Right Hon. J. L. ILSLEY (Minister of Finance) moved that the house go into committee at the next sitting to consider the following resolution:
That it is expedient to present a measure to make statutory provision for foreign exchange control now exercised- under the authority of orders in council passed under the War Measures Act and for that purpose, inter alia, to (a) continue the special exchange fund account in the name of the Minister of Finance established under the Exchange Fund Act; (b) establish a foreign exchange control board which will be the successor of the existing foreign exchange control board and have power, under the direction and control of the Minister of Finance, to regulate and control transactions in foreign currencies and related transactions and to manage and operate the exchange fund account; (c) authorize the Minister of Finance to make advances to the exchange fund account out of unappropriated moneys in the consolidated revenue fund on such terms and conditions as the governor in council may prescribe; (d) authorize the payment out of the exchange fund account of such remuneration to authorized dealers as the governor in council may prescribe.
He said: His Excellency the Governor General, having been made acquainted with the subject matter of this resolution, recommends it to the consideration of the house.
Motion agreed to.