I can assure my hon. friend and the committee that it is the desire of the government to refund as large a sum as may be possible, at as low a rate as can be possibly obtained. When my hon. friend refers to a refunding of all our issues, and when he compares the situation in Canada with that in Great Britain, for example, he must remember that their bonds were callable. Ours are not, and that feature must be borne in mind in connection with the volume we can attain in the matter of refunding. I can assure my hon. friend that so far as we can judge the trend of money and interest rates we are wise, I think, in deferring until the most favourable opportunity any general refunding scheme that may be undertaken. Exercising the best judgment we can, and guided by the best advice we may secure, it will be our endeavour to carry on the refunding at the most favourable moment.
I think I might very properly add at this stage that it will be our endeavour to secure our funds not upon the basis of the Btriet value of money in the terms of the market at the moment, but that we will appeal just as far as possible to the patriotism of the Canadian people.