April 1, 1965

LIB

Harry William Hays (Minister of Agriculture)

Liberal

Mr. Hays:

Part of this money is in the interest loss, the difference between the 5 per cent and what the government has to pay for money. The other figure is the operating cost, which really is not high when you consider that the corporation now has out something nearing half a billion dollars. The

[The Chairman.]

loans last year amounted to something like $190 million.

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Subtopic:   I, 1965
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PC

Richard Elmer Forbes

Progressive Conservative

Mr. Forbes:

Is it safe to say that part of this loss is due to repossession of lands on which there were mortgages?

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Subtopic:   I, 1965
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?

Mr. Hayes@

No, none of this amount is involved in that. The losses of the corporation amount to $6,000.

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Subtopic:   I, 1965
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PC

John (Jack) McIntosh

Progressive Conservative

Mr. McIntosh:

Has the minister any breakdown of these losses by province?

Topic:   INTERIM SUPPLY
Subtopic:   I, 1965
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LIB

Harry William Hays (Minister of Agriculture)

Liberal

Mr. Hays:

No, this is the complete loss.

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Subtopic:   I, 1965
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Item agreed to. 95d. Payment to the Farm Credit Corporation for carrying out the purposes of the Farm Machinery Syndicates Credit Act, $50,000.


PC

Edward Nasserden

Progressive Conservative

Mr. Nasserden:

Could the minister tell us what has been the response to the farm syndicates legislation, how many applications have been received, and how many approved?

Topic:   INTERIM SUPPLY
Subtopic:   I, 1965
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LIB

Harry William Hays (Minister of Agriculture)

Liberal

Mr. Hays:

The enthusiasm is fantastic. We are just completing the first $100,000 loan in the hon. member's province. In Quebec we have some 40 people participating in a loan. I cannot give you the exact number of applications, but the ones being processed are up in the hundreds.

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PC

James Ernest Pascoe

Progressive Conservative

Mr. Pascoe:

The minister mentioned a loan of $100,000. How many people are involved in that particular loan?

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Subtopic:   I, 1965
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LIB

Harry William Hays (Minister of Agriculture)

Liberal

Mr. Hays:

I am not sure the exact amount, but I think something like 20.

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Subtopic:   I, 1965
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NDP

Herbert Wilfred Herridge

New Democratic Party

Mr. Herridge:

I have been very interested in this legislation and I supported it wholeheartedly because it is based on a sound principle. But what has been done in British Columbia to date with respect to this act?

Topic:   INTERIM SUPPLY
Subtopic:   I, 1965
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LIB

Harry William Hays (Minister of Agriculture)

Liberal

Mr. Hays:

I cannnot tell the hon. member exactly what has been done in British Columbia, but I would be glad to make inquiries and let him know.

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Subtopic:   I, 1965
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PC

Lawrence E. Watson

Progressive Conservative

Mr. Watson (Assiniboia):

The minister mentioned one $100,000 deal in Saskatchewan. Could he tell the committee how many there were altogether, and break them down?

Topic:   INTERIM SUPPLY
Subtopic:   I, 1965
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LIB

Harry William Hays (Minister of Agriculture)

Liberal

Mr. Hays:

They are just being processed. I cannot do it now but I would be glad to get the information.

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Subtopic:   I, 1965
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PC
LIB

Harry William Hays (Minister of Agriculture)

Liberal

Mr. Hays:

I would be glad to give the hon. member this information, including the loans in Vegreville.

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Subtopic:   I, 1965
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RA

Gérard Perron

Ralliement Créditiste

Mr. Perron:

The minister has just quoted figures for the province of Quebec. I understand that about 40 persons benefited under the act. Does he mean that 40 persons resorted to this act? We know that three persons can form a syndicate. Does he mean that ten syndicates or 40 persons obtained loans in the province of Quebec?

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LIB

Harry William Hays (Minister of Agriculture)

Liberal

Mr. Hays:

The hon. member misunderstood me. When I said there was one loan being processed in Quebec, 40 farmers were involved in one syndicate. Three farmers is the minimum syndicate.

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Subtopic:   I, 1965
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Item agreed to.


LIB

Lucien Lamoureux (Deputy Speaker and Chair of Committees of the Whole of the House of Commons)

Liberal

The Chairman:

This completes the supplementary estimates for the Department of Agriculture.

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Subtopic:   I, 1965
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April 1, 1965