February 23, 1926

CON

George Brecken Nicholson

Conservative (1867-1942)

Mr. NICHOLSON:

Paragraph (a) of the agreement reads:

During the first and every subsequent year of the said term such sum as shall be sufficient (in accordance with the terms and provisions of the deed of trust or mortgage securing the said bonds) to pay the interest and sinking funds upon the said bonds for the time being issued and outstanding, and all other monies lawfully payable under such deed of trust or mortgage, including accrued interest on bonds purchased or drawn for redemption under the sinking fund provisions thereof.

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LIB

Charles A. Stewart (Minister of Immigration and Colonization; Minister of Mines; Minister of the Interior; Superintendent-General of Indian Affairs)

Liberal

Mr. STEWART (West Edmonton):

Quite correct, but imy hon. friend is forgetting it is all hinged on the question of cost.

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CON

Arthur Meighen (Leader of the Official Opposition)

Conservative (1867-1942)

Mr. MEIGHEN:

No, no. Read it.

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LIB

Charles A. Stewart (Minister of Immigration and Colonization; Minister of Mines; Minister of the Interior; Superintendent-General of Indian Affairs)

Liberal

Mr. STEWART (West Edmonton):

It all hinges on the question of cost.

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Subtopic:   ADDRESS IN REPLY
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CON

Arthur Meighen (Leader of the Official Opposition)

Conservative (1867-1942)

Mr. MEIGHEN:

Read it.

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LIB

Charles A. Stewart (Minister of Immigration and Colonization; Minister of Mines; Minister of the Interior; Superintendent-General of Indian Affairs)

Liberal

Mr. STEWART (West Edmonton):

I was listening while the hon. gentleman was reading it.

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CON

Arthur Meighen (Leader of the Official Opposition)

Conservative (1867-1942)

Mr. MEIGHEN:

Not that part. He has

not read that part at all.

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CON

George Brecken Nicholson

Conservative (1867-1942)

Mr. NICHOLSON:

If my hon. friend wants me to do it I will read the whole agreement.

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Subtopic:   ADDRESS IN REPLY
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LIB

Charles A. Stewart (Minister of Immigration and Colonization; Minister of Mines; Minister of the Interior; Superintendent-General of Indian Affairs)

Liberal

Mr. STEWART (West Edmonton):

I am not going to say anything more. Go ahead.

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CON
LIB

Charles A. Stewart (Minister of Immigration and Colonization; Minister of Mines; Minister of the Interior; Superintendent-General of Indian Affairs)

Liberal

Mr. STEWART (West Edmonton):

I do not want to interrupt my hon. friend; I want him to make his speech. But he is harping on the fact that because $5,000,000 is mentioned the cost must of necessity be $5,000,000.

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CON

George Brecken Nicholson

Conservative (1867-1942)

Mr. NICHOLSON:

What I say is that

this agreement provides that the rental shall be paid. There is no question in this agreement as to what the railway is going to cost, the amount of money it is going to get. There is a distinct undertaking as to the rental that is going to be paid, and such rental is to be sufficient to pay the annual

interest and sinking fund on $5,000,000. There is not one single word in the agreement, from A to Z, that provides for anything else.

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LIB

Charles A. Stewart (Minister of Immigration and Colonization; Minister of Mines; Minister of the Interior; Superintendent-General of Indian Affairs)

Liberal

Mr. STEWART (West Edmonton):

I beg your pardon.

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CON

George Brecken Nicholson

Conservative (1867-1942)

Mr. NICHOLSON:

I will endeavour to

get through before six o'clock, and I hope the minister will take the floor at eight o'clock and undertake to explain this transaction.

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LIB

Charles A. Stewart (Minister of Immigration and Colonization; Minister of Mines; Minister of the Interior; Superintendent-General of Indian Affairs)

Liberal

Mr. STEWART (West Edmonton):

I am not able, so far as I can see now, to go on after eight o'clock to discuss the railway question, but possibly I may see my way clear to do so. I will make a point of studying it, and giving a version later on as to the proper interpretation to be placed on the contract and upon everything else in connection with it.

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CON

George Brecken Nicholson

Conservative (1867-1942)

Mr. NICHOLSON:

I am delighted to know the minister is at last going to intake a study of this contract. I will only say to him that having regard to the financial position of this country it would have been very much better if the minister and the other members of the government had studied it before it was entered into. Now, may I continue. As I said- .

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CON

Arthur Meighen (Leader of the Official Opposition)

Conservative (1867-1942)

Mr. MEIGHEN:

Is there anything in

the lease which prevents the directors of the dummy company issuing foondb for more than the 'actual cost?

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CON

George Brecken Nicholson

Conservative (1867-1942)

Mr. NICHOLSON:

There as nothing anywhere within the four corners of this document.

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LIB

Charles A. Stewart (Minister of Immigration and Colonization; Minister of Mines; Minister of the Interior; Superintendent-General of Indian Affairs)

Liberal

Mr. STEWART (West Edmonton):

If I

may be permitted, that is a very adroit question, but it will not work.

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CON

Arthur Meighen (Leader of the Official Opposition)

Conservative (1867-1942)

Mr. MEIGHEN:

Tell us what the trouble is.

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February 23, 1926