March 28, 1938 (18th Parliament, 3rd Session)

LIB

Charles Avery Dunning (Minister of Finance and Receiver General)

Liberal

Mr. DUNNING:

The colleague of my right hon. friend, the hon. member for St. Lawrence-St. George, last year raised the point in connection with similar legislation to this in connection with the words in section 5, paragraph (i), "that the province is unable to fulfil its guarantee." He prophesied that such words would be completely unsatisfactory to the banks. He said there must be some means of defining when inability on the part of the province arises. We have tried to meet that point, because I may say the banks took the hint and did advance legal doubts as to the position. We have tried to meet the difficulty by section 7.

Topic:   SEED GRAIN
Subtopic:   GUARANTEE OF LOANS FOR PURCHASE OF SEED AND OTHER ASSISTANCE IN SEEDING OPERATIONS IN WESTERN PROVINCES
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