November 28, 1957

COMMITTEES OF THE HOUSE

MISCELLANEOUS PRIVATE BILLS


Mr. C. E. Rea (Spadina) presented the first, second and third reports of the standing committee on miscellaneous private bills, and moved that the first report be concurred in. Motion agreed to.


EXTERNAL AFFAIRS

CONCURRENCE IN FIRST


Mr. H. O. White (Middlesex East) presented the first report of the standing committee on external affairs, and moved that the report be concurred in. Motion agreed to. Third report of standing committee on railways, canals and telegraph lines.-Mr. Fraser.


PRIVILEGE

MR. MARTIN (TIMMINS) REFERENCE TO ARTICLE IN OTTAWA "CITIZEN"

CCF

Murdo William Martin

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

Mr. M. W. Martin (Timmins):

Mr. Speaker, I rise on a question of privilege. In yesterday's copy of the Ottawa Citizen there is a report which is quite erroneous. I will read the paragraph which refers specifically to my point; it is criticizing the hon. member for Quebec-Montmorency (Mr. LaCroix) with regard to the matter of the flag, and it says:

Moreover, he could have withdrawn his motion, thereby saving many Liberals and C.C.F. members from voting against their own actual wish for a national flag.

I sent out for copies of Le Droit and I found this paragraph in the edition of Tuesday, November 12, in an editorial by Mr. Pierre Chaloult, which reads as follows:

(Translation):

. . . thereby saving many Liberals and Social

Crediters from voting against their own actual wish.

(Text):

My point is this, and maybe it has to do with simultaneous translation between the newspapers; that my interpretation of this article is that it referred to the Liberals and the Social Credit party, and I should like to correct the matter because all the members of the C.C.F. party voted in favour of the flag.

Topic:   PRIVILEGE
Subtopic:   MR. MARTIN (TIMMINS) REFERENCE TO ARTICLE IN OTTAWA "CITIZEN"
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MR. ROBICHAUD REFERENCE TO ARTICLE IN MONTREAL "GAZETTE"

LIB

Hédard-J. Robichaud

Liberal

Mr. H. J. Robichaud (Gloucester):

Mr. Speaker, I rise on a question of privilege based on an editorial which appears this day, November 28, 1957, in a daily newspaper and which concerns all members of this parliament as well as members of previous parliaments. In the Montreal Gazette of this date the following editorial appears: Christmas Cards And All That

Thousands of Canadians this year will not be receiving the Christmas cards they had from Ottawa in other years. The reason they may not be receiving them is quite simple: they will no longer be paying for them.

It seemed, for the time being, rather pleasant to have Yule greetings from your member of parliament. It showed that he had not forgotten you. He had even gone so far as to send you his greetings and his best wishes-for Christmas and the New Year, and all that.

But the unpleasant thing about these pleasant greetings is that you had to pay to be greeted. And you paid nonetheless because you never actually saw the bill. It was still charged to your account, in the taxation you paid.

This year there will be no Christmas cards for members of parliament, provided by the courtesy of those to whom they were to be sent. The estimated saving is $50,000.

Perhaps there may be some elector somewhere anxiously waiting for his member's card. But it may be doubted. That $50,000 saving will be quite a compensation for not being greeted with your own money.

But perhaps the happiest electors of all may be those who helped pay for these cards but never even got one. They are now being forgotten at less cost to themselves.

The point of my question of privilege, Mr. Speaker, is that this editorial leaves the impression the members of parliament were in the past supplied with free Christmas cards which they were sending out to their respective constituents. This is absolutely false, and the newspaper responsible for such an irresponsible and untrue statement should apologize to this parliament and to the people of this country for misinforming them. Furthermore, most members of this house present and past paid for the postage used on their Christmas cards and did not take advantage of the privilege of the frank to which they were entitled.

Topic:   MR. ROBICHAUD REFERENCE TO ARTICLE IN MONTREAL "GAZETTE"
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FINANCE

ANNOUNCEMENT OF OVERSUBSCRIPTION OF BOND ISSUES

PC

Donald Methuen Fleming (Minister of Finance and Receiver General)

Progressive Conservative

Hon. Donald M. Fleming (Minister of Finance):

Mr. Speaker, I think the house will be interested to receive the announcement that

1610 HOUSE OF

Finance-Bond Issues

I am happy to be able to make. At nine o'clock this morning the books were opened on two offerings of government of Canada bonds, the first an issue of $250 million of 3 per cent bonds, due October 1, 1959, issued at a price to yield a return of 3.81 per cent, and another issue of $400 million of three-year 3 per cent bonds maturing December 15, 1960, for conversion applications only, issued at a price to yield a rate of 3.85 per cent to maturity.

The books on these two offerings opened at nine o'clock this morning, Mr. Speaker, and I am sure the house will be glad to know that both issues were immediately and substantially oversubscribed and the books were immediately closed.

Since these offerings come on top of the twelfth Canada savings bonds campaign which has raised now the record sum of a billion dollars by this method, I think it right to say that the response of the Canadian public is deeply gratifying, and I am sure in the eyes of all members it reflects not only the strength of the Canadian economy but the confidence of our people in the economy of their country.

Topic:   FINANCE
Subtopic:   ANNOUNCEMENT OF OVERSUBSCRIPTION OF BOND ISSUES
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LIB

James Sinclair

Liberal

Hon. James Sinclair (Coasi-Capilano):

May

I be permitted to ask one brief question. Instead of quoting the effectual interest rate, will the minister give the actual sale price of the $100 bond?

Topic:   FINANCE
Subtopic:   ANNOUNCEMENT OF OVERSUBSCRIPTION OF BOND ISSUES
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PC

Donald Methuen Fleming (Minister of Finance and Receiver General)

Progressive Conservative

Mr. Fleming:

Yes. In the first issue the bond was issued with a coupon rate of 3 per cent. The issue price was 98.6, to yield a return of 3.81 per cent to maturity. On the second issue, that for conversion applications only, the coupon rate is 3 per cent. The issue price was 97.6, to yield a return of 3.85 per cent to maturity.

I might point out, Mr. Speaker, that the first rate is on a maturity exactly the same as the issue we put out two months ago, precisely the same maturity, namely October 1, 1959. I think it may be observed that the effective interest return on this same bond now is 1.18 per cent lower than the effective return on the bond of the same maturity issued just two months ago, which is an indication of-

Topic:   FINANCE
Subtopic:   ANNOUNCEMENT OF OVERSUBSCRIPTION OF BOND ISSUES
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LIB
PC

Donald Methuen Fleming (Minister of Finance and Receiver General)

Progressive Conservative

Mr. Fleming:

-the growing strength of the Canadian economy and the confidence of the Canadian people in their economy; and also of the fact, Mr. Speaker, that interest rates have come down substantially and that money, credit and interest in this country are easing substantially.

[Later:I

On the orders of the day:

Topic:   FINANCE
Subtopic:   ANNOUNCEMENT OF OVERSUBSCRIPTION OF BOND ISSUES
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LIB

John Hornby Harrison

Liberal

Mr. J. H. Harrison (Meadow Lake):

Mr. Speaker, I should like to direct a question

to the Minister of Finance, and ask him whether any farmers in the west who were fortunate enough to obtain cash advances on farm-stored grain have sought to put it into any of the bonds the minister said were so advantageous.

Topic:   FINANCE
Subtopic:   ANNOUNCEMENT OF OVERSUBSCRIPTION OF BOND ISSUES
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PC

Donald Methuen Fleming (Minister of Finance and Receiver General)

Progressive Conservative

Mr. Fleming:

Mr. Speaker, I am quite sure no hon. member of the house is going to ask the Minister of Finance to disclose the private affairs of any citizen.

Topic:   FINANCE
Subtopic:   ANNOUNCEMENT OF OVERSUBSCRIPTION OF BOND ISSUES
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November 28, 1957