March 30, 1909

LIB

William Stevens Fielding (Minister of Finance and Receiver General)

Liberal

Mr. FIELDING.

The equipment lien is on exactly the same property as the two

prior mortgages. It is not secured by special mortgages but by a lien created by statute.

Topic:   GRAND TRUNK PACIFIC LOAN.
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CON

George Eulas Foster

Conservative (1867-1942)

Mr. FOSTER:

Does our mortgage have

the remaining equity in everything ?

Topic:   GRAND TRUNK PACIFIC LOAN.
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LIB

William Stevens Fielding (Minister of Finance and Receiver General)

Liberal

Mr. FIELDING.

Yes as Tespects the prairie section. As I said I do not personally attach much present value to the mortgage security. There will come a time in the development of that property when the mortgage will become of value. For the present there are other mortgages ahead.

Topic:   GRAND TRUNK PACIFIC LOAN.
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CON

Herbert Brown Ames

Conservative (1867-1942)

Mr. AMES.

Is the- amount of money raised, say on the second mortgage, differentiated as between the prairie and the mountain section or does the entire amount rest on the whole road?

Topic:   GRAND TRUNK PACIFIC LOAN.
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LIB

William Stevens Fielding (Minister of Finance and Receiver General)

Liberal

Mr. FIELDING.

It is one common mortgage on the western division, but a portion of it is specially assigned to the prairie section, so that only that much can be applied to the prairie section, but the mortgage is on the entire western division.

Topic:   GRAND TRUNK PACIFIC LOAN.
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CON

Herbert Brown Ames

Conservative (1867-1942)

Mr. AMES.

Would not the entire mortgage on the western division have to be paid off before the third mortgage would rank on the prairie section?

Topic:   GRAND TRUNK PACIFIC LOAN.
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LIB

William Stevens Fielding (Minister of Finance and Receiver General)

Liberal

Mr. FIELDING.

I think so, but the mortgage says that only this specified, limited sum of the proceeds of the mortgage can be applied to the construction of the prairie section. But it is a common mortgage over the whole western division and the hon. gentleman's view is, I think, correct.

Topic:   GRAND TRUNK PACIFIC LOAN.
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CON

John Graham Haggart

Conservative (1867-1942)

Mr. JOHN HAGGART.

Does the undertaking of the Grand Trunk Pacific cover that section of the road built to Lake Superior, or is that separate?

Topic:   GRAND TRUNK PACIFIC LOAN.
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LIB

William Stevens Fielding (Minister of Finance and Receiver General)

Liberal

Mr. FIELDING.

The Lake Superior branch is quite a separate transaction; the guarantee does not apply to that and it in no way relates to that transaction.

Topic:   GRAND TRUNK PACIFIC LOAN.
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CON

William Barton Northrup

Conservative (1867-1942)

Mr. NORTHRUP.

Do I understand that the government, in making this advance, is under the belief that the Dominion of Canada has the first mortgage under the transaction of 1903-4?

Topic:   GRAND TRUNK PACIFIC LOAN.
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LIB

William Stevens Fielding (Minister of Finance and Receiver General)

Liberal

Mr. FIELDING.

First mortgage on what?

Topic:   GRAND TRUNK PACIFIC LOAN.
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CON
LIB

William Stevens Fielding (Minister of Finance and Receiver General)

Liberal

Mr. FIELDING.

Surely they have.

Topic:   GRAND TRUNK PACIFIC LOAN.
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CON
LIB

William Stevens Fielding (Minister of Finance and Receiver General)

Liberal

Mr. FIELDING.

The government-guaranteed bonds are certainly the first mortgage on the whole western division.

Topic:   GRAND TRUNK PACIFIC LOAN.
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LIB
CON
LIB

William Stevens Fielding (Minister of Finance and Receiver General)

Liberal

Mr. FIELDING.

My hon. friend understands differently? [DOT]

Topic:   GRAND TRUNK PACIFIC LOAN.
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CON

William Barton Northrup

Conservative (1867-1942)

Mr. NORTHRUP.

I do not think there is the slightest doubt about it.

Topic:   GRAND TRUNK PACIFIC LOAN.
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LIB

March 30, 1909