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

UFA

Henry Elvins Spencer

United Farmers of Alberta

Mr. SPENCER:

Is it the intention of
the minister to take full advantage of the clause in the Bank of Canada Act permitting us to borrow. It is well known, of course, that the only money which goes to the shareholders is the 4) per cent, and that the profits beyond that will come back into the treasury. Therefore, to the extent borrowing is done through that system it will be done in the oheapest possible way.
Then, I should like to ask the minister this question: Does he intend to do any borrowing outside of Canada? Personally I am opposed to the dominion government borrowing, at all. However if it is going to borrow I hope it will do so within and not outside of Canada.

Topic:   LOAN OF $750,000,000 RESOLUTION AUTHORIZING MINISTER OF FINANCE TO RAISE FUNDS FOR REDEMPTION OF SECURITIES
Full View