Mr. G. E. BOTHWELL (Swift Current):
While I intend to support the second reading of this bill, there are a few observations I should like to make before it goes to the committee. The Secretary of State (Mr. Cahan) in moving the second reading stated that he was somewhat in doubt as to the right of the price spreads commission to make the recommendations that they did.
The scope of the inquiry of that commission was a pretty broad one, and in the inquiries they made 1 have no doubt they came to the conclusion that many of the evils from which we are suffering are attributable to faulty legislation under our Dominion Companies Act. Therefore in endeavouring to carry out the duty imposed upon them by the order setting up the commission they investigated as far as they could what had been reported or what appeared to them to be wrong with the company legislation, and as a result of that inquiry made certain recommendations. Not only has it appeared to the members of that commission that there is something wrong with our company legislation; it has appeared so to many others throughout the country. In fact before the report of the price spreads commission was brought down, the Prime Minister (Mr. Bennett), in one of his radio addresses, I think the fourth, used these words:
Our Dominion Companies Act wall, therefore, have to be strengthened. There must be drastic simplification of capital structure so that the investor will be able to understand the nature of the stock or security he is purchasing. At the next session of parliament, the Companies Act will be amended so as to abolish the right to issue shares of no par value.
The price spreads commission-