Hon. J. L. ILSLEY (Minister of Finance):
I wish to announce to the house that the national war finance committee has recommended the termination of its active life. I have accepted this recommendation. It is not possible at this time to decide the nature of further campaigns for the sale of government securities which may be required in the future. It is therefore appropriate that the great organization set up to obtain funds for the successful prosecution of the war should end its career on the conclusion of its greatest achievement, the ninth victory loan. The final figures for this loan will be in excess of two billion dollars, of which amount approximately $1,200 million represents investments by individuals.
It is not my intention to outline the accomplishments of the national war finance committee in detail, but I think it is fitting that the house should take note of the end of this organization and that the record should show the names of the major organizations which contributed to its work.
As members are doubtless aware, much of the executive personnel of the national war finance committee was drawn from the ranks of the investment dealers of Canada. They
have supplied in large measure the working machinery for the operation. Other groups in the Canadian financial world have made substantial contributions. Among them, the chartered banks of Canada assumed a large burden in connection with the sale and delivery of bonds. The Life Officers Association and the Life Underwriters of Canada have also facilitated the building of a sales organization. Leaders in agricultural and labour organizations have provided advice and assistance. Among these groups appear the names of the Canadian Federation of Agriculture, Canadian Congress of Labour, Trades and Labour Congress of Canada, the Canadian and Catholic Federation of Labour and the General Conference Committee of the Standard Railway Labour Organizations.
In the sales structure evolved by the national war finance committee certain special war organizations were required to meet special circumstances. The victory loan committees of the armed forces are a case in point. The results achieved by this group were a substantial element of the total' sales reported from individuals. Further, the armed forces provided important aid to public events to stimulate general public interest. Mention should also be made of the accomplishments of the civil service in organizing and promoting their internal canvasses.
Finally, the sales organization of the national war finance committee was greatly benefited by the leadership of business executives in facilitating the canvass of their employees, and in stimulating public response. The executive personnel of the Canadian Pacific Railways and the Canadian National Railways provide examples of this typ^ of leadership, which was repeated thousands of times across the country.
Although I have mentioned some of the organizations assisting in the sales operations, the accomplishments of the national war finance committee would not have been possible without the help of the Canadian publishers war finance publicity committee, a joint organization representing all publishers of Canada which has given invaluable advice and recommendations with reference to publicity. Associated with this committee, the advertising agencies of Canada have rendered expert service. The national radio committee, representing the Canadian Association of Broadcasters, Canadian Broadcasting Corporation and the advertising agencies of Canada, has performed a similar function in the field of broadcasting. The war services committee of the Canadian motion picture industry and its affiliated organizations in the United States
War Finance Committee
provided essential assistance in their field, both in the production and distribution of special films, and in the placing of their establishments at the disposal of the national war finance committee for public gatherings. The national film board was of major assistance in the production of special films and in respect to distribution of films, particularly in the 16-millimetre circuits. We are also indebted to the Outdoor Advertising Association and to the Canadian Street-car Advertising Company which gave their support in generous measure.
These and many other institutions and individuals gave powerful impetus to the work of the national war finance committee. I shall not attempt to name them all at this time because of the urgent affairs which claim the attention of the house. I believe, however, that the members will agree that the main credit for its success should go to the thousands of loyal workers throughout the country who have constituted plant victory loan committees or who served as chairmen of units and subunits, and in countless other assignments necessary to the success of our war financing programme. They have rendered a great service to their country. And finally I should say that the work of all these people would have been of little avail if the Canadian public had not been willing and anxious to assume their full financial responsibility for the winning of the war.
Suggestions have come to me from many quarters that suitable facilities be provided by the government for a continuing savings programme to commence next autumn when final instalments in the ninth victory loan have been paid. I should like to advise the house that t-his matter is being given careful study. In the meantime, war savings stamps and war savings certificates will continue to be available through normal channels, probably until the fall of 1946.
I do not wish to conclude without reference to the effective efforts of hundreds of voluntary workers, many of them women, on behalf of the sale of war savings stamps and certificates. The gross sales of war savings certificates before redemption since May 1940, and the unredeemed stamps still in the hands of the public, amount to the combined total of approximately $365,000,000, a substantial sum indeed to obtain from small savings over this period. School teachers have inspired thousands of school children to invest savings ! which are included in this total. War savings stamps are still being purchased steadily
through the operation of the current school savings plan. It is my intention to ask each province for their views on a continuance of this plan as a means of teaching regular savings habits to students. If they so desire, it will be continued in a form suited to the new circumstances.
But my main purpose to-day is served by announcing the cessation of the national war finance committee. I know all members of this house will join me in expressing deep appreciation of its work. It has been an important faptor in the winning of the war and in anchoring the economy against the shock of war. The results may well be an even more important influence for the future well-being of the Canadian people.