My hon. friend raised the same point in the committee where he moved an amendment; and I do not think I can do better, in replying to him, than to repeat the statement I made on that occasion in which I gave the reasons why, in my opinion, I could not agree to the amendment. It will be found at page 196 of the report of the committee:
The position of the government with respect to these proposals is this.
That is, the proposals which my hon. friend has just made.
It believes that the continuation of foreign exchange control is necessary for the reasons given by the Minister of Finance in his statement on the resolution preceding the introduction of the foreign exchange control bill. It also believes that the system of exchange control which is established should be effective to accomplish its objects. The question of the circumstances under which and the amount to which capital may be exported from Canada is a matter of policy which must necessarily be determined by the government in the light of the general exchange position as it exists from time to time. The policy presently being administered by the foreign exchange control board -and it wili be continued so far as possible
is a liberal one and the intention is to pursue as liberal a policy as the circumstances warrant. No one can predict what the foreign exchange position will be in the future, however, and if the present measure is to be effective in accomplishing its purposes the government must be free to change any of its foreign exchange control policies to meet changing situations as and when they occur. Accordingly the government cannot accept amendments to the foreign exchange control bill of the character proposed by Mr. Macdonnell, which would have the effect of limiting the government's ability to adapt its foreign exchange control policy in order to deal quickly and effectively with situations which may arise in the future.
For these reasons I must oppose the amendment.
Subtopic: AMENDMENTS FOR PURPOSES OF CONFORMITY WITH CANADIAN CITIZENSHIP ACT