June 6, 1935 (17th Parliament, 6th Session)

LIB

Thomas Reid

Liberal

Mr. REID:

There are two changes contemplated in the proposed bill. The first is to amend paragraph (b), subsection 3, of section 25, and would empower the minister to purchase silver for the redemption of dominion notes. The second amendment is to repeal subsection 4 of section 26. As the section stands at present, it expressly prohibits the Bank of Canada from purchasing a greater amount of silver than 1,671,802. fine ounces during a period of three years- 1935, 1936 and 1937. The change proposed in the bill provides that the Bank of Canada shall not hold less than 1,671,802 fine ounces and so removes the prohibitory provision of the section.

Topic:   BANK OF CANADA ACT
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