July 6, 1944

SIXTH VICTORY LOAN

STATEMENT WITH REGARD TO RESULTS


On the order for motions:


LIB

James Lorimer Ilsley (Minister of Finance and Receiver General)

Liberal

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

I should like to make a brief statement with regard to the results of the sixth victory loan campaign.

Total sales of bonds amounted to $1,407,576,650. This represented 3,077,123 applications. These sales were made for payment in cash. The sixth victory loan did not involve the issue of any new bonds against the surrender of maturing securities.

It will be recalled that the total objective for the sixth victory loan was set at $1,200,000,000, and that this objective was split $525,000,000 for individuals covered by the general canvass and payroll savings canvass, and $675,000,000 for large investors, mostly business firms and corporations, covered by the special names canvass. Each of these objectives was exceeded by a wide margin.

Combined sales by the general canvass and payroll savings canvass amounted to $643,690,700, representing 3,070,601 applications. Sales in the special names canvass were $763,885,950.

The sixth victory loan attained new record levels in the total amount of bonds sold, in the total number of applications received, and in the dollar amount of sales to individuals covered in the general and payroll savings canvasses.

I should like to point out that applications by members of the armed forces form part of the figures I have given on sales to individuals. On the sixth loan, armed forces applications numbered 461,688 for $47,826,250 of bonds. Applications from overseas personnel of the armed forces, included in these totals, numbered 141,510 for $13,383,550 of bonds. All of these figures show a considerable increase over the results of the fifth victory loan. The record of support of victory loans by members of the armed forces, particularly from the men in the navy, army and air force overseas, is one of the most stimulating features of our victory loan campaigns. In supporting victory loans, the armed forces are showing their appreciation of the value of a reserve of savings for use

after the war. This evidence of their firm confidence in victory, and of their faith in the future of Canada, is an inspiration and an example to all of us on the home front.

These data have been compiled by the national war finance committee from information obtained at the time of public offering of the loans, and from other sources. The results of the sixth loan should be regarded as subject to revision when final figures with respect to this loan become available.

Costs of issue of the sixth victory loan, while incomplete at the present time, are expected not to exceed 88 cents for each $100 of bonds sold. Costs of issue on the first victory loan, in June 1941, were just over one per cent, but costs on all issues since that time have been less than one per cent.

With the consent of the house, I should like to place on Hansard for convenient reference a statement showing the estimated derivation of subscriptions to the sixth victory loan and preceding victory loans. All figures in regard to the sixth victory loan are subject to final verification on the receipt of reports of actual bond deliveries by banks, trust, and loan companies. The figures which I have used, and which appear in the statement I am placing on Hansard, are based on the final reports received in Ottawa from the provincial offices of the national war finance committee.

The following table shows the estimated derivation of applications for victory bonds at the time of issue of each loan.

The applications for each loan are divided into two broad classes, designated "Individuals" and "Non-Individuals".

The class designated "Individuals" includes two sub-divisions, described as "Special Names" and "General and Payroll Canvasses." The amounts shown for special names represent applications received in the special names canvass from individuals believed to be capable of buying $25,000 or more of bonds at the time of each loan. The amounts shown for general and payroll canvasses represent the combined total of applications received in these canvasses. General canvass applications include some sales to small commercial and small non-profit bodies. Total applications from these non-individuals would be a relatively small part of the total amount shown opposite the designation "General and Payroll Canvasses".

IMr. Ilsley.]

ESTIMATED DERIVATION OF APPLICATIONS, AT TIME OF ISSUE (Dollar figures in millions)

Item First Loan Second Loan Third Loan Fourth Loan Fifth Loan (Preli- minary) Sixth LoanCash Conv. Total Cash Conv. Total Cash Cash Cash Conv. Total Cash% $ % * s $ s s $ ; t %730-4 106-4 836-8 843-1 153-6 996-7 991-4 1,308-7- 1,375-0 195-6 1,570-6 1,407-6316-0 35-3 351-3 364-6 1-0 365-6 400-9 566-7 626-6 44-7 671-3 668-1(b) Non-Individuals 414-4 71-1 485-5 478-5 152-6 631-1 590-5 742-0 748-4 150-9 899-3 739-5Applications from Individuals- 30-0 26-3 37-2 26-9 29-4 24-436-5 0-8 37-3 29-0 1-0 2-5 (b) General and Payroll Canvasses1 279-5 34-5 314-0 335-6 nil 335-6 374-6 529-5 599-7 42-2 641-9 643-7Applications from Non-Individuals- 6-7 42-5 49-2 nil 117-5 117-5 0-5 0-5 nil 139-7 139-7 nilnil 7-0 7-0 nil 1-7 1-7 nil nil nil 72-0 72-0 nil(ii) Chartered banks 6-7 35-5 42-2 nil 115-8 115-8 0-5 0-5 nil 67-7 67-7 nil31-6 nil 31-6 47-1 nil 47-1 54-5 85-2 78-8 2-4 81-2 80-69-9 nil 9-9 19-6 nil 19-6 22-7 30-8 22-4 2-2 24-6 25-710-7 nil 10-7 15-6 nil 15-6 18-6 34-1 32-6 0-1 32-7 36-1(iii) Municipal and school 11-0 nil 11-0 11-9 nil 11-9 13-2 20-3 23-8 0-1 23-9 18-8(c) Insurance Companies, pension funds, etc., and savings 23-9 157-8 179-0 201-3 197-7 4-7 202-4 200-097-4 22-1 119-5 133-9 86-5 20-4 106-9 115-5 23-4 138-9 155-1 165-1 168-7 3-4 172-1 167-9(ii) All other insurance companies 6-7 1-7 8-4 10-9 0-5 11-4 12-4 15-5 13-3 0-6 13-9 130(iii) Associations, unions, pension and benevolent funds. 2-7 nil 2-7 5-6 nil 5-6 9-0 16-1 10-8 0-7 11-5 13-8(iv) Quebec Savings banks 1-5 nil 1-5 1-9 nil 1-9 2-5 4-6 4-9 nil 4-9 5-3278-7 6-5 285-2 297-5 11-2 308-7 356-5 455-0 471-9 4-1 476-0 458-9(i) Mining companies 39-1 nil 39-1 29-4 8-5 37-9 43-6 54-7 48-3 nil 48-3 46-4(ii) Trust companies, investment trusts, mortgages and loan companies, and real estate companies 8-4 nil 8-4 9-2 nil 9-2 11-3 17-5 19-2 0-1 19-3 18-7(iii) Colleges, churches, hospitals, and charitable organi- 2-4 0-2 2-6 2-6 nil 2-6 3-3 3-3 3-8 0-4 4-2 5-1(iv) All others, being practically all subscriptions from business firms and corporations 228-8 6-3 235-1 256-3 2-7 259-0 298-3 379-5 400-6 3-6 404-2 388-7

1 General Canvass which forms part of this total includes small commercial and small non-profit bodies. Aggregate subscriptions from these bodies would be relatively a small part of

total.

4546 COMMONS

Sixth Victory Loan

Tax Convention Act

The non-individuals class represents all applications received in the special names canvass with the exception of applications from individuals covered in the special names canvass, referred to above. The non-individuals class has been subdivided to show applications from banks for their own account; government accounts; insurance companies, pension funds, etc., and savings banks; and miscellaneous, this general group reflecting, with minor exception, applications from business firms and corporations.

Topic:   SIXTH VICTORY LOAN
Subtopic:   STATEMENT WITH REGARD TO RESULTS
Permalink

RADIO BROADCASTING

APPOINTMENT OP HOWARD B. CHASE AS CHAIRMAN OF BOARD OF GOVERNORS OF C.B.C.


Hon. L. R. LaFLECHE (Minister of National War Services): Mr. Speaker, may I table copies of orders in council P.C. 5060 and 5061 of the 4th of this month. With regret may I say the first accepts the resignation of Mr. Rene Morin as chairman of the board of governors of the Canadian Broadcasting Corporation, and the second appoints Mr. Howard B. Chase to replace Mr. Morin. May I explain that Mr. Morin has been connected with the board of governors of the Canadian Broadcasting Corporation since September 10, 1936. He consented to his appointment as chairman being renewed in November, 1942, but at that time he told me he could not give any guarantee that he would serve for the full period. Some time ago he intimated that his other duties had increased to the extent that he should tender his resignation as chairman. In doing so, he expressed appreciation of the staff of the Canadian Broadcasting Corporation and of his colleagues, and he was kind enough to say a word about the minister as well. I am particularly pleased to be able to announce the appointment of Mr. Chase, which marks, I believe, some special recognition of labour. He has merited well of Canada and I know he will do so in his new appointment.


NAT

Gordon Graydon (Leader of the Official Opposition)

National Government

Mr. GORDON GRAYDON (Leader of the Opposition):

Mr. Speaker, may I ask the

Minister of National War Services, on motions rather than on the orders of the day, a question arising out of the statement which he has just made. Is Mr. Morin still serving on the board of governors?

Mr. LaFLECHE: Oh, yes. He has been

good enough to remain as governor.

Topic:   RADIO BROADCASTING
Subtopic:   APPOINTMENT OP HOWARD B. CHASE AS CHAIRMAN OF BOARD OF GOVERNORS OF C.B.C.
Permalink
NAT

Gordon Graydon (Leader of the Official Opposition)

National Government

Mr. GRAYDON:

May I ask when we may expect the order in council appointing a general manager of the corporation?

Mr. LaFLECHE: It cannot be before I

receive a recommendation from the board of governors, which recommendation I have not yet had.

Topic:   RADIO BROADCASTING
Subtopic:   APPOINTMENT OP HOWARD B. CHASE AS CHAIRMAN OF BOARD OF GOVERNORS OF C.B.C.
Permalink
NAT

Gordon Graydon (Leader of the Official Opposition)

National Government

Mr. GRAYDON:

There never was such a deday as that.

Mr. LaFLECHE: They are doing very well, indeed.

Topic:   RADIO BROADCASTING
Subtopic:   APPOINTMENT OP HOWARD B. CHASE AS CHAIRMAN OF BOARD OF GOVERNORS OF C.B.C.
Permalink
NAT

Gordon Graydon (Leader of the Official Opposition)

National Government

Mr. GRAYDON:

You do not have much

support for that in the house.

Mr. LaFLECHE: Not from you, no. PRIVILEGE

Topic:   RADIO BROADCASTING
Subtopic:   APPOINTMENT OP HOWARD B. CHASE AS CHAIRMAN OF BOARD OF GOVERNORS OF C.B.C.
Permalink

MR. MCCANN-REFERENCE TO PRESS DISPATCH IN "GLOBE AND MAH." OF JULY 6

LIB

James Joseph McCann

Liberal

Mr. J. J. McCANN (Renfrew South):

Mr. Speaker, on a matter of privilege and as chairman of the parliamentary committee on radio broadcasting, I wish to make a brief observation based upon a press dispatch appearing in the Globe and Mail of July 6. The dispatch reads as follows:

Ottawa, July 5.-The parliamentary committee on radio broadcasting likely will recommend removal of the $2.50 licence fee, Douglas G. Ross, P.C., Toronto, St. Paul's, said to-day. The committee is currently in final session to draft recommendations to parliament.

This statement has been given wide publicity, and will no doubt receive further publicity. Let me say that the last two meetings of the radio broadcasting committee were held in camera; the statement issued did not emanate from the radio broadcasting committee and must be regarded as the personal opinion of the hon. member for St. Paul's.

Topic:   MR. MCCANN-REFERENCE TO PRESS DISPATCH IN "GLOBE AND MAH." OF JULY 6
Permalink
LIB

Thomas Reid

Liberal

Mr. REID:

I hope there is some truth in it.

Topic:   MR. MCCANN-REFERENCE TO PRESS DISPATCH IN "GLOBE AND MAH." OF JULY 6
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TAX CONVENTION ACT, 1944 CANADA-UNITED STATES OF AMERICA-RATIFICATION OF CONVENTION SIGNED AT OTTAWA, JUNE 8, 1944


Hon. C. W. G. GIBSON (Minister of National Revenue) moved for leave to introduce bill No. 159, respecting a certain tax convention between Canada and the United Questions



States of America, signed at Ottawa, in the Dominion of Canada, on the eighth day of June, 1944.


NAT

Gordon Graydon (Leader of the Official Opposition)

National Government

Mr. GRAYDON:

May I ask the minister to explain?

Topic:   TAX CONVENTION ACT, 1944 CANADA-UNITED STATES OF AMERICA-RATIFICATION OF CONVENTION SIGNED AT OTTAWA, JUNE 8, 1944
Permalink
LIB

Colin William George Gibson (Minister of National Revenue)

Liberal

Mr. GIBSON:

I gave a full outline of the provisions of the convention for the avoidance of double taxation in regard to succession duties on June 16 in this house. The bill is to ratify the convention with the United States.

Motion agreed to and bill read the first time.

Topic:   TAX CONVENTION ACT, 1944 CANADA-UNITED STATES OF AMERICA-RATIFICATION OF CONVENTION SIGNED AT OTTAWA, JUNE 8, 1944
Permalink

QUESTIONS

July 6, 1944