Hon. ERNEST LAPOINTE (Minister of Marine and Fisheries) moved that the House go into committee to consider the following proposed resolution:
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 Harbour Commissioners of Montreal, hereinafter called the corporation, such sums of money, not exceeding in the whole the sum of $10,000,000, as are required to enable the corporation to carry on the construction of terminal facilities in the harbour of Montreal for which plans, specifications and estimates have already been approved by the Governor in Council, and to construct such further terminal facilities as are necessary to properly equip the said port; in addition to the moneys heretofore authorized to be advanced to the corporation by the Governor in Council by any act.
2. That no advance shall be made in respect to the construction of terminal facilities unless such detailed plans, specifications and estimates for the works to be performed by the corporation, on which the money so to be paid is to be expended, as are satisfactory to the Minister of Marine and Fisheries, have been subnutted to and approved by the Governor in Council before any work on same is commenced.
3. That the corporation shall submit to the Minister of Marine and Fisheries for approval monthly applications for such advances as they may be entitled to .apply for, with statements, in detail, in such form as
the minister may direct, and upon approval of the same, authority for the payment of the amount applied for may be granted by the Governor in Council.
4. That 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 five per centum per annum.
5. That the principal and1 interest of any sums advanced under any act founded on these resolutions shall be payable by the corporation out of all its property and assets, and out of all its tolls, rates, dues, penalties and other sources of revenue and income whatsoever, and shall rank as a charge thereon, and have precedence in regard to payment next after the payments provided for in section eight of chapter ten of the statutes of 1896 (First session).
Motion agreed to and the House went into committee, Mr. Gordon in the chair.
On section 4-Security for advances.