March 30, 1937

OFFICIAL REPORT OF DEBATES

LIB

Walter Edward Foster (Speaker of the Senate)

Liberal

Mr. SPEAKER:

I have the honour to lay before the house a report and communication of the civil service commission respecting revision of the compensation of the editor of French debates and the chief of the French reporting staff.

Topic:   OFFICIAL REPORT OF DEBATES
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AGRICULTURE AND COLONIZATION

FIRST REPORT OF COMMITTEE CONCURRED IN


Mr. W. G. WEIR (Macdonald) presented the first report of the committee on agriculture and colonization, and moved that the report be concurred in. Motion agreed to.


HALIBUT FISHERY

CONVENTION BETWEEN CANADA AND THE UNITED STATES TABLED

LIB

William Lyon Mackenzie King (Prime Minister; Secretary of State for External Affairs; President of the Privy Council)

Liberal

Right Hon. W. L. MACKENZIE KING (Prime Minister):

Mr. Speaker, I should like to table the convention between Canada and the United States for the preservation of the halibut fishery of the north Pacific ocean and Bering Sea, which was signed at Ottawa on January 29 of this year.

Topic:   HALIBUT FISHERY
Subtopic:   CONVENTION BETWEEN CANADA AND THE UNITED STATES TABLED
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CANADIAN NATIONAL RAILWAYS

PROVISION FOR EXPENDITURE, INDEBTEDNESS AND THE REFUNDING OF MATURING OBLIGATIONS -DETAIL OF FIGURES APPEARING IN BILL


On the orders of the day:


LIB

Clarence Decatur Howe (Minister of Transport)

Liberal

Hon. C. D. HOWE (Minister of Transport):

Mr. Speaker, last night while in committee on the Canadian National Railways financing bill the leader of the opposition (Mr. Bennett) suggested that I place on Hansard a breakdown of the figures appearing in the bill. With the consent of the house I shall place the statement on Hansard without reading it. I believe the detailed figures would mean very little if read in the form presented.

Details of C.N.R. Requirements under Financing and Guarantee Act 1937

(a) Retirement of maturing capital obligations, miscellaneous maturing or matured notes and other obligations secured or unsecured and payment of sinking funds, not exceeding $7,114,000.

Retirement of Maturing Capital Obligations- Due

7 % Wellington, Grey and Bruce Railway

bonds July 1/37 & Jan. 1/38

3j% New England Elevator Company first

mortgage bonds July 1st

Indebtedness to State of Michigan re Woodward avenue Dec. 31st

Sinking Fund Payments-

Canadian National Railways 2% guaranteed

debenture stock (1927) July 1st

St. John and Quebec Railway 4% debenture

stock Oct. 1st

Equipment Principal Payments-

C.N.R. 5 % Equipment Trust Series "G".. C.N.R. 44% " " " "J"..C.N.R. 5 % " " " "K"..C.N.R. 4J% " " " "H"..C.N.R. 5 % " " " "L"..G.T.W.5 % " " " 1929.

C.V. Railway 5% Equipment Trust 1929..

Feb. 1st & Aug. 1st 1,500,000

May 1st 1.000,000

May 1st 1,200,000

July 1st 625,000

June 1st 1,050,000

Dec. 14th 283,000

Dec. 14th 124,000

Grand total

(say) $7,114,000

C.N.R.-Refunding

(b) Additions and betterments including co-ordinations and acquisitions of real or personal property, not exceeding $23,607,700, estimated as follows:

General additions and betterments $11289 999

Less: Equipment retirements ' '' 7389999

A [DOT] ... c . . $ 3,900,000

Acquisition of securities ssi non

New equipment purchases !! 19396

561,000 700

t am,,, , $23,857,700

l,ess: Available from working capital 250 000

As follows:

General Additions and Betterments- 1937 pr0p0sed

Atlantic region $ 792,794

Central region 1,826,939

Western region 2 709 500

Grand Trunk Western Railroad Company 1 123 200

Central Vermont Railway, Inc [[ '[ '' ' ' ' ' '154 328

Prince Edward Island car ferry and terminals 3 000

Montreal and Southern Counties Railway 17 249

Niagara, St. Catharines and Toronto Railway Company 34 000

Oshawa Railway Company '' 4 226Thousand Islands Railway Company

!! 1000Canadian National Steamships Company Limited (Pacific)

9 750Prince Rupert dry dock and shipyard

*Grand Trunk-Milwaukee Car Ferry Company

*'Muskegon Railway and Navigation Company

24 100Hotels.. . " ;; 357|000Canadian National Express

5^qTelegraph and Telephone Department

' '' 548 631Stores Department (including Grand Trunk Western)

42A40Rail and River Coal Company '' . ' ' \ 37 075Chicago, New York and Boston Refrigerator Company

1773Legal and Tax Department (including Grand Trunk Western).. .. .. .. 129876Headquarters, includes replacement Fredericton bridge in 1937-$850,000.. .. 1245 883Headquarters-Retirement of roadway and structures-not replaced (Cr.) 275 000Additions and betterments to equipment-C.N. owned

2 390725Montreal terminals development-Chapter 12 '. '" 100^000Total additions and betterments

$11 289 999

Less-Equipment retirements-

Canadian National Railways 6 500 000

Duluth, Winnipeg and Pacific Railway ' 74^286

Grand Trunk Western Railroad Company 576A00

Central Vermont Railway, Inc 168!970

C., N. Y. & B. Refrigerator Company '' .. 70543

Total equipment retirements j 7 389,999

Total additions and betterments less equipment retirements $ 3,900,000

Acquisition of Securities

Toronto Terminals Railway Company-

Joint with Canadian Pacific Railway Company

General additions and betterments:

Expenditures to December 31, 1936, not yet funded $142,981

Requirement for year 1937 Ol'oOO

Total $233,981

C.N.R. proportion-50 per cent 116,990

(say) $100,000

C .N.R.-R e funding

Northern Alberta Railways Company-

Joint with Canadian Pacific Railway Company

General additions and betterments:

Expenditures to December 31, 1936, not yet funded $384,776

Requirement for year 1937 267,552

Total $652,328

C.N.R. proportion-50 per cent 326,164

Portion of securities acquired in 1936 financed from working capital:

Total value of securities acquired $250,000

Amount financed through capital budget 193,000

Balance financed through working capital 57,000

(say) $350,000

Chicago and Western Indiana Railroad Company

Amount to be advanced as sinking fund payment under terms of fourth supplemental indenture dated March 1, 1936, between the Chicago and Western Indiana Railroad Company and the Bankers Trust Company, securing an issue of 44 per cent series "D" first and refunding mortgage bonds, in amount of $24,462,000.

Total payment to sinking fund in 1937 $553,000

Grand Trunk Western Railroad Co. proportion 20 per cent 110,600

Total

(say) $111,000 $561,000

New Equipment Purchases

Canadian National Railways- Total

Freight cars

3,000 Box cars 300 Refrigerator cars 300 Gondola cars 15 Snow plows 14 Flat cars 40 ton capacity 44 Flat cars 50 ton capacity

Passenger cars

50 Coaches

10 Mail and express cars [DOT] 10 Baggage cars

Total estimated cost of above 3,743 cars, including sales tax and inspection

charges $17,496,700

Grand Trunk Western Railroad Company- Freight cars

200 Automobile cars 100 Gondola cars 200 Refrigerator cars

Passenger car3

3 Baggage cars

Total estimated cost of above 503 cars, including inspection charges 1,900,000

Grand total estimated cost of 4,246 cars $19,396,700

In event of equipment trust being issued for the purchase of new equipment, it will only be necessary to provide approximately 25 per cent of the total amount of $19,396,700 through the Financing Act of 1937.

Hon. W. D. Euler

Topic:   CANADIAN NATIONAL RAILWAYS
Subtopic:   PROVISION FOR EXPENDITURE, INDEBTEDNESS AND THE REFUNDING OF MATURING OBLIGATIONS -DETAIL OF FIGURES APPEARING IN BILL
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HON. W. D. EULER WELCOME EXTENDED TO MINISTER OF TRADE AND COMMERCE ON HIS RETURN FROM AN EXTENDED TOUR


On the orders of the day:


CON

Richard Bedford Bennett (Leader of the Official Opposition)

Conservative (1867-1942)

Right Hon. R. B. BENNETT (Leader of the Opposition):

Mr. Speaker, before the orders of the day are called I am sure the house would desire to welcome back the returning traveller, who, since last we saw him, has visited most of the countries of the world, and can give us first-hand information as to the various types of government now functioning in those countries. Particularly he could give us first-hand information regarding dictatorships that are not dictatorships and soviet unions that are not soviet unions; and, above all else, he could inform us regarding great overseas dominions which, with this country, constitute the British commonwealth of nations. I am sure we are all glad to see him back so vigorous and healthy and strong in mind to meet the onslaughts which have been made upon protection during his absence. I am sure he has been invigorated and helped by the report which I read last week and which I need hardly mention. If it is quite in order I know we all would be delighted to hear from one who has seen so much of the world in the months that are past and who can give us his impressions to brighten our days which have been made dark by the attention we have had to pay to our parliamentary duties while he has been enjoying the sunlight.

Topic:   HON. W. D. EULER WELCOME EXTENDED TO MINISTER OF TRADE AND COMMERCE ON HIS RETURN FROM AN EXTENDED TOUR
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LIB

William Daum Euler (Minister of Trade and Commerce)

Liberal

Hon. W. D. EULER (Minister of Trade and Commerce):

Mr. Speaker, while the remarks of the right hon. gentleman are in some respects not entirely unexpected, I have to thank him for the kindly way in which he has spoken of my return to Canada. I wish also to thank hon. members of the house for the generosity with which they responded to what he had to say.

My right hon. friend made reference to my having travelled practically to all parts of the world, but I think that statement will have to be modified considerably. Of course I could say a great deal about what I saw in Russia. I did not see the dictator of that country personally, but I did see the dictator in Germany. Perhaps I am not quite as well qualified to speak with regard to dictatorships as are some others to whom I might refer.

Topic:   HON. W. D. EULER WELCOME EXTENDED TO MINISTER OF TRADE AND COMMERCE ON HIS RETURN FROM AN EXTENDED TOUR
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CON

Richard Bedford Bennett (Leader of the Official Opposition)

Conservative (1867-1942)

Mr. BENNETT:

You are returning to the leadership of one.

Topic:   HON. W. D. EULER WELCOME EXTENDED TO MINISTER OF TRADE AND COMMERCE ON HIS RETURN FROM AN EXTENDED TOUR
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LIB

William Daum Euler (Minister of Trade and Commerce)

Liberal

Mr. EULER:

It is not my intention at this time to give an extended account of my peregrinations or pilgrimages, but I shall refer briefly to my mission to Australia and New

Zealand. Of course the house will understand that as the negotiations are not complete it is obviously impossible for me to give any detailed statement with regard to them. Our conferences were carried on-quite naturally, since I was the leader of the Canadian delegation-in the most amicable manner. Perhaps I could say just this with regard to the negotiations. In my opinion sufficient progress has been made to enable me to say with considerable confidence that I believe a satisfactory arrangement will be the outcome. In the meantime the present agreement will continue in force.

I should like to take this opportunity to express briefly my appreciation of the general courtesy, kindness and hospitality of the prime ministers of Australia and New Zealand, the members of the governments of the two countries, and the people themselves. I think I might quite appropriately refer to the lengthy visit made by the right hon. leader of the opposition (Mr. Bennett) to the British dominions, more particularly to Australia and New Zealand. I hope my own leader will not find any fault with me when I tell him that sometimes I described myself as a follower of the right hon. gentleman opposite-that is, I followed him throughout New Zealand and Australia.

Topic:   HON. W. D. EULER WELCOME EXTENDED TO MINISTER OF TRADE AND COMMERCE ON HIS RETURN FROM AN EXTENDED TOUR
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CON

Richard Bedford Bennett (Leader of the Official Opposition)

Conservative (1867-1942)

Mr. BENNETT:

You always have on fiscal matters.

Topic:   HON. W. D. EULER WELCOME EXTENDED TO MINISTER OF TRADE AND COMMERCE ON HIS RETURN FROM AN EXTENDED TOUR
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LIB

William Daum Euler (Minister of Trade and Commerce)

Liberal

Mr. EULER:

Perhaps I can say this to him without embarrassing him: the right hon. gentleman made a number of public addresses, all of which were good, and everywhere he left the best possible impression. Of course that was to be expected. I think it would be well worth while for hon. members of the house and of the government to visit the overseas dominions, even if it is not for the purpose of negotiating trade agreements. They would thus be able to get the viewpoint of the people of Australia, New Zealand and elsewhere, and try to convey to them something of the viewpoint of the Canadian people. This cannot be done at a distance of ten or eleven thousand miles; it can be accomplished only by personal contact. I am quite sure that what the right hon. gentleman did in Australia and New Zealand went a long way toward cementing the feelings of good-will that exist between the people of those countries and the people of Canada.

I must say I was surprised at the extent of the resources of Australia and at the variety of climate to be found there. The climate varied from the tropical to be found in Queensland in the extreme north to that of Tasmania in the extreme south, which is much

Interim, Supply Bill

like that of this country. No one can see the resources and extent of New South Wales, Victoria and the other states and New Zealand without being convinced that a great future is in store for these countries. At a later date I hope to go further into the details of the negotiations which took place while I was there.

Topic:   HON. W. D. EULER WELCOME EXTENDED TO MINISTER OF TRADE AND COMMERCE ON HIS RETURN FROM AN EXTENDED TOUR
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March 30, 1937