May 28, 1956

PC

George Alexander Drew (Leader of the Official Opposition)

Progressive Conservative

Mr. Drew:

You make your own speech.

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LIB

Clarence Decatur Howe (Minister of Defence Production; Minister of Trade and Commerce)

Liberal

Mr. Howe (Port Arthur):

You at least said-

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PC

George Alexander Drew (Leader of the Official Opposition)

Progressive Conservative

Mr. Drew:

Don't use terms I did not use.

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LIB

Clarence Decatur Howe (Minister of Defence Production; Minister of Trade and Commerce)

Liberal

Mr. Howe (Port Arthur):

-that is where the profits lie, in the common stock. All right; I hope he is right. But I would prefer to say that the common stock is where the gamble lies. If the pipe lines turns out to be profitable the common stock is the chief beneficiary. If it turns out to be unprofitable the common stock equity suffers most. In other words, it is at the lowest priority in the securities of the company, and it takes more than its share of the good and it also takes more than its share of the misfortune.

However, I know that Canadians have resented the fact that they could not acquire larger equities in the pipe-line financing that has been carried on to date. I believe it is desirable that Canadians have an opportunity to take as much of the common stock in Trans-Canada Pipe Lines as they wish to take. I want to make it quite clear that I am not advising anyone to buy it; nevertheless a great many people believe that it will be profitable investment, and if they do believe that I think they should have an opportunity to make that investment.

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PC

Edmund Davie Fulton

Progressive Conservative

Mr. Fulton:

Does the minister know that the Canadian Liberal quotes him as saying that 51 per cent of the voting stock will be owned by Canadians?

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LIB

Clarence Decatur Howe (Minister of Defence Production; Minister of Trade and Commerce)

Liberal

Mr. Howe (Pori Arthur):

If they say it will be held by Canadians they are making promises that they cannot carry out.

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PC

Edmund Davie Fulton

Progressive Conservative

Mr. Fulton:

The Canadian Liberal magazine under the minister's picture says that 51 per cent of the voting stock will be owned by Canadians.

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LIB

Clarence Decatur Howe (Minister of Defence Production; Minister of Trade and Commerce)

Liberal

Mr. Howe (Port Arthur):

The minister sat for the picture but he was not responsible for what was underneath it.

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PC
LIB
LIB

Clarence Decatur Howe (Minister of Defence Production; Minister of Trade and Commerce)

Liberal

Mr. Howe (Port Arthur):

The question has been asked, why was the bill delayed when

that I did not like the principle of closure and my leader said, "Oh, yes, you do; otherwise you would not have it in the rules." There is a thought there, and it is worth something. We do believe in closure. We do not believe it should be applied except as a last resort. We believe there were extenuating circumstances which meant that this bill must be passed by a certain deadline. We are in favour of hearing every possible argument against the bill, but we are not in favour of blocking tactics.

Now, Mr. Chairman, there is a fourth reason why I am tying these boys in with the communists. I know this is something that will be received with some protest, but the fourth reason is that the communists are great on character assassination.

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?

Mr, Ellis:

You are past masters at that.

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SC
?

An hon. Member:

Carried unanimously.

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SC

Ernest George Hansell

Social Credit

Mr. Hansell:

The hon. member for Winnipeg North Centre, Mr. Chairman, gets up with something he thinks is going to get some publicity; it is going to get him in the newspapers. He begins an attack on the hon. member for Calgary South, brings his name into the debate, and declares the hon. member has a financial interest in this pipe line. We know he is an oil man, but he got up and vindicated himself. "I own no shares in any company," he said, "that has any contract with Trans-Canada. I do not own one share in Trans-Canada Pipe Lines."

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CCF

Stanley Howard Knowles (Whip of the Co-operative Commonwealth Federation)

Co-operative Commonwealth Federation (C.C.F.)

Mr. Knowles:

He did not say that.

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SC

Ernest George Hansell

Social Credit

Mr. Hansell:

Then the next day the hon.

member for Calgary South turned around and asked that the whole matter be aired before the appropriate committee.

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PC
SC

Ernest George Hansell

Social Credit

Mr. Hansell:

All I say is this. I am not

saying the hon. member for Winnipeg North Centre intended to do it, but I am saying he followed the communist line of character assassination.

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Some hon. Members:

Hear, hear.

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May 28, 1956