On motion of Hon. J. D. Hazen (Minister of Marine) the following resolution was considered in Committee, reported and concurred in:
Resolved, 1, That it is expedient to provide that the Governor in Council may, from time to time, advance and pay to the corporation of the Quebec Harbour Commissioners, hereinafter called the corporation, such sums of money, not exceeding in the whole the sum of two million dollars, as are required to enable the corporation to carry on the construction of such terminal facilities as are necessary to properly equip the port of Quebec.
2. That during the period of construction of the terminal facilities mentioned in these resolutions, the interest payable on the debentures receivable by the Minister of Finance in exchange for such advances, shall be deemed to be money required to construct and to be part of the cost of construction of the said terminal facilities, and such interest may be paid out of the said sum of two million dollars.
3. That the corporation snail submit to the minister of Marine and Fisheries for approval, monthly applications for such advances, with statements showing total expenditure on different items in detail, and upon approval, authority for the payment of the amount applied for may be granted by the Governor in Council.
4. Tha.t the corporation shall upon any advances being made, deposit with the Minister
of Finance, debentures of the corporation equal in par value to the advance so made, repayable within twenty-five years from the date of issue and bearing interest payable half-yearly, at the rate of three and one-half per centum per annum.
5. That the principal and interest of any sums advanced under any Act founded on these resolutions, shall be payable by the corporation out of all its property, assets, tools, rates, dues, penalties and other sources of revenue and income whatsoever, and shall be a charge thereon next after, and have precedence in regard to payment next after all debentures or bonds issued by the corporation amounting to the sum of one million, one hundred and fifty thousand dollars, under chapter 48, of the statutes of 1898, chapter 34, of the statutes of 1899, and chapter 36 of the statutes of 1907.