which he stated reports and estimates were submitted in the year 1915, to the municipalities between Toronto and Port Credit, re the construction and operation of this section as a part of the Toronto to London Lines. By-laws were submitted in January of. 1916, and for the section between Port Credit and St. Catharines in 1917 and 1919, and were passed by large majorities. He further stated:
"Fifteen municipalities have executed the agreement with the Commission, authorising the procedure with this work and assuming the responsibility to the Railway of its operation between Port Credit and St. Catharines and have deposited with the Commission, debentures for the full amount. The Commission has issued bonds to the extent of $11,360,363, all of which have been guaranteed by the Province. A great part of the engineering work has been completed, and the final survey of these sections and the Toronto, Port Credit and St. Catharines Railway, and right of way purchased between Toronto and St. Catharines to the value of $800,000." He also made reference to the Toronto and Eastern Railway and the fact that "in May, 1919, some ten municipalities in the District passed resolutions requiring the Commission to negotiate on their behalf, for the acquiring of the properties owned by this railway, and to prepare reports on the complexion of its construction and its extension to Toronto. An option on the property was obtained by the Commission; by-laws were submitted by ten municipalities from October, 1919, to January 1st, 1920, under the Hydro-Electric Railway Act, etc."
As to the Hamilton, Galt, Elmira and Guelph Railways, he said: "On January 1st, 1920, By-laws under .the Hydro-Electric Railway Act were submitted to fourteen out of seventeen municipalities in this district, and of these thirteen municipalities carried with large majorities, and three have still to be submitted to the electors."
He referred to the estimates in connection with the Hydro-Electric Railway from Toronto to St. Catharines, to the estimates as submitted to the municipalities in 1915, 1916, 1917, and 1919 as at $18,866,792.53 and to the difference between that sum and the then present day estimates at $22,298,635, and stated that the latter included the cost of new equipment for rolling stock, whereas the Commission's estimates as submitted to Mr. Murray were based upon using the locomotive equipment then in use on the Queenston-Chippawa Canal. He further made this statement:
"As to the extent it is believed that the expenditures will be made by the Commission on the construction of Hydro-Electric Railways in the next year or two, the Commission has been able to obtain a credit of $1,000,000 from the Bank by placing some of its bonds as collateral, and this amount it is believed, will be sufficient for the present year in the purchasing of the right of way, the engineering and the preparation of the right of way and for commencement of operations and conditions warrant. The contemplated work for the year 1921 provided conditions remain as at present, require an expenditure from time to time of $2,500,000. It is the intention of the Commission to proceed with the work of construction of electric railways only to the extent and as rapidly as conditions, revenues, and the cost of material and labor will warrant."
He further stated therein:
"With reference to the negotiations of the Commission with the Dominion Government, the Commission has an option on the Toronto Eastern Railway for $706,000, for which amount the Government is prepared to accept the Bonds of the Commission for a period of 50 years at 41⁄2 per cent.
"The Commission has also received an offer from the Minister of Railways and Canals of the sale of the Toronto Suburban Railway at present operating between Toronto and Guelph and the Niagara, St. Catharines and Toronto Railway operating in the district between St. Catharines to Niagara, St. Catharines to Welland and Port Colborne, Port Dalhousie and Niagara on the Lake, for which the Minister of Railways and Canals is prepared to recommend to the Dominion Government the acceptance and payment therefor of the Commission's bonds for a period of 50 years at 41⁄2 per cent."
