April 14, 1902 (9th Parliament, 2nd Session)

Hon. Mr. HAGGART.

I do not remember at present how these bonds stand, but I was simply pointing out what appeared to be the effect of this clause. Even if the bonds already issued be secured by a first mortgage, the House should still be careful to see that by this Act we are not in any way taking from their precedence. That could be guarded against by providing an additional clause, which would give these bonds already issued priority beyond doubt over those authorized to be issued.