March 25, 1935 (17th Parliament, 6th Session)


Edgar Nelson Rhodes (Minister of Finance and Receiver General)

Conservative (1867-1942)


Mr. Chairman, this question cannot accurately be answered in its present form because in putting it my hon. friend apparently has assumed that it was competent for the banks to retain a portion of their gold, whereas if he will look at section 28 of the Bank of Canada Act he will find that the banks have to transfer the whole of their gold.
There is the further question as to that portion which should be allocated as against their foreign liabilities, and that question cannot properly be answered until the governor in council has taken action with respect to the valuation and allocation of profits.
If it meets with my hon. friend's approval I would suggest that he drop the question and put it in a revised form.

Subtopic:   BANK OF CANADA
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