May 30, 1940

NAT

Gordon Knapman Fraser

National Government

Mr. FRASER (Peterborough West):

The minister is not in the house.

Topic:   MUNITIONS AND SUPPLY
Subtopic:   LOAN OF $750,000,000 TO MEET LOANS OR OBLIGATIONS, TO PURCHASE UNMATURED SECURITIES, AND FOR PUBLIC WORKS AND GENERAL PURPOSES
Permalink
LIB

Thomas Bruce McNevin

Liberal

Mr. McNEVIN:

I believe that question was answered the other night and that the hon. member was in the chamber at the time.

Topic:   MUNITIONS AND SUPPLY
Subtopic:   LOAN OF $750,000,000 TO MEET LOANS OR OBLIGATIONS, TO PURCHASE UNMATURED SECURITIES, AND FOR PUBLIC WORKS AND GENERAL PURPOSES
Permalink
NAT

Gordon Knapman Fraser

National Government

Mr. FRASER (Peterborough West):

The hon. member said -303 cups in his remarks yesterday, but I understand that all that the.

Lindsay plant is turning out is rolled sheets of brass. Is that right?

Topic:   MUNITIONS AND SUPPLY
Subtopic:   LOAN OF $750,000,000 TO MEET LOANS OR OBLIGATIONS, TO PURCHASE UNMATURED SECURITIES, AND FOR PUBLIC WORKS AND GENERAL PURPOSES
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LIB

Thomas Bruce McNevin

Liberal

Mr. McNEVIN:

That is not right. Now we have a division of that plant which might well be used for the filling of shells when shell production gets under way, and I want to impress upon the department that I shall not be content nor will the people of my riding nor the people of the province from which I come be content until the shells are completely filled in that plant. That would do away with the necessity of shipping the shells for filling to other parts of the province or the dominions.

To my mind, Mr. Chairman, there are two elements which enter into the successful prosecution of war-the elements of speed and surprise-and in that connection I point out that the enemy have a much greater opportunity to use these two elements than those who are on the defensive. In order fully to promote our war effort, I would urge that we generate, to the fullest possible extent in keeping with efficiency in the organization and training of our units, and in the production of the necessary commodities, that element of speed which counts for so much on the field of battle. It is true that this is a tlying, troublesome and difficult hour, and it may well be that before this maniac who is guiding the German hordes has been paid his just dues, every Canadian dollar, every ounce of our strength and every drop of our blood may have to be organized in a titanic effort to preserve the rights, the freedom, the very civilization and liberty that the British empire has stood for, not only for a few brief years but for centuries.

In conclusion I would suggest this-that we forget bitterness and recrimination and get on with the job.

Topic:   MUNITIONS AND SUPPLY
Subtopic:   LOAN OF $750,000,000 TO MEET LOANS OR OBLIGATIONS, TO PURCHASE UNMATURED SECURITIES, AND FOR PUBLIC WORKS AND GENERAL PURPOSES
Permalink
LIB

James Layton Ralston (Minister of Finance and Receiver General)

Liberal

Mr. RALSTON:

I should like to give some more information than was available yesterday with regard to the time during which bills of this sort have been passed. I have looked back as far as 1909, and bills have been passed since then in varying amounts. It was $500,000,000 in 1928, then $750,000,000 in 1931, 1932, 1933, 1935, 1936 and 1939. So that this is the amount that has been generally passed in the last few years. My hon. friend the member for Rosetown-Biggar (Mr. Coldwell) indicated that the interest on the first war loan of this year, 3J per cent, was only one-quarter per cent lower than in the case of the first public loan in the last war. That is not correct. The first loan in the last war was a 5 per cent issue at ten years, which sold at $97.50, yielding 5-34 which was tax exempt. So that you

Government Loan-Mr. Hansell

have, not one-quarter per cent but the difference between 3i and 5-34, plus the additional margin which would result from the fact that these bonds in 1915 were tax free.

Topic:   MUNITIONS AND SUPPLY
Subtopic:   LOAN OF $750,000,000 TO MEET LOANS OR OBLIGATIONS, TO PURCHASE UNMATURED SECURITIES, AND FOR PUBLIC WORKS AND GENERAL PURPOSES
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CON

Joseph Henry Harris

Conservative (1867-1942)

Mr. HARRIS (Danforth):

Can the minister give a break-down of the figure so as to let us have a clearer conception of how much of this money will be used for general purposes, how much for public works, how much for unmatured securities and so on? I sent a note in advance to the minister, and I hope that before the resolution gets out of the committee stage we shall have a little more information showing the break-down.

Topic:   MUNITIONS AND SUPPLY
Subtopic:   LOAN OF $750,000,000 TO MEET LOANS OR OBLIGATIONS, TO PURCHASE UNMATURED SECURITIES, AND FOR PUBLIC WORKS AND GENERAL PURPOSES
Permalink
LIB

James Layton Ralston (Minister of Finance and Receiver General)

Liberal

Mr. RALSTON:

I inquired whether there was any more information available, but I cannot give more than appears. There is a possibility of the refunding of roughly 8326,000,000 up to March 31, 1941; that is, if that callable issue is actually called in October. The balance may be used for refunding other issues that may be made in the meantime, or it may be used for deficits. I may repeat what I said last night with regard to public works. It may not be used for public works unless public works are voted, except that with regard to public works which might come under defence works and which are not the subject of specific estimates, it might be used for that purpose.

Topic:   MUNITIONS AND SUPPLY
Subtopic:   LOAN OF $750,000,000 TO MEET LOANS OR OBLIGATIONS, TO PURCHASE UNMATURED SECURITIES, AND FOR PUBLIC WORKS AND GENERAL PURPOSES
Permalink
NAT

John Ritchie MacNicol

National Government

Mr. MacNICOL:

Will any of the money that will be raised under this resolution be used for the payment of any of the bills listed here as coming due in 1941?

Topic:   MUNITIONS AND SUPPLY
Subtopic:   LOAN OF $750,000,000 TO MEET LOANS OR OBLIGATIONS, TO PURCHASE UNMATURED SECURITIES, AND FOR PUBLIC WORKS AND GENERAL PURPOSES
Permalink
LIB

James Layton Ralston (Minister of Finance and Receiver General)

Liberal

Mr. RALSTON:

My hon. friend sees that there is one one per cent issue, $45,000,000, due March 15, 1941. It might be used for that.

Topic:   MUNITIONS AND SUPPLY
Subtopic:   LOAN OF $750,000,000 TO MEET LOANS OR OBLIGATIONS, TO PURCHASE UNMATURED SECURITIES, AND FOR PUBLIC WORKS AND GENERAL PURPOSES
Permalink
NAT

John Ritchie MacNicol

National Government

Mr. MacNICOL:

What is the purpose of mentioning 1941 at all?

Topic:   MUNITIONS AND SUPPLY
Subtopic:   LOAN OF $750,000,000 TO MEET LOANS OR OBLIGATIONS, TO PURCHASE UNMATURED SECURITIES, AND FOR PUBLIC WORKS AND GENERAL PURPOSES
Permalink
LIB

James Layton Ralston (Minister of Finance and Receiver General)

Liberal

Mr. RALSTON:

Up to March 31, 1941, the end of the fiscal year.

Topic:   MUNITIONS AND SUPPLY
Subtopic:   LOAN OF $750,000,000 TO MEET LOANS OR OBLIGATIONS, TO PURCHASE UNMATURED SECURITIES, AND FOR PUBLIC WORKS AND GENERAL PURPOSES
Permalink
NAT

John Ritchie MacNicol

National Government

Mr. MacNICOL:

There are some up to October.

Topic:   MUNITIONS AND SUPPLY
Subtopic:   LOAN OF $750,000,000 TO MEET LOANS OR OBLIGATIONS, TO PURCHASE UNMATURED SECURITIES, AND FOR PUBLIC WORKS AND GENERAL PURPOSES
Permalink
LIB

James Layton Ralston (Minister of Finance and Receiver General)

Liberal

Mr. RALSTON:

Yes, I started to give the committee the outstanding issues for the year to December 31, 1941. My hon. friend is quite right: we would not use it except for such issues as are either callable before the end of the fiscal year or mature before the end of the year.

Topic:   MUNITIONS AND SUPPLY
Subtopic:   LOAN OF $750,000,000 TO MEET LOANS OR OBLIGATIONS, TO PURCHASE UNMATURED SECURITIES, AND FOR PUBLIC WORKS AND GENERAL PURPOSES
Permalink
NAT

John Ritchie MacNicol

National Government

Mr. MacNICOL:

Then the only one that would be considered would be that of March 15, 1941?

Topic:   MUNITIONS AND SUPPLY
Subtopic:   LOAN OF $750,000,000 TO MEET LOANS OR OBLIGATIONS, TO PURCHASE UNMATURED SECURITIES, AND FOR PUBLIC WORKS AND GENERAL PURPOSES
Permalink
LIB

James Layton Ralston (Minister of Finance and Receiver General)

Liberal

Mr. RALSTON:

March 15, 1941.

Topic:   MUNITIONS AND SUPPLY
Subtopic:   LOAN OF $750,000,000 TO MEET LOANS OR OBLIGATIONS, TO PURCHASE UNMATURED SECURITIES, AND FOR PUBLIC WORKS AND GENERAL PURPOSES
Permalink
CON

Joseph Henry Harris

Conservative (1867-1942)

Mr. HARRIS (Danforth):

Will further

supplementary estimates be down before this bill gets to second reading?

Topic:   MUNITIONS AND SUPPLY
Subtopic:   LOAN OF $750,000,000 TO MEET LOANS OR OBLIGATIONS, TO PURCHASE UNMATURED SECURITIES, AND FOR PUBLIC WORKS AND GENERAL PURPOSES
Permalink
LIB

James Layton Ralston (Minister of Finance and Receiver General)

Liberal

Mr. RALSTON:

No.

Topic:   MUNITIONS AND SUPPLY
Subtopic:   LOAN OF $750,000,000 TO MEET LOANS OR OBLIGATIONS, TO PURCHASE UNMATURED SECURITIES, AND FOR PUBLIC WORKS AND GENERAL PURPOSES
Permalink
CON

Joseph Henry Harris

Conservative (1867-1942)

Mr. HARRIS (Danforth):

I should like to ask the same question of the Minister of Agriculture, who is now in his seat. Will any of this money be used for building more dug-outs in Saskatchewan?

Topic:   MUNITIONS AND SUPPLY
Subtopic:   LOAN OF $750,000,000 TO MEET LOANS OR OBLIGATIONS, TO PURCHASE UNMATURED SECURITIES, AND FOR PUBLIC WORKS AND GENERAL PURPOSES
Permalink
LIB

James Garfield Gardiner (Minister of Agriculture)

Liberal

Mr. GARDINER:

There is nothing specific in the vote for it. I do not think any will be.

Topic:   MUNITIONS AND SUPPLY
Subtopic:   LOAN OF $750,000,000 TO MEET LOANS OR OBLIGATIONS, TO PURCHASE UNMATURED SECURITIES, AND FOR PUBLIC WORKS AND GENERAL PURPOSES
Permalink
SC

Ernest George Hansell

Social Credit

Mr. HANSELL:

I am not going to weary the committee by making any long speech. To-night we listened to the hon. member for Temiscouata criticizing this group in this comer as well as men outside the house who could not defend themselves. We heard him criticize and ridicule the premier of Alberta, who is a minister of the crown, duly elected by the electorate of that province. As I listened to the hon. member, especially as he was trying to illustrate Canadian currency, and watched him tear up the order paper, I could not help feeling that it would have been better had he tom up his speech. I am sorry I was not able to speak as soon as the hon. member had finished. I know that when people read Hansard they do not get the same reaction as we who sit and listen in the house. But another member got the floor and I was not able to follow the hon. member for Temiscouata. He is now out of his seat, I thought I saw him standing behind the curtains for a time and I hoped he would return. Whether he was hiding himself I do not know, but if I had been the hon. member I certainly would have hidden my head in shame. I deeply deplore that type of speech at this particular time. To see such a comedy enacted, while the flower of the British empire are shedding their blood upon the battlefields of Europe, is a tragedy imposed upon this committee. Hon. members to-night have mentioned Herr Hitler. I suggest to the hon. member for Temiscouata that such a speech as he made here to-night makes Herr Hitler laugh-and angels weep. I am afraid that much of to-day's proceedings in this house will form a very cloudy spot in the annals of Canadian parliamentary debate in years to come.

I was intending to ask the hon. member a question, but it is no use now because he i3 out of the house.

Topic:   MUNITIONS AND SUPPLY
Subtopic:   LOAN OF $750,000,000 TO MEET LOANS OR OBLIGATIONS, TO PURCHASE UNMATURED SECURITIES, AND FOR PUBLIC WORKS AND GENERAL PURPOSES
Permalink

May 30, 1940