If my hon. friend the Minister of Public Works intends that this Bill shall not apply to ports where contracts have been entered into for the construction of dry-docks, I consider that this section, if passed, will not carry out his view, because it provides that paragraph (a) of section 8 of the Dry-docks Subsidies Act of 1910 is repealed. Therefore, when this Bill passes, there will be no law except it in existence under which subsidies can be paid, because the previous Act which authorizes the Governor in Council to make payment of a subsidy of 3J per cent is repealed, and this will be the law providing for a. subsidy at the rate of 4 per cent. I do not complain in regard to the matter; I am inclined to think it better that it should be so, because even Governments to-day are obliged to pay 4 per cent for money; and in the case of docks which have not yet been actually undertaken
4 per cent is a reasonable rate of interest, when we bear in mind that the principal is not guaranteed and that the subsidy is only for a limited time.