CANADA’S RAILWAYS
A HUGE PROBLEM
ECONOMIC LIFE THREATENED.
(United Press Association—By Electrio
Telegraph—Copyright)
OTTAWA, January 26
The railway problem in Canada is threatening the ivei\| economic life of the country, so Mr Bennett, Premier, •■•told a deputation, of railway-men on Thursday. No language would be too 'extravagant to describe the seriousness of Canada’s railway problem. The Prime Minister said tho railvvaymen bad submitted that too much emphasis 'had b.cii placed on the financial end ot the problem, and not enough on the human end, as represented by the men and their families who would be affected bv any steps taken. “But, if these enterprises stop altogether, there will be no work at all,” said Air Bennett. “Our effort is to maintain as .a going concern these enterprises, but if this country continues as we have done in the past, we cannot continue long. We must stop incurring fresh responsibilites, for we cannot pay on the past, and if we cannot pay on our responsibilities, we cannot borrow more. The Duff Royal Commission advised paying the Canadian National Railways deficit each year. Thd deficit in 1932 was seventy mil* lion dollars, and this year it looks as if it might be well within it if I said a million dollars per week, This country has only ten million people and they find it exceedingly difficult to pay the present taxes.We know there is a breaking point, and every day gets us closer to it. In this time of depression,, it would be the responsibility of the Government, and the Canadian National Railway Board trustees, as recommended by the Duff Commission to maintain the railways as a going concern, giving • employment. Sacrifices have to be made. We may as well face that, but it will be a common sacrifice. Everyone will have to suffer. Under normal conditions, the Canadian National Railways at the present tiimf would be con.s,iuered as in a receivership, but a receivership is impossible because the bonds are guaranteed by the Government. The board of trustees for the railway would lie considered as reclaimers to maintain the property and provide work for the railwaymen.”
£37,090,009 CLAIM FAILS,
LONDON, January 27
A claim for thirty-seven millions sterling, the second largest ever before the British courts, was brought by’ the preference stock holders against the Grand Trunk and the Canadian National Railways. It was dismissed in the Chancery Division, Mr Justice Luxmore held that the Court had no jurisdiction.
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Hokitika Guardian, 28 January 1933, Page 5
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408CANADA’S RAILWAYS Hokitika Guardian, 28 January 1933, Page 5
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