Of course there has always been a certain amount of borrowing but not to the extent that there has been recently. He was in my office and discussed the matter with me and I have a statement dealing with another point which I shall give to the committee in a few moments. He took the attitude that from an economic point of view so far as the railways are concerned this proposal is advantageous to'them. I said to him, "You did not make that perfectly clear to the corn-92582-195
mittee," and he replied, "I shall have another statement to submit to the committee clearing up the point." He said that he had answered offhand. He is now of a different opinion. The committee meets to-morrow and he can be asked that question; he will deal with it. Both railways, however, are of the opinion that this is an advantageous proposal.
Subtopic: WORKS, 'UNDERTAKINGS AND GUARANTEE OP RAILWAY EQUIPMENT SECURITIES TO CREATE EMPLOYMENT