May 11, 1933 (17th Parliament, 4th Session)

LIB

Ian Alistair Mackenzie

Liberal

Mr. MACKENZIE (Vancouver):

I should like to say just a word in regard to the general resolution. I am not at all opposed to it, but I should like to state my views. I very much regret that the administration has not seen fit to take steps to inaugurate a refunding program for the general outstanding debt of the dominion. I believe the initiative should have come from the administration with regard to a general reduction of interest rates and a conversion or refunding program such as was successfully undertaken in Australia. Some hon. members might suggest that it would not be easy to obtain the money at a very low rate of interest, say 3 per cent or 3i per cent, but I suggest that this is the time to appeal to national sentiment in Canada with regard to a general conversion scheme including all our outstanding obligations.

Topic:   GOVERNMENT LOAN, $750,000,000 REDEMPTION OP OBLIGATIONS AND PURCHASE OF UNMATURED SECURITIES
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