June 2, 1939

LIB

Charles Avery Dunning (Minister of Finance and Receiver General)

Liberal

Mr. DUNNING:

It says so.

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

Louis-Prudent-Alexandre Robichaud

Liberal

Mr. ROBICHAUD:

That is just my point; it does not say so. It says:

Regulations made under the authority of this act shall, when published in the Canada Gazette, have the same force and effect as if they had been included in this act.

If you want to publish them I think you should say "shall be published."

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 not in force unless they are published.

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:

But the section does not say so.

Topic:   CENTRAL MORTGAGE BANK
Subtopic:   PROVISION FOR INCORPORATION, PURCHASE OF SHARES, GUARANTEE OF DEBENTURES, ETC.
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Section agreed to. Section 32 agreed to. Schedule agreed to. On the preamble.


LIB

Daniel (Dan) McIvor

Liberal

Mr. McIVOR:

I think I am in order now, and I should like to say that while I know little about mortgages, my only experience having been with a chattel mortgage-

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

Some hon. MEMBERS:

Order.

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

Daniel (Dan) McIvor

Liberal

Mr. McIVOR:

I should like to congratulate the minister-

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

Some hon. MEMBERS:

Order.

Topic:   CENTRAL MORTGAGE BANK
Subtopic:   PROVISION FOR INCORPORATION, PURCHASE OF SHARES, GUARANTEE OF DEBENTURES, ETC.
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Preamble agreed to. Bill reported. Mr. DUNNING moved the third reading of the bill.


CON

Charles Hazlitt Cahan

Conservative (1867-1942)

Hon. C. H. CAHAN (St. Lawrence-St. George):

Mr. Speaker, this house, without very much consideration in committee of the whole, has run through these sections one by one, as they came from the standing committee on banking and commerce.

In the committee on banking and commerce and on second reading of the bill I stated

Central Mortgage Bank

briefly the objections I had, objections which are entertained by a great number of people in Canada from the Ottawa river to the Atlantic ocean. I cannot speak for the western provinces. I stated on second reading and in tne committee on banking and commerce that, in so far as there are grave economic disabilities in the provinces of the middle west, I would have supported a measure along these lines, which would have relieved them of liabilities they were unable to meet and to pay. But at least from the Ottawa river to the Atlantic ocean-and I do not make any unpleasant comment about Ontario, because I do not know Ontario as well-I believe this measure is regarded as the worst racket ever perpetrated upon honest men who meet their obligations and pay their debts as they come due. It will there be regarded as a racket, that the man who has a mortgage either upon his farm or upon his urban residence, who has the ability to pay, the means to pay, and the credit to obtain money to pay, should be relieved of his mortgage debt to the extent to which he will be relieved under this bill, which makes the maximum of the mortgage debt only eighty per cent of the newly appraised value of the property.

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

Charles Benjamin Howard

Liberal

Mr. HOWARD:

One question-

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

Charles Hazlitt Cahan

Conservative (1867-1942)

Mr. CAHAN:

My hon. friend will have ample time to speak. He had time in committee and he will have ample time here.

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

Walter Edward Foster (Speaker of the Senate)

Liberal

Mr. SPEAKER:

The hon. member may not interrupt without permission.

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

Charles Hazlitt Cahan

Conservative (1867-1942)

Mr. CAHAN:

The hon. member understands the bill as well as I do, and all that it involves.

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

Charles Benjamin Howard

Liberal

Mr. HOWARD:

But when the hon. member covers all the territory from the Ottawa river to the Atlantic ocean I would prefer that he leave out Sherbrooke.

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

Charles Hazlitt Cahan

Conservative (1867-1942)

Mr. CAHAN:

Perhaps so, but even in

Sherbrooke the hon. member will find a great deal of dissent from the so-called principle of the bill, and from the effect it will have upon business credit and confidence in that district. I have been simply overwhelmed with suggestions from eastern Canada as to the prejudicial effect this bill will have upon ordinary business credit.

If the bill merely applied to the farmers of the middle west who are in distress, who in recent years have been living under grave disabilities and who are entitled to some relief in respect of liabilities which they are unable to meet or to pay, I would take an entirely different attitude with respect to it; and I 71492-308

suggest the bill should have been divided in that way. It should have excluded all creditors who have the ability to pay debts which they have voluntarily undertaken and which they are morally and legally bound to pay. That is my suggestion. But, as was pointed out by an hon. member representing an eastern district, in committee, when a man has a mortgage debt of $6,000 upon a property which may now be valued at $4,000, and when he is allowed to reduce his mortgage debt to eighty per cent of the $4,000, or to $3,200, and thereby avoid paying $2,800 of the debt, so far as he is personally concerned, and when the parliament of Canada is asked to place one-half of that discount upon that mortgage as an additional burden upon his fellow citizens who are taxpayers, and who pay their debts [DOT]-then, I say, that is an entirely immoral proceeding which cannot possibly be justified.

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:

When he is able to pay.

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

Charles Hazlitt Cahan

Conservative (1867-1942)

Mr. CAHAN:

Yes, when he is able to

pay, has the means and the income to pay, and in many cases can obtain credit easily from the banking institutions of the country wherewith to pay. The whole economic safety and the future prosperity of this country depends upon men being sufficiently honest to meet their debts and monetary obligations, when they have the means wherewith to do so-

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

Charles Avery Dunning (Minister of Finance and Receiver General)

Liberal

Mr. DUNNING:

Hear, hear.

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

June 2, 1939