June 2, 1939

LIB

Charles Avery Dunning (Minister of Finance and Receiver General)

Liberal

Mr. DUNNING:

I object to my hon. friend pursuing the matter any further. My right to reply to a slander was undoubted, but surely my hon. friend cannot go on now and repeat what he has said.

Topic:   CENTRAL MORTGAGE BANK
Subtopic:   PROVISION FOR INCORPORATION, PURCHASE OF SHARES, GUARANTEE OF DEBENTURES, ETC.
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LIB

Jean-François Pouliot

Liberal

Mr. POULIOT:

Mr. Chairman-

Topic:   CENTRAL MORTGAGE BANK
Subtopic:   PROVISION FOR INCORPORATION, PURCHASE OF SHARES, GUARANTEE OF DEBENTURES, ETC.
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LIB

Frederick George Sanderson (Deputy Speaker and Chair of Committees of the Whole of the House of Commons)

Liberal

The CHAIRMAN:

I would point out to the hon. member for Temiscouata that he must confine his remarks to the section under consideration, which is section 1.

Topic:   CENTRAL MORTGAGE BANK
Subtopic:   PROVISION FOR INCORPORATION, PURCHASE OF SHARES, GUARANTEE OF DEBENTURES, ETC.
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LIB

Jean-François Pouliot

Liberal

Mr. POULIOT:

Yes, sir. I believe the short title of this bill is bad legislation. What I say in this committee is not at all slanderous, but is said in the spirit of a person who sees some of his friends in a car heading towards a precipice. He says, "Do not go further; there is danger in that direction." That is all I have to say, sir. There will be other opportunities to tell my constituents what I think of the whole finance policy since Mr. Bennett came to power. I will tell that to my constituents, and no one there will call me to order; rather they will ask me for more information. What I regret is that we cannot supply those concerned with the information they need, which would probably

change their course if they were in good faith, and this applies especially to the Minister of Finance.

Topic:   CENTRAL MORTGAGE BANK
Subtopic:   PROVISION FOR INCORPORATION, PURCHASE OF SHARES, GUARANTEE OF DEBENTURES, ETC.
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Section agreed to. On section 2-Definitions.


CON

Charles Hazlitt Cahan

Conservative (1867-1942)

Mr. CAHAN:

Realizing that I have

expressed an opinion with regard to the whole measure and will have, if I deem it convenient, a right to express that opinion on the third reading of the bill, I refrain from discussing particular sections at the present time. But the fact that I do not now discuss them or object to them does not withdraw in any way the objections I raised both on the second reading and in the standing committee on banking and commerce, where the bill was discussed section by section.

Topic:   CENTRAL MORTGAGE BANK
Subtopic:   PROVISION FOR INCORPORATION, PURCHASE OF SHARES, GUARANTEE OF DEBENTURES, ETC.
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SC

René-Antoine Pelletier

Social Credit

Mr. PELLETIER:

In view of the fact that extensive changes have been made by the committee before reporting the bill back to the house I think it would 'be only fair if the minister would give the committee some explanation as to the principles that may have been changed by the committee. If he were in a position to do that it would give us a better general idea as to the present standing of the legislation, and I believe would serve quite a useful purpose. I realize, of course, that these changes can be discussed as the individual sections come up, but inasmuch as many of these sections have been altered I think a short statement by the minister as to the general changes that have been made would be quite helpful.

Topic:   CENTRAL MORTGAGE BANK
Subtopic:   PROVISION FOR INCORPORATION, PURCHASE OF SHARES, GUARANTEE OF DEBENTURES, ETC.
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LIB

Charles Avery Dunning (Minister of Finance and Receiver General)

Liberal

Mr. DUNNING:

I intended to refer to the changes which are material as we reached them. There is no change whatever in the principle of the measure. It will be more convenient if I indicate the changes to the committee as we reach the sections concerned.

Topic:   CENTRAL MORTGAGE BANK
Subtopic:   PROVISION FOR INCORPORATION, PURCHASE OF SHARES, GUARANTEE OF DEBENTURES, ETC.
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LIB

Louis-Prudent-Alexandre Robichaud

Liberal

Mr. ROBICHAUD:

Would it not be advisable to add another paragraph to the interpretation section in order to define the central mortgage bank? I think we might easily add this:

(j) "the bank" means the central mortgage bank.

I notice in section 6, for instance, that the words "central mortgage bank" are repeated four times, which makes cumbersome reading. I suggest that it would be very easy to insert a clause such as I have suggested and then refer to it as "the bank" all the way through, as well as in any agreements or other documents which might be executed. Then it would not be so cumbersome.

Topic:   CENTRAL MORTGAGE BANK
Subtopic:   PROVISION FOR INCORPORATION, PURCHASE OF SHARES, GUARANTEE OF DEBENTURES, ETC.
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LIB

Charles Avery Dunning (Minister of Finance and Receiver General)

Liberal

Mr. DUNNING:

In referring to this bank, and in any documents executed by it or on

Central Mortgage Bank

its behalf, we desire to refer to it by its full title, the central mortgage bank, because we do not want any confusion with any other bank. That is why the title is set out in full wherever it appears throughout the bill.

Topic:   CENTRAL MORTGAGE BANK
Subtopic:   PROVISION FOR INCORPORATION, PURCHASE OF SHARES, GUARANTEE OF DEBENTURES, ETC.
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LIB

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

Liberal

Mr. LAPOINTE (Quebec East):

In view of what will undoubtedly be said in the press I want to say that the French version of the reprinted bill has been distributed to hon. members.

Topic:   CENTRAL MORTGAGE BANK
Subtopic:   PROVISION FOR INCORPORATION, PURCHASE OF SHARES, GUARANTEE OF DEBENTURES, ETC.
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CON

Henry Herbert Stevens

Conservative (1867-1942)

Mr. STEVENS:

I want to make just one observation; that is, to reiterate my objection to including an agreement for sale under the term "mortgage."

Topic:   CENTRAL MORTGAGE BANK
Subtopic:   PROVISION FOR INCORPORATION, PURCHASE OF SHARES, GUARANTEE OF DEBENTURES, ETC.
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CON

Edgard Jules Wermenlinger

Conservative (1867-1942)

Mr. WERMENLINGER:

I should like to see two other definitions included in this section. I believe the executive committee of the board and the committee of appraisal should be defined in order to clarify the extraordinary powers these two committees will eventually possess.

Topic:   CENTRAL MORTGAGE BANK
Subtopic:   PROVISION FOR INCORPORATION, PURCHASE OF SHARES, GUARANTEE OF DEBENTURES, ETC.
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LIB

Charles Avery Dunning (Minister of Finance and Receiver General)

Liberal

Mr. DUNNING:

They are defined in the relative sections.

Topic:   CENTRAL MORTGAGE BANK
Subtopic:   PROVISION FOR INCORPORATION, PURCHASE OF SHARES, GUARANTEE OF DEBENTURES, ETC.
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Section agreed to. Sections 3 to 12 inclusive agreed to. On section 13-Capital, $10,000,000.


CON

John Ritchie MacNicol

Conservative (1867-1942)

Mr. MacNICOL:

Many of the brilliant financial members of the house are serving on another committee and cannot be here. They are not aware that the bill is going through the house so rapidly. If the government will take the responsibility for its followers who are on that committee and who might like to speak to the bill, well and good. But what will those hon. members think when they return to the house and find that the bill has gone through? I am not a financial man, nor do I feel qualified to discuss these matters. Many of the members serving on the public accounts committee would no doubt want to discuss different sections of the bill, but I am afraid by the time they return to the house it will have passed.

Topic:   CENTRAL MORTGAGE BANK
Subtopic:   PROVISION FOR INCORPORATION, PURCHASE OF SHARES, GUARANTEE OF DEBENTURES, ETC.
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LIB

Charles Avery Dunning (Minister of Finance and Receiver General)

Liberal

Mr. DUNNING:

I am afraid I cannot assist in that regard. As far as examination of the measure is concerned I would point out that there was a full attendance from all parties in the house, particularly of hon. members interested in this type of legislation, when the measure was before the banking and commerce committee. I am afraid it would be impracticable to hold it up now, to wait for another committee. So far as we have gone, no changes were made in the banking and commerce committee. We have not yet reached the place where those changes occur. I appreciate, of course, the fact that

a show is being put on elsewhere which would have more attraction for an audience than this somewhat dry financial subject. I can only say that hon. members interested should be here.

Topic:   CENTRAL MORTGAGE BANK
Subtopic:   PROVISION FOR INCORPORATION, PURCHASE OF SHARES, GUARANTEE OF DEBENTURES, ETC.
Permalink

Section agreed to. Sections 13 and 14 agreed to. Qn section 15-Agreements with member companies.


SC

René-Antoine Pelletier

Social Credit

Mr. PELLETIER:

Will the minister

explain what led to the change which has been made in this section?

Topic:   CENTRAL MORTGAGE BANK
Subtopic:   PROVISION FOR INCORPORATION, PURCHASE OF SHARES, GUARANTEE OF DEBENTURES, ETC.
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LIB

Charles Avery Dunning (Minister of Finance and Receiver General)

Liberal

Mr. DUNNING:

The change was recommended by the Department of Justice. It merely improves the legal verbiage. It has no legal significance.

Topic:   CENTRAL MORTGAGE BANK
Subtopic:   PROVISION FOR INCORPORATION, PURCHASE OF SHARES, GUARANTEE OF DEBENTURES, ETC.
Permalink

June 2, 1939