Mr. Speaker:

Has the Prime Minister permission to table these documents?

Agreed.

Hon. Robert L. Stanfield (Leader of the Opposition):

I do not know whether I am in order at this point, but may I ask the Prime Minister whether he would also table the note which the Canadian government received from Gabon?

Mr. Pearson:

I would be glad to look into that at once. I do not know whether a written note was received; I think there was a discussion with the ambassador of Gabon representing his government, but I will look into the matter and see whether we can table a report of that conversation.

Hon. Miichell Sharp (Minister of Finance):

Members of the house will be aware of accounts which have appeared in the public media regarding the disturbed state of international financial markets which developed at the end of last week. I believe these reports are greatly exaggerated, and that the situation is not as disturbed as it has been made out to be.

However, the developments of the last few days have resulted in a marked increase in the short term rates of interest in the so-called Euro-dollar market. These rates have 27053-454

risen to very high levels. In view of the already high level of short term rates of interest in Canada it has been thought desirable to protect the Canadian interest rate structure from the effect of these short term rates in the Euro-dollar market as far as we can.

The governor of the Bank of Canada has this morning, by agreement with me requested the banks and other financial intermediaries for the time being not to facilitate swapped deposit transactions, which constitute the main link between the Canadian short term interest rate structure and the rate prevailing in the Euro-dollar market.

I wish therefore to request Canadian investors for the time being to refrain from entering into or renewing swapped deposit transactions through any intermediary, Canadian or non-Canadian. By way of explanation I should add that swapped deposits are made with Canadian funds which are converted into a foreign currency, usually U.S. dollars, and placed on term deposit with a bank or other intermediary, with the intermediary undertaking through a forward contract to convert them back into Canadian dollars at maturity.

Hon. Arthur Laing (Minister of Indian Affairs and Northern Development):

I ask

permission to table copies in both languages of a policy statement on national historic sites of Canada.

Mr. Speaker:

Has the minister leave to table these documents?

Agreed.

Mrs. Grace Maclnnis (Vancouver Kings-way) moved

for leave to introduce Bill No. C-204, respecting the employment of women in federal jurisdiction before and after childbirth.

Mr. Knowles:

Explain.

March 4, 1968

Questions

Mrs. Maclnnis (Vancouver-Kingsway):

As

the explanatory note indicates, the purpose of this bill is to provide maternity leave for women employed in any work, undertaking or business within the legislative authority of the parliament of Canada.

Its provisions are in line with standards laid down by the International Labour Organization and adopted in varying degrees by countries throughout the world. It is hoped that by adopting such legislation as is proposed the parliament of Canada may encourage the provincial legislatures to do likewise.

Motion agreed and bill read the first time.