February 9, 1943

RAILWAY ACT AMENDMENT

FREE RAILWAY TRANSPORTATION FOR MEMBERS OF HIS MAJESTY'S FORCES


Mr. T. L. CHURCH (Broadview) moved for leave to introduce Bill No. 5, to amend the Railway Act.


?

Some hon. MEMBERS:

Explain.

Topic:   RAILWAY ACT AMENDMENT
Subtopic:   FREE RAILWAY TRANSPORTATION FOR MEMBERS OF HIS MAJESTY'S FORCES
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NAT

Thomas Langton Church

National Government

Mr. CHURCH:

Mr. Speaker, this bill raises the whole question of soldiers' transportation in Canada. The purpose of the bill is to amend the Railway Act to provide that members of the forces when in uniform may be carried free on railway trains within Canada. In the last war the railways voluntarily carried the members of the forces for single fare on week-ends. Now they carry them every day at half rate. The Railway Act itself does not provide for any special concessions to soldiers during the war, nor has the board of transport commissioners power to order any. In view of the fact that so many of the camps are far away from railways I think that some measure of free transportation should be provided for our troops who are training all over Canada. Furthermore, a large number of them have been killed on the highways when thumbing a ride. The fifty-mile limit on travel by bus over the highways should be suspended so far as soldiers are concerned.

Motion agreed to and bill read the first time.

Topic:   RAILWAY ACT AMENDMENT
Subtopic:   FREE RAILWAY TRANSPORTATION FOR MEMBERS OF HIS MAJESTY'S FORCES
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VICTORY LOANS

STATEMENT AS TO DISTRIBUTION OF SUBSCRIPTIONS TO FIRST, SECOND AND THIRD ISSUES


On the orders of the day:


LIB

James Lorimer Ilsley (Minister of Finance and Receiver General)

Liberal

Hon. J. L. ILSLEY (Minister of Finance):

Mr. Speaker, I should like to make two state-

Victory Loans

merits, one a brief one and the other a longer one. The brief statement is with regard to the sales of victory bonds.

As wholly inaccurate statements regarding victory bond sales have been made in certain quarters, I desire to table a statistical compilation showing a classification of the source of subscriptions, at time of issue, to the first, second and third victory loans. The statement has been compiled by the national war finance committee and reveals the amount of each issue purchased by individual investors; by banking institutions for their own account; by dominion, provincial and municipal government agencies or funds; by insurance companies, pension funds, etc.; by trust and mortgage companies, etc.; by colleges, churches, hospitals and charitable organizations; and by business firms and corporations.

For the information of the house I may point out that preliminary figures for the third victory loan show total subscriptions by individuals of $401-1 millions, leaving $590-4 millions representing the total purchases of all other kinds of buyers. Government agencies or funds purchased $54-5 millions; insurance companies, pension funds, etc., $176-7 millions; trust and mortgage companies, etc., $11-3 millions; colleges, churches, hospitals and charitable organizations, $3-3 millions; mining companies, $43-6 millions; other business firms and corporations, $298 millions; and banks, $3 millions.

Of the $3 millions purchased by banks, $2-5 millions were purchased by the Quebec savings banks and the remaining $-5 millions by the chartered banks. In the first victory loan the chartered banks had purchased for cash only $6-7 millions and in the second victory loan there were no cash subscriptions by chartered banks-although, of course, in both cases there were conversion subscriptions by the banks. I stress .the insignificant volume of the purchases by the chartered banks because I fear the impression has been given in some quarters that the chartered banks have been among the largest purchasers of these securities. As the house knows, we have actively discouraged the participation by the chartered banks in the purchases of victory bonds except in those cases where a shortterm, low interest-bearing bond was offered as part of a victory loan issue for the purpose of converting a maturing issue already held by the banks.

Topic:   VICTORY LOANS
Subtopic:   STATEMENT AS TO DISTRIBUTION OF SUBSCRIPTIONS TO FIRST, SECOND AND THIRD ISSUES
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LIB

Olof Hanson

Liberal

Mr. HANSON (York-Sumbury):

Before the minister proceeds, will he say whether the statement covers dispositions and sales of victory bonds, say, by other investors such as corporations? My understanding is that a large number of corporations have sold their first and second victory loan bonds and others are still holding them for resale.

Topic:   VICTORY LOANS
Subtopic:   STATEMENT AS TO DISTRIBUTION OF SUBSCRIPTIONS TO FIRST, SECOND AND THIRD ISSUES
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LIB

James Lorimer Ilsley (Minister of Finance and Receiver General)

Liberal

Mr. ILSLEY:

The hon. member means, does it cover the number of sales?

Topic:   VICTORY LOANS
Subtopic:   STATEMENT AS TO DISTRIBUTION OF SUBSCRIPTIONS TO FIRST, SECOND AND THIRD ISSUES
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NAT

Richard Burpee Hanson

National Government

Mr. HANSON (York-Sunbury):

Yes.

Topic:   VICTORY LOANS
Subtopic:   STATEMENT AS TO DISTRIBUTION OF SUBSCRIPTIONS TO FIRST, SECOND AND THIRD ISSUES
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LIB

James Lorimer Ilsley (Minister of Finance and Receiver General)

Liberal

Mr. ILSLEY:

No.

Topic:   VICTORY LOANS
Subtopic:   STATEMENT AS TO DISTRIBUTION OF SUBSCRIPTIONS TO FIRST, SECOND AND THIRD ISSUES
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NAT

Richard Burpee Hanson

National Government

Mr. HANSON (York-Sunbury):

Of course that is the fly in the ointment.

Topic:   VICTORY LOANS
Subtopic:   STATEMENT AS TO DISTRIBUTION OF SUBSCRIPTIONS TO FIRST, SECOND AND THIRD ISSUES
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LIB

James Lorimer Ilsley (Minister of Finance and Receiver General)

Liberal

Mr. ILSLEY:

It is not very serious.

Topic:   VICTORY LOANS
Subtopic:   STATEMENT AS TO DISTRIBUTION OF SUBSCRIPTIONS TO FIRST, SECOND AND THIRD ISSUES
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NAT

Richard Burpee Hanson

National Government

Mr. HANSON (York-Sunbury):

It is not? Well, I think it is.

Topic:   VICTORY LOANS
Subtopic:   STATEMENT AS TO DISTRIBUTION OF SUBSCRIPTIONS TO FIRST, SECOND AND THIRD ISSUES
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LIB

James Lorimer Ilsley (Minister of Finance and Receiver General)

Liberal

Mr. ILSLEY:

I am tabling this statement. It follows:

First, Second and Third Victory Loans

Estimated Derivation of Subscriptions at Time of Issue

The attached memorandum contains the estimated derivation of subscriptions, at time of issue, to the first, second, and third victory loans. Figures in regard to the third victory loan are preliminary, as the final results of this loan are not yet compiled.

The subscriptions to each loan are divided into two broad classes, designated Individuals and Non-individuals.

The group designated Individuals includes two sub-divisions, described as special names and all others. Special names individuals represents subscriptions received from investors believed to be capable of buying $25,000 or more par value of bonds at the time of each issue. The group shown as all others represents subscriptions received in the general and employee canvasses. This group includes subscriptions from small commercial and non-profit bodies, the aggregate subscriptions from which would be relatively small in proportion to the total.

The Non-individuals section has been subdivided to show subscriptions from banks for their own account; government accounts; insurance companies, pension funds, etc.; and miscellaneous, this latter group reflecting, for the most part, subscriptions from business firms and corporations.

These data have been compiled by the National War Finance Committee from information obtained at the time of public offering of the three loans, and from other sources. The data should be regarded as estimates, and the results of the third victory loan should be regarded as subject to revision when final results of the loan become available.

Victory Loans in 1941 and 1942-Estimated Derivation or Subscriptions at Time of Issue

(Dollar Figures in Millions)

Item First Victory loan Second Victory loan (Preliminary) Third Victory loan CashCash Conversion Total Cash Conversion Total $ * $ $ s $ $All Subscriptions 730-4 106-4 836-8 843-1 153-6 996-7 991-5Individuals (1) 3160 35-3 351-3 364-6 1-0 365-6 401-1Non-individuals 414-4 71-1 485-5 478-5 152-6 631-1 590-4Individuals- (a) Special Names 36-5 0-8 37-3 29-0 1-0 30-0 26-3279-5 34-5 314-0 335-6 335-6 374-8

Non-individuals-

6-7 42-5 49-2 117-5 117-5 3070 7-0 1-7 1-7 6-7 35-5 42-2 115-8 115-8 0-5(iii) Quebec Savings (2) (2) (2) (2) (2) (2) 2-531 -6 31-6 47-1 47-1 54-59-9 9-9 19-6 19-6 22-7\ 21-7 21-7 27-5 27-5 (18-6(iii) Municipal and school I \13-2(c) Insurance companies, pension funds, etc 95-5 22-2 117-7 125-6 23-9 149-5 176-7(i) Life insurance companies 88-9 20-4 109-3 114-7 23-4 138-1 155-3(ii) All other insurance companies 6-6 1-8 8-4 10-9 0-5 11-4 12-4(iii) Associations, unions, pension and benevolent funds.... (2) (2) (2) (2) (2) (2) 9-0(d) Miscellaneous 280-6 6-4 287-0 305-8 11-2 317-0 356-2(i) Mining companies 39-1 39-1 29-4 8-5 37-9 43-6(ii) Trust companies, investment trusts, mortgage and (2) (2) (2) (2) (2) (2) 11-3(iii) Colleges, churches, hospitals, and charitable organi- zations (2) (2) (2) (2) (2) (2) 3-3(iv) All others, being practically all subscriptions from business firms and corporations 241-5 6-4 247-9 276-4 2-7 279-1 298-0(1) Includes small commercial and non-profit bodies, the aggregate subscriptions from which would be relatively unimportant.(2) Not separately calculated, included under sub-section (d) (iv).

to

s

Wartime Prices and Trade Board

Topic:   VICTORY LOANS
Subtopic:   STATEMENT AS TO DISTRIBUTION OF SUBSCRIPTIONS TO FIRST, SECOND AND THIRD ISSUES
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WARTIME PRICES AND TRADE BOARD

STATEMENT AS TO RELATIONSHIPS WITH DEPARTMENTS OF AGRICULTURE, FISHERIES, AND MUNITIONS AND SUPPLY


On the orders of the day:


February 9, 1943