Will the hon. member allow me? , I want .to read to the House from the 'same letter a paragraph which, I submit, proves my contention. This paragraph appears on page 6 of the statement respecting the Grand Trunk Pacific Railway Company:
If the Government accept the proposition of the Board, I feel confident that whatever the liability the Government may assume will he amply repaid in a few years by the increased traffic arising from the development of the Northwest, and the bringing of new land under cultivation. What that development may mean is foreshadowed in the amount of the record crop just gathered in the Northwest, the production of wheat alone being 320,000,000 bushels, as against only 140,000,000 bushels in 1914; with other crops showing considerable increase in yields. The board feel that they may be severely criticised in a few years for parting with the property, and nothing but the necessity of saving the money which the present investors have put into the property would have induced them to do so. The deficit of the next few years, at a time of unprecedented strain owing to the terrible war in Europe, is the danger to be avoided, but an amount of deficit which is impossible for a company to finance is quite possible for a nation.
Mr. Smithers assures the Government that it will get all the money back and that the investment will be a paying one.