This amendment, in my opinion, does not alter the intention of the Act in respect of the subject matter to be valued, namely, the stocks. I would be very sorry if it had the effect that the hon. gentleman desires-that the arbitrators should value the physical assets. A valuation based on physical assets to-day would, I am afraid, place the Government under a much greater obligation than that to which it can be possibly be made subject under this Bill. I have answered the question so far as my opinion goes; I do not think I am justified in saying anything further.
Subtopic: CONSIDERATION OP AMENDMENTS MADE BY THE SENATE TO BILL FOR THE ACQUISITION OP THE SYSTEM BY THE GOVERNMENT.