A Thousand Blunders: The Grand Trunk Pacific Railway and - download pdf or read online
By Frank Leonard
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For the GTP, however, 'there is no reason ... why this should not be a source of profit for the railway company itself. There is a great advantage to the railway company in being able to ... '20 Under the terms of the GTP incorporation act, the railway company could hold shares in a company that dealt in land. 21 For the GTP's townsite development policy to produce returns in British Columbia, the company had to secure a substantial property largely held by the Crown. G. 23 The company had little reason to expect such an award, however.
Additional payment not large when we consider the immense development probable. '100 On the issue of reversionary interest, GTP vice-president William Wainwright's breathless announcement that the company would 'go to the limit to cooperate' was not inaccurate. 101 48 A Thousand Blunders Although the GTP had conceded much, the company's Ottawa lobbyist maintained that the agreement was better than he expected: 'We are in far better position in the Province of British Columbia than we could have hoped for many years if our negotiations had fallen through and litigation had ensued ...
Although successive provincial governments had long sanctioned conditional grants of large tracts of land to railway promoters to encourage the extension of a rail network across the mountainous territory, this practice had recently come under attack. Since 1900, British Columbia governments 25 26 A Thousand Blunders had distanced themselves from land granting. In part, this move stemmed from a recognition that the old policy was inefficient; few of the promoted railways that received land grants were actually built.
A Thousand Blunders: The Grand Trunk Pacific Railway and Northern British Columbia by Frank Leonard