Facts and Figures
- Net earnings provide a return of only 2.7 percent on net investment in railway property;
- Freight revenue, which provide 85 percent of railway revenue, increased $12.7 million;
- Passenger revenue decreased $2.2 million, or 6 percent;
- The proportion of total transportation work performed by diesel power during the year was 95 percent in
freight service, 96 percent in passenger service, and 93 percent in yard service;
- The conversion program from steam to diesel motive power was brought closer to completion with the purchase of
65 diesel units. At the end of the year 1,009 diesel units were in service;
- New freight train cars placed in service totalled 1,955, of which 500 were box cars specially equipped for
heater service, 500 were combination auto-box cars, and 300 were flat cars equipped for piggyback
operations;
- Work continued during the year on Canadian Pacific's third new passenger-cargo liner, to be named
Empress of Canada. The vessel, designed for North Atlantic service and for cruising, was launched in May of this
year, and it is expected to enter service in he Spring of 1961;
- Canadian Pacific Air Lines had a net loss in 1959 of $3.9 million, largely attributable to restricted
frequencies on the transcontinental route and low load factors on certain international routes. A new service to
Rome commenced 4 Mar 1960. Four Douglas DC-8 jetliners have been ordered for delivery
late in 1960 and early 1961, and an option is held on an additional five of this type of
aircraft;
- Royalty revenue from the production of oil and gas in mineral lands of the Company and its
wholly-owned subsidiary, Canadian Pacific Oil and Gas Limited, amounted to $4,000,000, reflecting
the Company's decision to regain control of its oil and gas rights to ensure maximum
development;
- At the end of the year, C.P.O.G. owned, through drilling on its own account, or in conjunction with other
companies, 32 net gas wells and seven net oil wells. The program of exploration and development planned for 1960
is somewhat larger than that of last year;
- Steamship operations resulted in a profit of $776,000, as compared with a loss of $1.2 million in 1958.
Operation of hotels resulted in a deficit of $78,000 as compared with a deficit of $2.1 million in 1958, the
improvement being largely attributable to the completion and operation of the new extension to the Royal York
hotel. Net earnings from communication services were $2.5 million as compared with $2.4 million in
1958;
- It is anticipated that capital appropriations for the year 1960 will amount ot $83.2 million. This includes
$26,000,000 for rolling stock of which 45 diesel locomotive units and 1,600 freight cars are the major items,
and $25 million for DC-8 jet aircraft.
This Spanner article is copyright
1960 by the Canadian Pacific Railway and is reprinted here with
their permission. All photographs, logos, and trademarks are the property of the Canadian Pacific Railway
Company.
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