May 6, 1965

RA

David Réal Caouette

Ralliement Créditiste

Mr. Caouefie:

Mr. Chairman, these answers are preposterous. The Minister of Finance should state clearly the difference between the two.

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

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

Liberal

The Chairman:

Order. Is the hon. member making remarks within the limits of the debate, or is he putting a question to the Minister of Finance. As the hon. member knows, we have to take into consideration the time allowed the minister, and I am informed that his time has expired.

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, we are only questioning the minister.

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

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

Liberal

The Chairman:

That is exactly what I was asking the hon. member for Villeneuve. Does he merely wish to ask questions or does he now want to take part in the debate?

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

David Réal Caouette

Ralliement Créditiste

Mr. Caouelle:

No, Mr. Chairman, I just want to ask the Minister of Finance a few questions. We would like to know exactly what difference there is between the lending privileges of a chartered bank and those of a Quebec savings bank. Also, is there any difference between the privileges of a Quebec savings bank and those of the caisses populaires and between chartered banks and those two banking systems?

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:

Mr. Chairman, I think this is a perfectly proper and reasonable request. Naturally the differences will be spelled out in great detail in the legislation. First reading has now been given to the revisions to the Bank Act, so my hon. friend will be able to see exactly what are the powers of the chartered banks. If we are able to deal with this resolution, the proposed changes to the Quebec Savings Bank Act, which are incorporated in the bill, will be available, and my hon. friend will be able to spend many interesting hours reading that bill, and will see

May 6. 1965

Quebec Savings Banks Act the differences set out in a way which is clear, but which I am not prepared to summarize now.

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

David Réal Caouette

Ralliement Créditiste

Mr. Caoueiie:

Then, Mr. Chairman, could I use my own glasses instead of the minister's to deal with this 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:

I think that would be a good idea, 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:

I should like to direct another question to the Minister of Finance.

Does he agree with the statement made by Mr. Graham Towers, former governor of the Bank of Canada, who, in 1940, said that chartered banks had the right to multiply their money when they granted loans, while the savings banks did not have the same right?

Is the Minister of Finance ready to grant this same right to the savings banks and to the caisses populaires?

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 should like to read that testimony very carefully, Mr. Chairman. I think the hon. Member has his dates wrqng and, if that is the case, it is just possible that his short synopsis of Mr. Towers' testimony will require checking.

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

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

Liberal

The Chairman:

Shall the resolution carry?

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

Some hon. Members:

Carried.

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

Gilles Grégoire

Ralliement Créditiste

Mr. Gregoire:

On division.

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

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

Liberal

The Chairman:

Shall I report the resolution?

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

Some hon. Members:

Carried.

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

Gilles Grégoire

Ralliement Créditiste

Mr. Gregoire:

On division.

Resolution reported and concurred in.

Mr. Gordon thereupon moved for leave to introduce Bill No. C-103, respecting Savings Banks in the Province of Quebec.

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

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

Liberal

Mr. Deputy Speaker:

Is it the pleasure of the House to adopt the said motion?

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

Gilles Grégoire

Ralliement Créditiste

Mr. Gregoire:

On division.

Motion agreed to and bill read the first time.

Topic:   QUEBEC SAVINGS BANKS ACT
Subtopic:   DECENNIAL REVISION AND EXTENSION OF POWERS
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BUSINESS OF THE HOUSE

LIB

George James McIlraith (President of the Privy Council; Leader of the Government in the House of Commons; Liberal Party House Leader)

Liberal

Mr. Mcllrailh:

Mr. Speaker, tomorrow we propose to call item No. 6 on today's Order Paper, second reading of Bill No. C-98, an Act to make provision for the retirement of Members of the Senate. If that is completed we will spend the remainder of the time on the resolution preceding the housing bill.

At ten o'clock the House adjourned, without question put, pursuant to Standing Order.

May 6, 1965

Topic:   BUSINESS OF THE HOUSE
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May 6, 1965