My bon. friend's premise regarding the situation of the company in relation to the government is scarcely cor-
rect. I said yesterday, and I repeat it to-day, that these people hold in their hand an absolute security having behind it terms enforceable in the courts of the country against first, the Grand Trunk Pacific which, as my hon. friend says, is a bankrupt concern in receivership. I have the unpleasant privilege of being the receiver for the Grand Trunk Pacific. The Grand Trunk Railway, however, cannot be placed in the same class at all, and in the bonds held by these people there is a provision of guarantee by the Grand Trunk Railway Company of Canada. Now the Grand Trunk Railway has other legal obligations ranking prior to this one, and if in any year the Grand Trunk Railway earns more than sufficient to pay those prior obligations and has any money over, then these people have a legal claim against the former Grand Trunk Railway for their four per cent interest.
As to the other point dealing with minorities who do not assent, I remarked a little while ago that we had had the assent of ninety-two per cent of the bondholders. I am told that it is unique that there should be such a large proportion of assent in connection with an arrangement of this kind.