~~ Canada’s s ‘Affairs Discussed ae Railway : Meet

atistactory. :

: Vv

he annual Spureholders® “macting

“of; the-C Canadian. Pacifié: Railway:
is: one :of «the important. . ‘financial:
events of; the: “year. as naturally” fol-.
“LOWS | ‘from: the position: held«by- that’
company. 8 a great ‘national: dnstitti-
tion- the - “activities of. ‘which “touch:
-eyery branch of’ Canadian life.. On
the. first Wednesday in every May

“the sharebolders. gather to hear the

president tell of the ‘company's past.
‘year. andto: ‘elect directors .to carry
‘On its great. work.» At these. meet-.
“ings are always ‘to: befound many
“th “co ntry's. leaders’ in. ee

“all “parts.

“president's: ‘report: is: looke upon: as
in...epitome .. of. business. conditions
hroughout. the whole:of Canada.-” Of

» the abiareholders eonnet

‘would “he “yeaonanly” =
He ‘pointed ‘out, however; =that=ne

ther. rail-nor ocean tr afficchad-reach-
ed normal proportions: ‘and: that until
they did< so-.the: ‘companys? ‘expendi=
tures ‘for capital, maintenance and
general ‘operation must be curtailed
go far as may@be. without’ impairing

the high standard. at which the pro-
perty has always been maintained.

Mr. :Beatty: referred to the govern-.
ment proposal to, subsidize a line of | c

freight steamers: on -the: ‘Atlantic. un-

der: the: -proposed: Petersen contract’

and “pointed “out” that’» particularly

‘during the: past 2.years Atlantic ship-
. ping operations” ‘have: been: -conducted
with: very. “unsatisfactory: financial

returns.";: He: said ‘the. ‘companies: felt
they.- had been, placed on trial” and
therefore “were ” making’ ‘the::fullest

dtsclosures-of- the traffic..conditions.
and_of ‘the: results {of ‘the: operation.

ANICH GAZET!

displayed - by sf ans
trinsportation mitlers. Bo Mre Beatty.
drew: attention tothe statement’ ‘often
‘Heard-that the: present: railway “situd-
tion in. the; Dominion-was-due:to the
tailure-<in . former. years of. private
undertakings, . the inference being

“towards:

‘/ that-defeets of private ownership and,
administration. resulted in the ‘estab-

Hshment of public ownership. Myr.
Beatty, pointed out that the princ vipal

uses’ of the - “present: unsatisfactory
conditions ‘was .- undoubtedly. the

formation from. time:to time of. poli

cies /of:.e. tensive. new. construction
and. duplication of: existing ‘lines, in

most, if notzall, eases: by: the.govern=| 2

ment’ or. with: government; ssistance

eyailw

: Thursday, June: ti,

y conception, ‘put. wore | ‘con-.
‘Geived-and designed: to compete: with:
‘ench-other as separate trangpor tation:
“units,” while* each of them, |
tion, “was
Canadian Pacific. system.:

“he consolidation ofthe: } ‘National
System-had, he said, ‘brought, in con-
sequence sinder:
lines which were orig finally. designed
to be. competitive and in nO sense
party of: a, unified . system. .. On the.
other hand, ‘the ‘Canadian Preise”
Railway had: ‘been conceived: and coin-

structed -as- ‘one. system,: had ~bee
eae ‘tronit” time bm oe ‘alw ys

and in“anticipation ofa much greatel, ai 1er. &
development © than’ ‘the “ country: has | eX) i

erlioved.

'r-lof the *Canadian: Pacific: ‘Stcamships, | t 1

he “unsatisfactory: ‘results:.so

Ronald : mere "ade Soni: ‘Pridgy “Albert,

‘. Many j Vancouver. er

: : future « So uiverenta, 8 ot
ot: an ‘age zressive immigration: ‘policy: to him:: seem, material: whether: the:

wer e laun h-2

tion where. possi’ 0
ic rate: service: and

est

Te ftem: lines* ‘to’ hig Ee
sain) particular; oe the | a

se AS tues coul
qu stion . of

the greatest
@. National Ri

ae

Ba ES
"aera wessnans07 nou a it

far 2}
*y

in addi- - -
sin: competition with -the = -

“one. “administration, we

Say : Wet og Bet}