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Guarantee Act
The ''Railway Guarantee Act'' was introduced in the Parliament of the Province of Canada by Finance Minister Francis Hincks, who was also the President of the Great Western Railway (Ontario), Great Western Railway of Canada. The Act encountered little opposition during the course of its passage, despite the prevailing Panic of 1847, depression. It empowered the Government to guarantee the interest on loans to be raised by any railway chartered by the Legislature for the construction of any line at least 75 miles long within the Province, provided that: #the rate of interest guaranteed did not exceed 6% #the sum on which the interest was guaranteed did not exceed the amount expended before the guarantee was given, and should be sufficient to complete the construction in a fitting manner (provided that no such guarantee would be given until at least half the line was completed) #the payment of the interest guaranteed would be the first charge on the tolls and profits of the company ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Province Of Canada
The Province of Canada (or the United Province of Canada or the United Canadas) was a British colony in North America from 1841 to 1867. Its formation reflected recommendations made by John Lambton, 1st Earl of Durham, in the Report on the Affairs of British North America following the Rebellions of 1837–1838. The Act of Union 1840, passed on 23 July 1840 by the British Parliament and proclaimed by the Crown on 10 February 1841, merged the Colonies of Upper Canada and Lower Canada by abolishing their separate parliaments and replacing them with a single one with two houses, a Legislative Council as the upper chamber and the Legislative Assembly as the lower chamber. In the aftermath of the Rebellions of 1837–1838, unification of the two Canadas was driven by two factors. Firstly, Upper Canada was near bankruptcy because it lacked stable tax revenues, and needed the resources of the more populous Lower Canada to fund its internal transportation improvements. Sec ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Francis Hincks
Sir Francis Hincks, (December 14, 1807 – August 18, 1885) was a Canadian businessman, politician, and British colonial administrator. An immigrant from Ireland, he was the Co-Premier of the Province of Canada (1851–1854), Governor of Barbados (1856–1862), Governor of British Guiana (1862–1869) and Canadian Minister of Finance (1869–1873). Early life Born at Cork in Ireland, he was the ninth and youngest child of the Rev. Thomas Dix Hincks, a Presbyterian minister and scholar, and his wife Anne (née Boult). Two of his older brothers, Edward Hincks and William Hincks, followed their father's footsteps as noted scholars and clergy. Francis was also intended for a career as a clergyman and was educated at the Royal Belfast Academical Institution. However, he found himself more interested in business, starting in Belfast, with commercial ties to the West Indies. It was at Belfast that he married his first wife. Two weeks after their marriage, they set sail for th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Great Western Railway (Ontario)
The Great Western Railway was a railway that operated in Canada West, today's province of Ontario, Canada. It was the first railway chartered in the province, receiving its original charter as the London and Gore Railroad on March 6, 1834, before receiving its final name when it was rechartered in 1845. At its peak, the Great Western system stretched with its main operating base in Hamilton. The city at the head of Lake Ontario was pivotal in opening up the unpopulated and heavily wooded interior of what was then known as Canada West. A substantial part of its revenue was from serving as a bridge line between the New York Central and Michigan Central Railroads, making it significant in North American history. Its lines remain in use, part of Canadian National Railway's network. History Sir Allan MacNab was the driving force behind the financing of the railway in Canada (and less so in the United States and England), although he was pushed out of the company in 1854. Entrep ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Canada
Canada is a country in North America. Its ten provinces and three territories extend from the Atlantic Ocean to the Pacific Ocean and northward into the Arctic Ocean, covering over , making it the world's second-largest country by total area. Its southern and western border with the United States, stretching , is the world's longest binational land border. Canada's capital is Ottawa, and its three largest metropolitan areas are Toronto, Montreal, and Vancouver. Indigenous peoples have continuously inhabited what is now Canada for thousands of years. Beginning in the 16th century, British and French expeditions explored and later settled along the Atlantic coast. As a consequence of various armed conflicts, France ceded nearly all of its colonies in North America in 1763. In 1867, with the union of three British North American colonies through Confederation, Canada was formed as a federal dominion of four provinces. This began an accretion of provinces and ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Panic Of 1847
The Panic of 1847 was a minor British banking crisis associated with the end of the Railway Mania, 1840s railway industry boom and the failure of many non-banks. Background As a means of stabilizing the British economy, the ministry of Robert Peel passed the Bank Charter Act of 1844. This Act fixed a maximum quantity of bank notes that could be in circulation at any one time and guaranteed that definite reserve funds of gold and silver would be held in reserve to back up the money in circulation. Furthermore, the Act required that the supply of money in circulation could be increased only when gold or silver reserves were proportionately increased. In 1847, the Act was suspended when the Bank of England was presented with a letter from the Prime Minister and Chancellor of the Exchequer indemnifying the Bank for a breach of the Act. The crisis in the money market ended almost immediately, without any breach of the Act. The panic of 1847 cleared away a vast number of unsound bus ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Sinking Fund
A sinking fund is a fund established by an economic entity by setting aside revenue over a period of time to fund a future capital expense, or repayment of a long-term debt. In North America and elsewhere where it is common for public and private corporations to raise funds through the issue of bonds, the term is normally used in this context. However, in the United Kingdom and elsewhere where the issue of bonds (other than government bonds) is unusual, and where long-term leasehold tenancies are common, the term is only normally used in the context of replacement or renewal of capital assets, particularly the common parts of buildings. Borrowing money by issuing a bond is referred to as floating a bond. Sinking is its opposite, repaying debt or acquiring capital assets without debt. Historical context The sinking fund was first used in Great Britain in the 18th century to reduce national debt. While used by Robert Walpole in 1716 and effectively in the 1720s and early 1730s, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Security Interest
In finance, a security interest is a legal right granted by a debtor to a creditor over the debtor's property (usually referred to as the ''collateral'') which enables the creditor to have recourse to the property if the debtor defaults in making payment or otherwise performing the secured obligations. One of the most common examples of a security interest is a mortgage: a person borrows money from the bank to buy a house, and they grant a mortgage over the house so that if they default in repaying the loan, the bank can sell the house and apply the proceeds to the outstanding loan. Although most security interests are created by agreement between the parties, it is also possible for a security interest to arise by operation of law. For example, in many jurisdictions a mechanic who repairs a car benefits from a lien over the car for the cost of repairs. This lien arises by operation of law in the absence of any agreement between the parties. Most security interests are gr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Intercolonial Railway
The Intercolonial Railway of Canada , also referred to as the Intercolonial Railway (ICR), was a historic Canadian railway that operated from 1872 to 1918, when it became part of Canadian National Railway The Canadian National Railway Company (french: Compagnie des chemins de fer nationaux du Canada) is a Canadian Class I railroad, Class I freight railway headquartered in Montreal, Quebec, which serves Canada and the Midwestern United States, M ...s. As the railway was also completely owned and controlled by the Government of Canada, the Intercolonial was also one of Canada's first Crown corporations of Canada, Crown corporations. Origins The idea of a railway connecting Britain's North American colonies arose as soon as the railway age began in the 1830s. In the decades following the War of 1812 and ever-mindful of the issue of security, the colonies of Upper Canada, Upper and Lower Canada (later the Province of Canada after 1840) wished to improve land-based transportati ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Grand Trunk Railway
The Grand Trunk Railway (; french: Grand Tronc) was a railway system that operated in the Canadian provinces of Quebec and Ontario and in the American states of Connecticut, Maine, Michigan, Massachusetts, New Hampshire, and Vermont. The railway was operated from headquarters in Montreal, Quebec, with corporate headquarters in London, United Kingdom (4 Warwick House Street). It cost an estimated $160 million to build. The Grand Trunk, its subsidiaries, and the Canadian Government Railways were precursors of today's Canadian National Railway. GTR's main line ran from Portland, Maine to Montreal, and then from Montreal to Sarnia, Ontario, where it joined its western subsidiary. The GTR had four important subsidiaries during its lifetime: * Grand Trunk Eastern which operated in Quebec, Vermont, New Hampshire and Maine. * Central Vermont Railway which operated in Quebec, Vermont, Massachusetts, and Connecticut. * Grand Trunk Pacific Railway which operated in Northwestern Ont ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Northern Railway Of Canada
The Northern Railway of Canada was a railway in the province of Ontario, Canada. It was the first steam railway to enter service in what was then known as Upper Canada. It was eventually acquired by the Grand Trunk Railway, and is therefore a predecessor to the modern Canadian National Railway (CNR). Several sections of the line are still used by CNR and GO Transit. First known as the Toronto, Simcoe and Huron Railway, and then the Ontario, Simcoe and Huron Railway, the aim was to provide a portage route from the upper Great Lakes at Collingwood to Toronto. The plan for the railway was largely executed by Frederick Chase Capreol who was fired as manager of the company the day before the ground broke. Financial difficulties and a government bailout led to a reorganization of the company as the Northern Railway of Canada in 1859. The line saw three major expansions; North Grey Railway extended the original mainline to Meaford, the North Simcoe Railway ran to the port town of Pe ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
History Of Rail Transport In Canada
: ''This article is part of the history of rail transport by country series.'' The history of rail transport in Canada began in the early 19th century. The Canadian railway system saw several expansion "booms" throughout history, as well as a major change from broad to standard gauge which occurred in the 1870s. An initially disconnected system was gradually integrated with the American railway network, as Canadian and American railway companies built lines and bought smaller companies in each other's country. The Intercolonial Railway, a product of Canadian Confederation, was Canada's first major experiment in railway nationalization, and following Confederation, several transcontinental railways were built. Many Canadian railways were gradually brought together under large conglomerates, but by the end of the First World War, the sudden and decisive financial collapse of these conglomerates created a deep threat to Canadian infrastructure and economy, leading to their national ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1849 In Law
Events January–March * January 1 – France begins issue of the Ceres series, the nation's first postage stamps. * January 5 – Hungarian Revolution of 1848: The Austrian army, led by Alfred I, Prince of Windisch-Grätz, enters in the Hungarian capitals, Buda and Pest. The Hungarian government and parliament flee to Debrecen. * January 8 – Hungarian Revolution of 1848: Romanian armed groups massacre 600 unarmed Hungarian civilians, at Nagyenyed.Hungarian HistoryJanuary 8, 1849 And the Genocide of the Hungarians of Nagyenyed/ref> * January 13 ** Second Anglo-Sikh War – Battle of Tooele: British forces retreat from the Sikhs. ** The Colony of Vancouver Island is established. * January 21 ** General elections are held in the Papal States. ** Hungarian Revolution of 1848: Battle of Nagyszeben – The Hungarian army in Transylvania, led by Josef Bem, is defeated by the Austrians, led by Anton Puchner. * January 23 – Elizabeth Blackwell is awarded her M.D. by the Med ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
