February 10, 1939

LIB

Charles Avery Dunning (Minister of Finance and Receiver General)

Liberal

Mr. DUNNING:

That is just why we have the committee stage, Mr. Speaker; there is a great deal of information of that kind that I may give, and one question will lead to another. I never evade a question, as my hon. friend well knows-

Topic:   LOAN OF $750,000,000 TO MEET LOANS OR OBLIGATIONS, TO PURCHASE UN MATURED SECURITIES, AND FOR GENERAL PURPOSES
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SC

John Charles Landeryou

Social Credit

Mr. LANDERYOU:

I am not suggesting that; but I intended to speak on the resolution.

Topic:   LOAN OF $750,000,000 TO MEET LOANS OR OBLIGATIONS, TO PURCHASE UN MATURED SECURITIES, AND FOR GENERAL PURPOSES
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LIB

Charles Avery Dunning (Minister of Finance and Receiver General)

Liberal

Mr. DUNNING:

The hon. member may ask his question immediately the chairman takes the chair.

Topic:   LOAN OF $750,000,000 TO MEET LOANS OR OBLIGATIONS, TO PURCHASE UN MATURED SECURITIES, AND FOR GENERAL PURPOSES
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SC

John Charles Landeryou

Social Credit

Mr. LANDERYOU:

I really intended to speak on this resolution before we went into committee, but since it is five minutes to six I would ask that it be called six o'clock.

Topic:   LOAN OF $750,000,000 TO MEET LOANS OR OBLIGATIONS, TO PURCHASE UN MATURED SECURITIES, AND FOR GENERAL PURPOSES
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LIB

Charles Avery Dunning (Minister of Finance and Receiver General)

Liberal

Mr. DUNNING:

Surely we can get into committee of the whole.

Loan oj $750,000,000

Topic:   LOAN OF $750,000,000 TO MEET LOANS OR OBLIGATIONS, TO PURCHASE UN MATURED SECURITIES, AND FOR GENERAL PURPOSES
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LIB

Walter Edward Foster (Speaker of the Senate)

Liberal

Mr. SPEAKER:

It is not six o'clock yet. The hon. gentleman may speak.

Topic:   LOAN OF $750,000,000 TO MEET LOANS OR OBLIGATIONS, TO PURCHASE UN MATURED SECURITIES, AND FOR GENERAL PURPOSES
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SC

John Charles Landeryou

Social Credit

Mr. LANDERYOU:

Perhaps I am wrong, but I had the understanding that it was impossible to enter into a general discussion of the principle in committee of the whole.

Topic:   LOAN OF $750,000,000 TO MEET LOANS OR OBLIGATIONS, TO PURCHASE UN MATURED SECURITIES, AND FOR GENERAL PURPOSES
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LIB

Charles Avery Dunning (Minister of Finance and Receiver General)

Liberal

Mr. DUNNING:

No; that is just what we are there for. My hon. friend is quite wrong. There will be no possible limitation of his right to speak merely because we are in committee on the resolution. The reason for getting into committee is to permit the question and answer method. That is all.

Topic:   LOAN OF $750,000,000 TO MEET LOANS OR OBLIGATIONS, TO PURCHASE UN MATURED SECURITIES, AND FOR GENERAL PURPOSES
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CON

Charles Hazlitt Cahan

Conservative (1867-1942)

Mr. CAHAN:

In committee he may speak as frequently as he wishes.

Motion agreed to and the house went into committee, Mr. Sanderson in the chair.

Topic:   LOAN OF $750,000,000 TO MEET LOANS OR OBLIGATIONS, TO PURCHASE UN MATURED SECURITIES, AND FOR GENERAL PURPOSES
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LIB

Charles Avery Dunning (Minister of Finance and Receiver General)

Liberal

Mr. DUNNING:

Now, if my hon. friend will ask his question again, I shall be glad to answer it.

Topic:   LOAN OF $750,000,000 TO MEET LOANS OR OBLIGATIONS, TO PURCHASE UN MATURED SECURITIES, AND FOR GENERAL PURPOSES
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SC

John Charles Landeryou

Social Credit

Mr. LANDERYOU:

I wanted to have a break-down of this 8750,000,000 in order to ascertain what portion of it can be met in Canadian currency.

Topic:   LOAN OF $750,000,000 TO MEET LOANS OR OBLIGATIONS, TO PURCHASE UN MATURED SECURITIES, AND FOR GENERAL PURPOSES
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LIB

Charles Avery Dunning (Minister of Finance and Receiver General)

Liberal

Mr. DUNNING:

My hon. friend will forgive me if I say his question is not really intelligible. If he means what portion of the maturing indebtedness of Canada which this authority is sought to meet, at least in part, is due in terms of Canadian funds, what portion is due and payable in terms of United States funds, and what portion in terms of British funds, I have that information.

Topic:   LOAN OF $750,000,000 TO MEET LOANS OR OBLIGATIONS, TO PURCHASE UN MATURED SECURITIES, AND FOR GENERAL PURPOSES
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SC

John Charles Landeryou

Social Credit

Mr. LANDERYOU:

The resolution reads:

-seven hundred and fifty million dollars for paying or redeeming the whole or any portion of loans or obligations of Canada, and also for purchasing and withdrawing from circulation unmatured securities of Canada, and for public works and general purposes.

I want to know what portion of this can be met in Canadian funds. For instance, if the obligations can be met in United States and Canadian funds, I want to know what portion of this 8750,000,000 can be met in Canadian funds.

Topic:   LOAN OF $750,000,000 TO MEET LOANS OR OBLIGATIONS, TO PURCHASE UN MATURED SECURITIES, AND FOR GENERAL PURPOSES
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LIB

Charles Avery Dunning (Minister of Finance and Receiver General)

Liberal

Mr. DUNNING:

I cannot say what portion can be met in Canadian funds; that will depend upon the financial condition of the treasury from time to time during the period we are operating under this authority. But I can tell my hon. friend what amounts are due in United States, Canadian and British currency, during the period between now and December 31, 1940. In London we have no issues within that period which fall due for payment; but we have two issues in connection with which we have the right to call the outstanding bonds, by the terms thereof. If we decided to call we would have 3137,000,71492- 54 revised

000 plus 893,000,000, in round figures, to meet in London in terms of British funds. During the period in question we have no maturities in United States funds and none callable in terms of United States funds. So, with the exception of $137,000,000 plus $93,000,000, the balance of $649,000,000 is due in Canadian funds, roughly about $400,000,000 in Canada, and over 8200,000,000 in London if we exercise the call privilege with respect to those securities. In addition, of course, there is $155,000,000 of treasury bills, which are wholly within Canada. These are three months bills, in connection with which I follow the practice of calling for tenders each three months and thus renewing, if you like to use that term, the obligation in terms of Canadian funds.

Progress reported.

On motion of Mr. Lapointe (Quebec East) the house adjourned at six o'clock.

Monday, February 13, 1939

Topic:   LOAN OF $750,000,000 TO MEET LOANS OR OBLIGATIONS, TO PURCHASE UN MATURED SECURITIES, AND FOR GENERAL PURPOSES
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February 10, 1939