I notice in the press an item stating
that the government proposes to put out a new loan. Perhaps the Minister of Finance (Mr. Dunning) would like to give the house some particulars-if not to-day, to-morrow-regarding it.
Hon. CHARLES A. DUNNING (Minister of Finance): I have not the details before
me. They appear by advertisement in the press of Canada to-day. There are three maturities between now and the first of November for which it is designed to give an opportunity for exchange immediately if the holders are willing to take advantage of it; also S20.000.000 of new money is being asked for. Some of the issues maturing are short date, low interest issues, and one, if my memory serves me aright, is $79,000,000 of five per cent securities. The opportunity of exchange is being given on the basis of either four year bonds to yield to the purchaser 1-63 per cent or thirty year bonds to yield approximately 3-30 per cent. The short term issues for which the exchange is being offered are mostly in the hands of the banks, who, of course, require short term issues for their purposes, and it is hoped that they will be largely surrendered for the new short term issue of four year bonds.