March 14, 1944

NAT

Richard Burpee Hanson

National Government

Mr. HANSON (York-Sunbury):

Don't be so fresh.

Topic:   INDUSTRIAL DEVELOPMENT BANK
Subtopic:   PROVISION OF ADDITIONAL CREDIT FACILITIES FOR FIXED AND WORKING CAPITAL
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NAT

Gordon Graydon (Leader of the Official Opposition)

National Government

Mr. GRAYDON:

Don't try to talk politics now. Let us have a holiday once in a while.

Topic:   INDUSTRIAL DEVELOPMENT BANK
Subtopic:   PROVISION OF ADDITIONAL CREDIT FACILITIES FOR FIXED AND WORKING CAPITAL
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NAT

Harry Rutherford Jackman

National Government

Mr. JACKMAN:

It is easier for the commercial banks to advance the type of credit to which the parliamentary assistant had reference a moment ago.

In regard to longer term credit, much, while advanced by investment dealers, is collected in small rivulets and handed over to industry in large amounts, so that it may be economically useful. There is no shortage of money on that score and no shortage of machinery. In fact, investment dealers to-day are largely engaged in making the victory loans a success. And after that job is finished they will be only too delighted to get back into industrial banking, which is their ordinary business. If anything, the investment dealers' business is an industrial business. There is to-day a plentiful supply of money, and any sound business will find that it has offered to it all the money it can possibly use.

At page 1059 of Hansard the parliamentary assistant is reported to have said:

But industry's own resources may be far short of the total amount of financing required. It is therefore in the national interest to ensure that such additional financing as may be necessary and desirable will be available to industrial enterprises.

He could not go farther than to say "may". I should like to know where the demand for this bank has sprung from. Is it a government measure Is it a brain child of the Bank of Canada, or where has the demand come from? If it is part of the over-all post-war plan, then let us see the post-war plan so that we can fit this piece into the whole scheme and realize just what significance it has and what part it is going to play. Moreover, if it is to be of any importance at all, the $100,000,000 of assets it is to be allowed to have will be so small that it will be of no consequence. It will be largely experimental. If the government believes in this type of business, and believes that it is sound, then it should provide an adequate amount. I should like to know whether the government has looked into the question whether a guarantee of credit under the existing lending institutions would not be sufficient without setting up another bank with all the overhead and cost that goes with it.

Industrial Development Bank

What does the bill suggest? Simply that industries which may reasonably be expected to prove successful if a high level of national income and employment is maintained will be granted credit. Such a condition would be nothing short of an investor's paradise. There will be no risk involved if we can maintain the national income at a high and fairly steady level. Therefore, if the government can do what it presupposes in the preamble it can do, there is no need which will not be satisfied by private enterprise. But, assuming that there will be a need in the future, is this bank to be anything more than a bank of last resort?

May I say to the parliamentary assistant and to the government that if the bank is to advance credit only where credit is not forthcoming through ordinary channels, it will suffer a great many political headaches. For every small business that will be granted a loan there will be at least a dozen, if not a score, that will have to be turned down. All I can say to my hon. friends on the government benches is that they are aiming straight for a severe headache. It must be well known that of a hundred new businesses that start up, very few succeed, and a much smaller number become real successes. The types of business which will seek aid under this bill will be those which are either too small or too young or too risky for financing by public issue. If this bank is to be a bank of last resort it is likely to become a sink-hole for the taxpayers' money.

The parliamentary assistant has suggested that it is not going to supplant, it is merely going to supplement private banking through commercial banks or investment dealers; they are going to go on as before and this bank is merely to supplement their work. I cannot for the life of me see how it will supplement without supplanting. That is what will happen, and if it does, it may prove detrimental to the whole Canadian economy.

It has not been stated what rate of interest will be charged by the proposed bank on the advances it makes. Let us assume that the rate will be five per cent. This may seem a reasonable rate, but it is unlikely that the private banks could advance money on that basis. I believe it would be an unsound basis. From time to time there will be losses in connection with the advances made to these small companies; in fact I should think that the losses would bulk largely in the total. If you are to have losses, you must make them up on other loans which are successful; otherwise you will have a net loss and the bank will lose its capital. If that happens, not only this bank but the Bank of Canada will be placed in an embarrassing position. If this bank proposes to lend money at cheap rates, or what 100-93

looks like a cheap rate of five per cent, it will be impossible for the ordinary suppliers of money to continue in business. They cannot compete on any such basis. As I say, we have had no indication whatsoever from the government as to what rates are to be charged.

Topic:   INDUSTRIAL DEVELOPMENT BANK
Subtopic:   PROVISION OF ADDITIONAL CREDIT FACILITIES FOR FIXED AND WORKING CAPITAL
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LIB

Douglas Charles Abbott (Parliamentary Assistant to the Minister of Finance)

Liberal

Mr. ABBOTT:

I said reasonable rates.

Topic:   INDUSTRIAL DEVELOPMENT BANK
Subtopic:   PROVISION OF ADDITIONAL CREDIT FACILITIES FOR FIXED AND WORKING CAPITAL
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NAT

Harry Rutherford Jackman

National Government

Mr. JACKMAN:

"Reasonable" means many things. I suggested five per cent, but that may be anything but reasonable. Unless there are windfalls in this type of business you will not be able to offset your other loans. I cannot for a moment see the government collecting windfalls on advances to private industry. That would be regarded as unconscionable. They do not own the business, and the risks increase every time they embark on a new venture.

A word as to the type of credit which this bank will advance. Ordinarily intermediate credits are for from two to five years in length, or perhaps even longer. Is it the intention of the government to take hold of some of these small companies, advance money to the proprietors, nurse them along for a number of years, and then distribute the securities? I do not know, but this would open up a tremendous field. The government would be going into private business to compete with those who are already supporting the government through the payment of private taxes.

Is the government to become a speculator in industrial enterprises? The proposed bank could not disclose the true facts with regard to its loans and sell them to the public, because that practice just would not hold water. It is said that the purpose of this bill is not to supplant the functions of the investment dealers, it is to supplement; but if an investment dealer attempted to sell an issue, such as this bank contemplates taking, without full disclosure being made to the investing public, the government would prosecute. I suggest that there is no difference between the care which should be taken with regard to the public's money and the care which should be taken with regard to a private individual's money. If capital issues owned by the Bank of Canada or by this industrial development bank are sold to the public and then go bad- such things are contemplated under the bill- there are bound to be distasteful repercussions. Unscrupulous people will say that the government is behind the issue. We know that with the turn of conditions some of these ventures are bound to prove unsuccessful and the government will be faced with the opprobrium attached to such an outcome.

Under this proposed industrial development bank, unworthy credit risks will be assumed if the bank is to supplement and not supplant. The

Industrial Development Bank

credit system as we know it in this country and as it is in all industrial countries is based on the human equation as much as on the material; it is based on character more than on assets. Judgment is formed only after long experience, and I suggest that there is no one in the Bank of Canada who by training is likely to be able to exercise that function successfully. The bank is likely to be successful only through using and perhaps abusing the government's power of borrowing at low rates of interest and relending the money and supplanting rather than supplementing the ordinary banking channels, particularly investment banking channels.

If the purpose of the bank is not to keep its capital intact, if it is willing to lose money for the Canadian taxpayer because the benefit of job creation may be worth the candle, then the government should be frank and say that that is the intention and design of this bill. May I ask how a loan advanced under this proposed legislation can be repaid as long as we have our present tax laws? Every dollar which is earned will be subjected to a minimum of forty per cent taxation. A company may earn five per cent on its capital, or even seven or eight per cent at the outside, but that will be subjected to a forty per cent tax. How will it be possible under present tax legislation to repay a loan? I suggest to the parliamentary assistant that it would be much better if some information were given to us as to what we can expect in the way of tax legislation in the post-war period before we look into such a matter as this industrial development bank.

Is the real object of this bill to create employment even if that employment is not economically productive? Or is the desirable objective of full employment to be aided by other measures divorced from this particular institution? It is well to know what we are doing, and the effect on competitive businesses struggling on their own must not be lost sight of. ^ Where is the Bank of Canada to find the trained personnel which it will lend to the industrial development bank? I understand from the bill that there is to be an executive committee composed of directors who are members of the executive committee of the Bank of Canada. The two could not be more closely tied in than is the design under the present bill. The executive committee may deal with anything that the bank may deal with. It is purely a Bank of Canada show, with no independence and no original thought outside the central banking circle, and yet the type of business which it is to do and the function which it is to perform are entirely different from those carried on not only by

the central bank but by a commercial bank. Even the staff is to be provided from the Bank of Canada or is to come under their joint arrangements. There will be the same secrecy as to salaries, I suppose; yet we have the companies act requiring disclosure of executive salaries, and everyone knows what civil servants and many other people receive. There is nothing wrong about that. I see no reason why the salaries of the Bank of Canada and of this proposed bank should not be made public.

Then this bill contemplates establishing branches, which can lead to the invasion of all banking fields except the taking of deposits. This proposed bank may spread across the country, with great overhead cost, and there may be no limit to the encroachments which it may make upon the business of ordinary tax-paying citizens.

There is another point which I wish briefly to mention. The capital of the bank is $25,000,000, and yet this amount will be forthcoming from the Bank of Canada, whose capital is only $5,000,000. The bank made $15,000,000 last year, but it would seem that the Bank of Canada is giving birth to a pretty big baby when it is going to embark on a subsidiary bank which has a capital five times the amount of its own.

The business and powers of the bank are to provide credit or other financial resources which would not otherwise be available on reasonable terms and conditions. Just who is to define "reasonable" is a matter of some interest, and I should like to have some elucidation from the parliamentary assistant. If my surmise is correct, anything this bank does will be either outside its powers, or it will be a sink-hole for the taxpayers' money, because the preamble states that it will advance money only to companies which may reasonably be expected to succeed if a high level of national income and employment is maintained. In this event there will be so much money available that this bank could not possibly lend a single dollar unless it supplants rather than supplements the present banking institutions. Then, it may lend, guarantee, underwrite or purchase stocks with a view to resale, but there is no limiting factor on when the stocks are to be resold. The bank may get into business in competition with the taxpayer and remain in business apparently indefinitely. There should be a strict limitation.

Furthermore, it fails in its purpose because it does not put emphasis upon permanent or semi-permanent capital rather than putting the entire emphasis on debt. There should be

Industrial Development Bank

power in a bank such as this to purchase prefered or common stock issues rather than to have as its main purpose the lending of money. Companies which want money for five years or twenty years for permanent capital do not want to have to repay or will not be able to repay it in a short time, particularly under a system of heavy taxation, and the money becomes part of the proprietary interest. This bank should be in a position, if it is to do a real job, to subscribe to.the stock of the companies. I believe the parliamentary assistant is going to ask me whether I am in favour of this bank and of government ownership.

Topic:   INDUSTRIAL DEVELOPMENT BANK
Subtopic:   PROVISION OF ADDITIONAL CREDIT FACILITIES FOR FIXED AND WORKING CAPITAL
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LIB

Douglas Charles Abbott (Parliamentary Assistant to the Minister of Finance)

Liberal

Mr. ABBOTT:

Not at all. I was just going to point out to my hon. friend that if he will look at the bill he will see that the bank has power to do just what he has suggested.

Topic:   INDUSTRIAL DEVELOPMENT BANK
Subtopic:   PROVISION OF ADDITIONAL CREDIT FACILITIES FOR FIXED AND WORKING CAPITAL
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NAT

Harry Rutherford Jackman

National Government

Mr. JACKMAN:

In the bill there is power to do nearly anything. As I have suggested, it can establish branches in every hamlet iD Canada. But in looking through the multitudinous sections-

Topic:   INDUSTRIAL DEVELOPMENT BANK
Subtopic:   PROVISION OF ADDITIONAL CREDIT FACILITIES FOR FIXED AND WORKING CAPITAL
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LIB

Douglas Charles Abbott (Parliamentary Assistant to the Minister of Finance)

Liberal

Mr. ABBOTT:

Look at section 15.

Topic:   INDUSTRIAL DEVELOPMENT BANK
Subtopic:   PROVISION OF ADDITIONAL CREDIT FACILITIES FOR FIXED AND WORKING CAPITAL
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NAT

Harry Rutherford Jackman

National Government

Mr. JACKMAN:

-I observe that the main purpose of it is to deal with borrowing. That only strengthens my argument that this bank is to become the proprietor, the actual owner, not a mere banker for industrial companies, and it makes it all the more a competitor with the taxpayers of the country-a situation which, unless you are going to be a national socialist, I think you would do well to keep out of.

Topic:   INDUSTRIAL DEVELOPMENT BANK
Subtopic:   PROVISION OF ADDITIONAL CREDIT FACILITIES FOR FIXED AND WORKING CAPITAL
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LIB

Arthur Graeme Slaght

Liberal

Mr. SLAGHT:

Does the hon. member find from his analysis of the bill that the bank will be able to finance mining companies?

Topic:   INDUSTRIAL DEVELOPMENT BANK
Subtopic:   PROVISION OF ADDITIONAL CREDIT FACILITIES FOR FIXED AND WORKING CAPITAL
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NAT

Harry Rutherford Jackman

National Government

Mr. JACKMAN:

Does the hon. member ask me if I think this bank is to finance mining companies?

Topic:   INDUSTRIAL DEVELOPMENT BANK
Subtopic:   PROVISION OF ADDITIONAL CREDIT FACILITIES FOR FIXED AND WORKING CAPITAL
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LIB

Arthur Graeme Slaght

Liberal

Mr. SLAGHT:

Whether the power is there.

Topic:   INDUSTRIAL DEVELOPMENT BANK
Subtopic:   PROVISION OF ADDITIONAL CREDIT FACILITIES FOR FIXED AND WORKING CAPITAL
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NAT

Harry Rutherford Jackman

National Government

Mr. JACKMAN:

I have not examined that. It is the parliamentary assistant's bill; it is not mine.

Topic:   INDUSTRIAL DEVELOPMENT BANK
Subtopic:   PROVISION OF ADDITIONAL CREDIT FACILITIES FOR FIXED AND WORKING CAPITAL
Permalink
LIB

Douglas Charles Abbott (Parliamentary Assistant to the Minister of Finance)

Liberal

Mr. ABBOTT:

I shall be glad to deal with that when I close the debate.

Topic:   INDUSTRIAL DEVELOPMENT BANK
Subtopic:   PROVISION OF ADDITIONAL CREDIT FACILITIES FOR FIXED AND WORKING CAPITAL
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PC

Agar Rodney Adamson

Progressive Conservative

Mr. ADAMSON:

What did the parliamentary assistant say?

Topic:   INDUSTRIAL DEVELOPMENT BANK
Subtopic:   PROVISION OF ADDITIONAL CREDIT FACILITIES FOR FIXED AND WORKING CAPITAL
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LIB

Douglas Charles Abbott (Parliamentary Assistant to the Minister of Finance)

Liberal

Mr. ABBOTT:

I said I shall be glad to deal with that when I close the debate. I have a note of that point. Other hon. members have raised it.

Topic:   INDUSTRIAL DEVELOPMENT BANK
Subtopic:   PROVISION OF ADDITIONAL CREDIT FACILITIES FOR FIXED AND WORKING CAPITAL
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NAT

Harry Rutherford Jackman

National Government

Mr. JACKMAN:

I should just like to point out the effect of government engaging in competitive businesses. We have examples of it, somewhat more in the provincial fields than we have in the federal field. But, once any part of the crown, whether it be in the dominion right or the provincial right, engages in business, we know it is not taxable, and therefore private companies which otherwise could compete and render equal service with it cannot compete, because one company cannot have forty per cent of its profits taxed away and the other company, which happens to be publicly owned, have no part of its profits taxed away and bear no share of other public burdens. That is a quite impossible position. I wonder what the situation is to be with the government wholly owning now the central bank and, by two stages removed, the industrial development bank-whether or not these companies will be required to pay taxes.

Furthermore, this is a banking institution, and if it gets going and does make profits they will not be taxed, I suppose, any more than the Bank of Canada is taxed; yet they are in direct competition with commercial banks, all of which pay a minimum of forty per cent corporation tax. So that you get into a field where the ordinary taxpayer endeavours to make a living, and one scarcely knows where one is at.

There are several other sections with regard to the powers of the Bank of Canada to which I will refer briefly. The Bank of Canada under its own charter has power to buy -and sell or rediscount bonds and debentures issued by the bank-that is, this bank-provided that the amount of bonds and debentures Maturing after ten years may not exceed twice the paid-up capital and rest fund of the Bank of Canada, that is, $13,000,000. It may not be enough to be important, but if the securities which the bank purchases prove to be worthless, then it is enough to wipe out the whole capital and surplus of the Bank of Canada. I suggest if this industrial development bank is merely to supplement and not supplant, is merely to get loans which nobody else will look at, there is a good chance of the loans going bad and the Bank of Canada being affected.

The Bank of Canada has three instruments of control: first, the discount rate; second, open market operations; third, foreign exchange operations. These instruments are designed to serve the purpose of a central bank. For its own safety the bank's authority to deal in securities is restricted. There is no limit to the short-term securities which the Bank

Industrial Development Bank

of Canada may hold. Long-term government bonds, however, are strictly limited to five times the amount of capital and reserve of that bank. Under this bill the Bank of Canada endeavours to make possible what is not possible under its own act of incorporation. In particular, the underwriting permitted under this bill greatly enlarges the amount of longterm securities as to which the Bank of Canada may have a contingent liability.

Furthermore, the Bank of Canada does not deal directly with the public. The proposed industrial development bank will deal with the public, which is an important defect from the point of view of the major purpose of the central bank. Through the tie-in with the industrial development bank, the Bank of Canada no longer remains a bankers' bank and will come in direct competition with banks whose own funds are invested with the Bank of Canada, and these funds will be invested in securities which the chartered banks could not themselves hold.

While the machinery of an industrial development bank as designed might be workable and safe in certain hands, one must always recognize the fact that the set-up must be safe as far as the public is concerned, even if in less satisfactory hands than those which now control the operations of the Bank of Canada.

What was the opinion of the British Macmillan commission in regard to central banks operating an intermediate credit bank such as is proposed in this Bill No. 7? In their report of 1932 we find the following:

The best course might be if the leading private institutions and the big banks were to cooperate in creating one or more such concerns. We understand that the creation of the Bankers' Industrial Development Company was due originally to the belief that help in these directions might be given to industry by the city-

That is, the financial end of London.

-which was not being given. We have been told .however, that the authorities of the Bank of England consider, as we do, that these are not proper permanent functions for a subsidiary of a central bank. It would seem desirable,' therefore, that the Bankers' Industrial Development Company should at a convenient stage be definitely separated from the Bank of England, have an independent existence, and rely upon its profit-making capacity as a private institution. It is possible that it might form a nucleus for that closer cooperation between finance and industry which we think is required.

Again, in one of the authoritative textbooks, Kisch and Elkin on Central Banks at page 146, I find the following:

The business proper for a reserve or central bank to undertake must be hedged round by conditions which will make for the maximum of safety and promote the maximum of liquidity in its assets.

And yet we find that this bank is to become literally part and parcel of the Bank of Canada.

In addition, therefore, to prescribing the permissible business in unambiguous terms, there are advantages in barring explicitly certain kinds of business inconsistent with the primary requirements already discussed. This makes for security and relieves the bank from possible risk of pressure to stretch its powers in a sense that might be inimical to its stability and responsibilities as a reserve bank. Thus we find that the acceptance of an interest in a commercial undertaking is barred by the constitution of the banks in a number of cases. . . .

Topic:   INDUSTRIAL DEVELOPMENT BANK
Subtopic:   PROVISION OF ADDITIONAL CREDIT FACILITIES FOR FIXED AND WORKING CAPITAL
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LIB

Thomas Vien (Speaker of the Senate)

Liberal

Mr. SPEAKER:

The hon. member's time has expired.

Topic:   INDUSTRIAL DEVELOPMENT BANK
Subtopic:   PROVISION OF ADDITIONAL CREDIT FACILITIES FOR FIXED AND WORKING CAPITAL
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IND

Joseph Sasseville Roy

Independent

Mr. J. S. ROY (Gaspe):

I have listened with much interest to all the speeches delivered by hon. members who have taken part in this debate regarding the incorporation of the industrial development bank, and I have noticed that most hon. members who have spoken, if not all, have criticized the bill to a certain extent, and on certain points, seeming, especially, to be dissatisfied with what is lacking in this bill.

There are many reasons why one should be dissatisfied with this bill. If I rightly understand it, the purpose of this bill, like others that have been submitted before, is to prevent in the post-war period a recurrence of such conditions as those we have suffered from in the period before the war. It seems to me, however, that the bill does not touch the sore.

In the first place this bill does not provide anything for agriculture; it does not even include that industry. We are told that a measure dealing with the needs of agriculture is about to come. It has always been the fate of agriculture to be the object of many promises and encouragements that were always to come but which never came. In my humble opinion the deficiencies that exist in the farming industry explain to a certain extent the reasons why we have had so much unemployment and why conditions throughout the country are so badly adjusted.

To substantiate that statement, I should like to submit some figures taken from the Canada Year Book and from other publications of the government, such as "The cost of Living Index Numbers for Canada", published by the dominion bureau of statistics in 1943. This is an index of average annual earnings of all wage earners in manufacturing industries, showing constant purchasing power from 1926 to 1939 inclusive. Taking the year 1926 as the base year, and 100 as the base figure, we find

Industrial Development Bank

that the earnings of the various workers

have mentioned, have risen as follows:

1927 103-1

1998 105-1

199 Q 106-2

1989 102-2

1981 105-1

1989 103-1

19,88 99-5

1984. 104-7

1985 108-6

109-7

112-4

1939 111-0

I have not the figures up to 1943, but I am under the impression that the earnings have gone up considerably from 1939 to 1943. We can see that from 1926 the earnings of that class of people have gone up from 100 to 111.

Now the index of the average annual earnings of all employees of Canadian steam railways in money of constant purchasing power 1926 = 100:

1999 100-0

IQ97 104-0

1998 106-8

] 99Q 106-9

1980 107-2

] 981 114-2

19.89 115-4

1988 114-6

19,84. 111-9

1935 117-8

117-1

120-0

125-3

1939 128-1

I shall now give the average annual earnings of all dominion civil servants, temporary as well as permanent. The figures are taken from the same source, which shows the earnings in money of constant purchasing power from 1926 to 1939 inclusive. The year 1926 is given as the base year and is placed at 100. The

figures for the years 1927 to 1939 are as

follows:

1997 105-1

1928 105-4

1929 104-7

1980 106-8

1931 121-3

] 9,89. 119-7

1933 126-1

] 9,84 122-7

1935 129-3

1936 124-8

1987 125-5

123-9

125-9

This table shows that there was an increase

in so far as that class of workers are concerned. I shall now give a table for the agricultural workers in the same years, using the year 1926 as the base year at 100. The table is headed "Income of1 farm operators in cash and in kind, including the rental value of their houses, as a percentage of the national income of each year, and on the base 1926=

100."

1990 100-0

1927 95-9

1928 112-6

And here it begins to go down:

1929 94-9

1930 54-8

1931 30-6

1982 19-8

1933 23-09

' 1934 . 36-0

1935 39-09

1936 53-06

1937 58-0

1938 57-9

1939 69-4

In spite of their sadness these figures eloquently prove that agriculture is the industry which has suffered the worst of all. I believe it also explains why a large number of people from the rural districts have gone into the industrial cities where they have swelled the number of unemployed.

If we consult the book "Canada 1944, the official handbook of present conditions and recent progress," we shall see that the census of 1931 shows that the population of the rural districts amounted to 4,804,728, and of the urban sections, 5,572,058. There is a difference in these figures of 767,330. That is quite a difference in the population of these two sections, and that difference has increased since 1931. In 1941 the rural population amounted to 5,254,239, while the urban population was 6,252,416. There is a difference there of 998,177. The last figure I have given shows that the disparity between the rural population and the urban population is increasing. These figures explain to a large extent why we have had such a grave unemployment problem in the past, and why we seem to have lost control of ttys situation.

If a measure such as the one now before the house is supposed to cure the sore and prevent the crisis like the one we have had in the past, I cannot understand why we did not deal with the matter earlier. I believe if we could solve the problem of the disparity between the populations of the rural districts and the urban districts, many of our difficulties would be overcome. If that problem were solved I am sure it would help to solve very easily our other difficulties. One of the best ways to overcome them would be to adopt a

Industrial Development Bank

housing policy to remove the slum hovels in all the cities ;and this would help to prevent unemployment. It would help also to a certain extent to diminish juvenile delinquency. It would improve health conditions.

I should like to say a few words about the matter of public health before dealing with slum hovels. We have been told that a measure dealing with public health will be brought before the house very shortly.

Topic:   INDUSTRIAL DEVELOPMENT BANK
Subtopic:   PROVISION OF ADDITIONAL CREDIT FACILITIES FOR FIXED AND WORKING CAPITAL
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LIB

Thomas Vien (Speaker of the Senate)

Liberal

Mr. SPEAKER:

Order. The subject under discussion is the second reading of a bill to establish an industrial development bank. It has nothing to do with public health. The hon. member must confine his remarks to the provisions of the bill.

Topic:   INDUSTRIAL DEVELOPMENT BANK
Subtopic:   PROVISION OF ADDITIONAL CREDIT FACILITIES FOR FIXED AND WORKING CAPITAL
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March 14, 1944