Mr. MCCARTHY moved :
That the petition of the Great Northern Railway of Canada; presented this day; praying the House to suspend all rules and formal notices regarding a Bill to be introduced amending the Act incorporating the Great Northern Railway of Canada and Acts amending same by enacting that notwithstanding the provisions of section 13, chapter 40 of the Acts of Parliament of Canada, 1892 (55-56 Victoria, c. 40), the bonds issued by the company secured upon the railway, exclusive of the bridge over the Ottawa river by indenture of trust and mortgage, dated the 1st of January, 1900, by and between the company on the one part and the Central Trust Company of New York on the other part, and designated as Series A, and the bonds issued by the company upon the bridge built over the Ottawa river, secured by deed of trust and mortgage, dated the 1st of January, 1900, by and between the company on the one part and the Central Trust of New York as the other part, and designated as Series B, shall all rank equally, pari passu, both upon the railway of the company and the bridge over the Ottawa river, and the revenues of both the railway and the bridge shall be treated and considered as one security for all the bonds of both Series A and B ; that the trustee or trustees for the holders of bonds Series A and B may, in the event of default by the company, sell the railway and the bridge over the Ottawa river, together for one price which shall be distributed amongst the holders of bonds of the railway, Series A and B, without distinction, in proportion to their respective holdings, and if the railway or the bridge be sold separately, the holders of bond3 Series A and B, without distinction, will be entitled to rank upon the price realized in the proportion of their holdings respectively; notwithstanding the expiration of the time for presenting petitions for private Bills, be read and received, and referred to the Select Standing Committee on Standing Orders.
He said : I may say that this is rendered necessary by reason of the fact, as I am instructed, that those who were about to underwrite or purchase the bonds required, and the company agreed, that it would be wise to have the bonds on the railway and the bonds on the bridge applied pari passu on the railway and on the bridge. By chapter 40 of 55 and 56 Vic., power was given to the railway company to issue bonds to the extent of $20,000 a mile on the railway, and to the amount of $500,000 on
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the bridge ; and the trustee deed recites that the bondholders and the railway company are agreed that these shall rank pari passu. As this is in a sense entirely a family matter, I do not think that the House will have any objection to the legislation being passed this session.