it should have been well known to the government that the decision of the federal power commission would not be handed down in time to meet the construction deadline? The reason is this. A serious effort was made to obtain temporary financing for the western section. I am sure it would have been successful had it not been undertaken in a growing period of tight money. As hon. members know, the Bank of Canada has tightened its restrictions on loans of the type that are required. The same is true in the United States.
But I believed until three weeks before the amended resolution was brought into this house that temporary financing would be secured. However, at the last minute the negotiations broke down. They broke down, I think, for reasons that went beyond the bankers who had been dealing with the matter. I think they found that there were objections from the central banking authorities of the countries concerned, and we were faced with that situation.
Now, why are we pressing on; why are we pressing this? Well, I do not know; perhaps I get overenthusiastic about a project. I have been working on sizeable projects all my life, and somehow I reach a point in the development when I think a project is important; and if it is a serious enough project I begin to think it is the most important thing in the world and it does seem to me it is important that we do not lose a year in undertaking this pipe line.