Wednesday, August 4, 1852 The Examiner (Toronto) Page 3, col. 1

The Northern Railroad.—Some difficulties having arisen with reference to the Government aid to this road in consequent of there not having been a sufficient amount of stock subscribed, arrangements have been made whereby the city with the consent of the contractors abandons its proposed grant of £25,000 to the company and the additional sum of £35,000 by way of loan, and in lieu thereof subscribes for £50,000 stock. The following resolution was adopted at a late meeting of the council by a majority of 11:—

Whereas His Worship the Mayor has informed this Council, that the Contractors of the Ontario, Simcoe and Huron Union Railway, have accepted a proposition made by him, subject to approbation of the Council, in view of the difficulties which have arisen in the execution of a mortgage bond by way of security for the loan of £35,000, formerly voted by this Council, to the effect that the Contractor shall surrender the grant of £25,000 made by this Council and transferred to such Contractors in part payment of their contract, and also that the Board of Directors shall waive the aforesaid loan of £35,000 altogether, on condition that in view thereof, this Council will take from such Contractors stock to the amount of £50,000, to be paid by the issue of City Debentures, in the same proportion as the above loan and grant were authorized to be issued. Be it Resolved. That the Finance Committee be authorized to complete such arrangements, provided that no legal difficulties shall occur in carrying out this resolution; and provided also, that no alteration shall take place to the conditions upon which a portion of the Market Stock was granted to the said Company, particulary with regard to carrying the Railroad to the center limit of the city water lots.

Railways: O.S. & H.U.Rd.

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