May 6, 1965

RA

Gilles Grégoire

Ralliement Créditiste

Mr. Gregoire:

Do not forget the Liberals were in power in 1929.

Topic:   QUEBEC SAVINGS BANKS ACT
Subtopic:   DECENNIAL REVISION AND EXTENSION OF POWERS
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LIB

Herman Maxwell Batten (Deputy Chair of Committees of the Whole)

Liberal

The Deputy Chairman:

Order. The Minister of Finance has the floor.

Topic:   QUEBEC SAVINGS BANKS ACT
Subtopic:   DECENNIAL REVISION AND EXTENSION OF POWERS
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RA

Gilles Grégoire

Ralliement Créditiste

Mr. Gregoire:

May I ask a question?

Topic:   QUEBEC SAVINGS BANKS ACT
Subtopic:   DECENNIAL REVISION AND EXTENSION OF POWERS
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LIB

Walter Lockhart Gordon (Minister of Finance and Receiver General)

Liberal

Mr. Gordon:

Well, wait until I have answered the last one.

Topic:   QUEBEC SAVINGS BANKS ACT
Subtopic:   DECENNIAL REVISION AND EXTENSION OF POWERS
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LIB

Herman Maxwell Batten (Deputy Chair of Committees of the Whole)

Liberal

The Deputy Chairman:

Order. The Minister of Finance has the floor.

Topic:   QUEBEC SAVINGS BANKS ACT
Subtopic:   DECENNIAL REVISION AND EXTENSION OF POWERS
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LIB

Walter Lockhart Gordon (Minister of Finance and Receiver General)

Liberal

Mr. Gordon:

Whether or not my hon. friend was around here in 1929, I do not know. But I would suggest to him that he look forward rather than backward. I was around here in 1929, and one of the things which sustained this country-

Topic:   QUEBEC SAVINGS BANKS ACT
Subtopic:   DECENNIAL REVISION AND EXTENSION OF POWERS
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PC

Gordon Minto Churchill

Progressive Conservative

Mr. Churchill:

Were you a "whiz kid" then?

Topic:   QUEBEC SAVINGS BANKS ACT
Subtopic:   DECENNIAL REVISION AND EXTENSION OF POWERS
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LIB

Walter Lockhart Gordon (Minister of Finance and Receiver General)

Liberal

Mr. Gordon:

No, I was not a Member then- was that the Canadian banks weathered the storm of 1929.

Topic:   QUEBEC SAVINGS BANKS ACT
Subtopic:   DECENNIAL REVISION AND EXTENSION OF POWERS
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RA

Gilles Grégoire

Ralliement Créditiste

Mr. Gregoire:

What about 1937?

Topic:   QUEBEC SAVINGS BANKS ACT
Subtopic:   DECENNIAL REVISION AND EXTENSION OF POWERS
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LIB

Walter Lockhart Gordon (Minister of Finance and Receiver General)

Liberal

Mr. Gordon:

Let me finish dealing with 1929. If my hon. friend remembers, this was not the case in the United States of America. One bank after another failed in 1930 and

May 6, 1965

1931, and a major financial catastrophe occurred in that country until the election into office of that great leader, Franklin D. Roosevelt, who managed to get things back on the road again.

I hope to have the opportunity, during second reading of the bill to revise the Bank Act, to deal with some of the peculiar theories which my hon. friend in that corner are fond of repeating, I almost said "ad nauseam" but I do not want to become offensive in any way. So perhaps they will wait until then.

Topic:   QUEBEC SAVINGS BANKS ACT
Subtopic:   DECENNIAL REVISION AND EXTENSION OF POWERS
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PC

Jay Waldo Monteith

Progressive Conservative

Mr. Monleith:

Try explaining that to those who voted for them a couple of years ago.

Topic:   QUEBEC SAVINGS BANKS ACT
Subtopic:   DECENNIAL REVISION AND EXTENSION OF POWERS
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LIB

Walter Lockhart Gordon (Minister of Finance and Receiver General)

Liberal

Mr. Gordon:

I will do that, too. I do not think I have anything more to say about 1929; I am more interested in 1969 and 1989.

Topic:   QUEBEC SAVINGS BANKS ACT
Subtopic:   DECENNIAL REVISION AND EXTENSION OF POWERS
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LIB

H.-Pit Lessard

Liberal

Mr. Lessard (Lake St. John):

Mr. Chairman, I should like to put a question to the Minister of Finance.

In view of the fact that he has just stated that Quebec savings banks do not have the same privileges as other chartered banks and taking that difference into consideration, will the minister authorize the Quebec provincial government to acquire shares and to control savings banks, and consequently credit in Quebec?

[DOT] (9:50 p.m.)

Topic:   QUEBEC SAVINGS BANKS ACT
Subtopic:   DECENNIAL REVISION AND EXTENSION OF POWERS
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LIB

Walter Lockhart Gordon (Minister of Finance and Receiver General)

Liberal

Mr. Gordon:

I would be glad to consider this, Mr. Chairman.

Topic:   QUEBEC SAVINGS BANKS ACT
Subtopic:   DECENNIAL REVISION AND EXTENSION OF POWERS
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RA

Gilles Grégoire

Ralliement Créditiste

Mr. Gregoire:

A supplementary question, Mr. Chairman. Do the caisses populaires come under the provisions of the Quebec Savings Bank Act?

Topic:   QUEBEC SAVINGS BANKS ACT
Subtopic:   DECENNIAL REVISION AND EXTENSION OF POWERS
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LIB

Walter Lockhart Gordon (Minister of Finance and Receiver General)

Liberal

Mr. Gordon:

No, Mr. Chairman. [Translation]

Topic:   QUEBEC SAVINGS BANKS ACT
Subtopic:   DECENNIAL REVISION AND EXTENSION OF POWERS
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RA

Gilles Grégoire

Ralliement Créditiste

Mr. Gregoire:

Mr. Chairman, very good questions can be put in that connection.

Can the minister tell the house exactly what difference there is between chartered banks and Quebec savings banks?

Topic:   QUEBEC SAVINGS BANKS ACT
Subtopic:   DECENNIAL REVISION AND EXTENSION OF POWERS
Permalink
LIB

Walter Lockhart Gordon (Minister of Finance and Receiver General)

Liberal

Mr. Gordon:

Mr. Chairman, I am sure that my hon. friend knows that the lending powers represent the main difference.

Topic:   QUEBEC SAVINGS BANKS ACT
Subtopic:   DECENNIAL REVISION AND EXTENSION OF POWERS
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RA

Gilles Grégoire

Ralliement Créditiste

Mr. Gregoire:

Mr. Chairman, I have another question.

22620-65J

Quebec Savings Banks Act

In view of the fact that the minister has just stated that the difference between chartered banks and Quebec savings banks lies in the lending power, can he tell the house whether chartered banks lend a different kind of money than Quebec savings banks? Is the difference between these banks in the interest rates, or how does their lending power differ?

Topic:   QUEBEC SAVINGS BANKS ACT
Subtopic:   DECENNIAL REVISION AND EXTENSION OF POWERS
Permalink
LIB

Walter Lockhart Gordon (Minister of Finance and Receiver General)

Liberal

Mr. Gordon:

The powers are different because of the legislation under which these institutions operate.

Topic:   QUEBEC SAVINGS BANKS ACT
Subtopic:   DECENNIAL REVISION AND EXTENSION OF POWERS
Permalink

May 6, 1965