April 6, 1909

LIB

William Stevens Fielding (Minister of Finance and Receiver General)

Liberal

Mr. FIELDING.

That is a fair question; I appreciate it.

Topic:   SUPPLY BILL.
Subtopic:   GRAND TRUNK PACIFIC LOAN.
Permalink
CON

Herbert Brown Ames

Conservative (1867-1942)

Mr. AMES.

We want to know about the grades, the curves and the character of the structures. Would it be possible for the minister to deal with the question raised in order that the House shall be permitted, either now or at some future date, to examine the statement containing the list of vouchers that go to make up the $35,000 per mile and that the House through one of its committees would be able to examine and take evidence to satisfy itself that the money has gone into the road?

Topic:   SUPPLY BILL.
Subtopic:   GRAND TRUNK PACIFIC LOAN.
Permalink
LIB

William Stevens Fielding (Minister of Finance and Receiver General)

Liberal

Mr. FIELDING.

I cannot answer that off-hand.

Topic:   SUPPLY BILL.
Subtopic:   GRAND TRUNK PACIFIC LOAN.
Permalink
CON

Herbert Brown Ames

Conservative (1867-1942)

Mr. AMES.

He will take that into consideration?

Topic:   SUPPLY BILL.
Subtopic:   GRAND TRUNK PACIFIC LOAN.
Permalink
LIB

William Stevens Fielding (Minister of Finance and Receiver General)

Liberal

Mr. FIELDING.

Yes.

Topic:   SUPPLY BILL.
Subtopic:   GRAND TRUNK PACIFIC LOAN.
Permalink
CON

Herbert Brown Ames

Conservative (1867-1942)

Mr. AMES.

Will he undertake to show what has been done with the 20 per cent payment on 10,000 shares of stock. We have been told that it went to the general purposes of the road. We would like something more specific. Where has it gone into the road and what is there to show for it? Would he also take up more definitely than has already been done, what will be the probable fixed charges in respect to capital investment for construction and to provide for what rolling stock has been placed on the road, what will be the fixed charges by way of interest on that section of the road and how these fixed charges will compare with the Canadian Northern and the Canadian Pacific Railway which run parallel to this road? It is a very important question because it will enable us to judge whether this company will be in a position to compete in grain rates or will be an active influence in keeping up grain rates.

Topic:   SUPPLY BILL.
Subtopic:   GRAND TRUNK PACIFIC LOAN.
Permalink
LIB

William Stevens Fielding (Minister of Finance and Receiver General)

Liberal

Mr. FIELDING.

If the roads are of different character I do not think such a comparison will be of much value. Of course if a better road is given, as we claim, it will have such increased hauling power that even although the fixed charges are more it will still be a profitable road.

Topic:   SUPPLY BILL.
Subtopic:   GRAND TRUNK PACIFIC LOAN.
Permalink
CON

Herbert Brown Ames

Conservative (1867-1942)

Mr. AMES.

It will still be a question of degree and of comparison.

Topic:   SUPPLY BILL.
Subtopic:   GRAND TRUNK PACIFIC LOAN.
Permalink
L-C

Samuel Hughes

Liberal-Conservative

Mr. HUGHES.

The three roads, the Grand Trunk Pacific, the Canadian Northern and the Canadian Pacific Railway run through similar country. Each road may be perfectly level for a long distance and then there may be a short grade of 4-10 per cent on the Grand Trunk Pacific and of 5-10 or 6-10 on the Canadian Northern Railway or the Canadian Pacific Railway. In order to have the comparison a fair one, would the minister have his engineers state both in miles and in number the grades on the different roads?

Topic:   SUPPLY BILL.
Subtopic:   GRAND TRUNK PACIFIC LOAN.
Permalink
LIB

William Stevens Fielding (Minister of Finance and Receiver General)

Liberal

Mr. FIELDING.

I think the committee and the House are entitled to the fullest information as to the superior character of this road and any possible information on that question I shall endeavour to get. As to comparisons with other roads, that is a different proposition and we will have to hold it in reserve.

Topic:   SUPPLY BILL.
Subtopic:   GRAND TRUNK PACIFIC LOAN.
Permalink
CON

Herbert Brown Ames

Conservative (1867-1942)

Mr. AMES.

What steps are being taken by the Grand Trunk Pacific to provide their share of the funds for the construction of the mountain section?

Topic:   SUPPLY BILL.
Subtopic:   GRAND TRUNK PACIFIC LOAN.
Permalink
LIB

William Stevens Fielding (Minister of Finance and Receiver General)

Liberal

Mr. FIELDING.

They have some money in hand, as shown in the information supplied.

Topic:   SUPPLY BILL.
Subtopic:   GRAND TRUNK PACIFIC LOAN.
Permalink
CON

Herbert Brown Ames

Conservative (1867-1942)

Mr. AMES.

The minister cannot tell us off-hand how much money they have exclusively for the mountain section ?

Topic:   SUPPLY BILL.
Subtopic:   GRAND TRUNK PACIFIC LOAN.
Permalink
LIB

William Stevens Fielding (Minister of Finance and Receiver General)

Liberal

Mr. FIELDING.

I think the figures are in the printed statement, to which I would refer the hon. member (Mr. Ames).

Topic:   SUPPLY BILL.
Subtopic:   GRAND TRUNK PACIFIC LOAN.
Permalink
CON

Herbert Brown Ames

Conservative (1867-1942)

Mr. AMES.

Would it be pressing the matter too far if I asked whether any intimation has been given that further assistance of this character will be required regarding the mountain section ?

Topic:   SUPPLY BILL.
Subtopic:   GRAND TRUNK PACIFIC LOAN.
Permalink
LIB

William Stevens Fielding (Minister of Finance and Receiver General)

Liberal

Mr. FIELDING..

No such intimation has been received. Possibly, my hon. friend's suggestion that further assistance will be required may prove to be correct, but I have no such information now.

Topic:   SUPPLY BILL.
Subtopic:   GRAND TRUNK PACIFIC LOAN.
Permalink
CON

Herbert Brown Ames

Conservative (1867-1942)

Mr. AMES.

I can believe it to be quite nkely that the railway company will come to the government again, inasmuch as they can borrow at a very much lower rate of interest from the government than they can by floating bonds. I would like to ask also: Whore is the preferred stock today-has it been issued?

Topic:   SUPPLY BILL.
Subtopic:   GRAND TRUNK PACIFIC LOAN.
Permalink
LIB

William Stevens Fielding (Minister of Finance and Receiver General)

Liberal

Mr. FIELDING.

If that is not covered by the information already brought down, 1 will have to ask the hon. member to leave the question for further consideration.

Topic:   SUPPLY BILL.
Subtopic:   GRAND TRUNK PACIFIC LOAN.
Permalink
CON

Herbert Brown Ames

Conservative (1867-1942)

Mr. AMES.

It is not in this information. The question is what has been done under their right to issue $20,000,000 of preferred stock ?

Topic:   SUPPLY BILL.
Subtopic:   GRAND TRUNK PACIFIC LOAN.
Permalink
LIB

William Stevens Fielding (Minister of Finance and Receiver General)

Liberal

Mr. FIELDING.

I will have that looked into.

Topic:   SUPPLY BILL.
Subtopic:   GRAND TRUNK PACIFIC LOAN.
Permalink

April 6, 1909