HomeMy WebLinkAboutThe Brussels Post, 1956-04-18, Page 2The 1955 financial results of
the Canadian Pacific Railway
ebOW n six percent increase in
gross railway earnings but rep-
resent a return on net railway
investment of only 2,92 per
cent, "a rate very much below
an adequate return," says N. R,
Crump, president, in the 75th
Annual report of the COmPanY,
While Canada's gross national
product increased. by 10 per
cent to a new high level, the
freight service performed by
the C,P,R., measured in ton
miles showed an increase of 9
per cent, but did not attain the
level of any of the years 1951
10 1953 inclusive,
In pointing out that the ratio
of net to gross earnings im-
proved from 6,4 per cent to 8.3
per cent, Mr, Crump said;
"Gratifying as this improve-
ment was, the results for the
year represented a return on
net railway investment of only
2.92 per cent — a rate yen'
much below an adequate re-
turn for your railway enter-
prise."
The Company's income ac-
count shows that gross earnings
of $448,598,491, were. Obtained
from railway operations, an in-
crease of $26 million, or 6 per
cent, compared with $422,642,-
423 in 1954. Working expenses
rose from $395,609,497 in 1954
to $411,271,773 leaving a net
from railway operations of $37,-
326,718 as compared to $27,032,-
926 in 1954.
Other income from sources
other than railway operation,
Mr. Crump reported, amounted
to $22.9 million, an increase of
$5.1 million, while fixed
charges totalled $16.2 million,
leaving the Company's net in-
come at $44 million.
Referring to modernization of
railway services, Mr. Crump re-
ported that 97' new diesel units
were acquired during 1955,
comprising read switchers for
freight and passenger service
and yard switchers for use at
terminals,
The President of the. Cana-
dian. Pacific said the new scenic-
dome stainless steel,, stream-
liner, "The Canadian?, Which
entered transcontinental service
in the spring of• 1955; introduced
to this country the forest and
„most modern equiprtient.in .rail
passenger service, and reduced
y as much as sixteen hours the
time formerly eequireclete tra-
vel across Canada,
Mr. Crump said the:paisenger
traffic volume expressed in
revenue passenger miles in-
creased by four per cent, There
was a decrease 'during the first
live months, but an",impressive
W ,
SWEET' -HATS 2:7 Thesee;dain y
confections for spring ore just
that Modeled by Louisa von
kories, the chapeaux .are fash-
ioned of candy.' They were
'Warn during a spring showing
tit a candy store. More conven-
tional garments were brought
in to be worn with the sweet
treations.
recovery followed the introdee-
tiers .of new equipment and, im-
proved schedules in transcon-
tinental services. The linProve,
Meet was pot confined to the
summer season but extended
throughout the balance of the
year, The average increase over
the last seven months was more
than eight per cent,
Studies continued during the
past year, said Mr. Cream, for
the improvement in passenger
train services, As a result,
seven new `Dayliner" services
were commenced, increasing to
2,000* route miles the distance
over which these trains were in
operation, and to 16 the num-
ber' of rail diesel cars in service.
The rail diesel cars, said Mr.
Crump, are very„ popular and
very satisfactory economies
have resulted from their use.
Twelve additional units have
been ordered for delivery in
1956. ,
During 1955, 39 passenger
trains were discontinued as be-
ing no longer justified by the
level of traffic, and a further
twelve trains were operated at
reduced frequency. A saving
in operations at a rate of 865,-
000 train miles per year was
thus effected.
Construction of 53 miles of
branch lines, to service new
mining ' and industrial areas,
was completed during the year.
These comprised a 40-mile line
between Struthers and Mani-
touwadge in Ontario, a 9-mile
line between Mitford and
Jumping Pound' in Alberta, and
a four-mile line running north
form Cheviot "sin Saskatchewan.
Work was under way on a
three-mile extension of the line
which was built between Have-
lock and Nephton, Ontario, in
1954.
To improve safety and effi-
ciency, 50 miles of automatic
block signals were installed
during 1955, bringing to 3.039
the total mileage so equipped.
Mr. Crump said that a new
development of major signifi-
cance is now taking place with
the adoption of integrated data
processing across the system.
To gain the benefits of automa-
tion in mass handling Of paper
work, information on many
phase of the operation of the
company will be recorded auto-
metically. at the source and
transmitted to a central pro-
cessing lotation in. Montreal.
By.,use of• one of the most ad-
Vanced electronic data pro-
cessing machine installations,
laid Mr. Crump, it will be poss-
ible to supply information
promptly to, all levels of man-
agement virtually without man-
ual intervention.
Freight traffic volume in.-
creased by 2,054 million rev-
enue tore miles or nine per cent.
The rise was • fairly general,
With notable increases occur-
ring in >lumber, timber and ply-
wood, crude petroleum, petrol-
eum products„ iron and steel,
automobiles, trucks and parts,
building sand, gravel and crush-
ed stone. Grain and grain prod-
ucts were down four per cent
and there was a marked de-
crease.:else in agricultural im-
plements and farm tractors.
Express traffic Was up slight-
ly from 1954 and there were
some increases in rates. Ex-
penses increased less than rev-
enues, and, as a result, the net
earnings of the Express Com-
pany, carried to railway earn-
ings as compensation for the
carriage of express traffic, were
higher' by seven per cent.
Maintenance expenses were
little changed as the amount of
maintenance work undertaken
was about the same as for the
previous year.
Roadway maintenance includ-
ed the laying of 418 miles of
new and relay rail, the instal-
lation of 1.970,000 ties and the
application of ballast to 328
miles Of track. These items of
maintenance were less than the
6%
ALL.
OTHERS
7%
CRITICAL OIL — The import
tance of the Middle East crisis
to the Western nations oil
supply is shown by these
charts, In 1945, the Middle
East had 32 per cent of the
world's reserves, By 1955, it
had 60 per cent, Saudi Arabia
alone had a 35-billion-barrel
reserve in 1955, During this
decade, U.S. reserves dwindled
from 34 per cent to 19 per cent.
But Soviet Russia's reserves
were more than halved, drop-
ping from 14 per cent in 1945
to 6 per cent in 1955.
averages for the previous Ave
years.
Equipment maintenance, he
said, included the general re-
pair of 375 steam locomotives,
periodic repair of 293 diesel-
electric units, the heavy repair
of 35,806 freight cars, and the
general repair of 752 passenger
cars.
Transportation expenses, said
Mr. Crump, notwithstanding the
increase of nine per cent in
freight traffic volume, rose by
only one per cent and the ratio
of transportation expenses to
gross earnings declined to 38.8
per cent from 40.9 in 1954.
"Notable improvements," said.
Mr. Crump, "were effected in
service and operating efficiency.
Of the total transportation
work done during the.year, the
proportion performed by diesel
power was 45 per cent in
freight services 60 per cent in
passenger service and 65 per
cent in yard service."
While the volume of total
transportation service increased
by. 3.8 billion gross ton miles,
train fuel expense elecreaSed by
almost $600,000. Freight train
speed and gross ton miles per
freight train hour, reached_ new
high levels, confirming. the
trend of the past five year's.
Construction of the enw pas-
senger cargo liner "Empress Of
Britain," which will enter ,regur
lar North Atlantic service in
the spring of 1956'as 'the flag-
ship of- the Canadian Pacific
Steaniships' fleet, has been
completed. Construction; of a
second .new liner, to be named
"Empress of England," proceed-
ed during the year. This vessel
will join the Nerth Atlantic
fleet in the spring-of 1957.
In anticipation of the comple-
tion of the "Empress of Bri-
tain," the "Empress of Austra-
lia" was withdrawn from serv-
ice at the end of the year and
sold in February.
The new 5,554-ton motorship
"Princess of Vancouver" enter-
ed the British Columbia Conet-
al services in June. The new
vessel has accommodation for
800 passengers and is, designed
to carry 28,railway freight cars
or 115 automobiles and trucks.
The Canadian Pacific Airlines
had a net profit of $275,000. In
the previous year there had
been a net profit of $969,000
which included $593,000 from
the sale of aircraft. There was
an increase of 46 per cent in
revenues from domestic opera-
tions, principally as a result of
partcipatioh in the cargo char-
ter airlift which commenced in
February, to supply and service
the construction of northern
radar installatioris.
An important extension of
C.P.A.L. international air routes
was effected with the inaugura-
tion in June of the Vancouver-
Amsterdam Teans-Aretic service.
This extension, which has
brought the west coast of Carl-
ede within 19 hours' flying time
of Europe, provides a direct
connection With other interns-
tio'nal routes out of ,Vancousiet.
Another major deveropnient
was the addition of the Toronto-
].Mexico City service in Novem-
ber. This route, which connects
eastern Canada with C,P.A.L.'s
international service between
Vancouver and South America,
was obtained froth TransCan-
ada Air Lines hi exchange for
eettaiti routes in Quebec' which
Were distant froth .maintenance
facilities at Vancouver.
On order at the year end
Were eight DC-6B aircraft for
delivery eoMthencing in 1956,
and three Bristbl Britannia tur-
bid prop aircraft for deliVery its
1957.
Ocean end Coastal steamship
operations resulted in a profit
of $330,000 etinipared with a
loss of $2 'MAIM in, the pre=
vious year. A firmer tendeheY
hi oeeanl rates On grain arid
p 451,9 i#,er
U.S.S.R * 14%
S
UNI TE D
T E ' lOTHE RS- ef. •AT3A% 6% .
ASZETIiti
14%
SALLY'S. SALLIES
"Are you, sir, a pub isher, an
author, an artist, a columnist,
or— another press agent?'."
flour, increased cargo carrying
both ,eastbound and westboUnd,
and reduced expenses were the
factors in the improved show-
ings of ocean steamships:
Revenues from coastal opera-
tions decreased, principally .as
a result of lower freight earn-
ings, bUt expenses were eeeuced
in greater proportiOn.
Net earnings •of hotels were
virtually unchanged.- Increased
room rates were put into effect
at some points in order to off-
set payroll costs.
Net earnings ;from Communi-
cation services •increased by
$700,000, Mr. Crump said.
Fixed charges, at $16.2 milli-
on were higher by "$1:2 million.
There w e r e net decreases ' in
thee charges on both equipment
trust and collateral trust • obli-
gations,
Net income after fileed charg-
es, at $44 million, was up $14,2
million. After provision for
dividends on. Preference Stock,
earnings available for divid-
ends on Ordinary Stock and far
reinvestment amounted to $40.9
million. This was equal to $2.-
94 per share on 13,878,173 shares
of ..Ordinary Stock outstanding
at the end of 'the year, as com-
pared with $1.94 on 18,812,014
shards at the end of 1954.
The bet addition to Land 'Sur-
plus Account amounted to $9.4
million after .ineoine" taxes ' of
$4.0 million.
Gross receipts from petroleure
rents, royelties and reservation
fees,, at $9.0 million, were Up
$553,000. Reservation fees pro-
vided most of the increase. Al-
though royalties were received
on 14.9 million barrels of crude
oil from 718 wells, cornpared
with 13.6 million barrels from
697 wells in 1954, income from
this source was little higher in
consequence of reductions which
occurred in Well-head prices for
crude oil,
The balance sheet Shows total
assets amounted to 0,124 Mil-
lion, an increase of $80 million.
The increase in property invest-
ment after retirements was $61
million,
The 1955 Cehadiari Facile
Railway dollar, the report
shows, was earned, on the fel- •
lowing baeist
Twelve cents from passeng-
tee; 21 cents from products of
mines end frirest8; 17 deists from
products al farms; 44 cents from
iriahufaeturers end' Miscellarie=
ous goods; six dente front other
or unclassified traifie,
The d011et Was spent "
Payrolls, 53 eents;. materials
and Stippliee, 24 cents;. dePreeide
tieri en'd retirements, seven
cents; taxes' and Other otpenats,
seven cents; fixed charges, font'
tents; dividends, iinproverrieintS,
de, five eents.
3. A. Mtillcht,
Ptiblic )relations' Officer,
Qtre,
rive With Care
Where the Whales
Love to Gither
There is a Place in the distant
;isles where the sun is long in
CoMing. 'It is a place of mean-
dering strands and flat, grassy
Islands. 100w walls of ragged
rock elawl out from the smooths
ness, of the sands and ,plunge un-
ec,neernedly into the gently
heaving waters. When the tide
Jens mite the, rocks .are girt
;ironed with a fringe of Vivid-
orange eeaweed that Makes suck-
' ling noises in the restlese ocean
sswell, Thie place. is mewed over
by. gulls And wailed at ,by curl-
ewe ,Sheets of little pattering
"Sancipipere wave back and forth
with the swilling of the surf
...Aspen the golden shores, and end-
lessly flapping, spiky flights of
terns shrill at the oncoming
wind. Falcons rise from the
eabyrinth ef grass to landward
arid 'beat -into the air, crying
harshly, The Week of night is
.rent from time to time by strange
lone cries, and usually the wind
wails;; but even if all else is
quiet, there is forever •the sup-
'p'r •essed thunder of the ocean
• surf pounding upon these distant
shores. The sun is long in com-
ing even in summer when it goes
away for such a little time and
the night is bright with cold
stars. The water between the
isles hurries silently about, pol-
ished like jet.
Comes now an eerie luminosity
and the satin of the sky turn lu-
cid. From everywhere at once
an electric blueness floods the
air. The pale strand picks up the
ghostly light, but the grass-cov-
ered land melts into northing-
ness and the waters turn inky
and heave in pallidness, reflect-
the half-light. Birds stir in the
air. A skein of huge black geese
hurry by overhead, their leader
honking orders that seem to
echo in the dome of the sky.
Great, snowy eider ducks and
little back scooters stream across
the water,. dripping lines of
black droplets 'upon its glassy
surface. Scurries of petrels
wheel about the channel and
vanish out upon, the ocean. . . .
The little spil5e-winged terns are
busy, endlessly rising and 'falling
where the ripples break upon
the beach, flapping always,
whining shrilly, ,never getting
anywhere, but up and down
upon their forked tails. A little
procession streaens by,' cutting'
arrow-heads' upon the waters,
hardly visible in the .half-light
— a family of mergaesers heed-
ed for the places of unwary fish.
False dawnin the north is a
time of stirrings, of soundless
hurrying movements, of endless
comings and goings, of strange
cries high in the silent crystal
air,, of armies taking their places,
of feathered cohorts shifting
about. — From "Follow the
Whale," by Ivan T. Sanderson.
Mail Theieves Even
Steal From Police
An investigation into ,disap-
pearance of money sent to city
hall in payment for parking
tags has been opened, Robert
W. Ruggles, administrator of
the magistrate& court office,
said last week.
In the• past month he said
there have been numerous com-
plaints from persons that efd
tee they had mailed in Cheques
and money in payment for
parking violations, they re-
ceived summonses from police
advising them they now owed
$4 instead of $2 because of non-
payment,
A year ago police started an
investigation into the disappear-
ante of money and board of
'Control ordered a tightening up.
Mr. Ruggles said today he
wasn't prepared to say definite-
ly that the money was being
taken at the city hall end of the
delivery, because he was fairly
sure preseht regulations made
it difficult to steal.
Toronto police haven't been
called into the preSene investi-
gation which is being handled
by post-office investigators,
In , the last month complaints
of losses have increased to
about two or' three a day. Let-•
ters ate marked "Tag Payment
Office" in compliance with in-
structions' on the tag.
Letters with cheques are be-
ing athlete also, but the cheques•
are being destroyed. Me. Rug-
gles said.
"We can't say where the
thefts have Occurred," said Mr,
Ruggles but, he added, with Ire-
Otiently changing staff it was
difficult for postal authorities to
be stare of everyone they hire
as letter garters: Efforts to get
television eqUirirherit to weteh
letter sorters were rebuffed
when an attempt. was Made to
introduce it in Peterberbugh at
a beat of 00,006 to the federal
goveriiirien t.
Ruggles said the Anding
Of staelts of coupons in a Hese
peter dump iii February *as art
indication Of widespread thefts
froth' the filalle, Front The
Tororito Stare
lieve you some leftover bits
of ham in your kitchen? Try
thisea
:meaty ripe
meal-i
olives,,
e-onecli moudsliig al
cheese and tomatoes as well as
special seasonings,
1 cupiltrtimpenooldivNesoodles
ai cup dieed onion
3i at n. dieed green sweet pep-
per
tablespoons salad oil
8 ounces noodles
13/4 cups canned tomatoes
1 cup water
34 tceualleploiotlir ul idsalft"gru olives
1 cup diced cooked, ham
1
3 teaspoon pepper ,
1/4 teaspoon paprika
lie pound diced Canadian cheese
Cut olives from pits into large
pieces, Cook onion and green
pepper slowly in oil until trans-
parent but not browned. Add
noodles, tomatoes, water, olives,
olive liquid, hem, salt, pepper
and Paprika. Simmee 10 min-
utes. Stir in cheese. Turn into
2-quart balding dish, Bake at
350°F. 40-45 minutes, Serves 6.
* * *
Sausage-Corn Pinner
18
pound pork
s
sa usage
sae
links
tablespoons drip-
pings
3 tablespoons flour
11/212 Ndpet alielo:lipsne2esemrpedaoinlokn‘sv ho e lheo pk pe er e I gcroerenn,
1 cup cracker crumbs
2 cruinbtablespoonss) drippings (for
Fry sausage until lightly
browned (8-10 minutes). Re-
move from skillet, pouring off
all but 3 tablespoons fat. Make
sauce in same pan by adding
flour to fat, then stirring in
milk. Cook and stir until thick-
ened. Add corn and green pep-
per, Put half of crumbs' in bot-
tom of casserole; add some
creamed mixture, then all but
6 sausages; add remaining
creamed mixture. Top with -re-
maining crumbs that have been
mixed with 2 tablespoons
sausage drippings. Add, last, the
6 sausages to top. Bake at 350°F
for 25-30 minutes. Makes 4-5
servings.
CORNED BEEF HASH
With Mustard Sauce
21/2 Cups cooked cubed potatoes.
HIDDEN HUNGER
Frankie Crosetti was one of
the shrewdest hidden -. ball
tricksters ever to play short-
stop in the big 'time. Perhaps his
most memorable stunt occurred
in the seventh inning' of a cru-
cial ball game, The batter
bounced one off the rightfield
fence in the stadium and made
second base On a king, beautiful
slide.
"Very nice," murmured Cro-
setti, as the runner began
brushing himself off. Then, as
an afterthought, "Boy, am I go-
ing to have a big dinner to-
night!"
"Whatcha gonna eat?" asked
the curious runner.
"Steak with lots of fried on-
ions."
"Fried onions?"
"Sure, don't you like them?"
"No," retorted the runner. "I
like 'em boiled. The big ones,
big as baseballs."
The players, engrossed, had
wandered away from the bag
and now Cresetti was between
the runner and the sack.
"Like this?" asked , Crosetti,
turning his glove up and show-
ing the ball.
A thin film or paste wax will
provide stairway bannisters
with protection against the
marks and stains of hand traf-
fic and keep it polished for
weeks,
?1'.4, cup finely cubed •celery and
chopped celery leaves
Vz cup chopped onion
1342 cups (12-ounce can) cubed
corned beef
IA cup diluted evapontcd milk
'41i cup mayonnaise or salad
dressing
2 teaspoons prepared mustard
In a greased, shallow casserole
Or baking pan arrange, potatoee
(theseore best cooked in their
while hot), celery, onion, and
jackets, then skinned and cubed
corned beef to a depth of not
more than 2 inches. Do not stir,
but distribute evenly when plac-
ing in casserole, Store in re-
frigerator until an hour before
serving. Pour milk slowly over
top of hash and bake at 350°
about 30 - 45 minutes. (If you
need to keep this dish warm,
reduce temperature to 225° F.)
For sauce to pass with this cas-
into mayonnaise or salad dress-
serole, blend prepared mustard
ing. Serves 6.
*
MACARONI WITH BACON
8 ounces' elbow macaroni
3 tablespoons butter
3 tablespoons flour
2 cups milk
1 cup shredded Canadian
cheese
1 tablespoOn prepared mustard
11/2 teaspoons salt
34 teaspoon pepper
34, teaspoon thyme
3 tomatoes, sliced
6 slices Canadian bacon
Cook macaroni in boiling salt
ed water until' tender. Drain
and rinse.
Melt butter in saucepan, blend
in flour. Add milk gradually and
cook over low heat, stirring, Un-
til smooth and. thickened. Add
cheese and stir ,until 'smooth;
add seasonings. Combine sepal
With macaroni and pour mixtUr1
into buttered quart Casser-
ole. Top with slices of tomato
and bacon. Bake at 350° F., 30-
40 minutes, or until bacon it
crisp and browned. Serves 6.
"CAN U READ ME?" — Polio
radio operators Thomas F. Korn
left, and Orville Wingate inspec
their 30 - foot - high, 700-war
beer can transmission antenna
The 77 cans, welded together
'tower right out of the ,picture
Base insulator is 'a quart ginge
ale bottle, which rests in a cof
fee can. Guy wires are fashion
ed of plastic clothesline.
WORLD OIL RESE VES 1955
MIDDLE EAST
40%
TAW TALKS
dA;OZ.AT‘aMWS
SOUTH
AMERICA
8%
r
Return .0!):10tsittiOtNot Adequate
eport of President
t
Jpe
Vern.
:FAIR OiFiltAtELY Just shown in Seeirlirteekefi, Gerriiariy, are
these, new 15'-franc poll/age" stamps, they are_ threti
lb litUea the Adrifinlitraffolt for *file. 10 & Sad? fates
A
...seer eeSeia,er Vgee' *
1/140UNRAi3Lt DONll1S tlt/food, with, new Kiddie deceits
shaped 'Lfibleffient gear, this Sikorsky helicopter mw
tire Uteiteet ernergerity landing Water, l'hie rubberized 'nylon
floats tubk ihchee ron.t arid cubit Itichet.
rear — weigh 170 pdtiede., tan leifleite 'ffidere echo (call • Z n a'few 'seconds, t"
r.
►
0