June 27, 1923

CON
LIB

Herbert Meredith Marler

Liberal

Mr. MARLER:

To suggest that section 25 of the act shall not go into effect until the commencement of the 1924 period of taxation. There is to be a consolidation of the act next year. I am only asking that this particular section 25 be delayed for a year. Six months of the year have already elapsed.

Topic:   EDITION
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LIB

William Stevens Fielding (Minister of Finance and Receiver General)

Liberal

Mr. FIELDING:

Will my hon. friend state his request again?

Topic:   EDITION
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LIB

Herbert Meredith Marler

Liberal

Mr. MARLER:

I ask that instead of section 25 coming into effect at the commencement of the 1923 tax period as provided for in subsection 4 of section 11, it come into effect at the commencement of the 1924 taxation period. In other words that the operation of this section be delayed until the first of January, 1924, instead of making it retroactive on the first of January, 1923.

Topic:   EDITION
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LIB

William Stevens Fielding (Minister of Finance and Receiver General)

Liberal

Mr. FIELDING:

I will assent to the suggested amendment of the hon. gentleman.

Section as amended agreed to.

Bill reported, read the third time and passed.

Topic:   EDITION
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MONTREAL HARBOUR COMMISSION


Hon. ERNEST LAPOINTE (Minister of Marine and Fisheries) moved that the House go into committee to consider the following proposed resolution: Resolved-1. That it is expedient to provide that the Governor in Council may from time to time, advance and pay to the Corporation of the Harbour Commissioners of Montreal, hereinafter called the corporation, such sums of money, not exceeding in the whole the sum of $10,000,000, as are required to enable the corporation to carry on the construction of terminal facilities in the harbour of Montreal for which plans, specifications and estimates have already been approved by the Governor in Council, and to construct such further terminal facilities as are necessary to properly equip the said port; in addition to the moneys heretofore authorized to be advanced to the corporation by the Governor in Council by any act. 2. That no advance shall be made in respect to the construction of terminal facilities unless such detailed plans, specifications and estimates for the works to be performed by the corporation, on which the money so to be paid is to be expended, as are satisfactory to the Minister of Marine and Fisheries, have been subnutted to and approved by the Governor in Council before any work on same is commenced. 3. That the corporation shall submit to the Minister of Marine and Fisheries for approval monthly applications for such advances as they may be entitled to .apply for, with statements, in detail, in such form as IMr. Meighen.] the minister may direct, and upon approval of the same, authority for the payment of the amount applied for may be granted by the Governor in Council. 4. That the corporation shall, upon any advances being made, deposit with the Minister of Finance debentures of the corporation equal in par value to the advance so made, repayable within twenty-five years from the date of issue, and bearing interest payable half-yearly at the rate of five per centum per annum. 5. That the principal and1 interest of any sums advanced under any act founded on these resolutions shall be payable by the corporation out of all its property and assets, and out of all its tolls, rates, dues, penalties and other sources of revenue and income whatsoever, and shall rank as a charge thereon, and have precedence in regard to payment next after the payments provided for in section eight of chapter ten of the statutes of 1896 (First session). Motion agreed to and the House went into committee, Mr. Gordon in the chair. On section 4-Security for advances.


UFA

Alfred Speakman

United Farmers of Alberta

Mr. SPEARMAN:

May I ask the minister if the harbour commissioners are regularly paying the interest charges on the loans that have so far been made to them?

Topic:   MONTREAL HARBOUR COMMISSION
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LIB

Ernest Lapointe (Minister of Marine and Fisheries)

Liberal

Mr. LAPOINTE:

Yes, every cent of interest has been paid. Last year they paid in interest the sum of $1,138,062.12. They also paid the amount necessary for a sinking fund, and had a surplus of over S200,000.

Topic:   MONTREAL HARBOUR COMMISSION
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Section agreed to. Resolution reported, read the second time and concurred in. Mr. Lapointe thereupon moved for leave to introduce Bill No. 250, to provide for further advances to the Harbour Commissioners of Montreal. Motion agreed to and bill read the first time. Mr. LAPOINTE moved the second reading of the bill. Motion agreed to, bill read the second time and the House went into committee Mr. Gordon in the Chair. On section 2-an additional $10,000,000 may be advanced to the corporation for the construction of terminal facilities.


CON

Henry Lumley Drayton

Conservative (1867-1942)

Sir HENRY DRAYTON:

This bill has

not been distributed. Is it in the usual form?

Topic:   MONTREAL HARBOUR COMMISSION
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LIB

Ernest Lapointe (Minister of Marine and Fisheries)

Liberal

Mr. LAPOINTE:

It is exactly in the form of the preceding bill-word for word.

Bill reported, read the third time and passed.

Topic:   MONTREAL HARBOUR COMMISSION
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BANK ACT AMENDMENT SENATE AMENDMENTS


Hon. W. S. FIELDING (Minister of Finance) moved the second reading of and concurrence in the amendments made by the Senate to Bill No. 83, respecting banks and banking. Bank Act


LAB

Joseph Tweed Shaw

Labour

Mr. SHAW:

What is the nature of the

amendments made to this bill by the Senate?

Topic:   BANK ACT AMENDMENT SENATE AMENDMENTS
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LIB

William Stevens Fielding (Minister of Finance and Receiver General)

Liberal

Mr. FIELDING:

I think most of the

amendments are of an unimportant character. One of the amendments relates to the question of insurance. There was much discussion in the Banking and Commerce committee, and a clause was put in the act preventing any bank agent from acting as representative of an insurance company. That is the substance of it. An amendment has been made which is designed to meet the case of the Weyburn bank. It was represented in the Senate that the agent of that bank received a considerable portion of his income from the handling of hail insurance, and if that were taken from him, it would practically destroy his income. I have no personal knowledge of this, but I understand that representations made to the Senate led them to adopt words which would practically have the effect I have stated, although they did not mention the name of that bank. The amendment proposed by the senate reads:

After subclause 3 of clause 76 insert the following as subclause 4:

"4. Nothing herein contained shall prevent the agent or manager of a bank, with chief office and branches in one province only, from acting as agent for the placing of hail insurance."

There is no mention made of the Weyburn bank, but I understand it is to meet that particular case. There is one amendment regarding the issue of stock not below par. That is technical, and there is no objection to it.

On page 45 of the bill, section 88, a clause was inserted by the Banking and Commerce committee protecting the unpaid vendor in certain cases. That clause has been stricken out by the Senate.

Topic:   BANK ACT AMENDMENT SENATE AMENDMENTS
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LIB
LIB

William Stevens Fielding (Minister of Finance and Receiver General)

Liberal

Mr. FIELDING:

In section 91 the language in the clause relating to discount says:

The rate of interest or discount charged by the bank shall appear on the face of the note.

These words were struck out by the Senate. I think these are the most material alterations. The rest are purely technical as far as I remember.

Topic:   BANK ACT AMENDMENT SENATE AMENDMENTS
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CON

James Arthurs

Conservative (1867-1942)

Mr. ARTHURS:

I desire to protest against the elimination of the protection for the unpaid vendor under section 88. I have no desire to delay the House at all. I think it is important that that clause should remain.

Topic:   BANK ACT AMENDMENT SENATE AMENDMENTS
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LAB

Joseph Tweed Shaw

Labour

Mr. SHAW:

I have no objection to the amendment regarding insurance, nor yet have I any material objection to the amendment

to section 88; but I have a serious objection to the amendment proposed to section 91. I think the rate of interest or discount should appear in every case on the face of the note.

I understood, while in the committee, that the bankers themselves had no objection to this provision, and I cannot understand what interest would be in any way jeopardized by having the rate of interest appear as the Banking and Commerce committee desired.

1 would, therefore, oppose the Senate amendment to section 91.

Topic:   BANK ACT AMENDMENT SENATE AMENDMENTS
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June 27, 1923