Income Tax Exemptions
tions, it would be good judgment to take legislative action by parliament directed against practically only one country in the world, namely, the United States. If it were a matter of general application applying to all the world, and arguments could be made in support of the resolution, that would be one thing; but in fact it applies, and it might as well say so in terms, to one country so far as any value to the treasury is concerned, and to one country only, namely our neighbour to the south. I should be the last to subscribe to the doctrine that Canada should not legislate for itself, but I do say that if we expect to conduct negotiations in a friendly manner with a view to a successful issue between Canada and the United States we would be very ill-advised at this time to take a step such as is suggested, which could be open to only one construction. I do not stress that point. 1 mention it incidentally, but I do think that on the merits, on balance Canada would be the loser if we were to attempt to pass this resolution and to base upon it legislation bringing it into effect.
I should have dealt more completely with the subject and given more facts and figures, as I have indicated, had I had the slightest idea that this resolution was coming up to-day. But I trust that I have given to the house sufficient indications that we would be very unwise to accept this resolution or the principle which it embodies, if not at any time, certainly at this moment, and I trust therefore that in the judgment of the house the resolution will not be accepted.