Guelph Advertiser 8 April 1852

Toronto and Guelph Railroad
FROM THE TORONTO PATRIOT

The long expected meeting for the election of Directors of this Company, took place yesterday. The Stockholders, including the Reeve of Guelph, the Sheriff of Waterloo, and a number of other gentlemen from Guelph and the intervening country, assembled at noon, at the Company's Office, Liddle's Buildings, when the Mayor having taken the chair, the Report of the Provisional Directors was read by the Secretary, J.W. Gywnne, Esq., as follows:

REPORT

Within the short period during which the Provisional Directors have been in existence, they can have but little to report.

They have, at the earliest period possible, called a meeting of the Stockholders for the purpose of electing Directors, whose duty it will be to proceed with vigour, to secure the completion of a road which the Provisional Directors regard as the commencement only of great railway enterprises, in the completion of which not only the city of Toronto, but the Province at large is interested.

In the hands of the future Directors of this Company will be reposed a most important trust, for which they will have to be responsible to the public.

The city of Toronto, although not the first city in the upper section of the Province to embark in reality in railway projects, proposes advantages for that purpose which require only energy in its inhabitants to avail themselves of. That the citizens of Toronto are alive to the importance of this work proposed to be constructed this Company has been manifested by the stock, which, as a Corporation, they have subscribed, and by the interest, also, which they daily exhibit in the proceedings of the Company.

The Provisional Directors conceiving it to be their duty to endeavor to advance the interests of the Company to the utmost extent of their power; and being impressed with an idea of the importance of procuring the co-operation of the Municipal Corporations, at first applied themselves to procuring such subscriptions, but after some labour lost in this attempt, they came to the conclusion that the municipalities throughout the line had not yet become alive to the importance of the work, and that to make them become so, it was necessary that, the work should be expedited so as to bring the advantages to their door, when it was expected that their interests would enlist them in the promotion of the project.

The Provisional Directors accordingly employed an engineer, and to defray the expenses attending the surveying and locating the line, a number of them pledged themselves to the amount of 50 pounds each, and were prepared to exceed that sum, if necessary, and they solicited and obtained subscriptions for the same purpose from other gentlemen not in the Board.

The Engineer has from time to time reported to the Board the progress of the survey, and has furnished a map of the country through which the line (as yet surveyed) passes, and he is at present engaged in making a survey of a line from Georgetown to Brampton, with a view to determining whether a favourable crossing at the Credit can be obtained on that route, and whether a saving of expense may not be effected, by avoiding altogether the valley of Etobicoke. The reports and maps are on the table, for the inspection of the stockholders.

The Directors are of opinion, that the interests of the Company would be materially advanced, if a loan could be negotiated at once for the whole amount necessary to ensure the speedy completion of the road; the cost of construction will, in their opinion, be materially diminished, if the Company shall be in a position to pay contractors wholly in cash, instead of in Municipal Debentures or in Stock, in either of which latter cases the Provisional Directors are of opinion that the loss upon the discount of Debentures, or upon the transfer of Stock, would have to be made good to the Contractors by an enhanced price for the work. A committee of Board was accordingly appointed, consisting of five, namely, John Fiskin, John G. Bowes, W.C. Gywnne, W.P. Howland, and E.F. Whittemore, Esqrs., to consider and report upon the best means of raising the necessary capital. They have been in communication with Mr. Widder on this important subject, and a lengthy correspondence has ensued, and the Committee have made a report, which will have to be considered without delay by the Directors selected today, and by which they recommend that the Canada Company be ... through their Commissioner, Frederick Widder, Esq., to assist this Company in negotiating a loan in England upon the bonds of the Company, coupled with the deposit of Municipal Debentures in the proportion of two-thirds of the required loan. The Directors are in hope that the plan suggested, or some other similar one, will be adopted, and will be attended with favourable results. The papers and reports upon this subject are also laid on the table.

The Directors subjoin a statement of the Stock subscribed, and of the payments made on account thereof:

Amounting in the whole to 156,085 pounds.

And there had been paid into the hands of the Treasurer, upon account of the above Stock, in Municipal Debentures 13,500 pounds, and in private stock 1,610 pounds, amounting to 15,110 pounds.

The expenditure, as far as at present ascertained, including engineering expenses, amounts to 720 pounds.

(Signed)
J.G. BOWES, Chairman

The report having been adopted, it was decided to adjourn to the City Hall, for greater accommodation, in consequence of the large number present. Being there assembled the mayor requested the meeting to appoint a Chairman and Secretary, in order to proceed to the election of directors, whereupon J. Arnold, Esq., was called to the chair, and Ald. Thompson requested to act as Secretary.

J.W. Gwynne, Esq., then rose, and stated that he had drawn up certain By-Laws for the future regulation of business, which he read, and moved their adoption; the motion was seconded by E.F. Whittemore, Esq., and carried unanimously.

E.F. Whittemore, Esq., then moved that the meeting do proceed to the election of thirteen Directors and three Auditors; and that Messrs C. Hancock, J. Duggan and D. McDonell, do act as Scrutineers.

Dr. Clarke (of Guelph) spoke at some length of what had taken place with regard to the selection of Directors. He hoped that all that had passed would now be forgotten and buried in oblivion, and he only wished to refer to the circumstances as a guide for the future. He did not think that the Municipalities of Toronto or Guelph, ought to have the power of choosing all the Directors. If the private Stockholders were not to be represented or misrepresented, as the case might be, he thought it would have a very bad effect; the Municipalities ought to be represented merely as the other Stockholders were.

He strongly reprehended the conduct of certain parties who had attacked the Provisional Directors when they had no opportunity of defending themselves. He had heard things that he himself had said, merely in joke, and not binding upon him as a Director, brought against him in the Council, and he thought that if that continued it would have a most injurious effect. He did not consider that the Corporation at all represented the Stockholders. He then went on to speak of the conduct of His Worship the Mayor of Toronto, whom he complimented in the highest terms, saying that his conduct with regard to the Railroad had throughout been most upright and consistent, that he had always done his utmost for the undertaking, striving to advance it in the way that would be most conducive to the interests of Toronto, and, he believed, that had it not been for his active exertions, the road would never have been carried on. He was surprised when he came to Toronto, to find that men who, a few years ago would not subscribed even five dollars for the survey, now wished for directorships, or take stock, and to have the entire control of everything. As far as the Board of Directors was concerned, they had never attempted to point out any line, they only wished to carry out the work in good faith, and the minute books of the Board, which were then open for the inspection of the Stockholders, would show that they never had any intention of taking the road in any direction that would be injurious to Toronto. On this subject he wished to see the members of the Corporation put all personal or party considerations out of the question, and not think merely whether their conduct would influence their elections or popularity, but work together for the good of the undertaking, totally irrespective of such considerations. The Mayor had acted throughout upon this principle, and he hoped to see him sustained by the City Council. If there was any fault to be found with the Board of Directors after they were appointed, a meeting of the Stockholders should be called, and let the fault, whatever it was, be stated openly and honestly. He concluded by hoping that all past differences would be forgotten, and that the municipalities and the private stockholders would work together harmoniously, for unless they did so they could not succeed in their undertaking. (Applause).

R.H. Brett, Esq., said, that it was well known to many of the stockholders, that a great deal ofdissatisfaction existed because so much power was in the hands of the Mayor and the Council;and this was evident from the difficulty that the Collector found in getting the instalments on the stock paid up; and, in consequence of this want of confidence; a meeting of the private stockholders was held at which a list of qualified shareholders had been drawn up from whom the Mayor was requested to make his selection for Directors. He (Mr. Brett) considered that the only way in which the matter could be settled, to the satisfaction of all, would be, for the Mayor to vote merely on his own stock, and let the Directors be chosen by the stockholders generally. Unless this course were adopted, he thought a great deal of dissatisfaction would still prevail.

Mr. Crawford said that Mr. Brett did not appear to be aware that the Mayor was a Director, ex-officer, and further, that if he did take the course proposed by him (Mr. B), Dr. Clarke would have to do the same, and he thought that was too much to expect from either of them. He, forone, did not participate in the feeling expressed by Mr. Brett, nor did he think that it prevailed to the extent stated by him. (Applause) He (Mr. C.) thought the Mayor could make as good a selection as any of the stockholders; but whether he did so, or whether he merely appointed aportion of them, he (Mr. C.) would be equally well satisfied (Applause).

The motion being put, was carried; the balloting commenced forthwith, and was kept up till 3o'clock; the Scrutineers completed their duties at about 5 o'clock, when the following was declared to be the result:

DIRECTORS

AUDITORS

The best proof of the popularity of the above selection of Directors, will be found in the fact that after deducting the votes given for Toronto and Guelph, the majority on the Stockholders's votes agrees exactly with the above result, with the exception of two names only - those of J. Fiskin and A.M. Clarke, Esquires, the first of whom had 313, and the latter 184 votes, which would have placed them respectively fifth and twelfth on the list, had the Mayor and the Reeves not voted at all.

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