June 6, 1917

STATEMENT BY HON. ALBERT SEVIGNY.


On the Orders of the Day:


CON

Albert Sévigny (Minister of Inland Revenue)

Conservative (1867-1942)

Hon. ALBERT SEVIGNY (Minister of Inland Revenue):

Mr. Speaker, I rise to a question of privilege. I see in the morning papers a report which reads as follows:

Ottawa, June 5.-An extraordinary position of affairs was revealed in a return made this

evening In a volume of correspondence between the iSergeant-at-Arms of the House of Commons and Hon. Albert Sevigny, and between the Sergeant-at-Arms and the Justice Department, with regard to a quantity of valuable effects removed from the Speaker's chambers at the House of Commons early in 1916 by Hon. Mr. Sevigny during his tenure? of office as Speaker. It appeared that Hon. Mr. Sevigny had removed a number of handsome pictures and works of art

-which, by the way, is not true.

a Viotrola and a quantity of high priced records, with other ornaments and furniture and had them sent to Quebec.

Col Smith wrote Hon. Mr. Sevigny several times'apparently without getting any response. He then wrote a sharp letter to Hon. Mr. Sevigny, pointing out that he must know that these goods should be in the custody of himself as Sergeant-at-Arms, and that he was responsible for them. Yet in face of repeated requests Hon. Mr. Sevigny had continued to retain them, etc.

This article, published in the Montreal Gazette this morning, is absolutely false; there is nothing in the papers which were submitted to the. House yesterday to sustain those assertions. The facts are as follows. As everybody knows, the Speaker's Chambers were destroyed by fire last year when I was Speaker of the House of Commons-and, by the way, I may be permitted to say that my monetary losses as a result of the fire amounted to about $1,200. Last year when the House prorogued as there were no quarters for the Speaker, I asked the officers of the House if there would be any objection to sending to Quebec certain effects which were in Ottawa at the disposal of the Speaker of the House of Commons during the Tecess. No objection was raised at the time by any of the officers of the House, and, accordingly, instructions were given that certain effects be sent to Quebec. A list of those effects w as made by the Serjoait-at-Arms, and they were sent to Quebec by the Serjeant-at-Arms. On January 8 of this year, I was invited to join the Cabinet and the next day I had to go to Dorchester for my reelection. I was there until the end of January. When I came back I was sick for several days, and when I came to my office in Ottawa I was very busy with my departmental business. When I w.as asked for the first time by the Serjeant-at-Arms to .send back those effects, I told hi.m, in a letter of which a copy was submitted to the House yesterday, that I would send them as soon as I should be back in Quebec. I wrote a second letter to the Serjeant-at-Arms in which I repeated that. I can tell you, Mr. Speaker, that my intention never was to keep those effects and

that they .were returned to the Serjeant-at-Arms in perfect order.

ALLEGED COMPULSORY RETIREMENT OF CIVIL SERVANTS. [DOT]

On the Orders of the Day.

Topic:   PRIVILEGE.
Subtopic:   STATEMENT BY HON. ALBERT SEVIGNY.
Permalink
LIB

William Manley German

Liberal

Mr. W. M. GERMAN:

I wish to call the attention of the Minister of Customs to an article which appears in .an Ottawa paper, as follows:

Windsor, June 5.-Information has been received here by local members of the internal revenue and other branches of the Civil Service to the effect that within a short time-a few weeks at most-the Government will announce a plan for compulsory retirement of all civil servants who have been in the service more than thirty-five years, their places to he filled with returned soldiers who are unfit by reason of wounds and illness from filling their ordinary vocations.

I wish to

Topic:   PRIVILEGE.
Subtopic:   STATEMENT BY HON. ALBERT SEVIGNY.
Permalink
CON

John Dowsley Reid (Minister of Customs)

Conservative (1867-1942)

Mr. REID:

There is nothing in it. I never heard of it before.

Topic:   PRIVILEGE.
Subtopic:   STATEMENT BY HON. ALBERT SEVIGNY.
Permalink

FINANCIAL ARRANGEMENT BETWEEN BRITISH GOVERNMENT AND CANADIAN PACIFIC RAILWAY.


On motion of Hon. Sir THOMAS WHITE (Minister of Finance), Bill No. 47, to facilitate certain financial arrangements between the Government of the United Kingdom of Great Britain and Ireland and the Canadian Pacific Railway Company, and for other purposes, was read the second time, and the House went into committee thereon, Mr. Blain in the chair. On the Preamble:


CON

William Thomas White (Minister of Finance and Receiver General)

Conservative (1867-1942)

Sir THOMAS WHITE:

As I explained upon the introduction of this Bill to the House, its object is to enable the Canadian Pacific Railway Company to lend its credit to the Imperial Treasury by issuing collateral trust bonds payable in currency-

Topic:   FINANCIAL ARRANGEMENT BETWEEN BRITISH GOVERNMENT AND CANADIAN PACIFIC RAILWAY.
Permalink
LIB

Wilfrid Laurier (Leader of the Official Opposition)

Liberal

Sir WILFRID LAURIER:

In what currency?

Topic:   FINANCIAL ARRANGEMENT BETWEEN BRITISH GOVERNMENT AND CANADIAN PACIFIC RAILWAY.
Permalink
CON

William Thomas White (Minister of Finance and Receiver General)

Conservative (1867-1942)

Sir THOMAS WHITE:

Canadian, United . States, or British, against outstanding securities of the company, payable as to principal and interest in sterling, which have been, ot which may be, acquired by the Imperial Government. Legislation is necessary because the Canadian Pacific Railway Company will do this to facilitate the financing by the Imperial Treasury and not for its own railway purposes. I am advised that the Canadian Pacific Railway .Company has statutory powers to issue

these new securities, if issued for railway purposes, but as the purpose is to facilitate the Imperial financing, it is necessary to obtain legislative authority to issue these collateral trust bonds, which are to be delivered to the Imperial Government in exchange for sterling securities which it has acquired or may acquire on the London market. The transaction is necessitated by reason of the exchange situation to which I have frequently referred in this House. The British Government has been acquiring sterling securities in London. Those sterling securities have in the past been used as collateral to loans which the Imperial Government has been making in New York for the purpose of supplying funds to meet its expenditures in the United States. Among other securities which have been or which will be acquired are the sterling securities of the Canadian Pacific Bailway Company, and of certain of the companies whose lines are leased by the Canadian Pacific Railway Company, principally, I may say, the four per cent debenture stock of the Canadian Pacific. The position, therefore, is that the Imperial Government has acquired this stock and other securities. As these securities are payable in sterling, they are not available as collateral or for sale on this side of the Atlantic, and the Imperial treasury has requested the Canadian Pacific Railway Company to issue collateral trust bonds in exchange for these sterling debentures, the collateral trust bonds to be payable in currency so that they may be used for an issue on this side of the Atlantic, or as collateral for such an issue. I have already explained to the House that no such issue is an immediate prospect, and I have' stated further-and this has been brought to my knowledge-that although no such loan is in prospect, the Imperial Government has requested the Canadian Pacific Company to proceed with this legislation, in order that, should occasion arise, this power may be available.

Topic:   FINANCIAL ARRANGEMENT BETWEEN BRITISH GOVERNMENT AND CANADIAN PACIFIC RAILWAY.
Permalink
LIB

Wilfrid Laurier (Leader of the Official Opposition)

Liberal

Sir WILFRID LAURIER:

Topic:   FINANCIAL ARRANGEMENT BETWEEN BRITISH GOVERNMENT AND CANADIAN PACIFIC RAILWAY.
Permalink
CON

William Thomas White (Minister of Finance and Receiver General)

Conservative (1867-1942)

Sir THOMAS WHITE:

Yes.

Topic:   FINANCIAL ARRANGEMENT BETWEEN BRITISH GOVERNMENT AND CANADIAN PACIFIC RAILWAY.
Permalink
LIB

Wilfrid Laurier (Leader of the Official Opposition)

Liberal

Sir WILFRID LAURIER:

That is one of the mysteries of financing that I do not understand.

Topic:   FINANCIAL ARRANGEMENT BETWEEN BRITISH GOVERNMENT AND CANADIAN PACIFIC RAILWAY.
Permalink
CON

William Thomas White (Minister of Finance and Receiver General)

Conservative (1867-1942)

Sir THOMAS WHITE:

My right hon. friend is quite correct in stating that there is no higher form of security than the sterling security, but sterling securities cannot be sold to advantage on this side of the Atlantic.

Topic:   FINANCIAL ARRANGEMENT BETWEEN BRITISH GOVERNMENT AND CANADIAN PACIFIC RAILWAY.
Permalink
LIB

Charles Marcil

Liberal

Mr. MARCIL:

I understand that a few days after the. Canadian Pacific Railway Company made an announcement in regard to this matter at a meeting of the shareholders, it was stated that the arrangement had fallen through and that the British Government had made other arrangements.

Topic:   FINANCIAL ARRANGEMENT BETWEEN BRITISH GOVERNMENT AND CANADIAN PACIFIC RAILWAY.
Permalink
CON

William Thomas White (Minister of Finance and Receiver General)

Conservative (1867-1942)

Sir THOMAS WHITE:

When the matter was first announced, it was the intention to proceed with a loan In New York for a large amount, I think, two or three hundred million dollars, but on account of the declaration of war by the United States against Germany, it was not deemed expedient to proceed. My hon. friend probably knows that the American Government is now issuing its securities for the purpose of financing Great Britain and the Allies. There is no intention of bringing on, in the near future, any issue of these securities, or any Imperial issue with these securities pledged as collateral. It may not be necessary to do so at all. My hon. friend is right in stating that that was adverted to at the meeting of the shareholders of the Canadian Pacific, but notwithstanding that, as no one can tell what the future will bring forth, and as the sum involved is large, it is deemed advisable that this power should be available in case it might be desired to exercise it.

Topic:   FINANCIAL ARRANGEMENT BETWEEN BRITISH GOVERNMENT AND CANADIAN PACIFIC RAILWAY.
Permalink
LIB

Charles Marcil

Liberal

Mr. MARCIL:

I asked the question in order that the minister's explanation might be placed on Hansard.

Topic:   FINANCIAL ARRANGEMENT BETWEEN BRITISH GOVERNMENT AND CANADIAN PACIFIC RAILWAY.
Permalink
LIB

Wilfrid Laurier (Leader of the Official Opposition)

Liberal

Sir WILFRID LAURIER:

Might I recall 1jo my hon. friend that in times past and not far distant either I was taken to task very sharply by some hon. gentlemen whom I think I see now on the other side of the House, for stating that I preferred the Yankee dollar to the British shilling. Now that my hon. friend has shown by his free wheat measure that he prefers the Yankee dollar to the British shilling, I do not know what will happen, and I think I 'had better warn him not to go too fast or he may land himself in trouble.

Topic:   FINANCIAL ARRANGEMENT BETWEEN BRITISH GOVERNMENT AND CANADIAN PACIFIC RAILWAY.
Permalink
CON

William Thomas White (Minister of Finance and Receiver General)

Conservative (1867-1942)

Sir THOMAS WHITE:

I am sorry that my right hon. friend, who is an old cam-

paigner and politician, not to say statesman, takes these matters so much to heart. Why should he advert to them in time of war?

Topic:   FINANCIAL ARRANGEMENT BETWEEN BRITISH GOVERNMENT AND CANADIAN PACIFIC RAILWAY.
Permalink
LIB

William Pugsley

Liberal

Mr. PUGSLEY:

Would the word " currency " imply the right to issue in gold? Of course, this is a matter of internal arrangement by the company, and they are the best judges of what they desire.

Topic:   FINANCIAL ARRANGEMENT BETWEEN BRITISH GOVERNMENT AND CANADIAN PACIFIC RAILWAY.
Permalink

June 6, 1917