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* m ol e .A , M " wonpocmenem s meamams |Tommmapercmmmmnemmeninsmee .. :;. R . % a °N * 'A2 ® p-- '%f _ *# tavorable terms. In discussing C i A\ ; 1 ng the m k & f > f;h"r'.t' asod in making comparisons with rgfl'ny sorip. In these various ways the 1 | e rates paid by the Dominion (Govern--| | Province has directly appropriated to and ® & ment, for example, on its bonds, we must| 8peot in assisting railway construction | not Sverlook the fact that, while we are at | | tfioub $7,000,000, besides an indirect appro-- i ho expense whatever in the way of broker-- I priatio'n ' by pa;'ment,s to municipn.lil:,ics ' age, stamp duties, exchange or commission, i under the g"[unicipa.l Loan Fund settiement | the contingent expenses under thesoe heads| Of $1,330,997. This very liberal measure | attached to !)on'umon loans, their issues be. | -- Of Aid stimulated enterprise on the part of | u:)g payable in England, make up a formid-- the municipalities, the result being muni-- able item. In one of the recent Dominion | -- CiPSl subsidies amountingto about $14,000, -- budget speeches the Finance Minister states | 009. We have completed since Confeder-- that these contingent charges increase the ation 4,450 miles of railway. The roads rate of interest by 1--3 per cent., and Sir| "NOW under constructionand receiving aid are . Leonard Tilley, in his budget,' speech of the Port Arthur, Duluth & Western Railway $ 1884, in dealing with this very question and the Parry Sound Colonisation Railway. ' uses these words, "Taking money at par in I placed in the hands of hon. members last Canada, the interest and principal paid year, as I have again done to--day, a state-- here is as good as at two or at two and a ment showing the amounts paya.bie annual-- quarter premiam in England." We have ly for certificates issued by the Province in | Lad so far five sales of these annuities. The | aid to railways. The statement of last year first of these, namely, that of 1894, was differs very widely, I am glad to say, from effected on a basis of a little less than '4'1-2 that now in your h'""d'" f | per cent., while as to each of the others the | During 1891 we paid to six of these rail-- | | rate is a trifle under 44} per cent. The | | WaYyS the very last instalment due them, so C | exact figures as to each of these transactions that all our oi)hgat,ions, as far as these six I will place in the hands of hon. members roads are concerned, have been paid in full UHad we effected a sale in England at 3¢ pex" These roads are :--The Brantford, Norfolk cent., the brokerage, exchange and other & Port Burwell Railway ; the Canada charges incident to it, together with the | Southern Railway ; the London, Huron & expense incurred in transmitting the Bruce Railway ; the Midland Railway ; the half--yearly payments from _ time to I Prince Edward County Railway, and the time, _ would / more than _ counterbal--| | Torouto, Grey & B. uce Railway, We have -- ance the difference in the rate ' paid to these six roads, taken together the | While on this subject I must not forget to | | large sum ot $1,475,146, made up "'3, fol-- ' mention ':.hnl. the next issue of annuities, if | | lows:-- P another issue be required, will be for a B., N. & P. B. Railway................ . $129,363 much smaller sum than each of the existing Canada Southern lmlf\\'uy. i +1¥x¥i«3s+,~ anhodd . issues, If hon. gentlemen will notice the l\'fl:'fi'.o"'l l,l{ 'i\l », Railway ... .l ol | schedule of railway liabilitics in their |P. . County RaliWway ... ; illnishsilrg. f}»;.ilf(ll hands they will see the reason of this. Toronto, G. & B. Railway .......... .... 401,284 ' RAILWAY AID EXPENDITURE. Last year we made payments in aid to We have, I am delighted to ho funmg twenty railways; this year the list is re-- at the time when our g""w:y ;:iv'e:;?'r;fi \ | duced to fourteen. In 1898 there will be tures will rapidly become noticeably less only eight, while in 1904, only +welve youts This year our payment will be $141,218 1| | from uow, the solitary survivors of this long against the payment last year of $252,179 | and honored listofProvincial pensioners will or a saving of more than $110,000 in Sikn-- be the Port Arthur, Duluth & Western gle year. At the end of five years the pay-- Railway and the Parry Sound Colorisation . ment will be again reduced by a large Rallway. _ amount, while for the next five years there C l{c.mcmbermg the enormous load of ob-- will be annual reductions most welcome to ligations already discharged, this glance our ratepayers. into the future, with its rapidly--di-- We may well congratulate ourselves on minishing burden, is certainly reassuring. p the fact that we have already successfully | | In a word, we have these two pleasing facts ' rolled off by far the heaviest part of this | to piace side by side: first, that the Pro-- burden. QOur payments for the last ten | vipce started out over twenty years ago years have averaged over $271,535 a year ; with a vigorous, liberal and successful during the next ten years the average pay: policy in the direction of aiding railways, | ment will be less than $107,808 a year, a the municipalities, too gencrously it may | gil(')gwnce on the right side of more than | | P*!° s(lnne cases; rexllderiug pr;)mpt assisl% $163,727 a year. ance; that our facilities in the matter o Mr. H. yH. Clarke--Say more grants to ] railway travel are, all things considered, | railways. extremely creditable to us; and, in the Hon. Mr. Harcourt--I am dealing with second place, that we have without diffi-- ' facts as we have them now. The House culty or embarrassment met these large | will decide whether there will be further railway obligations, that they are rapidly !grants or not. I am speaking of existing decreasing in amount, and that those yet facts, not of possibilities or probabilities. | | to mature avre very small as compared with All this reminds us of the early legisla-- | those which we have already paid. tion of the Province, and especially of that | Further, these early railway obligations P of 1871. that being the year when the rail-- are, be it remembered, as far as we are A way aid policy was inaugurated. _ A brief c.oncerned. the post obits of the first Par« summary of it, both as to grants and re-- liament of Ontario, handed down by it for sults, may not be out of place. its successors to discharge. In 1871 a fund of $1,500,000 was set | RAILWAY OBLIGATIONS. alpu.rt to aid railways on certain con-- QOne more remark and I will conclude ;:lt:ll::;s. tuluntt;l'w ?umtla yeu'l SQO0,00Q was what I jutended saying upon this branch of o is fund, and _ a railway _ | my subject. From time to time it has been subsidy fund created by setting apart $100,-- cout,em{ed by hon. members of the Opposi-- C 090 & yemi for twenty years. These twenty tion that in order to ascertain wlm.t,pour years in L"--" meantime bave swiftly rolled surplus is we should first cupitalise our « by, unld during the past year we made the maturing railway obligations and &éreat the :::fi ::x':l (:lhel:hfese payments of 35100,009 capitalised sum as a present liability. We urden mill be ':"'l'T llL ':9 tlmlt this year's have refused to do this, contending that we previous years ch lighter than that of could as ren._sounbly capitalise our d}flercnb EjArsFm f x yearly receipts and class the capitalised In lht,'uesslon of 1874, to continue my sum as a present asset. We have further :::';':';:'l;al'*""'o"ty \fVa.l taken to substi-- pointed out that the Dominion Government lap over L&:yn't"e"""a': a !'I{rl*'d extend-- has aided railways in the same way, and Suim per mile y years in lieu of a fixed that muturmi railway obligations of this , Pafticulat ronds w Ingled kind are no treated by the Dominion { | in Ald. in the 3 s were singled out for spe-- | | Finance Minister as a part of the existing { cial aid in the sessions of 1676, 1877, 1878, debt of the Dominion. What I wish, how-- t 16j81' 1,3159 and 1390. In 1879 we passed an l ever, now to point out is this: that our f ! ::Lco:"t'i'fi"-)rt,,:mgf the 1_lllue of railway scrip | | opponents in adhering to this argu-- . 1564 LA' es for railway grants, and in | | ment are, it would scem, deliberately ' ' 1884 power was taken to issue the annu-- keeping out of sight the history of the ities we have been speaking of for retiring | legislation relating to railway aid ; that | } C t 5 # = ~***~ Nuppmme--~~~ qmmarnct _ ~DPGGEH PL_ * 4 e _ * * C k » * M _,.'_,'(,"