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ol ? | | ; % i es mt s s Sn To: ‘ ‘"‘The contingent right of the county to take the real and personal proâ€" _ perty of the railway does not depend _ on the ownership of the fee or of any less interest in the land. The statute of 1897 gives the statutory right to _the county and any difficulty which might arise under the general law from the fact that this property (or fxsome of it) is in another municipality nals avoided by this special statutory Qrovision. ; wondGu mss s=~.,. the . County. ofâ€"YCorkâ€"to. make such claim as it might be adâ€" vised against the city for damages by reason of the exercise by the City of its powers so given. The county made a claim as set offt in the Particulars of Claim annexed hereto. ~‘‘The history of Yonge Street, built from what is now Queen St,. to Holâ€" Tand Landing by Simcoe in the earlâ€" iest days of the province‘s life is curâ€" ious, but need not be here detailedâ€" sufficient is given in the lucid and able judgment of the Board. The «county of York was from 1865 onward the owner in fee of that part of Yonge Street now in controversy, and. made â€"certain agreements with their predeâ€" cessor of the Toronto and York Radial Railway. See Schedule A. to 56 Vict. «ch. 94 (Ont.) and Schedule A. to 60 Vict.. ch. 93 (Ont.), those in former schedule being ‘confirmed and declarâ€" «ed to be valid by the statute, the latâ€" ter being (as we have seen) made part of the statute. _"Both may be considered together. I have already pointed out that the rights of the county are statutory unâ€" der the Act of 1897. They do not deâ€" pend upon any ownership of the highâ€" way, although of course they would not have been given were it not that the county owned the highway. They are ‘in gross‘ in the sense in which the expryession is used in the reasons for judgment of the Board. So far as any of them becomes valueless by the county alienating the street and ceasâ€" ing to be the owner, such an alienaâ€" tion is of importance, but only in view of quantum.. The byâ€"law No. 712 referred to does not more than make certain portions of Yonge Street ‘the property of and owned by‘ other muâ€" nicipal corporations. It does not operâ€" ate as a conveyance of anything else than the fee, and the statute under which the byâ€"law was passed does not in any way affect other rights of the county." In this finding Chief Justice Muâ€" lock and Justice Sutherland agree. Justice Riddell added: "I may add at once that in my opinâ€" ion counsel for the appellant placed the rights of his client quite too low. ‘This agreement is not simply validated by a statute, but it is itself a statute; Sec. 15 of the Act makes the privileges and, franchises thereby created..... exis{e.nt and valid....to the same exâ€" tent and in the same manner as if.... §et out and enacted as part of this act.‘ Whatever difficulties might have begn én‘countered had the agreement been simply validated, there can be none when we remember that the privileges and franchises are given by «statute. "The grounds upon which the Board disallowed the claim seem to be (1) that the county has parted with its ©wnership of part of Yonge Stréet and (2) there is no agreement ‘in gross.‘ ‘"The appeal should be allowed upon its merits, the order of the Board set aside and the city permitted to offer such evidence as it may be advised in ‘support of its claim. The city should pay the costs of this appeal upon taxâ€" ation." ‘"The Legislature by the Act (1917), 7 Géo. V. ch. 92, gave to the City of Toronto the power of expropriating the railway and all its real and perâ€" sonalâ€"property 5. 0. ue .l ue d en "In my opinion byâ€"law 712, giving to the minor municipalities the duty ‘and right ofâ€"repairs to Yonge Street, i«does not in any way effect the counâ€" ty‘s claim to damages if otherwise enâ€" titled. This does not effect the county ‘in respect of its agreement with the Radial. It is not necessary, nor do I think it proper to express an opinion as to which or all of the clauses of its agreement with the Radial Railâ€" way.the county has the right to make oath. That is a question of law and fact, and ought not, I think, to be prejudiced before the evidence which the county may offer is submitted. "I can find nothing here which diâ€" vests the county of the rights given it by statute." ‘"There being nothing to divest the rights of the county, the Board should not have dismissed the claim without giving the county an opportunity of calling witnesses, Anless it appears that in no view ‘could a claim for money damages be sustained." The city objected to the right to apâ€" peal from â€"the decision of the Ontario Railway and Municipal Board. 3 ~ The right to appeal was then argâ€" ued before five judges and the judgâ€" ‘ment of the Appellate Division was delivered on the 25th of March last, in favor of the county. It is a signifiâ€" want fact that not one of the Toronto papers published the judgment, eviâ€" ‘dently abashed that the county repreâ€" sentatives had the effrontery to opâ€" pose their pet scheme of confiscating the county rights when the legislators were in favor of the city proposition. fi”’che Metropolitan Railway that traâ€" versed the.said street, but sought to ignore entirely the claim of rights or «damages which the County of York held against any such purchase by the «City of Toronto. It was only by a :strenuous effort that the Solicitor of ‘the county had inserted in the Bill â€"a clause giving any protection whatâ€" ever to the county, and then the wordâ€" ing of the clause was dictated by the «city people. It was provided in the Bill that the county should furnish ‘particulars of its claim against the «city within one month after the passâ€" ing of the Act, and if not so made the rights of the county should. cease. Any claim, however, was to be adjudiâ€" cated upon and determined by the Ontario Railway and Municipal Board. Chief Justice Clute sums up his findings as follows: s "The city takes â€" part of the real and personal property of the railway which on a certain contingency the county is to have; this may be a serâ€" ious loss to the county, and should be compensated for. The fact that this The county presented its claim in detail, but the Ontario Railway Board decided in favor of the city. The county appealed against the deâ€" cision. When the City of Toronto enlarged its limits so as to take in that part of Â¥onge Street as far north as Glen ‘Grove, it obtained a bill through the x%g,f;gixsla.tu!‘e to expropriate that portion The County of York vs. the City of y Toronto. CONFISCATION OF YORK 5 COUNTY RIGHTS BLOCKED Total lost labor after the chair left the factory; say, two dollars. Who paid it? Canada! While every available man is being (taken to the front to fight, the effiâ€" ciency of those at home is impaired by such trifling accidents as this. Bad packing andâ€"careless handling causes hundreds of thousands of _ dollars‘ worth of economic loss to Canada. The amount paid by railways for damage claims would clothe a fairâ€"sized army. But the amount paid by the nation in wasted labor is appalling. If the five minutes of one man and the seconds of another lost in attending to damagâ€" ed and lost goods could be added up, they would total up thousands of lost working hours. If they could be apâ€" plied to farming, fighting or the speéding up of other industries, they would release hundreds of men and produce food and munitions for the allied forces. Another serious loss in labor is due to illegible marking, amâ€" biguous directions and the leaving of old addresses on parcels, thus causing considerable waste time in delivering goods to their proper destination. To err is human.â€" To be careful is good business for you, railway men, shipâ€" pers and all, and for the nation. It is an unfortunate cireumstance whereby it seems necessary for certain young gentlemen (?) to make a renâ€" dezvous at the corner of Denison Avenue and Main Street, especially during Sunday afternoon and evening. Surely there must be something more important to do than to lounge there annoying pas§ers-by. A gentle ‘reâ€" minder from our esteemed constable would no doubt remedy this evil. Yours, PRO BONO PUBLICO. Dear sir:â€" / Tenth: Everybody‘s time negotiatâ€" ing about a settlement. 3 T. J. Maguire of Weston, as a reâ€" presentative of the Y. M. C. A., gave a brief outline of the needs of this great organization and the great work they were doing for the boys at the front. After a short discussion it was moved by J. G. Cornell, reeve of, Scarâ€" boro, and seconded by Reeve Wm. Keith of Newmarket, that the counâ€" cil grant the sum of $45,000 to the Y. M.l C. A. fund. The motion was unaniâ€" mously carried. Fifth: the time of the railway clerks that billed the chair. Sixth: the space in the freight car. Seventh: the time of the foreman of freightâ€"handlers. who spent five minutes wondering what to do. REAL COST OF DAMAGED GOooDps TO THE NATION A rocking chair shipped by Jones in Ontario to Smith in Saskatchewan is broken in_transit pecause of careless packing. Smith collected his money from Jones. Jones collected from the railway company and the chair was destroyed. This sounds like a small thing, but note the loss of time, maâ€" terial and energy it entailed. First: the raw material in the chair. Second: the time of the machines that helped make the chair. Third: the time of the men who worked the machines. (So far? Two dollars!) Fourth: the time of the packer and the carter. Eighth: Smith‘s time, waiting for the chair and writing about it. _ Ninth: Jones‘ time telling how he sent it and where. 3 Warden Thomas Griffith occupied the chair and after receiving the comâ€" munication laid it open for discussion. Treasurer J. K. Macdonald pointed out that the sum asked for would only mean an increase of 3â€"4 of a mill on the assessment. Reeve L. Wallace of Woodbridge and J. M. Gardhouse, Reeve of Weston, both spoke on the subject and advised the granting of this sum in preference to a house to house canvass of the different comâ€" munities. A special meeting of York County Council was called by the Warden last Friday for the purpose of deciding on what action should be taken by the board regarding the Y.M.C.A. camâ€" paign for Ontario. A deputation conâ€" sisting of G. A. Warburton, A. E. Ames, T. A. Bradshaw, J. K. Macâ€" donald and â€"Capt. Currie waited upon them and asked for a grant of $45,000 from York County. "I annex to this judgment the claim of the county and the reasons for judgment given by the Board." To this Justice Kelly agreed. The way the matter stands now, the county will have an opportunity to present evidence to substantiate its claim, and we have no doubt that its rights will be maintained.. / YORK COUNTY GRANTsS $45,000 TO Y.M.C.A. FUND "I would allow the appeal, with costs of motion for leave and arguâ€" ment on the merits payable forthwith by the city. loss is contingent does not render the damages nominal." B C s §# $ wC boN 6 & i i Fa I EC [ B a J +E M L > 8 Pb 0N B 3 B i * C I \ 3 6og GAN Weston Road and Eglington Ave. MOUNT DENNIS Weston, May 6, 1918 want a number of girls. Ideal working conditions. AN KODM GOMPANY, The best time to trim a spruce or cedar hedge is not in the early sumâ€" mer before the new growth starts, as some believe, as this procedure if folâ€" lowed will leave the hedge in a deâ€" moralized condition. Those who have studied the conifers closely are aware that they will not break or form buds on the old wood like deciduous trees. Even very few professionals know how to prune an evergreen in its growth to produce their ideal form. Pruning should not be done until after the new growth has commenced. When the new growth is from one to two inches long, pruning may be done, as at this stage of growth an axil of buds will form at the point where the cut is made, and leave the full coat of green which is desired on the outside. The same applies to nearly all the evergreens. Pruning should not be done until the growth has started. If cedar hedges show a brown appearance, it is caused by trimming before growth has started or close trimming after July 1st. Recited by a little five year old girl from California: I promise in my country‘s need To be a soldier true, I cannot go away to fight, But what I can I‘llâ€"do. I‘ll be careful of the things I use At school or at my play, And leave no food upon my plate That must be thrown away. I‘ll save all my money from movies And from sweets To give to other children who have Not enough to eat. All this I will do cheerfully, And not complain of it, Because I‘m a Canadian And want to do my bit. PRUNING A SPRUCE 6. The Society has decided to supâ€" ply fresh fish to the Canadian Casâ€" ualty Clearing stations, Field Ambuâ€" lances and Corps Rest Stations. One of the first things a sick or wounded man wants after living on rations for months is fresh fish and Boulogne is one of the largest fish markets in Northern Europe. The Weston â€" Branch shipped 18 cases of Red Cross supplies this week, containing 576 socks, 276 suits pyjaâ€" mas, 108 shirts, 128 pneumonia jackâ€" ets, 105 bed socks, 104 personal proâ€" perty bags, 36 pillow slips, 36 towels, 9 stretcher caps, 180 face cloths. 5. Miss Prentice, who has made a visit to the hospitals in France, has recommended in her _report that a Canadian Red Cross kit bag, containâ€" ing various toilet and other comforts, should be given to every Canadian on his discharge from a British hospital to a convalescent . depot or to his base; that a supply of kit bags should be sent to certain hospitals to which fracture cases were admitted, which remained in France for many months, and that a«supply should be sent to the various officers‘ hospital for disâ€" tribution to the Canadian patients. These recommendations were approvâ€" ed by the Society. 7. The Society has decided to build a recreation hut at No. 3 Canadian Stationary Hospital at a cost not exâ€" ceeding $4,000. Marshall, Toronto Everything possible being done for sick and wounded. Demand: very heavy, but supplies so far adequate. At moment not an unfilled request on Society from front line to base. BLAYLOCK. 10. The Society has approved of the erection of a Verandah Kard at No. 1 Canadian General Hospital, France, at a cost of $2,000. 8. The six po;‘table electric plants already furnished by the Society for use at the front having proved of such valuable service, a request has been made for six more plants of a someâ€" what heavier type to be used a little further back from the front line trenches. The cost was estimated at about $8,000 and the Society agreed to this expenditure. : 9. The following cable has been reâ€" ceived: 4. The Princess Patricia Canadian Red Cross Hospital has been moved from Ram§gate to Bexhill, and the Military authorities _have requested that the recreation rooms erected by the Society should be converted into a gymnasium and massage rooms and reâ€"erected at Bexhill. The Society has agreed to this, the cost being estimatâ€" ed at $3,000. 3. The Society has decided to erect a recreation hut at The Palace, Buxâ€" ton (Granville Canadian Special Hosâ€" pital). 2. The Society has approved of the expenditure of $520 for some additionâ€" al apparatus for the gymnasium at Granville Canadian Special Hospital, Buxton. 1. All correspondence from branchâ€" es or individuals in Canada relating to '{)risoners of war should, in future, be addressed to the Head Office, 56 Chureh St., Toronto. RED CROSS SHIPMENT RED CROSS LETTER THE TIMES & @UIDE WESTON, WEDNESDAY, MAY §TH, 1918 Boulogne, April 4th OR CEDAR HEDGE LIMITED The Red Triangle Fund Campaign on May 7, 8 and 9 for $2,250,000 will not be the last appeal the Y.M.C:A. will make, but every cent contributed will hasten the day when the peace bells shall ring sud the boys come marching home. For the solving of the problems that will follow in the wake of the war, the Association is laying widespread plans, all affécting the welfare of the men whose courage and sacrifices have notâ€"merely placed Canada "on the map", but have preserved her place amongst the civilized nations. The coming year‘s budget calls for an income of $2,250,000, or less than $6.00 per man of Canadasarmy. The increase over last year‘s budget is acâ€" counted for by the enormous growth in the number of calls upon the Asâ€" sociation. Not only are new channels of activity constantly presenting themselves, but the old channels grow wider and longer the more the war is protracted. The end is not yet, and, even if it were, the acivities of the Y. M.C.A. could not cease. If peace were declared toâ€"morrow, the Red Triangle would accompany the last man home, and demobilization cannot be accomâ€" plished in aâ€"day. h\ e Report of Bala Avenue School, Mt. Dennis, April, 1918. Form IV. â€" Margaret Mewhort, Grace Miller, Maâ€" mie Legrow, May Connor and Edith Moore. Form III. St.â€"Dora Easto, Harry Burlington, T. Mainprize, Walâ€" ter Lawrence, and Eleanor Hirons. Form III, Jr.â€"Harold Davis, Daniel Mewhort, Hugh Young, Grace Chantâ€" ler, and Shirley Duggan. Form II Sr. â€"Jack Raynéer, Willie Dreayer, Geo. Dover, Dorothy Warner and Billie Beardall. Form II. Jr.â€"Tom Gurr, Eldon Trimble, George Tavender, Liâ€" ly Burlington, and:â€"Clarence Let\â€"‘:. Form I. Sr.â€"Marjorie Duggan, Goldie Cofâ€" fler, Eugene Miller, Mildred Rigglesâ€" ford, and Daisy Deavitt. Form I. Jr. â€"Eddie Mooge, Robert Clarke, Marâ€" garet Dover, Iris Akins, and Florence Judges. Primary S§Sr.â€"Evelyn Mitchâ€" ell, James Windeatt, Douglas Marâ€" shall, Helen Hibbert and Lily Sye. Priâ€" mary Jr.â€"Dorcas Kidd, Tom Marâ€" shall, Albert Barnard, and George Rigglesford. No. on roll, 310; averâ€" age attendance, 291; aggregate atâ€" tendance, 4949. To the Canadian Y.M.C.A. must be credited the institution on a large and comprehensive scale of social and Christian work amongst soldiers. Its aggressively helpful spirit that won the recognition and commendation of Lord Roberts during the South Afriâ€" can war, has earned for the Associaâ€" tion undying fame in the greater war raging toâ€"day in Europe. HONOR TO WHOM HONOR ISs DUE "I also serub the floors for my moâ€" ther every Saturday, wash the dishâ€" es for her, light the fire, chop wood and bring in coal," Langevin declarâ€" ed. (Canadian Press Dispatch.) Ottawa, May 2. â€"The first proseâ€" cution in the Ottawa Police Court for idleness, under the order in Council passed on April $th, which makes idlers between the ages of 16 and 60 years liable to fine or imprisonment, was made yesterday, when Edmond Langevin, 92 Murray Street, aged 51 years, was arraigned following a comâ€" plaint made by his nephew, Adieus Bourque. He was found guilty and in lieu of payment of a fine of $100 and costs was sent downâ€" to serve_ six months in jail. Langevin pleaded not guilty and declared that he collects the rent from five tenants for his mother evâ€" ery month, SCRUBS AT 51: JAILED AS IDLER SCHOOL REPORTS Don‘t Wait andâ€"â€"Wish â€"Work Now andâ€"â€"H:z ©NTARIG If you have not yet decided to plant a vegetable garden make up your mind to do so now._ You will not regret it. There is still lots of time. Potatoes and beans may, be planted up to June 1st and these are the best substitutes for wheat and meat. For good, practical advice upon how to lay out and cultivate a Vegetable Garden, write for a free copy of the booklet entitled: "A Vegetable Garden for Every Home." This has been prepared by the Ontario Department of Agriculture for the guidance of citizens who will respond to this call for increased production. bonds were paid off and retired, and $26,200,000 was used to pay the cost of railway lines acquired ~or conâ€" structed, and of additional steamâ€" ships, on which no.bonds orâ€"debenâ€" tures were sold. The remaining sum of $202,150.000 was supplemented by the sale of preferred stock and equipâ€" ment notes bringing in $56,500.000 and making a total of $258,650,000 to apply against expenditures of $336,â€" 300,000. _ The difference of $77,650,000 was provided from the surplus revâ€" enue of theâ€" company being a further contribution by the shareholders of that amount from surplus or ‘"unâ€" divided profits." This remarkable financing, made possible only by the faith and cour The history of capital expenditure is an interesting chapter, not only in the history of the C.P.R. but also in that of the Dominion itself. After 1899, so rapid was the traffic deâ€" ‘velopment, it was necessary to proâ€" vide substantial additions to traffic facilities of every description. From 1902 to 1914 inclusive, the records show expenditures for second tracks, reduction of. gradjents, terminals, workâ€"shops, etc., of $206,300,000; and for cars, locomotives, and other eqâ€" uipment $130,000,000. To meet this expenditure of $336,300,000 the direcâ€" tors appealed, successfully, to the orâ€" dinary shareholders of the cg_n_?any. In the thirteen years mentioned, the shareholders were offered and acâ€" cepted $195,000,000 par value of comâ€" mon stock for which they paid. the company no less a sum than $26%,â€" 100,000.. Out of this $33,750,000: of The review goes on to describe the linking up of eastern Canada with the company‘s system which served thousands of miles of territory that was practically uninhababited. The eastern connection was imperative if the unremunerative territory was to be successfully developed. In view of the present high credit of the railway it is interesting to note that the company‘s desire in the early days" to finance with capital stock instead of bonds, was demonstrated to be an impossibility, and as a conâ€" sequence Parisament authorized the issue of $35,000,000, 5 p.c. bonds and $65,000,000 common stock. of the Canadian Pacific Railway Company, embodied a review of the salient features of the company‘s financial policy and progress leading up to its present stable position.. It is shown that under the terms of the contract dated October 21st, 1880, beâ€" tween the Government and the G.P.R. the Government undertook to give, by way of subsidy, to assist in the completion of certain western secâ€" tions of the system then in pro j of â€" construction under government auspices, $25,000,000 in cash and 25,â€" 000,000 acres ~of land suitable for settlement. Subsequently the cash subsidy was increased by $10,000,000 and as an offset the land subsidy was decreased by ~6,700;000 acres. Lord _ Shaughnessy‘s report_ to shargh’oldgrs at the annual meeting Baron Shaughnessyon the C.P.R. ORGANIZATION OF RESOURCES COMMITTEE In Coâ€"Operation with Canada Food Board Organization of Resources Committee, Parliament Buildings, Toronto When drastic regulations for the rationing of food come into effect (and. such an Order in Council may be made very early next Fall) you will wish then, that you had a crop of nice vegetables ready to take off your garden or nearby piece of vacant land that you could have cultivated if you had really wanted to. f Well, all we say isâ€" ' Don‘t Wait and Please send me a copy of your booklet "A Vegetable Garden for A Fascinating, Historical and Political Record The company‘s Land Grant, "which is a source of serious anxâ€" iety to financial doctrinaires who have only half studied the subject," is treated at considerable length in the review. As late as 1888, when the railway had been in operation for some time, the Dominion Governâ€" ’ment consented, as a copsideration for some concessions under the Charâ€" ter to guarantee the interest on $15,â€" 000,000 Land Grant Bonds, but would in no circumstances guarantee the payment of the principal which would have g{iven the security increased market value, although the bonds had fifty years to run and only representâ€" ed a value equal to T5¢. per acre. This did not reflect much confidence on the part of the Government toâ€" wards Land Grant values, and there is no doubt that at that time the Government could have recovered the whole Land subsidy at the price per acre just. mentioned, i.e., 75c. For many yéars this Land Grant was a drag on the Company‘s development. Interest had to be met on the Land Grant bonds, whose proceeds had been devoted to the burposes of the railâ€" way, and although considerable sums were spent on immigration propaâ€" ganda, land sales were disappointing and unsatisfactory, the prices yieldâ€" ing the company only from $1.50 to $2.50 per acre, after selling éxpenses had been paid. It was not. until 1898 that agricultural lands in Westâ€" ern Canada attracted buyers in any numbers, and even in that year when 348,000 acres were sold, and in the three~subsequent years, the net reâ€" â€"turn= was only $2.80â€" per acre. Shortly after the . C.P.R.â€"contract was ~made, ~the. Federal. Parliament commenced to vote grants of land in very large areas by way of subsidy for «â€"the ~construction. of> railway lines in western Canada, to many companies incorporated forâ€"that purâ€" pose.: Most of these companies never materialized, though much good land was bespoken by them, thus. necesâ€" sitating. the C.P.R. geing furtherafield age of shareholders, put the comâ€" pany in a position efficiently and economically to deal with a large and everâ€"increasing volume of traffic, at the same time erflabling the directors substantially to reduce the bonded debt.. Notwithstanding the low price at which the original $65,000,000 comâ€" mon stock was sold ($46.00 a share) the entire $260,000,000 of this comâ€" mon stock now outstanding has yielded to the Company‘s Treasury in cash an average of $112 for each $100 of stock, and if the sums proâ€" vided for _ capital out of surplus earnings are considered (a quite proâ€" per calculation, as those earnings were at all times applicable for diviâ€" dends) the shareholders paid an averâ€" age of $143 for each $100 of stock that they hold. The explanation of the company‘s extraordinary success in face of the above record, is to be found in the company‘s policy of keeping down the annual fixed charges, while exâ€" tending its rails into new productive territory as opportunity offered; also A brief reférence to the Ocean and Coastal Steamship branches is to the effect that this property is secured by a comparatively small demand on capital mcount, and has a present market value in excess of $65,000,000. Other properties and assets of the company were purchased or developâ€" ed by the surplus income held in trust for the shareholders. in the economies attending the long haul of traffic over one huge system, eliminating heavy tolls for switchâ€" ing and other kindred services beâ€" tween connecting companies. Something About the Land Grant. Have‘! Extraneous investments, including steamship lines, railway., companies, outside Canada, Government securiâ€" ties and loans, money set aside for in, vestmert, unsold lands, amounts pay,s able on lands already sold, coal. min-‘ ing and other properties, are appra!aq' ed at $253,000,000 which is substan, tially. below the, market value. ; Manyy of these properties and resources had} little or no value when they came into. possession of the company, but were. developed and safeâ€"guarded until they became profitable. * The total capital of the C.P.R. 4s $623,000,000 which contrasts with the actual cost of the company of $687,â€" 000,000 exclusive of $81,000,000 of rail~ way constructed by the Government and handed over to the Company. It is also exclusive of $131,000,000. proâ€" vided from surplus. earnings, land sales, etc., expended on the property, and written off without being .capitâ€" alized, so that based upon cost, the transportation system represents an, outlay of $818,000,000 or about $61,â€" 000 per mile. l The conservative financial policy': of the directors cannot be better iI~ lustrated _ than by the fact that the net earnings per mile required to meet annual interest charges on the 6. T. R., C. N. RK., G. T. P., and the N. T. R. would suffice to cover the annual interest charges, dividends on the preference stock, and seven per cent dividend on the common stock of the C.P.R. y In regard to the much discussed ‘"Ten per cent clause," the review states that the â€"suggestion made in some quarters that the spirit and inâ€" tent of this Clause was to limit the company‘s dividend to ten per cent is entirely out of barmony with the clear, unquestionable language of the instrument. The Clause had no more relation, direct or indirect, to the C.P.R. dividends than it had to the dividends of any other railway comâ€" pany, or of any commercial or inâ€" dustrial corporation. Seventeen per cent instead of ten per cent per, anâ€" num might properly have been disâ€" tributed from the average earnings of the railway had the directors not been; convinced that a prudent and conâ€") servative policy was in the best inâ€" terest of the property. f The compary kas expended apâ€" proximately $17,000,000, in the enâ€" couragement of immigration, and to forward the sale of such lands as it had received. Branch lines of T&ilâ€" way were also conmstructed to open up the territory for prospective setâ€" tHers. : Ofâ€"the original Land Grant 14,000,â€" 000 acres have been sold to date, yielding approximately â€"$94,000,000, or an average of $6.72 per acre, from which, however, must be deductâ€" ed the expenditures during thirty years for immigration propaganda, agencies, commissions, etc., together with irrigation costs, making the net return less than $5.00 per acre. On the 14,000,000 acres thus far sold, taxes to the amount of $20,000,000 have/been paid into the Public Treasâ€" ury. to satisfy the last 3,000,000 acres of its Grant. The company was comâ€" pelled to accept lands along the line west of Medicine Hat, in the "semiâ€" arid" district, where there was little or no water, which made the lands practically valueless.. To recover this tract it was decided to adopt a plan of irrigation, and an expenditure of $15,000,000° was ~made in the conâ€" struction of works and ditches comâ€" prising anâ€"area of 2,249,000 acres. Of this area, not previously worth five cents an acre for practical purposes, portions now served by the ditches commakd high prices. £ â€"Wish The "Ten Per Cent Clause." m qR d is y PAGE THREE 3 T