February 22, 1928

UFA

William Irvine

United Farmers of Alberta

Mr. IRVINE:

Which taxes?

Topic:   THE BUDGET
Subtopic:   DEBATE ON ANNUAL FINANCIAL STATEMENT OF MINISTER OF FINANCE
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LIB

Frederick George Sanderson

Liberal

Mr. SANDERSON:

Topic:   THE BUDGET
Subtopic:   DEBATE ON ANNUAL FINANCIAL STATEMENT OF MINISTER OF FINANCE
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CON

Robert James Manion

Conservative (1867-1942)

Mr. MANION:

A very small one.

Topic:   THE BUDGET
Subtopic:   DEBATE ON ANNUAL FINANCIAL STATEMENT OF MINISTER OF FINANCE
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LIB

Frederick George Sanderson

Liberal

Mr. SANDERSON:

I am sorry, because

it is good stock. This is what that journal says: [DOT]

Shareholders in the Monarch Knitting Company, Limited, have reason to be gratified over the progress that has been made since its organization. The company, in 1903, the first year of its operation, had net profits of $3,995.74-

Very small.

-and these were increased to a peak of $380,686.99 in 1919. In the twenty-five years of the concern's existence the net profits have aggregated $2,826,185.12. Since the reincorporation of the company, when it was transferred from private ownership to a limited liability organization, there have been expended in improvements and extensions the sum of slightly over $1,000,000.

I do not think, therefore, that any shareholder of the Monarch Knitting Company, Limited, need have very much fear about his holdings. If I were inclined to offer any advice to my hon. friend from Fort William, I would say, hang on to the few shares you have.

Topic:   THE BUDGET
Subtopic:   DEBATE ON ANNUAL FINANCIAL STATEMENT OF MINISTER OF FINANCE
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CON

Robert James Manion

Conservative (1867-1942)

Mr. MANION:

I cannot do anything else because no one will buy them. The company is not paying dividends and has not done so for some years.

The Budget-Mr. Sanderson

Topic:   THE BUDGET
Subtopic:   DEBATE ON ANNUAL FINANCIAL STATEMENT OF MINISTER OF FINANCE
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LIB

Frederick George Sanderson

Liberal

Mr. SANDERSON:

If the hon. gentleman will possess his soul in patience I will tell him why they have not. I had the curiosity to look up, in the same Annual Financial Review, July 1927, the statement concerning the Monarch Knitting Company, Limited. I find in the Review their last financial statement, issued 1927. It is a very long statement and therefore I cannot read it all. However, I quote the following:

The Monarch Knitting Company Limited Was incorporated by Ontario charter to take over the business of the company of the same name which commenced operations in the year 1903 and operated up to May 1, 1912.

Tile company's business consists of the manufacture of knitted goods; comprising sweater coats for men, women and children, and a complete line of fancy knitted goods such as sweater coats, skirts, toques, scarfs, hosiery, etc.

The factories owned by the company at Dunnville, St. Catharines and St. Thomas are modern in structure and equipment and excellently adapted for the business.

Then below that there is a footnote:

The Buffalo property and plant was finally disposed of, in 1925.

Reading the statement, you will find that nearly all the adversity which the Monarch Knitting Company, Limited, has suffered is to be attributed to the operation of its Buffalo plant in the state of New York. Nevertheless, the fact is that the rate of duty on woollen goods going into the United States runs from 40 per cent to 55 per cent, while the Monarch Knitting Company enjoyed a protection here of 37i per cent. I would like to ask my hon. friend from Fort William if he purchased his shares knowing that the company had a plant in the city of Buffalo? Surely he would not put money into any concern operating in the United States.

Topic:   THE BUDGET
Subtopic:   DEBATE ON ANNUAL FINANCIAL STATEMENT OF MINISTER OF FINANCE
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CON

Robert James Manion

Conservative (1867-1942)

Mr. MANION:

In reply I might say that

I do not pretend to be so loyal that I would object to making money in any country.

Topic:   THE BUDGET
Subtopic:   DEBATE ON ANNUAL FINANCIAL STATEMENT OF MINISTER OF FINANCE
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LIB

Frederick George Sanderson

Liberal

Mr. SANDERSON:

I am glad to hear that, but this statement will show, Mr. Speaker, that the losses of the Monarch Knitting Company were made in the United States and not in the Dominion of Canada.

Topic:   THE BUDGET
Subtopic:   DEBATE ON ANNUAL FINANCIAL STATEMENT OF MINISTER OF FINANCE
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CON

Robert James Manion

Conservative (1867-1942)

Mr. MANION:

But what my hon. friend

has said has not changed at all what I stated yesterday.

Topic:   THE BUDGET
Subtopic:   DEBATE ON ANNUAL FINANCIAL STATEMENT OF MINISTER OF FINANCE
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LIB

Frederick George Sanderson

Liberal

Mr. SANDERSON:

Of course not; I might talk here until doomsday without changing the opinion of my hon. friend, knowing how biased he is. [DOT]

Topic:   THE BUDGET
Subtopic:   DEBATE ON ANNUAL FINANCIAL STATEMENT OF MINISTER OF FINANCE
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CON

Robert James Manion

Conservative (1867-1942)

Mr. MANION:

You would not change the dividends either.

Topic:   THE BUDGET
Subtopic:   DEBATE ON ANNUAL FINANCIAL STATEMENT OF MINISTER OF FINANCE
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LIB

Frederick George Sanderson

Liberal

Mr. SANDERSON:

So much for the knitting industry. Now I just want to say a word or two about the linen industry. That is something of which I have perhaps a fairly accurate knowledge, because it is associated with the business in which I happen to be engaged, the growing and working up of flax for the spinner. The small change which has been made by increasing the preferential on fine linen will not affect the linen industry in the Dominion of Canada, nor will it affect the flax industry in Canada, for the reason that there is no fine linen made in this country or in the United States, with all the great progress they have made in manufacturing. I have not time to go into the reason for that in detail, any more than to say it is largely due to climatic conditions, which are most nearly perfect in Ireland where the finest linen is made. In the case of the textiles, cottons, woollens and linens, there is no harm done by the proposed changes in the tariff.

Topic:   THE BUDGET
Subtopic:   DEBATE ON ANNUAL FINANCIAL STATEMENT OF MINISTER OF FINANCE
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CON

Alexander McKay Edwards

Conservative (1867-1942)

Mr. EDWARDS (Waterloo):

What about the weaving industry?

Topic:   THE BUDGET
Subtopic:   DEBATE ON ANNUAL FINANCIAL STATEMENT OF MINISTER OF FINANCE
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LIB

Frederick George Sanderson

Liberal

Mr. SANDERSON:

Is my hon. friend referring to linens, cottons or woollens?

Topic:   THE BUDGET
Subtopic:   DEBATE ON ANNUAL FINANCIAL STATEMENT OF MINISTER OF FINANCE
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CON

Alexander McKay Edwards

Conservative (1867-1942)

Mr. EDWARDS (Waterloo):

The weaving of woollen cloth.

Topic:   THE BUDGET
Subtopic:   DEBATE ON ANNUAL FINANCIAL STATEMENT OF MINISTER OF FINANCE
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LIB

Frederick George Sanderson

Liberal

Mr. SANDERSON:

My hon. friend will

have forty minutes in which to discuss the budget, and I would rather he did not take up my time just now.

Before I was interrupted, Mr. Speaker, I was closing my remarks with regard to the textiles, and now I want to go back to the speech of my good friend the hon. member for Fort William, because he is in a genial mood this afternoon. I always like to hear him speak; he has such a genial smile, but I have come to the conclusion that beneath that smile there is a stratum of political bitterness which he does not succeed in hiding. In the course of his speech yesterday he touched on the woeful condition of affairs in this country and made what might be considered during an election as a fairly good campaign speech, considering his side of the story. But I want to ask him and to ask this house if the speech delivered by the hon. member yesterday, decrying this country, repeating the old story of the boys and girls going to the United States and telling of the hundreds and hundreds of factories closed, is a good advertisement for the Dominion of Canada? It would be bad enough if it were true, but it is not; the statements are not correct.

Topic:   THE BUDGET
Subtopic:   DEBATE ON ANNUAL FINANCIAL STATEMENT OF MINISTER OF FINANCE
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CON

Robert James Manion

Conservative (1867-1942)

Mr. MANION:

Mr. Speaker-

Topic:   THE BUDGET
Subtopic:   DEBATE ON ANNUAL FINANCIAL STATEMENT OF MINISTER OF FINANCE
Permalink
LIB

Frederick George Sanderson

Liberal

Mr. SANDERSON:

I object to these interruptions; I only have forty minutes.

The Budget-Mr. Sanderson

Topic:   THE BUDGET
Subtopic:   DEBATE ON ANNUAL FINANCIAL STATEMENT OF MINISTER OF FINANCE
Permalink
CON

Robert James Manion

Conservative (1867-1942)

Mr. MANION:

I rise to a point of order. The hon. member has stated first that something I said is not true ,and secondly that I decried this country. I neither decried this country nor made any untrue statements. The hon. member may disapprove something I said, but no statements made by myself were untrue.

Topic:   THE BUDGET
Subtopic:   DEBATE ON ANNUAL FINANCIAL STATEMENT OF MINISTER OF FINANCE
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LIB

Hewitt Bostock (Speaker of the Senate)

Liberal

Mr. SPEAKER:

I must ask the hon. gentleman to withdraw that statement. He is not permitted to say of another hon. member of this house that he made a false or untrue statement; that is not parliamentary language. This is an assembly of gentlemen, and it is not permissible to say that the statement of any other member is not true.

Mr. SANDERSON; As one of the younger parliamentarians, Mr. Speaker, I want to abide by the rules of the house, and if I have said anything contrary to those rules I willingly withdraw it. Nevertheless, Hansard will speak for itself with regard to the remarks of my hon. friend from Fort William. However, I have one or two further matters to take up with regard to the hon. member. He dwelt at length on the unemployment in this country, and stated that instead of decreasing it was increasing.

Topic:   THE BUDGET
Subtopic:   DEBATE ON ANNUAL FINANCIAL STATEMENT OF MINISTER OF FINANCE
Permalink

February 22, 1928