April 20, 1923

LIB
LIB

Hewitt Bostock (Speaker of the Senate)

Liberal

Mr. SPEAKER:

With the consent of the House, bill read the second time.

Topic:   ANIMAL CONTAGIOUS DISEASES ACT AMENDMENT
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Motion agreed to, and the House went into committee thereon, Mr. Gordon in the chair.


PRO
LIB

George Newcombe Gordon (Deputy Speaker and Chair of Committees of the Whole of the House of Commons)

Liberal

The CHAIRMAN:

There is no number on it.

Topic:   ANIMAL CONTAGIOUS DISEASES ACT AMENDMENT
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LIB

William Richard Motherwell (Minister of Agriculture)

Liberal

Mr. MOTHERWELL:

If the bill has not been distributed, we cannot very well go ahead with it. However, the provisions of the bill are identical with the explanation I have just given to the House. The resolution is the embodiment of the bill, and the bill is in effect couched in the same language as the resolution.

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CON

Richard Burpee Hanson

Conservative (1867-1942)

Mr. HANSON:

What is the idea of railroading it through at this rate?

Topic:   ANIMAL CONTAGIOUS DISEASES ACT AMENDMENT
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LIB

William Richard Motherwell (Minister of Agriculture)

Liberal

Mr. MOTHERWELL:

We want to get some work before the Senate.

Topic:   ANIMAL CONTAGIOUS DISEASES ACT AMENDMENT
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CON

Richard Burpee Hanson

Conservative (1867-1942)

Mr. HANSON:

It is not because the minister wants to send out the cheques to-morrow.

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LIB

William Richard Motherwell (Minister of Agriculture)

Liberal

Mr. MOTHERWELL:

I have no desire to railroad it through.

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?

John William Bell

Mr. CALDW ELL:

It is a very important matter, and I think we had better have the bill printed and distributed.

Progress reported.

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CANADIAN NATIONAL RAILWAYS

INSURANCE OF MORTGAGED PREMISES


Hon. GEORGE P. GRAHAM (Acting Minister of Railways and Canals) moved that the House go into committee to consider the following proposed resolution. Resolved, that the Governor in Council may from time to time cause an agreement or agreements to be executed by or on behalf of His Majesty the Ring, undertaking or guaranteeing that any company mentioned or referred to in chapter thirteen of the statutes of 1919 (first session), entitled: An Act to incorporate Canadian National Railway Company and respecting Canadian National Railways, and in chapter thirteen of the statutes of 1920, entitled: An act to confirm the agreement dated the eighth day of March, 1920, between His Majesty the King and the Grand Trunk Railway Company of Canada for the acquisition of the capital stock of the said Grand Trunk Railway Company, except the four per cent guaranteed stock, will restore or make good all loss or damage to the mortgaged premises comprised in any mortgage or deed of trust (hereinafter called "such mortgage") at any time executed by any such company occasioned by fire or other casualty against which such company covenanted in such mortgage to insure, and indemnifying the trustee or trustees of any such mortgage against any consequences arising from any failure-(a) on the part of such company to comply with such covenant to insure, and (b) on the part of such trustee or trustees to take any action in respect thereof. The times and manner of the giving of any such agreement or agreements, and the form and terms thereof and the person who may sign the same on behalf of His Majesty shall be such as the Governor in Council may from time to time approve or direct.


CON

Arthur Meighen (Leader of the Official Opposition)

Conservative (1867-1942)

Mr. MEIGHEN:

Explain.

Topic:   CANADIAN NATIONAL RAILWAYS
Subtopic:   INSURANCE OF MORTGAGED PREMISES
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LIB

George Perry Graham (Minister of National Defence)

Liberal

Mr. GRAHAM:

The object of this resolution is simply this: The Canadian National Railway Board, with the consent of the government, has decided to carry its own insurance. In the mortgages given a covenant was included that insurance should be carried for the protection of-

Topic:   CANADIAN NATIONAL RAILWAYS
Subtopic:   INSURANCE OF MORTGAGED PREMISES
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CON

Henry Lumley Drayton

Conservative (1867-1942)

Sir HENRA DRAYTON:

Perhaps we can shorten it a little. The resolution is rather a long one. If the minister says that all the resolution does is to enable the government to carry the insurance, we have no objection.

Topic:   CANADIAN NATIONAL RAILWAYS
Subtopic:   INSURANCE OF MORTGAGED PREMISES
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LIB

George Perry Graham (Minister of National Defence)

Liberal

Mr. GRAHAM:

That is all it does.

Mr. HANSON; What about the bond holders? They have some rights.

Mr. SPEAKER. The matter will be fully

explained in committee, I presume.

Motion agreed to and the House went into committee, Mr. Gordon in the chair.

Topic:   CANADIAN NATIONAL RAILWAYS
Subtopic:   INSURANCE OF MORTGAGED PREMISES
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CON

Arthur Meighen (Leader of the Official Opposition)

Conservative (1867-1942)

Mr. MEIGHEN:

I think the minister

should give the committee some information as to the experience of the company with its insurance. What has been the result of the insurance that has been carried by the Canadian National Railways through these years? I understand they have had one system of insurance applicable to their densely populated or densely trafficked areas, and another system with differing rates for other

C.N.R.-Mortgaged Premises

areas, and I believe some area not insured, in which they carry their own insurance the intention of the insurance, of course, being to provide for cases where( if a loss occurred by fire in the densely trafficked section, the money would be at hand to pay the loss. The property would have to be repaired at once. It could not be allowed to stand, and there would be no money to do it with, if they had no insurance fund. The minister is providing some other way whereby there will be authority to pay the money out of the treasury. I would like if the minister would tell the House what has been the result of that insurance. Has it been a loss to the company? Has the company been recouped by those with whom it insured against these losses, equal to, or nearly equal, to the amount of premiums paid, does that differ in each of the areas, and has the minister any comment to make on the rate of insurance the company was able to obtain, whether it was fair and reasonable, low, or too high?

Topic:   CANADIAN NATIONAL RAILWAYS
Subtopic:   INSURANCE OF MORTGAGED PREMISES
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LIB

George Perry Graham (Minister of National Defence)

Liberal

Mr. GRAHAM:

The experience of the

company in insuring its property has been that a large profit has accrued to the insurance companies. I forget the exact figures, but I think the amount of insurance all told is three hundred and some odd million dollars, and if we were to include the Intercolonial railway, that has not been insured, the total would approximate $400,000,000. Those in charge of the insurance have taken into account all the valid circumstances, and they have come to the conclusion that with the experience in the various roads during the past ten years and the. amount of premiums paid, there could be a saving of about three quarters of a million dollars per annum by carrying our own insurance.

Topic:   CANADIAN NATIONAL RAILWAYS
Subtopic:   INSURANCE OF MORTGAGED PREMISES
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April 20, 1923