GROSS EARNINGS 1921 1922 Canadian Northern $69,088,474.16 $60,679,033.37 Canadian Government 41,275,314.84 40,939,945.70 Grand Trunk Pacific 16,638,677.64 18,516,977.58 -------------- -------------- Total $127,002,466.64 $120,135,956.65 OPERATING EXPENSES: Canadian Northern $75,564,385.30 $63,625,763.09 Canadian Government 46,990,047.74 43,436,667.67 Grand Trunk Pacific 20,668,360.51 22,809,843.99 -------------- -------------- Total $143,222,802.55 $129,872,274.75 OPERATING DEFICIT: Canadian Northern $6,475,911.14 $2,946,729.72 Canadian Government 5,714,732.90 2,496,721.91 Grand Trunk Pacific 4,029,691.87 4,292,866.41 ------------- ------------- Total $16,220,335.91 $9,756,318.04 The most outstanding fact hidden in the statistics is the relation of the Canadian Northern to the Grand Trunk Pacific and National Transcontinental lines. As to this, we will leave out a detailed comparison with the line between Winnipeg and Fort William, which gets its share of the grain traffic to the head of lakes, remarking only that, thanks to the proportion of grain diverted from Canadian Northern lines at Winnipeg and important points west, this section of the great project of twenty years ago is by far the best of the whole line between Winnipeg and Moncton. Now look at the figures for the C.N.R. and the G.T.P. This is what it cost to earn a hundred cents in each of the four years: 1919 1920 1921 1922 Canadian Northern 112.1 124.3 109.3 104.9 Grand Trunk Pacific 156.2 170.3 140.2 123.2 For the gulf between earnings and expenses, 1920 was the worst year in North American railway history. But it was the year in which the Grand Trunk Pacific was first co-ordinated with the Canadian Northern--beginning with the grain movement, in September. Thanks to the diversion of traffic to the Grand Trunk Pacific and National Transcontinental, Canadian Northern gross rose only 24.4 per cent.; while the Grand Trunk Pacific increased 28.4 per cent. But the increase in the cost of earning a dollar on the C.N.R. was 12.2 cents as against 14.1 cents on the G.T.P.