March 27, 1928

PRIVATE BILL

FIRST REARING


Bill No. 152, respecting The Great Lakes and Atlantic Canal and Power Company, Limited.-Mr. Denis (Joliette).


ESTIMATES FOR 1928-1929


A message from His Excellency the Governor General, transmitting estimates for the financial year ending March 31, 1929, was presented by Hon. J. A. Robb (Minister of Finance), read1 by Mr. Speaker to the house, and referred to the committee on railways and shipping.


CONSCIENCE MONEY


On motions being called:


LIB

James Alexander Robb (Minister of Finance and Receiver General)

Liberal

Hon. J. A. ROBB (Minister of Finance):

Mr. Speaker, in the special mail of yesterday the Finance Minister and Receiver General received the following letter:

March 25, 1928.

Enclosed find conscience money totalling $35, including interest. Please take good .care to speak of this in the house as soon as you get it, so it will be mentioned in the newspapers, and the sender can know before Easter that you received the money safely.

Topic:   CONSCIENCE MONEY
Permalink
CON
LIB

James Alexander Robb (Minister of Finance and Receiver General)

Liberal

Mr. ROBB:

It looks bad for the minister.

Topic:   CONSCIENCE MONEY
Permalink

INDUSTRIAL AND INTERNATIONAL RELATIONS

REPORT OF COMMITTEE ON CIVIL SERVICE COUNCILS


Mr. C. R. McINTOSH (North Battleford) presented the second report of the committee on industrial and international relations, as follows: Your committee has had before it Bill No. 4. an act to amend the Civil Service Act (Councils), referred to the committee on February 10, 1928. Having considered the bill and examined a number of witnesses on the subject matter involved, your committee beg leave to report as follows: 1. That whereas the majority of the witnesses heard were of the opinion that further consideration should be given to the details of the constitution of national civil service councils; C.N.R. Debenture Stock



And whereas the government is prepared to establish such councils; And whereas the objects of the bill may be attained by order in council; 2. That this committee endorses the principle of the establishment by the government of a national civil service council, composed of representatives of the government and the organized civil service in equal numbers, to consider and advise the government upon matters of mutual concern to the government and civil servants in their respective capacities as employer and employees, also as to the establishing of any other consultative and advisory machinery that may be required. 3. That, as the form of constitution for such a council, covering its scope and functions, can best be determined by joint agreement between the parties concerned, this committee recommends the setting up by the government of a drafting committee representing both the government and the civil service organizations, for the said purposes, provided that any such constitutions so drafted shall be subject to the approval of the governor in council; and 4. That after the said constitution has been drafted and approved in the manner set forth the national civil service council should be established forthwith by the government. 5. In view of the above recommendations your committee recommend that Bill No. 4 be not further proceeded with. All of which is respectfully submitted.


PRINTING OF PARLIAMENT


On the motion of Hon. Charles Marcil (Bonaventure) the first report of the joint committee on the printing of parliament was concurred in.


CANADIAN NATIONAL RAILWAYS

RATIFICATION OF ARRANGEMENT WITH HOLDERS OF CANADIAN NORTHERN DEBENTURE STOCK


Hon. J. A. ROBB (Minister of Finance) moved that the house go into committee at the next sitting to consider the following proposed resolution: That the scheme of arrangement with holders of the five per cent income charge convertible debenture stock of the Canadian Northern Railway be ratified and confirmed, and that the governor in council be authorized to guarantee the principal and interest of the new securities to be issued in pursuance therewith not exceeding in aggregate face value such an amount as may by the governor in council be considered sufficient to raise $22,689,575.32; the proceeds to be deposited to the credit of the Minister of Finance in trust, to be released by the minister in such amounts as are required to carry out the provisions of the scheme. He said: His Excellency the Governor General, having been made acquainted with the subject matter of this resolution, recommends it to the favourable consideration of the house. I might mention, Mr. Speaker, that this resolution is to provide for taking care of TMr. McIntosh.] maturities in May. The purpose of the bill is to approve and give effect to the scheme of arrangement and compromise between the Canadian Northern Railway Company and the holders of its five per cent income charge convertible debenture stock. This stock is secured by trust deed dated May 6, 1910, supplemented by trust deed dated May 17, 1915. The trustees are the British Empire Trust Company, London, England, and the National Trust Company, Toronto. The due date is the 6th of May, 1930. The interest is payable at five per cent or such less rate, if any, as the net earnings of the railways concerned shall be sufficient to pay. The amount outstanding is $24,137,846.08, and 94 per cent of this amount is $22,689,575.32. The sale of securities shall be by competitive bids, but in view of the fact that time is the essence and will be very limited, provision is made for temporary financing. If hon. gentlemen desire, we could take up this resolution now and give the bill its first reading, and then let it stand over until Thursday.


CON

Henry Lumley Drayton

Conservative (1867-1942)

Sir HENRY DRAYTON:

Mr. Speaker,-

Topic:   CANADIAN NATIONAL RAILWAYS
Subtopic:   RATIFICATION OF ARRANGEMENT WITH HOLDERS OF CANADIAN NORTHERN DEBENTURE STOCK
Permalink

March 27, 1928