He Had Desired A Gentleman Of Great
Experience, Knowledge, And Energy, Who Was Constantly Travelling
Between Canada And This Country, To Inquire Whether It Would Be
Possible To Effect A Communication Across The Continent.
This
gentleman - Mr. Watkin - had returned with considerable information, and
he had suggested to him to place himself in communication with persons
in the commercial world who might be willing to undertake the carrying
out of such a communication.
He had put himself in communication with
Mr. Baring and others, and he believed they had arrived at the
conclusion that if arrangements could be made with the Hudson Bay
Company the undertaking should have their best attention. In order that
these important communications might be made certain, guarantees were
to be given by Canada on the one hand, and British Columbia and
Vancouver Island on the other. A complete Intercolonial railway system
had long been looked forward to by those interested in our North
American Provinces, and it would be impossible to overrate the
importance to this country of an inter-oceanic railway between the
Atlantic and Pacific. By such a communication, and the electric
telegraph, so great a revolution would be effected in the commerce of
the world as had been brought about by the discovery of the Cape of
Good Hope. It was unnecessary to point out to their Lordships of what
importance it would be in the case of war on the other side of the
Atlantic. There was another matter on which he wished to say a few
words. Some eight or nine days ago it was stated in a portion of the
press that the Hudson Bay Company had sold their property. That
statement was not altogether accurate, and certainly it was premature,
for he had been informed within two hours before he came down to the
House that the whole arrangement had only been completed that
afternoon. He had not received any official communication on the
subject, but some of the gentlemen concerned had been kind enough to
inform him of the facts. He had stated on a former occasion that the
Hudson Bay Company had wished to sell. Certain parties in the City had,
in the first instance, entered into communication with them for the
purpose either of purchasing or obtaining permission for a transit
through the Company's possessions. After some negociation the
alternative of permission for a transit was agreed upon. That
conclusion having been arrived at he did not know what it was that
raised the whole question of sale again, but some fortnight or three
weeks ago fresh negociations were opened. Parties in the City proposed
to the Hudson Bay Company to give them by way of purchase a sum of
1,500,000l. What had taken place was this: The Hudson Bay
Company very prudently required that the money should be paid down, and
that the whole sum of 1,500,000l. should be ready on a given
day, which he believed was yesterday. Of course the intending
purchasers could not carry out that transaction in the course of a
week, and they, therefore, applied to the International Financial
Association to assist them. The Association agreed to do so, and the
money either had been paid or would be on a day arranged upon. A
prospectus would be issued tomorrow morning, and the shares would be
thrown upon the market, to be taken up in the ordinary way upon the
formation of companies. These shares would not remain in the hands of
the Association, but would pass to the Proprietors, as if they had
bought their shares direct from the Hudson Bay Company. Of course the
Company would only enjoy the rights which those shares carried, and no
more. They would, in fact, be a continuation of the Company; but their
efforts would be directed to the promotion of the settlement of the
country: the development of the postal and transit communication being
one of the objects to which they would apply themselves. Of course, the
old Governor and his colleagues, having sold their shares, ceased to be
the governing body, and a new council, consisting of most respectable
persons, had been formed that afternoon. Among them were two of the
Committee of the old Company, with one of whom, Mr. Colville, he had
had much personal communication, and could speak in the highest terms
as a man of business and good sense. There were, also, seven or eight
most influential and responsible people, and the name of the Governor,
Sir Edmund Head, who had been elected to-day, would be a guarantee of
the intentions of the new Company, for no one would believe that he had
entered into this undertaking for mere speculative purposes, or that
the Company would be conducted solely with a view to screw the last
penny out of this territory. While the council, as practical men of
business, would be bound to promote the prosperity of their
shareholders, he was sure they would be actuated by statesmanlike
views. No negociation with the Colonial Office had taken place; and as
this was a mere ordinary transfer, no leave on their part was
necessary. But arrangements must be entered into with the Colonial
Office for the settlement of the country; and at some future time it
would be, no doubt, his duty to inform their Lordships what these
arrangements were."
The Prospectus, as issued in London, for the new organization, at the
end of June, 1863, contained this paragraph: -
"With the view of providing the means of telegraphic and postal
communication between Canada and British Columbia, across the Company's
territory, and thereby of connecting the Atlantic and Pacific Oceans by
an exclusively British route, negociations have been pending for some
time past between certain parties and Her Majesty's Government and the
representatives of the Government of Canada, and preliminary
arrangements for the accomplishment of these objects have been made
through Her Majesty's Government (subject to the final sanction of the
Colonies), based upon a 5 per cent.
Enter page number
PreviousNext
Page 39 of 133
Words from 38696 to 39701
of 136421
