Hon. CHARLES A. DUNNING (Minisler of Railways) moved that the House go into committee at the next sitting to consider the following proposed resolution:
1. That it is expedient to bring in a measure to provide or arrange through a company to bo formed under the Companies Act, for a mail, passenger and freight service, in accordance with the West Indies trade agreement, 1926.
2. That the securities to be issued by the company may be guaranteed by the Dominion as to principal and interest to an amount not exceeding, without the authority of parliament, an aggregate of $10,000,000.
3. That the proceeds of sale or disposition of the securities shall be deposited to the credit of the Minister of Finance; and the entire stock ownership of the company shall be issued to His Majesty in the right of the Dominion in consideration of the guarantee.
4. That any of the boats now operated by the Canadian Government Merchant Marine, Limited, may be transferred to the company on a reasonable valuation and on terms to be approved by the governor in council, and if transferred to be operated by individual companies, such companies shall issue to the company all their capital stock to indemnify the crown against liability in respect of the guarantee.
Imperial Government Supplies for China
He said: His Excellency the Governor
General having been made acquainted with the subject matter of this resolution, recommends it to the favourable consideration of the House.
Motion agreed to.