June 8, 1925

LIB

James Alexander Robb (Minister of Immigration and Colonization)

Liberal

Mr. ROBB:

I will answer that at once-no.

Topic:   HOME BANK
Subtopic:   PROPOSED PAYMENT OF DEPOSITORS TO THE AMOUNT OF $5,450,000
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PRO

John Wilfred Kennedy

Progressive

Mr. KENNEDY (Glengarry and Stormont) :

Perhaps the government is establishing a dangerous precedent; I rather think it is. I do not think the country is morally liable for the errors of any government or any finance minister. I do not think the country should be held responsible if any Treasury board or any Minister of Finance commits an error of judgment. At least I do not think the people of Canada should in every such case be held responsible; I am afraid we would have a lot of responsibility on our shoulders if we did. In view of the answer the minister has given, I am going to move an amendment to this resolution, as follows:

That the resolution be amended by inserting after the word "Canada" in the forth line thereof, the following words, "and the Farmers' Bank of Canada".

Topic:   HOME BANK
Subtopic:   PROPOSED PAYMENT OF DEPOSITORS TO THE AMOUNT OF $5,450,000
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LIB

George Newcombe Gordon (Deputy Speaker and Chair of Committees of the Whole of the House of Commons)

Liberal

The CHAIRMAN:

I am in doubt as to this motion being in order. The question that arises in my mind is whether a resolution providing $5,450,000 for the purpose of paying creditors of the Home Bank for money on deposit such proportionate part of the amounts due them as that sum will provide, can be amended so as to include the creditors of the Farmers' Bank and thus divert a portion of the sum provided for the Home Bank to another purpose. I should like to hear the views of members of the committee on this point.

Topic:   HOME BANK
Subtopic:   PROPOSED PAYMENT OF DEPOSITORS TO THE AMOUNT OF $5,450,000
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LIB

George Perry Graham (Minister of Railways and Canals)

Liberal

Mr. GRAHAM:

Is there such a thing as the Farmers' bank to begin with?

Topic:   HOME BANK
Subtopic:   PROPOSED PAYMENT OF DEPOSITORS TO THE AMOUNT OF $5,450,000
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CON

Arthur Meighen (Leader of the Official Opposition)

Conservative (1867-1942)

Mr. MEIGHEN:

Is there a Home bank?

Home Bank

Topic:   HOME BANK
Subtopic:   PROPOSED PAYMENT OF DEPOSITORS TO THE AMOUNT OF $5,450,000
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LIB

George Perry Graham (Minister of Railways and Canals)

Liberal

Mr. GRAHAM:

It has not been quite

wound up yet.

Topic:   HOME BANK
Subtopic:   PROPOSED PAYMENT OF DEPOSITORS TO THE AMOUNT OF $5,450,000
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PRO

John Wilfred Kennedy

Progressive

Mr. KENNEDY (Glengarry and Stormont) :

The amendment neither increases nor decreases the amount mentioned in the resolution.

Topic:   HOME BANK
Subtopic:   PROPOSED PAYMENT OF DEPOSITORS TO THE AMOUNT OF $5,450,000
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LIB

George Perry Graham (Minister of Railways and Canals)

Liberal

Mr. GRAHAM:

It makes a change in it.

Topic:   HOME BANK
Subtopic:   PROPOSED PAYMENT OF DEPOSITORS TO THE AMOUNT OF $5,450,000
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LIB

George Newcombe Gordon (Deputy Speaker and Chair of Committees of the Whole of the House of Commons)

Liberal

The CHAIRMAN:

It makes a change in the destination of the money grant.

Topic:   HOME BANK
Subtopic:   PROPOSED PAYMENT OF DEPOSITORS TO THE AMOUNT OF $5,450,000
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PRO

John Wilfred Kennedy

Progressive

Mr. KENNEDY (Glengarry and Stormont) :

In a portion of it only.

Topic:   HOME BANK
Subtopic:   PROPOSED PAYMENT OF DEPOSITORS TO THE AMOUNT OF $5,450,000
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CON

Arthur Meighen (Leader of the Official Opposition)

Conservative (1867-1942)

Mr. MEIGHEN:

I think it must mean an additional charge to the treasury.

Topic:   HOME BANK
Subtopic:   PROPOSED PAYMENT OF DEPOSITORS TO THE AMOUNT OF $5,450,000
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LIB

George Newcombe Gordon (Deputy Speaker and Chair of Committees of the Whole of the House of Commons)

Liberal

The CHAIRMAN:

Under the rules, a

change in the destination of a grant or public charge seems to have relation only to Supply. I question whether it applies to a resolution of this kind.

Topic:   HOME BANK
Subtopic:   PROPOSED PAYMENT OF DEPOSITORS TO THE AMOUNT OF $5,450,000
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CON

Arthur Meighen (Leader of the Official Opposition)

Conservative (1867-1942)

Mr. MEIGHEN:

Perhaps before you decide the point, Mr. Chairman, hon. gentlemen who have another bank that failed should get their application in.

Topic:   HOME BANK
Subtopic:   PROPOSED PAYMENT OF DEPOSITORS TO THE AMOUNT OF $5,450,000
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LIB

George Perry Graham (Minister of Railways and Canals)

Liberal

Mr. GRAHAM:

Get them all in.

Topic:   HOME BANK
Subtopic:   PROPOSED PAYMENT OF DEPOSITORS TO THE AMOUNT OF $5,450,000
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LIB

George Newcombe Gordon (Deputy Speaker and Chair of Committees of the Whole of the House of Commons)

Liberal

The CHAIRMAN:

Do any hon. members desire to speak to this point?

Topic:   HOME BANK
Subtopic:   PROPOSED PAYMENT OF DEPOSITORS TO THE AMOUNT OF $5,450,000
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LAB

William Irvine

Labour

Mr. IRVINE:

I do not wish to appear as opposing this bill-

Topic:   HOME BANK
Subtopic:   PROPOSED PAYMENT OF DEPOSITORS TO THE AMOUNT OF $5,450,000
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LIB

George Newcombe Gordon (Deputy Speaker and Chair of Committees of the Whole of the House of Commons)

Liberal

The CHAIRMAN:

A point of order is

under consideration, I should like to dispose of it first. I rule that this amendment, as it does not increase the public charge, is in order. The question is on the amendment.

Topic:   HOME BANK
Subtopic:   PROPOSED PAYMENT OF DEPOSITORS TO THE AMOUNT OF $5,450,000
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LIB

James Alexander Robb (Minister of Immigration and Colonization)

Liberal

Mr. ROBB:

Before any other hon. gentleman speaks I wish to place on record an answer to a certain part of the remarks of my hon. friend from Glengarry and Stormont (Mr. Kennedy). If I understood him aright he intimated that if this measure passed we would have a demand on behalf of the depositors of the Home Bank for an additional amount to bring the grant up to one hundred per cent. Now, upon the failure of the Home Bank a liquidator was appointed by the Court, I think .on the recommendation of the depositors of the bank. Those depositors themselves appointed a committee to manage their affairs. We have had consultations with that commiitee and with the liquidator. We have not arrived hastily at the figures we presented to parliament to-day, and I wish now to place on record, so that hon. gentlemen may understand the facts, a letter received by the right hon. the Prime Minister and signed by the

members of the committee. This letter is as follows:

Ottawa, May 29, 1925.

Right Honourable

W. L. Mackenzie King, C.M.G., M.P.,

Prime Minister of Canada,

Ottawa.

Dear Mr. Premier:

After our interview with you and the Acting Minister of Finance, the Hon. Mr. Robb, this day, and the proposals made in reference to the settlement of the claims of the Home Bank depositors, and having regard to the many financial demands being made upon the government, we beg, on behalf of the National Depositors Relief Association, to assure you that the sum of five million four hundred and fifty thousand dollars, mentioned by you in our interview this day, is satisfactory to our association and we feel will be satisfactory to the depositors generally in Canada.

We deeply appreciate the broad spirit with which you have met our representations and that the measure of relief you propose is fair and reasonable, having regard to existing conditions.

We beg to again thank you and the Acting Minister of Finance, and the other members of the government, for the kind interest which you have always shown us since the matter came before you, and for the assurance that the necessary legislation will be put through immediately.

Signed on behalf of the National Committee of the Home Bank Depositors Association.

W. T. Lee,

Chairman.

W. F. Kernahan,

Treasurer.

Arthur English.

G. G. Henderson.

J. P. Treacy.

V. A. Sinclair.

Topic:   HOME BANK
Subtopic:   PROPOSED PAYMENT OF DEPOSITORS TO THE AMOUNT OF $5,450,000
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CON

Arthur Meighen (Leader of the Official Opposition)

Conservative (1867-1942)

Mr. MEIGHEN:

Are the names all signed on the dotted line?

Topic:   HOME BANK
Subtopic:   PROPOSED PAYMENT OF DEPOSITORS TO THE AMOUNT OF $5,450,000
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LIB

James Alexander Robb (Minister of Immigration and Colonization)

Liberal

Mr. ROBB:

The letter is signed by the individuals whose names appear there.

Topic:   HOME BANK
Subtopic:   PROPOSED PAYMENT OF DEPOSITORS TO THE AMOUNT OF $5,450,000
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June 8, 1925