Immediately before the Order in Council was passed which provided for this particular matter being dealt with in the way I have stated, another Order in Council was passed with the consent of the Canadian Pacific Railway Company, and it was required that they should give their consent to the passage of that Order in Council before this Order in Council was passed. My hon. friend will learn I think with great delight, that the first Order in Council provided that an immediate reference should be taken to the courts for the purpose of determining the amount of the capital actually expended in the construction of the road, so that we might know exactly where we are in respect to the control <of rates on this railway. That was the first thing to take into consideration and that arrangement was arrived at before the Order in Council was finally passed giving the company power to increase their capital stock. I need only add that we have done something more. We have done something which, I believe, speaking subject to correction, has not been done before in the history of legislation affecting railway companies in Canada. That is to say, that we have ear-marked this money to this extent; we have explicitly provided that no less a sum than $9,000,000 of the stock to be Issued shall be expended upon rolling stock. I venture to think that the people of the North-west Territories and the people of Canada who have dealings with the company and who have felt the necessity of a very much larger amount of rolling stock being immediately provided, will look on this provision as one which will prevent a diversion of the money to any other purpose, and as evidence of the fact that the government have striven earnestly to protect the interests of the people. I do not think any further reference to my hon. friend's remarks is necessary. I would not have thought it necessary to speak at all were it not for the fact that he has taken the position, which is not a usual one, of criticising the merits of a measure upon its introduction without taking time to acquaint himself with its provisions.
April 17, 1902 (9th Parliament, 2nd Session)
Topic: THE CANADIAN PACIFIC RAILWAY RATES.