-that is where the profits lie, in the common stock. All right; I hope he is right. But I would prefer to say that the common stock is where the gamble lies. If the pipe lines turns out to be profitable the common stock is the chief beneficiary. If it turns out to be unprofitable the common stock equity suffers most. In other words, it is at the lowest priority in the securities of the company, and it takes more than its share of the good and it also takes more than its share of the misfortune.
However, I know that Canadians have resented the fact that they could not acquire larger equities in the pipe-line financing that has been carried on to date. I believe it is desirable that Canadians have an opportunity to take as much of the common stock in Trans-Canada Pipe Lines as they wish to take. I want to make it quite clear that I am not advising anyone to buy it; nevertheless a great many people believe that it will be profitable investment, and if they do believe that I think they should have an opportunity to make that investment.
The question has been asked, why was the bill delayed when
that I did not like the principle of closure and my leader said, "Oh, yes, you do; otherwise you would not have it in the rules." There is a thought there, and it is worth something. We do believe in closure. We do not believe it should be applied except as a last resort. We believe there were extenuating circumstances which meant that this bill must be passed by a certain deadline. We are in favour of hearing every possible argument against the bill, but we are not in favour of blocking tactics.
Now, Mr. Chairman, there is a fourth reason why I am tying these boys in with the communists. I know this is something that will be received with some protest, but the fourth reason is that the communists are great on character assassination.
The hon. member for Winnipeg North Centre, Mr. Chairman, gets up with something he thinks is going to get some publicity; it is going to get him in the newspapers. He begins an attack on the hon. member for Calgary South, brings his name into the debate, and declares the hon. member has a financial interest in this pipe line. We know he is an oil man, but he got up and vindicated himself. "I own no shares in any company," he said, "that has any contract with Trans-Canada. I do not own one share in Trans-Canada Pipe Lines."