loaned to depositors for the purpose of buying their own houses, are loaned to the corporation at a rate of interest be-4 p.m. low that which the corporation would have to offer on the general money market for its loans, while still making a margin above the 3i per cent which is paid to depositors.
In the next place, I would urge that there be given larger facilities for co-operative credit. It would seem to me that there should be an amendment to the Finance Act, so that producers' organizations may secure advances on securities similar to those now accepted from the banks. Why should the wheat pool, for example, be forced to go to a private corporation in order to secure money to finance its operations? Why should it not go directly to the treasury, and deposit with the treasury the very selfsame securities which it now has to deposit with the bank, and which the bank, in turn, deposits with the Treasury board?
Subtopic: NATIONAL SYSTEM OF BANKING