Excerpt from Fourth Annual Report of the Board of Directors of the Canadian Northern Railway System: For the Period Ended 31st December, 1918
TO the Shareholders of the Canadian Northern Railway Company.
The Directors submit herewith the Fourth Annual Report Of the Canadian Northern Railway System for the year ended December 3lst, 1918. The previous Annual Report was for the twelve months ended June 30th, 1917, Since which date the fiscal year of the Company has been changed to conform with the general practice Of most other Railway Companies on this Continent.
The results Of operation for the period from June 30th to December 3lst, 1917 are shown in the statements included in the present report.
Since the last Annual Report the Government of Canada, by the acquisition Of Six hundred thousand addi tional Shares in your Company, (having previously acquired Shares by way Of bonus for guaranteeing certain Securities Of the Company, ) became the beneficial owner Of the entire Capital Stock of the Company then outstanding, with the exception of five Shares which were issued in exchange for an equivalent amount Of Canadian Northern Railway 5% Income Charge Convertible Debenture Stock. The purchase was made as Of Septem ber 30th, 1917, the price payable by the Government being subject to arbitration, on the conclusion Of which and the delivery Of the shares, the actual control of your Company passed to the Dominion Government.
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