May 30, 1939

LIB

Ernest Lapointe (Minister of Justice and Attorney General of Canada)

Liberal

Mr. LAPOINTE (Quebec East):

It comes in under the Immigration Act, undoubtedly.

Topic:   OFFICIAL SECRETS
Subtopic:   CONSOLIDATION OF IMPERIAL STATUTES TO FORM PART OF LAW OF CANADA
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Section agreed to. Section 15 agreed to. Preamble agreed to. Bill reported, read the third time and passed.


LIVE STOCK AND POULTRY

CONCURRENCE IN SENATE AMENDMENTS


Right Hon. ERNEST LAPOINTE (Minister of Justice-for the Minister of Agriculture) moved the second reading of and concurrence in amendments made by the senate to Bill No. 104, respecting stockyards, live stock and live stock products and hatcheries. He said: An amendment was made to the title of the bill, so that instead of reading "stockyards, live stock and live stock products and hatcheries" it would read "stockyards,



C.N.R.-Guarantee of Securities live stock and live stock products and poultry production." Then, at page 5 of the bill two paragraphs are transposed, but there is no change in the meaning. Motion agreed to; amendments read the second time and concurred in.


LOAN OF 8750,000,000 TO MEET LOANS OR OBLIGATIONS, TO PURCHASE UNMATURED SECURITIES AND FOR GENERAL PURPOSES


The house resumed from Tuesday, May 23, consideration in committee of Bill No. 93, to authorize the raising by way of loan of certain sums of money for the public service- Mr. Dunning-Mr. Sanderson in the chair. Sections 1, 2 and 3 agreed to. Bill reported, read the third time and passed.


CANADIAN NATIONAL RAILWAYS

PROVISION TO MEET CERTAIN EXPENDITURES AND GUARANTEE OF SECURITIES AND INDEBTEDNESS


Hon. C. D. HOWE (Minister of Transport) moved the second reading of Bill No. 85, respecting Canadian National Railways Financing and Guarantee Act, 1939.


?

Some hon. MEMBERS:

Explain.

Topic:   CANADIAN NATIONAL RAILWAYS
Subtopic:   PROVISION TO MEET CERTAIN EXPENDITURES AND GUARANTEE OF SECURITIES AND INDEBTEDNESS
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LIB

Clarence Decatur Howe (Minister of Transport)

Liberal

Mr. HOWE:

Perhaps the explanation should be given in committee. Every year a bill of this kind is passed to provide for borrowing money for capital expenditures on the Canadian National railway system.

Topic:   CANADIAN NATIONAL RAILWAYS
Subtopic:   PROVISION TO MEET CERTAIN EXPENDITURES AND GUARANTEE OF SECURITIES AND INDEBTEDNESS
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Motion agreed to, bill read the second time and the house went into committee thereon, Mr. Sanderson in the chair. On section 1-Short title.


CCF

Abraham Albert Heaps

Co-operative Commonwealth Federation (C.C.F.)

Mr. HEAPS:

What does the minister

expect to pay for the new bonds that are to be issued ?

Topic:   CANADIAN NATIONAL RAILWAYS
Subtopic:   PROVISION TO MEET CERTAIN EXPENDITURES AND GUARANTEE OF SECURITIES AND INDEBTEDNESS
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LIB

Clarence Decatur Howe (Minister of Transport)

Liberal

Mr. HOWE:

It depends entirely on the term of the bond. Bonds were sold recently-

Topic:   CANADIAN NATIONAL RAILWAYS
Subtopic:   PROVISION TO MEET CERTAIN EXPENDITURES AND GUARANTEE OF SECURITIES AND INDEBTEDNESS
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CCF

Abraham Albert Heaps

Co-operative Commonwealth Federation (C.C.F.)

Mr. HEAPS:

They were short-term bonds.

Topic:   CANADIAN NATIONAL RAILWAYS
Subtopic:   PROVISION TO MEET CERTAIN EXPENDITURES AND GUARANTEE OF SECURITIES AND INDEBTEDNESS
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LIB

Clarence Decatur Howe (Minister of Transport)

Liberal

Mr. HOWE:

Topic:   CANADIAN NATIONAL RAILWAYS
Subtopic:   PROVISION TO MEET CERTAIN EXPENDITURES AND GUARANTEE OF SECURITIES AND INDEBTEDNESS
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CCF

Abraham Albert Heaps

Co-operative Commonwealth Federation (C.C.F.)

Mr. HEAPS:

Are these long or short-term bonds?

Topic:   CANADIAN NATIONAL RAILWAYS
Subtopic:   PROVISION TO MEET CERTAIN EXPENDITURES AND GUARANTEE OF SECURITIES AND INDEBTEDNESS
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LIB

Clarence Decatur Howe (Minister of Transport)

Liberal

Mr. HOWE:

That will depend entirely on the judgment of the Minister of Finance as to what is the best market at the time the

bonds are issued. He seldom decides that in advance of the actual time of issue, but his practice recently has been to put out part short-time and part long-time bonds.

Topic:   CANADIAN NATIONAL RAILWAYS
Subtopic:   PROVISION TO MEET CERTAIN EXPENDITURES AND GUARANTEE OF SECURITIES AND INDEBTEDNESS
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May 30, 1939