I shall not attempt to make reply to the purely show features of what I may describe as the speech to the press gallery of the hon. member for St. John. There are, however, serious members of the committee who are anxious that no substantial feature of the subject before us shall be in any way obscure. I have heard the warning of the hon. member for St. John, that we are going to have to pay at least sixty milliondollars for this stock, on the determination of its value by the arbitrators, and he assures the country that the stock is not worth a dollar. He knows that in the height of his wisdom. He has no
confidence that men like Sir William Meredith, and an appointee agreeable to him or to the Chief Justice of the Exchequer Court of Canada, will be anything but mere victims of the chicanery of Mackenzie and Mann. I do not know that the committee has any reason' to assume that the Chief Justice of Ontario and the Chief Justice of the Exchequer Court would not be proof, and could not select men who would be proof, against the chicanery of Messrs. Mackenzie and Mann, -just as much >as the hon. member for St. John is proof against it. I have no reason to assume that such men would be mere putty and clay in the hands of the Canadian Northern any more than the hon. member for St. John would be putty >and clay in the hands of either the Canadian Northern or the Canadian Pacific.
As to these land grant bonds, I do not know what the hon. member for St. John has in the back of his head. I do not know what he is trying to express. I have not been able to get my mind around any complete idea that he is trying to give the committee. What are these land grant bonds? The Canadian Northern Railway Company became the possessors of a large grant of land. It formerly belonged to Mackenzie and Mann, then to Mackenzie-Mann, Limited and, in return for stock, it became the property of the company. The Canadian Northern then were the owners of more than 4,000,000 acres of land in Western Canada. What happened? The Canadian Northern Railway Company issued land grant bonds and secured them on that land grant.
Subtopic: CONSIDERATION OF CANADIAN NORTHERN RAILWAY BILL RESUMED IN COMMITTEE.