March 30, 1938

CON

Charles Hazlitt Cahan

Conservative (1867-1942)

Mr. CAHAN:

First, we have a right to

know the profits of that fund from year to year.

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LIB

Charles Avery Dunning (Minister of Finance and Receiver General)

Liberal

Mr. DUNNING:

I think so, yes.

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CON

Charles Hazlitt Cahan

Conservative (1867-1942)

Mr. CAHAN:

Since 1935.

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LIB

Charles Avery Dunning (Minister of Finance and Receiver General)

Liberal

Mr. DUNNING:

Yes.

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CON

Charles Hazlitt Cahan

Conservative (1867-1942)

Mr. CAHAN:

Secondly, we have the

right to know whether the investments of that fund have been restricted absolutely, as the minister now says, to "the purchase of securities of or guaranteed by the Dominion of Canada."

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LIB

Charles Avery Dunning (Minister of Finance and Receiver General)

Liberal

Mr. DUNNING:

Read on.

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CON

Charles Hazlitt Cahan

Conservative (1867-1942)

Mr. CAHAN:

Well, that is all that is

said.

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CON

Charles Hazlitt Cahan

Conservative (1867-1942)

Mr. CAHAN:

It is thwarted, because the Mr. DUNNING: Read the whole of secintention of parliament has not been carried tion 7. It is not my language. That is the

into effect. The incidental uses for certain language I found there.

Use oj Canada's Financial Resources

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CON

Charles Hazlitt Cahan

Conservative (1867-1942)

Mr. CAHAN:

Well, I will read it. It is

perfectly clear, I think, to one who understands English, and I have some idea that I can understand English.

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LIB

Charles Avery Dunning (Minister of Finance and Receiver General)

Liberal

Mr. DUNNING:

My hon. friend will

forgive me, but it is incomplete unless the whole is read.

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CON

Charles Hazlitt Cahan

Conservative (1867-1942)

Mr. CAHAN:

Well. I read it before:

The minister may from time to time cause any portion of the balances in the special account to be employed by the Bank of Canada in the purchase of securities of or guaranteed by the Dominion of Canada.

I repeat that.

In the exercise of the powers conferred by this section the minister is authorized to make such arrangements as in his opinion will conduce to the immediate availability of the funds employed as aforesaid.

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LIB

Charles Avery Dunning (Minister of Finance and Receiver General)

Liberal

Mr. DUNNING:

Now, my hon. friend wants to help me. What did the government of the day mean by those words?

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CON

Richard Bedford Bennett (Leader of the Official Opposition)

Conservative (1867-1942)

Mr. BENNETT:

That section 6 should

be in force.

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CON

Charles Hazlitt Cahan

Conservative (1867-1942)

Mr. CAHAN:

It means this, undoubtedly, that the fund, which had been wholly or in part invested in securities of or guaranteed by the Dominion of Canada, might be employed under the provision of section 6 as well, when section 6 was brought into force. But, section 6 not having been brought into force, there is no other application of these funds that could legally or properly be made, in my opinion, by the Minister of Finance.

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LIB

Charles Avery Dunning (Minister of Finance and Receiver General)

Liberal

Mr. DUNNING:

Other than under section

7.

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CON

Charles Hazlitt Cahan

Conservative (1867-1942)

Mr. CAHAN:

Other than under section 7; and under section 7 there were only two alternatives-between the purchase of securities of or guaranteed by the Dominion of Canada or the sale of those, and placing the proceeds again in the bank to be used for the purposes of an exchange fund, which, when section 6 was brought into force, would enable the minister to authorize the purchase of gold or foreign exchange or balances in any bank in London or New York designated by the minister. If there is any misunderstanding by the general public as to the purpose for which this fund has been applied, and the minister now seems to suggest that he has applied it for other purposes than investment in securities or-

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LIB

Charles Avery Dunning (Minister of Finance and Receiver General)

Liberal

Mr. DUNNING:

No, positively not.

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CON

Richard Bedford Bennett (Leader of the Official Opposition)

Conservative (1867-1942)

Mr. BENNETT:

The governor says otherwise.

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LIB

Charles Avery Dunning (Minister of Finance and Receiver General)

Liberal

Mr. DUNNING:

Read what the governor says.

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CON

Charles Hazlitt Cahan

Conservative (1867-1942)

Mr. CAHAN:

Well, there is one passage which, in view of the emphatic statement of the Minister of Finance, that I am bound to accept, may possibly be interpreted otherwise than it is being interpreted. In the return of February 25, 1936, after stating that the profits realized were $63,006,382, the report proceeds:

The balance of the profit, namely, $63,006,382 was credited to the exchange fund of the dominion government, and future profits or losses on gold held by us will be credited or debited to that account.

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March 30, 1938