commission}ed by the power commission is to- have authority to investigate and report | develop 'the use of power generally: on the location of the line; the cost-of | throughout a district, and the more- construction, mai nce and opera- | power is used in general and popular tion, the practicability and - économic consumption by the Tarmers, etc., the: value of such a railway to the people! lower will be the cost to municipalities: in the district covered, and which may and private users, and particularly to« use Hydro-Electric power; also. the( the railway. In a district hike that of: probable revenue and traffic conditions | the Toronto- Port Perry-Uxbridge line, of that railway. After such is re- [thers is a great lack of users of large: ceived, "the municipal corporations| blocks of power, and for cheap power" (other than counties) can enter intoan | there is required a large user, like the: agreement with the Power Gommission | railway in order to give that district. {covering the following matters ~The rates equal to other (the industrial): Commission to decide the location of | sections of the Hydro Electric zone. the line; build 'and. operate the rail-| The privately owned public service: way; fix the character, of équipment | corporations; e. g., electric power and and service, and also. the 'maximum | railway companies, are almost invaria~: and fares; to fix the proportion | bly constructed virtually al of the cost of construction and opera: | from the proceeds on the sale of tion' which each of the different| bonds issued on the security and | municipalities . joining' in shall be future prospects of the undertaking. responsible for, and to arrange for the | The bonds usually pay five or six per issu go bentures to cover the|cent interest, when municipalities 'pay oportion of revenue which | four per cent on debentures, and such <0 ; 'after deducting working sxpenses isto] bonds are sold by the company to in- be paid oy : : en DY the ton mission. to investors at 85. or at a cash discount a party tolof 15 per cent. This discount does. (if desired, thefnot 'go 'into the construction of the: ights of. way may undertaking, being the bond holders' oportional rental. {ultimate profit on the redemption of be constructed and | the bonds. The capital stock being | Lydro Electric Power | created by legal legerdemain does not. | constructed | represent a cent of money 'paid into g ¢ 'the company, but represents, in addi: ~beftion to giving the voting power" and : feouutal of the com iny, the promo- ie tor's profit. The capital stock | absorbs the surplus over