February 14, 1935

CON

Hugh Guthrie (Minister of Justice and Attorney General of Canada)

Conservative (1867-1942)

Hon. HUGH GUTHRIE (Minister of Justice):

The committee was appointed

yesterday. I do not know that it is my duty to call it together, but if it is I will be glad to call it together without delay.

MARKETING BOARD-ADVANCES On the orders of the day:

Topic:   BRITISH NORTH AMERICA ACT
Permalink
LIB

Edward James Young

Liberal

Mr. E. J. YOUNG (Weyburn):

In regard to question No. 1 on the order paper, paragraph 4 reads:

What sum of money was advanced by the dominion marketing board for the purpose of promoting the marketing scheme for eggs and poultry in Saskatchewan, and to whom was it advanced?

The answer is "No sum". I have in my possession a telegram from Regina stating that pool speakers have publicly admitted that they have received $20,000, which is being used to send ninety-five speakers throughout the province. Will the minister say there is no truth in that statement?

Topic:   BRITISH NORTH AMERICA ACT
Permalink
CON

Robert Weir (Minister of Agriculture)

Conservative (1867-1942)

Hon. ROBERT WEIR (Minister of Agriculture) :

I would ask the hon. member to

let this question stand as notice.

NORTH SASKATCHEWAN BRIDGE On the orders of the day:

Mr. CAMERON R. McINTOSH (North Battleford): Mr. Speaker, I have a question

to direct to the Minister of Public Works (Mr. Stewart). I have received telegrams from the Lloydminster board of trade, dated February 11; from E. Whitlaw, mayor of Ruddell, dated February 11; from F. Wright, commissioner of the North Battleford board of trade, dated February 8; from the Lash-burn board of trade, dated February 9; from William Wilson, overseer of Waseca, dated February 9, and from George Wyatt, secretary treasurer of the council of the village of Paynton, dated February 13, asking for the bridging of the North Saskatchewan river at a point called Ceepee, forty miles west of Saskatoon and sixty miles east of North Battleford. I understand the Saskatoon board of trade are backing the project also. I should like to ask the minister if he can make any statement to the house and country as to whether this important project will be included in any government public works program for this year.

Topic:   BRITISH NORTH AMERICA ACT
Permalink
CON

Hugh Alexander Stewart (Minister of Public Works)

Conservative (1867-1942)

Hon. H. A. STEWART (Minister of Public Works):

Mr. Speaker, some representations

have been made in the past in this regard, but I am not able to state what is the intention of the government. I suggest that my hon. friend will have to await the legislation that may be brought down, or the estimates.

Topic:   BRITISH NORTH AMERICA ACT
Permalink
LIB

Cameron Ross McIntosh

Liberal

Mr. McINTOSH:

I hope when the answer

does come down it will be satisfactory.

Topic:   BRITISH NORTH AMERICA ACT
Permalink

INQUIRY-MR. POULIOT


On the orders of the day:


LIB

Jean-François Pouliot

Liberal

Mr. JEAN FRANCOIS POULIOT (Temis-couata):

I am not going to repeat the two questions I put to the government a short time ago, but I would ask the government to answer them. Silence.

Topic:   INQUIRY-MR. POULIOT
Permalink

UNEMPLOYMENT RELIEF-QUEBEC


On the orders of the day:


LIB

Vincent Dupuis

Liberal

Mr. VINCENT DUPUIS (Laprairie-Napier-ville):

On February 4, at page 444 of Hansard, the hon. member for Jaoques Cartier (Mr. Laurin) put the following question to the government:

Did the Quebec government make a formal proposal to the federal government looking to an agreement in relation to unemployment with a view to exempt municipalities from contributing to unemployment relief expenditures?

The Minister of Labour (Mr. Gordon) answered "Yes". May I ask the minister to lay such correspondence on the table of the house?

Topic:   UNEMPLOYMENT RELIEF-QUEBEC
Permalink
CON

Wesley Ashton Gordon (Minister of Immigration and Colonization; Minister of Labour; Minister of Mines)

Conservative (1867-1942)

Hon. W. A. GORDON (Minister of Labour) :

I will be very glad to table the

correspondence that passed between myself and the premier of Quebec. I think two communications were addressed to me; the matter was considered, and I replied to those communications. I will table the letters tomorrow.

Topic:   UNEMPLOYMENT RELIEF-QUEBEC
Permalink

MONTREAL POSTAL TERMINAL


On the orders of the day:


LIB

Louis Édouard Fernand Rinfret

Liberal

Hon. FERNAND RINFRET (St. James):

According to the press contracts have been let in connection with the Montreal postal terminal. I should like to ask the Minister of Public Works (Mr. Stewart) if these are only partial contracts or if they will ensure the completion of the work.

Topic:   MONTREAL POSTAL TERMINAL
Permalink
CON

Hugh Alexander Stewart (Minister of Public Works)

Conservative (1867-1942)

Hon. H. A. STEWART (Minister of Public Works):

The contracts that have been let will ensure the completion of the work.

C.N.R.-Refunding

Topic:   MONTREAL POSTAL TERMINAL
Permalink

CANADIAN NATIONAL RAILWAYS

REFUNDING OF MATURING AND CALLABLE FINANCIAL OBLIGATIONS


Hon. E. N. RHODES (Minister of Finance) moved that the house go into committee to consider the following proposed resolution: That it is expedient to bring in a measure to provide for the refunding of maturing and callable financial obligations of the Canadian National Railways and for the issue of substituted securities therefor, guaranteed by the dominion, in an amount not exceeding $200,000,000. Motion agreed to and the house went into committee, Mr. MacDonald (Cape Breton South) in the chair.


CON

Edgar Nelson Rhodes (Minister of Finance and Receiver General)

Conservative (1867-1942)

Hon. E. N. RHODES (Minister of Finance):

The committee is aware no doubt that from time to time in the past the practice has obtained of taking the power through what might be termed an omnibus bill to refund and to fund the direct obligations of the dominion. This bill is designed to take the same course with respect to the guaranteed obligations, or in other words the obligations of the Canadian National Railways which bear the guarantee of the Dominion of Canada. We are asking authority up to the extent of $200,000,000. As a matter of fact there are maturing this year a limited amount of obligations, of which I shall give the exact amount in a few moments. But there are callable provisions in connection with a number of the issues which would enable us, if the market conditions warranted, to refund in the course of the present year not less than $172,000,000. Of course we would ask for the added sum, in the event of our being able to do the same thing with respect to callable obligations which might arise at the end of the year. I do not think I need dwell upon the wisdom of our refunding where possible and in that way reducing the interest charge in consequence. As a matter of fact in the latter part of last year we had two issues of the Canadian National Railways amounting in all, in round figures, to the sum of $20,500,000.. which were re-financed in the month of December. We were able to refund those with an issue of three per cent securities which, in that one transaction alone, will save the railways and to that extent will save the Dominion of Canada not less than $200,000 a year in interest.

To-morrow there falls due an issue of $17,000,000 of four and a half per cent guaranteed Canadian Northern Railway bonds. We have made arrangements temporarily to refund those upon a two pel cent basis. But TMr. H. A. Stewart.]

as the market presents an opportunity we will fund those for a longer term, saving a substantial sum in interest as against the rate which the maturing issues bear. It is necessary of course to secure this authority in advance, because there is not only the question of parliament being in session only for a limited period but the other point, namely, that the majority if not all of these issues are payable in the alternative, either in London, New York or in Canada, at the option of the holder. It would be dependent upon conditions from time to time as to whether a favourable opportunity will present itself.

To show how important it is that we should refund in terms of dollars, may I say that if we are able to refund the total amount which we can refund through the callable provisions, and also because of the obligations maturing to-morrow, during the course of the year, upon a basis comparable to the existing interest rate, we will be able to effect a saving in interest alone of, in round figures, the sum of $2,500,000 a year.

Topic:   CANADIAN NATIONAL RAILWAYS
Subtopic:   REFUNDING OF MATURING AND CALLABLE FINANCIAL OBLIGATIONS
Permalink

February 14, 1935