April 19, 1904

CON

Thomas Inkerman Thomson

Conservative (1867-1942)

Mr. T. I. THOMSON (North Grey).

Mr. peaker. the fact that the government have ot a speaker to answer the arguments of iv lion, friend from East Prince (- [DOT]

;;r;L

'Son thta question at the last

RF.VfftKO i:t>lTION

The above estimate assumes that the money can be borrowed on 3 per cent securities at par-but if securities arc placed at 90 (and the Finance Minister has admitted that they will not bring par) the result would be :

To provide $75,000,000 at 90 per cent

as cost of 1,875 miles $ 83,333,334

Four years simple interest during construction, at 3 per cent, $2,500,000 per year for 4 years 10,000.000

Assuming the cost of the railway to

completion to be $84,000,000

We must add seven years' interest (not compounded) after completion, during which the Grand Trunk Pacific is to pay no rent 17,640,000

Interest on this sum for three years additional, during which no rent is collectable, unless earning3 are

sufficient (not compounded) ... 9,147,600

But, as above stated, if the securities are placed at 90, instead of at par

the cost of the railway will be______$ 93,333,334

Seven years' interest after completion (hot compounded) 19,600,000

Interest on this sum for three years additional, during which no rent is collectable (not compounded).. .. 10,104,000

Topic:   RAILWAY CONNECTION AT BROCK-YILLE.
Permalink

$123,097,334 QUEBEC BRIDGE.


(Hansard 14526, sec. 6.) Bonds to be guaranteed by the government, to be issued monthly, as work proceeds, and bridge to be completed 1st December, 1906.. 6,678,200


CON

Thomas Inkerman Thomson

Conservative (1867-1942)

Mr. THOMSON.

^ty-five

per cent of above to be jGaranteed by the government for ,76 construction of mountain see-

10,1 $ 23,250,000

government agrees to pay interest on bonds so guaran-,.f9 _tor seven years, that is to say

**97,5

500 per year for seven years..

4,882,500

Topic:   $123,097,334 QUEBEC BRIDGE.
Permalink

$ 28 132,500 SUMMARY OF OBLIGATIONS.


If 3 p.C. If 3 p.c. bonds are bonds are 6 sold at par. sold at 90 p.c. ^vei'n division and Pf1Uebec bridge $117,750,000 or $130,000,000 section 13.000,000 or 13,000,000 ®in section .. 25,000,000 or 28,000,000 $155,750,000 or $171,000,000 *T*i the "ls if three per cent bonds are sold at par, bw eastern division and Quebec bridge would 5l;> nun 1,150,000 ; the prairie section would cost l25(i^'0OO ; the mountain section would cost V'OO.OOO ; total $155,750,000. If three per cent n. "s i,„ * nn . noojern division and %lkr are sold at 90 ; the bridge will cost $130,000,000 : the prairie 8ec.:°n will cost $13,000,000. and the mountain Oto^h $28,000,000, making a total of $171,- JV leader of the opposition as will be [DOT]$I7(1 figures out tlie cost of the road at $1''"9b,000. Let me place on record what %.v',<J(jO,0<io means. One hundred and million dollars in gold will weigh than 708,333 pounds or 354 tons. It V;<1 require a train of thirty-six cars of Hins to haul this amount of gold. The lob* ,'v°uld be a half mile in length. In *J'Ls it will extend 38,400 miles. It is iVny 1° $0 per foot for every foot of rail-^ch i imagine thirty-six cars of ten tons ioaded with gold a present from the V- pof Canada to the Grand Trunk Rall-1,,. Company. _ W ' Speaker, while. we have to incur this *i|. jSxPendlture, we have the statement of ,bjin'lv,-rs-Wilson at the meeting of the 4ii(ol Trunk shareholders in London on 1904, i [>ent ini $15,000, a said : K nave fo C°WS Rationed, you will find that the result i,.. tespo11 awount, of principal bonds guaranteed .LLji ,ci of both sections of £2,968,000, and of V |tahii',tere8t of £118,720, but even this interim *ecf, ty. comparatively small as it is. need n. tlttv.. Until ilio ovnirntiGn nP Aitrht VPai'S- *<^8.1804, that they forced the Canadian ^QlPnf in4-n * tvimfiimiciliin in wrhipll fllPV ^he *lt y -S| nave followed the figures which I have * -'[DOT]/V/-*, Ul4.ll. UlC,V 1U1 LLU LUC Lir' "b'ent into a partnership in which they 'v1i;kI* 5,000,000 as their portion. This is ' Lumpaiauvuiy oiuaii ao n, **->* * b(_* rj,,I until the expiration of eight years- Ve°st | allowed for construction-the interest W Of "I'ing construction being provided for t (,'Mbli,,pttab This, then, constitutes the res-*C><5 J* Of the Grand Trunk Company, and (*>, ^.'[DOT]statement will allay the apprehen-Hij " have been already expressed by a <!s. who may not have sufficiently of accurately understood the provi-l"e agreements. (Hear, hear.) This is a partnership in which Canada nuts up 170 millions of dollars, the Grand Trunk 15 millions, and the Grand Trunk people own the road, control the rates and take the profits. I do not believe the country is in favour of such a partnership. The policy of the opposition is to extend the Intercolonial Railway to the Pacific coast. It will cost us 50 millions of dollars less than the proposed agreement. We will own the road, control the rates and operate it in the best'interests of the people of Canada. This to my mind is a policy that will meet with the approval of the people of this country. The member for South Essex (Mr .Cowan) quoted from a speech delivered by Sir John A. Macdonald 34 years ago declaring that government ownership was inconvenient. The member for South Essex, like Rip Van Winkle, has been sleeping for the past 34 years : he has not taken stock of the great change in the opinions of public men of late vears as regards public ownership. Why, Sir, to-day municipal corporations, towns and cities, not only in Canada, but also in Europe, are operating these public franchises instead of letting them pass into private hands. The city of Glasgow has shown what may be done in the interest of tlie people in tiiis respect. ^ Why, Sir, the town of Owen Sound, in which I live, owns and operates to the advantage of the people their water system, the electric light, the gits light system, and have refused to allow the street car franchise to pass out of their hands. In France. Australia and other countries we find state-owned railways, owned and controlled by the people to their own advantage. This is an age of progress, and the public demand the control of these franchises as far as possible. The day is not far distant when the Canadian people will demand the control of all the railways in this country, as they to-day have control of our canals and waterways. Mr. Speaker, I question the right of this government to commit the country to (his scheme until it lias received the endorsation of the people. In the elections of 1900 no mention was made of such an undertaking, and where the people have had an opportunity of passing judgment since the scheme was proposed in parliament, they have voted against the government. I ask you, is it reasonable that a country where the whole annual revenue derived from customs ana excise amounts to $49,000,000, should be committed to an expenditure of $170,000,000 without the people being first consulted . The present government have certainly a very checkered record in this respect. Jhc contract for the Yukon Railway, which involved the giving away of four million acres of the richest gold lands in the world, was signed a few weeks before parliament met. The people's representatives were not even consulted before the deal was consummated.



A few years later this same government re fused to send Canadian troops^ to Soutl Africa because parliament had made no pro visions for doing so. It would appear tin this government is moved more by expediency than by precedent or sound constitutional principles. . _ , Mr. Speaker, I will vote against the Giand Trunk Pacific Bill because I believe it is detrimental to the best interests of my constituents and also to Canada. I am °PP®s®d to burdening the people with an indebtedness of $170,000,000 for the benefit of the Grand Trunk Pacific Company. If another transcontinental railway is necessary, I am in favour of extending the Intercolonial Railway, which we built and own, from Montreal to Port Simpson, and of controlling and operating it to the best interests of the people of Canada. [DOT] Mr. SAMUEL BARKER moved the adjournment of the debate. Motion agreed to. and debate adjourned. On motion of Mr. Fielding, House adjourned at 11.20 p.m. 3. Sittings were held at Montreal, ' aDs-cinthe, Yictoriaville, Brockville ana ville. „ ,prs 4. Evidence was taken. Bep°":ent duf: newspaper representatives were pi reared ing the sittings at Montreal. None < l at any of the other sittings. 5. Yes. . . , ;n co*- 6. The commission was appomtea paving sequence of numerous complain * ejgbjo8 reached the government in re the of butter and cheese. PUBLIC ACCOUNTS COMMIT!'® '


?

Mr. R. L.@

Topic:   $ 28 132,500 SUMMARY OF OBLIGATIONS.
Permalink

GRAND TRUNK PACIFIC


CORRESPONDENCE. ^


CON

Robert Laird Borden (Leader of the Official Opposition)

Conservative (1867-1942)

Mr. R. L. BORDEN (Halifax).

AVednesday, April 20, 1904.

Topic:   GRAND TRUNK PACIFIC
Permalink

April 19, 1904