March 17, 1910 (11th Parliament, 2nd Session)

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Hon. W. S.@

FIELDING moved that tomorrow the House go into Committee of the Whole to consider the following proposed resolution:
1. Resolved, that it is expedient to provide that the Governor in Council, may, from time to time, advance and pay to the harbour commissioners of Montreal, hereinafter called the corporation, in addition to the money, if any, heretofore authorized to be advanced to the corporation by the Governor in Council by any Act, and which has not at the date of the passing of any Act founded upon these resolutions been so advanced, such sums of money, not exceeding in the whole the sum of six million dollars, as are required:-
(a) to pay off and retire debentures of the corporation of the par value of one hundred thousand dollars, maturing in the year 1910, and,
(b) to enable the corporation to complete the construction of the terminal facilities of the port of Montreal, for which plans, specifications and estimates have been approved by the Governor in Council, and to construct 6uch additional facilities as are necessary to properly equip the said port, and in respect -of which plans, specifications and estimates shave, previous to advances being made, been approved by the Governor in Council.
2. That during the period of construction of the terminal facilities mentioned in these resolutions the interest payable on the debentures receivable by the Minister of Finance in exchange for such advances shall be deemed to be money required to complete and to be part of the cost of construction thereof, and such interest may be paid out of the said sum of six million dollars.
3. That the corporation shall upon any advances being made deposit with the Minister of Finance, debentures of the corporation equal in par value to the advance so made, repayable within twenty-five years from the date of issue, and bearing interest payable half yearly, at the rate of three and one half per centum per annum.
4. That the principal and interest of any sums advanced under any Act founded on these resolutions shall be payable, subject to the second of these resolutions, out of the revenue of the corporation mentioned in section 8 of chapter 10 of the statutes of 1896, and shall be charged thereon as if the sums so advanced had been borrowed by the corporation under said chapter 10.

Topic:   QUESTIONS.
Subtopic:   MONTREAL HARBOUR COMMISSION.
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