June 6, 1917

CON

William Thomas White (Minister of Finance and Receiver General)

Conservative (1867-1942)

Sir THOMAS WHITE:

Currency includes gold. The currency of the Dominion, for instance, includes Canadian gold, British sovereigns, and American gold. Currency in the United States would include American gold as well as American note circulation.

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

William Pugsley

Liberal

Mr. PUGSLEY:

That is true, but the company would have the right to pay in paper money-if the word currency was used and not the word gold; I think my hon. friend will admit that. If these bonds were payable in currency of the Dominion of Canada, then the company would have the right to pay in paper currency, in which case the bond would not have the same value as if the payment was made in gold. But of course this is a matter of internal arrangement, and the company are the best judges.

Topic:   FINANCIAL ARRANGEMENT BETWEEN BRITISH GOVERNMENT AND CANADIAN PACIFIC RAILWAY.
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Preamble agreed to, and Bill reported.


PENNY BANK ACT AMENDMENT.


On motion of Sir Thomas White (Minister of Finance) Bill No. 55, to amend the Penny Bank Act, was read a second time and the House went into committee thereon, Mr. Blain in the Chair. On section 1-withdrawals for investment in Government securities, and application of interest.


CON

William Thomas White (Minister of Finance and Receiver General)

Conservative (1867-1942)

Sir THOMAS WHITE:

This legislation

is to enable the Penny Banks to invest their funds in Dominion Government securities subject to the approval of the Minister of Finance. These banks are voluntary organizations whose object is to encourage savings by school children, and others of slender means. They are not banks under the Bank Act, and deposits by any one individual are limited to $300. At present under the Act relating to Penny Banks their funds must be deposited with the Post Office Savings Bank, and interest is allowed at the rate of 4 per cent per annum under a special arrangement with the Government. We have been requested to authorize the banks to invest in the Dominion War Loan issues, and as there seems to be no objection I have introduced this legislation. There is this safeguard, that any such investments are subject to the approval of the Minister of Finance, and of course the security is just as good as if the funds were invested in the Post Office Saving , Bank.

Topic:   PENNY BANK ACT AMENDMENT.
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LIB
CON

William Thomas White (Minister of Finance and Receiver General)

Conservative (1867-1942)

Sir THOMAS WHITE:

Yes, that is a

safeguard that my hon. friend will find in the Bill.

Topic:   PENNY BANK ACT AMENDMENT.
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LIB
CON

William Thomas White (Minister of Finance and Receiver General)

Conservative (1867-1942)

Sir THOMAS WHITE:

There are two,

the head office of the larger bank being in Toronto, with branches in thirty-four centres. The otheT bank is a smaller organization at Chicoutimi. The Penny Bank of Toronto has on deposit in the Post Office Savings Bank $370,OCO, and the Penny Bank of Chicoutimi $13,000.

Topic:   PENNY BANK ACT AMENDMENT.
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Section agreed to. Bill reported, read the third time and passed.


SUPPLY.


House in Committee of Supply, Mr. Blain in the Chair. Grant to the National Battlefields Commission, $52,100.


LIB

Wilfrid Laurier (Leader of the Official Opposition)

Liberal

Sir WILFRID LAURIER:

Has anything been done since last year in this matter? Is it proposed to add anything in the way of improvements?

Topic:   SUPPLY.
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CON

William Thomas White (Minister of Finance and Receiver General)

Conservative (1867-1942)

Sir THOMAS WHITE:

Not at present. The understanding is that the present works should be maintained, but that no new works shall be undertaken.

For maintenance of the National Battlefields Park, $46,200.

Topic:   SUPPLY.
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LIB
CON

William Thomas White (Minister of Finance and Receiver General)

Conservative (1867-1942)

Sir THOMAS WHITE:

I should have to get the report of the commission, in order to give my hon. friend full information. I am not able to speak from memory. We have provided the amount requested by the commissioners for maintenance, on the understanding that new works would not be undertaken, but that they would do their best to maintain the works at present existing. That does not mean that we should not complete the works, if it were found more convenient to do so, having regard to the financial situation.

Topic:   SUPPLY.
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LIB

Wilfrid Laurier (Leader of the Official Opposition)

Liberal

Sir WILFRID LAURIER:

I have no

fault to find with the commission. It is a fine commission, and I am sure that every dollar will be spent economically, but I would like to let the item stand.

Item stands.

Topic:   SUPPLY.
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LIB

George William Kyte

Liberal

Mr. KYTE:

Has the Battlefields Commission jurisdiction over the national monuments? I understand there are certain places in Canada where historical events have occurred, which are taken charge of by the Government? -

Topic:   SUPPLY.
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June 6, 1917