Upper Lakes Shipping Ltd. fonds 1955-1990, n.d. (non-inclusive)

In March 1931, Captain Bruce Angus was sent to Sarnia by Gordon C. Leitch, general manager of Toronto Elevators. He was sent to inspect the Sarnian to ensure it was still seaworthy. Leitch was a savvy business man, who had been active in the business community for a number of years. Leitch began his career with a partner in the lumber business. When that went under he moved into graineries and worked for the Winnipeg Wheat Pool for 12 years. After Winnipeg he moved to Toronto, which was closer to his home town of Ridgetown, Ontario. In Toronto Leitch became manager of the Toronto branch of the Canadian Wheat Pool. While managing the wheat pools in Toronto Leitch became aware of huge costs associated with shipping the grains from the praries into the Toronto area. He felt that there was no need for such costs and decided to do something to make them better and cheaper for the business. Originally the grain was loaded onto Lakers that would bring the grain from the praries to Lake Huron and Georgian Bay. It was stored there until needed by the Toronto graineries and then hauled across land by either truck or train. The land journey was the most expensive and the one which Leitch wanted to eliminate. This was a fine plan except for 2 obstacles that were quickly overcome. First of all the Welland canals were not large enough to accommodate the large carriers that were bringing in the grain. This was changing as the expansion and widening of the canals was already underway. The second issue was the lack of storage in Toronto for the grain. The grain elevators had been destroyed by fire in the late 1880s and never replaced. Leitch propsed his company built its own storage elevators along the water front to allow not only for easier access to the grain, and more timely production of products. The elevators would aslo create a reduction in shipping costs and an overall more competitoive price for the customers of the grainery. The company refused, so Leitch went elsewhere to friends and contacts within the grain industry. The elevators were built and Leitch quit his job with the Canadian Wheat Pool and became the general manager of the elevators. Although the elevators were built and ready for storage the next issue was filling them. None of the carriers wanted to do business with Leitch because the competition in Georgian Bay threatened to cancel their contracts if they did. Leitch saw no way around this, but to provide his own transportation. This is when he sent Captain Bruce Angus to scout out potential ships. The ship was purchased for $37,000 and after another $30,000 was spent to fix it up, it was ready for business. The need for transportation and the finding of a seaworthy ship, lead to the beginnings of the Northland Steamship Company. The Sarnian proved to not be enough for the business underway. Leitch decided another ship was necessary. He joined forces with James Norris the owner of the Norris Grain Company. He proposed they join forces to create a more economical means of transportating their products.

Lini Richarda Grol Fonds, 1946-2007

Lini Richarda Grol was originally born in Nijmegen, Netherlands in 1913 and immigrated to Canada in 1954 after working as a nurse in South America for three years from 1951 to 1954. She was granted her first Canadian passport in 1961 and worked full-time as nurse at the Welland County Hospital. While nursing she would enroll in writing courses at McMaster University and Ryerson Polytechnical Institute, now Ryerson University. Eventually she decided to dedicate herself to her writing and artwork and began to only work as a nurse part-time and then later opened the Fonthill Studio to devote herself to her writing and artwork full-time. Her status as an immigrant and career as a nurse provided inspiration for much of her writing and she frequently tackles the experience of the female immigrant in her works. Her first publication was in 1938 in a small literary and women’s magazines in Holland and Belgium and her first work of poetry was entitled Stive Gedachten. None of these publications exist in this archive. Her most well-known publication, Liberation, centers around her experiences leading up to and after the liberation of Holland during World War II. Grol was, and continues to be a prolific writer in the Niagara Region and has been published in the Welland Tribune, Pelham Herald, Thorold News, Parent Magazine, Dunville Chronicle, and various Christian publications and literary newsletters and journals. Grol also started her own poetry magazine entitled Canadian Poets Pen Club to help aspiring writers get published. Perhaps her most recognized achievement was the inclusion of one of her poems and the recognition of her novel Liberation into the Thank You Canada Day celebration in May 1970. Grol participated in many local writers’ groups such as the Welland Writer’s Club, and the Canadian Author’s Association. Grol was membership secretary for the Canadian Author’s Association in 1984. She also founded a writer’s club in 1995 in her retirement home, Holland Christian Homes where members meet to talk about their poems and short stories either in English or Dutch. Participating in and creating a writers’ community is integral to Grol’s identity as an author and can be related to the feelings of isolation she felt as an immigrant to Canada. Grol also hosted her own television shows entitled Discovery with Lini Grol which featured guests, usually local artists and writers, and Holland en Hollanders a cultural program for Dutch immigrants. Grol’s most recent activities include the publication of a one act play entitled Peppermint Problems [1996] and a short story entitled “When our War started in Rotterdam” [2004]. In 1994, she moved to Brampton, Ontario into a Christian retirement center called Holland Christian Homes. For further biographical information about Grol see two books contained within this collection Women of Action [1976] and Something About the Author [1976].

Welland Canal/St. Lawrence Seaway Authority fonds, 1826-1880, 1905-1951

The Welland Canal Company was formed in 1824 by William Hamilton Merritt. Construction of the first Welland Canal began in 1829 and was completed in 1834. The canal ran south from Port Dalhousie along Twelve Mile Creek to St. Catharines. An extension was built in 1833 to Gravelly Bay, now Port Colborne. As ships became larger and the wooden locks deteriorated, the need for a new canal became apparent. In 1839, the government purchased the Welland Canal Company’s assets and began making plans for the construction of a second canal. Construction began in 1841 and was completed by 1845. In 1887, a third Welland Canal was completed, which operated until 1932, when a fourth canal was completed. This canal remains in operation today.

Letter - Frederic Nicholls (Canadian General Electric) to W.B. Rankine, 17 December 1897

A letter from 2nd Vice President and General Manager of Canadian General Electric Company, Frederic Nicholls to W. B. Rankine regarding a bid for contract. The letter mentions that the bid for two alternating generators for the Canadian side of Niagara Falls was won by Westinghouse Eletric and Manufacturing Co. Nicholls also mentions that there will be other opportunites to win contracts as more machines are required. Nicholls also implies that Westinghouse may have bid under cost in an effort to secure the first of many contracts with the Canadian Niagara Power Company.

Letter which contains a report to George Rykert of Friends of the Port Dalhousie Thorold Railway

Letter which contains a report to George Rykert of Friends of the Port Dalhousie Thorold Railway. In this unsigned letter regarding contracts for the railway, it is suggested that the quantity of the excavation could have been done at 25 cents less per yard, July 23, 1855.

Letter which bears the letterhead “Tisdale, Livingstone and Robb, Barristers, Simcoe, Ontario”

Letter which bears the letterhead “Tisdale, Livingstone and Robb, Barristers, Simcoe, Ontario” (3 pages, handwritten). It was sent to John I Mackenzie regarding contracts on work to be done at Long Point. The lawyers suggest that John Glover (contractor) speak to S.D. Woodruff. There is a note on the back to S.D. Woodruff from Mr. Mackenzie stating that he has no more to add but he notes that the fisherman are starting a petition. There is an envelope addressed to S.D. Woodruff with this letter, Feb. 5, 1875.

Letter to S.D. Woodruff from Fred Holmes

Letter to S.D. Woodruff from Fred Holmes which states that the excavation of the Marshville tap ditch is finished. The contractors have collected their contracts except Henshall and Brown who have to move some more dirt, Sept. 24, 1856.

Efficiency in Uncertain Cooperative Games

A contingent contract in a transferable utility game under uncertainty specifies an outcome for each possible state. It is assumed that coalitions evaluate these contracts by considering the minimal possible excesses. A main question of the paper concerns the existence and characterization of efficient contracts. It is shown that they exist if and only if the set of possible coalitions contains a balanced subset. Moreover, a characterization of values that result in efficient contracts in the case of minimally balanced collections is provided.

Habit Formation and the Persistence of Monetary Shocks

This paper studies the persistent effects of monetary shocks on output. Previous empirical literature documents this persistence, but standard general equilibrium models with sticky prices fail to generate output responses beyond the duration of nominal contracts. This paper constructs and estimates a general equilibrium model with price rigidities, habit formation, and costly capital adjustment. The model is estimated via Maximum Likelihood using US data on output, the real money stock, and the nominal interest rate. Econometric results suggest that habit formation and adjustment costs to capital play an important role in explaining the output effects of monetary policy. In particular, impulse response analysis indicates that the model generates persistent, hump-shaped output responses to monetary shocks.

Dealing with Moral Hazard and Adverse Selection Simultaneously

Although Insurers Face Adverse Selection and Moral Hazard When They Set Insurance Contracts, These Two Types of Asymmetrical Information Have Been Given Separate Treatments Sofar in the Economic Literature. This Paper Is a First Attempt to Integrate Both Problems Into a Single Model. We Show How It Is Possible to Use Time in Order to Achieve a First-Best Allocation of Risks When Both Problems Are Present Simultaneously.

Explaining the Persistence of Commodity Prices

This paper extends the Competitive Storage Model by incorporating prominent features of the production process and financial markets. A major limitation of this basic model is that it cannot successfully explain the degree of serial correlation observed in actual data. The proposed extensions build on the observation that in order to generate a high degree of price persistence, a model must incorporate features such that agents are willing to hold stocks more often than predicted by the basic model. We therefore allow unique characteristics of the production and trading mechanisms to provide the required incentives. Specifically, the proposed models introduce (i) gestation lags in production with heteroskedastic supply shocks, (ii) multiperiod forward contracts, and (iii) a convenience return to inventory holding. The rational expectations solutions for twelve commodities are numerically solved. Simulations are then employed to assess the effects of the above extensions on the time series properties of commodity prices. Results indicate that each of the features above partially account for the persistence and occasional spikes observed in actual data. Evidence is presented that the precautionary demand for stocks might play a substantial role in the dynamics of commodity prices.

Wage Flexibility and Contract Structure in Germany

In this paper, we look at how labor market conditions at different points during the tenure of individuals with firms are correlated with current earnings. Using data on individuals from the German Socioeconomic Panel for the 1985-1994 period, we find that both the contemporaneous unemployment rate and prior values of the unemployment rate are significantly correlated with current earnings, contrary to results for the American labor market. Estimated elasticities vary between 9 and 15 percent for the elasticity of earnings with respect to current unemployment rates, and between 6 and 10 percent with respect to unemployment rates at the start of current firm tenure. Moreover, whereas local unemployment rates determine levels of earnings, national rates influence contemporaneous variations in earnings. We interpret this result as evidence that German unions do, in fact, bargain over wages and employment, but that models of individualistic contracts, such as the implicit contract model, may explain some of the observed wage drift and longer-term wage movements reasonably well. Furthermore, we explore the heterogeneity of contracts over a variety of worker and job characteristics. In particular, we find evidence that contracts differ across firm size and worker type. Workers of large firms are remarkably more insulated from the job market than workers for any other type of firm, indicating the importance of internal job markets.

Environmental Risks : Should Banks Be Liable?

This paper studies the impact of banks' liability for environmental damages caused by their borrowers. Laws or court decisions that declare banks liable for environmental damages have two objectives : (1) finding someone to pay for the damages and (2) exerting a pressure on a firm's stakeholders to incite them to invest in environmental risk prevention. We study the effect that such legal decisions can have on financing relationships and especially on the incentives to reduce environmental risk in an environment where banks cannot commit to refinance the firm in all circumstances. Following an environmental accident, liable banks more readily agree to refinance the firm. We then show that bank liability effectively makes refinancing more attractive to banks, therefore improving the firm's risk-sharing possibilities. Consequently, the firm's incentives to invest in environmental risk reduction are weakened compared to the (bank) no-liability case. We also show that, when banks are liable, the firm invests at the full-commitment optimal level of risk reduction investment. If there are some externalities such that some damages cannot be accounted for, the socially efficient level of investment is greater than the privately optimal one. in that case, making banks non-liable can be socially desirable.

Standardized Latin and Medieval Economic Growth

Traditional explanations for Western Europe's demographic growth in the High Middle Ages are unable to explain the rise in per-capita income that accompanied observed population changes. Here, we examine the hypothesis that an innovation in information technology changed the optimal structure of contracts and raised the productivity of human capital. We present historical evidence for this thesis, offer a theoretical explanation based on transaction costs, and test the theory's predictions with data on urban demographic growth. We find that the information-technology hypothesis significantly increases the capacity of the neoclassical growth model to explain European economic expansion between 1000 and 1300.