May 4, 1908

ANGLO-CANADIAN AND CONTINENTAL BANK.


House in committee on Bill (No. 141) to incorporate the Anglo-Canadian and Continental Bank.-Mr. Guthrie.


CON

George Eulas Foster

Conservative (1867-1942)

Mr. FOSTER.

Has this Bill had the revision of the Finance Department ? The Finance Minister does not appear to be here.

Topic:   ANGLO-CANADIAN AND CONTINENTAL BANK.
Permalink
LIB

William Pugsley (Minister of Public Works)

Liberal

Mr. PUGSLEY.

>

This Bill comes from the Senate, where I think it was brought to tile attention of the Finance Minister.

Topic:   ANGLO-CANADIAN AND CONTINENTAL BANK.
Permalink
LIB

Henry Horton Miller

Liberal

Mr. MILLER.

It was carefully considered in the Committee on Banking and Commerce, and the Minister of Finance was present. There was some little objection made as to the financial standing of the incorporators. However it was thought that under this Bill capital would be brougth in from England and France, and the general opinion of the committee was that the Bill should pass.

Bill reported, read a third time and passed.

Topic:   ANGLO-CANADIAN AND CONTINENTAL BANK.
Permalink

OCCIDENTAL FIRE INSURANCE COMPANY.


House in committee on Bill (No. 131) respecting Occidental Fire Insurance Company. -Mr. Duncan Ross. On section 5,


CON

John Graham Haggart

Conservative (1867-1942)

Mr. HAGGART.

I observe that the Minister of Finance (Mr. Fielding) who looks after these Bills is not here at the moment. As I understand, this insurance company operated under a provincial charter. There are contractual engagements, of course, which will be limited by the provincial law. But the effect of this Bill will be to leave them free of these and place them under federal jurisdiction.

Topic:   OCCIDENTAL FIRE INSURANCE COMPANY.
Permalink
LIB

Henry Horton Miller

Liberal

Mr. MILLER.

This Bill provides that all the liabilities of the old company shall remain as liabilities, notwithstanding that it comes under this proposed Dominion law. One clause of the Bill particularly discussed in the Banking and Commerce Committee was that providing that calls might be made on the stock to the extent of 25 per cent. The original Manitoba charter was consulted, and it was found that it provided that calls should be limited to 10 per cent. It was thought unfair to saddle the shareholders with larger calls than had been provided for under the original Act. And so the clause permitting the 25 per cent call was changed to 10 per cent in the present Bill-

Everything in the measure was carefully considered.

Topic:   OCCIDENTAL FIRE INSURANCE COMPANY.
Permalink
CON

John Graham Haggart

Conservative (1867-1942)

Mr. HAGGART.

I do not know what the insurance law of Manitoba provides, but I know that under the Ontario law an insurance company such as this is allowed to make only a certain contract with the Insured party-it cannot" contract itself out of certain liabilities. X do not know whether there is such a law in force in Manitoba. But the effect of this Bill would be to remove that safeguard, if it exists, from those who have insured with this company, by transferring the company to federal jurisdiction.

Topic:   OCCIDENTAL FIRE INSURANCE COMPANY.
Permalink
LIB

Henry Horton Miller

Liberal

Mr. MILI.ER.

Their longest contract of insurance would be for three years, and a large number of them would be for twelve months or less. So, this would not be so serious a matter as in the case of a life insurance company. [DOT]

Topic:   OCCIDENTAL FIRE INSURANCE COMPANY.
Permalink
CON

Robert Laird Borden (Leader of the Official Opposition)

Conservative (1867-1942)

Mr. R. L. BORDEN.

The Minister of Finance (Mr. Fielding) proposed the amendment of section 5 of a corresponding Bill, the name of which I have forgotten, upon my bringing to his attention the possibility of certain difficulties arising under that section. It seems to me that section 5 of this Bill should be amended in that way. Has the attention of the government been directed to that point ?

Topic:   OCCIDENTAL FIRE INSURANCE COMPANY.
Permalink
LIB

William Pugsley (Minister of Public Works)

Liberal

Mr. PUGSLEY.

I think it would be better to have the Bill stand until the Minister of Finance (Mr. Fielding) is here, as he gave attention to a similar Bill and had some change made.

Topic:   OCCIDENTAL FIRE INSURANCE COMPANY.
Permalink
CON

Robert Laird Borden (Leader of the Official Opposition)

Conservative (1867-1942)

Mr. R. L. BORDEN.

Yes, it would not be advisable to pass this Bill in one form when an exactly corresponding Bill has been passed iu a different form.

Progress reported.

Topic:   OCCIDENTAL FIRE INSURANCE COMPANY.
Permalink

CONSIDERED IN COMMITTEE-THIRD READING.


Bill (No. 120) to change the name and head office of the Anglo-Canadian Insurance Company.-Mr. Rivet. Bill (No 156) respecting the Northern Bank and the Crown Bank of Canada.-Mr. Guthrie.


QUESTIONS.

YUKON GOLD COMPANY.


Mr. MACDONELL-by Mr. Blain-asked: 1. Has the attention of the government been drawn to an advertisement signed by one Thomas W. Lawson, of Boston, which appeared in several of the newspapers of Canada and the United States, of Friday, the 27th of March, 1908, with respect to placing on the market the shares of a company known as the Yukon Gold Company, and of j which one Daniel Guggenheim is represented 245 to be president, and Isaac Guggenheim is represented to be secretary? 2. Is it true that the Yukon Gold Company holds claims for the Dominion government in the Yukon Territory located on Bonanza, Eldorado, Bear and Hunker creeks, and which have a production record of approximately $100,000,000, as stated in the report dated New York, 6th of March, 1908, of Oscar B. Perry, a synousis of which appears in said advertisement? 3. If so, what is the extent or area of the company's holdings, and upon what conditions are they held by the company? I. Has absolute title been given to the company of anv holdings on the aforesaid creeks, or are they to operate conditionally? If the latter, what are the conditions? 5. Is it true that the company, as stated in the said advertisement, has purchased sufficient creek claims and upper lever or bench deposits to control the mining situation in that portion of the Yukon Territory? 6. If so, from whom did the company purchase its -creek claimsMfr0m the government, or the previous owners? 7. If from previous owners, have any assignments or transfers been recorded in the Department of the Interior? If so, from whom to whom? 8. Has the so-called Treadgold Concession been granted to the Yukon Gold Company? If so, upon what terms and conditions? 9. Has the Yukon Gold Company acquired the following low grade areas, as stated in said advertisement, to be profitably treated at a later stage, namely, Hunker creek bottom. with its tributaries, Last Chance creek, Gold Bottom creek. Hunker hills and Last Chance hills, Lower Bonanza hills, and Klondike valley below Bear creek? If so, what is the extent or area of such claims, and upon what conditions have they been granted to the Yukon Gold Company? 10. What are the total holdings of the Yukon Gold Company in the Yukon Territory, and what fees or royalties has the company to pay to the government in connection therewith ? II. If the statements, or any of them, appearing in the said advertisement are incorrect or misleading, what steps have the government taken to warn or protect the investing public? 12. Has the government, or any member thereof, anv communications, written or oral, with the Thomas W. Lawson named in said advertisement, or with anv member of the Guggenheim syndicate, with reference to the purchase or acquisition of the aforesaid mining claims, or any of them, or regarding the public flotation of 700,000 shares of the stock of the said company at $5 per share? 13. Is the government aware that the said lukon Gold Company is capitalized at $17,500,000, and that the public has subscribed for shares therein on the faith and basis of the statements contained in the said advertisement. as to the absolute ownership bv the Yukon Gold Company of the aforesaid claims?


LIB

Hon. FRANK OLIVER (Minister of the Interior) : (Minister of the Interior; Superintendent-General of Indian Affairs)

Liberal

1. No.

2. The Yukon Gold Company hold placer mining claims in the Yukon Territory situated on Bonanza, Eldorado, Bear and Hun-

ker creeks, but as no record of production by creeks has been kept, the government is not in a position to corroborate the approximate production record as stated.

3. Many of the claims held by the company have not been surveyed, and as they vary in size according to the regulations under which they were acquired, the total extent or area cannot be computed.

The claims are held under the conditions of the Yukon Placer Mining Act.

4. Title to the claims is conditional. Work to the value of $200 must be performed on a claim or in connection with it each year, and a renewal fee of $15 paid. The conditions are those set out in the Placer Mining Act.

5. The government has not sufficient information to make a definite statement.

6. Prom the previous owners.

7. Assignments in favour of the company of the claims which they have acquired are filed with the mining recorder in whose district the claims are situated, in accordance with the provisions of section 46 of the Yukon Placer Mining Act.

S. The question is not understood ; but, if it has reference to a right at one time granted Messrs Ewing, Treadwell and Bar-wick to acquire certain reverted or abandoned claims, which right was subsequently rescinded, the answer is ' No.'

9. The Yukon Gold Company have acquired certain claims on the streams mentioned, the exact area of which is not known as all the claims have not been surveyed. These claims were granted under the provisions of the Placer Mining Regulations and Act.

10. The total number of claims acquired by the Yukon Gold Company appears to be 820. The fees and royalties paid by the company are those specified in the Placer Mining Act; that is, $15 for the annual renewal of each claim, and a royalty of 2i per cent on the gold exported from the territory.

11. The government has no information as to the statements appearing in the advertisement.

12. No.

13. As the company appears to be operating under local ordinance, no doubt a statement as to the amount of capitalization was filed with the territorial government. The government, however, has no information.

DREDGING, &c., AT RIMOUSKI.

Topic:   QUESTIONS.
Subtopic:   YUKON GOLD COMPANY.
Permalink

May 4, 1908