Consolidated Railway Fund.

Chap. 1.—The L G. in C. may pledge as collateral security, or order the sale of Municipal debentures belonging to the consolidated railway fund of the Province, in order to raise money for the construction of the Q, M.O. & O. Railway. The L G. in C. may authorize the Treasurer to raise $3,000,000 by loan on Provincial securities, instead of that authorized to be raised by the Comrs. The proceeds to be used to recoup the Consol. Ry. fund advances to Comrs. Agreement is first to be made with holders of Comrs'. bonds to substitute the new Provincial issue for them, and these latter will have the same privilege against the road and its earnings as the Comrs'. bonds would have, or have had. They are to be payable in 30 yrs. Interest 5 p.c, sinking fund 1 p.c. The L. G. in C. may advance to the Comrs, out of the Consol. Ry. fund $3,116,956. When the Consol. Ry. fund is unable to pay any subsidy earned, the deficit is to be made good out of the Con. Rev. fund.