p.2 City Council - Ald. Macdonell brought up the report of the Railroad Committee....The second clause recommended the Council to take the necessary stock in the Wolfe Island Canal Company, as suggested by Mr. Counter in his letter to the Council...Ald. Macdonell said that the Canal was estimated to cost $60,000, of this sum the Americans were to subscribe $30,000, and the projectors were to get the same amount on this side. The Americans had paid in all their share, while there remained a sum of $6,400 to be paid in by the people on this side. The Council had paid in $10,000, and now, in consequence of unforseen difficulties in the construction of the Canal, an additional sum of $5,000 was required from them. The Americans were ready to subscribe the additional sum required from them, and since they had honorably fulfilled their engagements, we should do so too. The Canal would pay at least six per cent, and at such a return the City would lose nothing by its investment.
Ald. Gildersleeve said it would be very unwise to vote away money for this project without looking more into it. Until we had a more definite understanding with the Americans as to the trade the canal would draw, we should not do anything in the matter. Sooner than the people on the other side should monopolize the affair, we should take the whole canal ourselves.
Coun. Murdoch coincided with Ald. Gildersleeve's remarks, and recommended that a committee should be struck to enquire into the particulars of the subject and report. The suggestion was acted on, and a committee of enquiry was formed.