Mr. THOMAS VIEN (Lotbiniere):
I beg to move that the twelfth report of the select standing committee on Banking and Commerce be concurred in. I might explain to the House that the twelfth report was laid on the Table of the House on the 4th of July. As it is self-explanatory, I will read it to the House:
Your Committee recommend that the government should study and consider the practicability of laying before parliament at a subsequent date the establishment in the chartered banks of Canada, of an additional class of savings accounts whereby all holders of deposits, who may place their money in such class of accounts, in any one bank or branch thereof, shall be protected against loss up to the sum of $3,000 by the establishment of a fund on an insurance basis, the premiums of which will be contributed by the depositor and the bank in such proportion as may be determined and that the government work out the details and actuarial data necessary for the establishment of the said proposal and upon conference with the banking institutions of Canada, that legislation may be enacted to carry out the results of the said conference and such scheme as may be evolved.
I may state that this resolution was moved by the hon. member for Vancouver South (Mr. Ladner), and was adopted unanimously by the Banking and Commerce committee.