The Pacific Great Eastern Railway (PGE) was incorporated on February 27, 1912, to build a line from Vancouver north to a connection with the Grand Trunk Pacific Railway (GTP) at Prince George. Although independent from the GTP, the PGE had agreed that the GTP, whose western terminus was at the remote northern port of Prince Rupert, could use their line to gain access to Vancouver. The railway was given its name due to a loose association with England's Great Eastern Railway. Its financial backers were Timothy Foley, Patrick Welch, and John Stewart, whose construction firm of Foley, Welch and Stewart was among the leading railway contractors in North America. Upon incorporation, the PGE took over the Howe Sound and Northern Railway, which at that point had built of track north of Squamish. The British Columbia government gave the railway a guarantee of principal and 4% interest (later increased to 4.5% to make the bonds saleable) on the construction bonds of the railway.