September 11, 1950 (21st Parliament, 3rd Session)


Hazen Robert Argue

Co-operative Commonwealth Federation (C.C.F.)

Mr. Argue:

I have some figures here which are taken from the dominion bureau of statistics daily bulletin of September 5. In the first seven months of this year there were 267,000 new motor sales valued at $518 million. Of that amount 78,000 were financed for $108 million. In other words, only 20 per cent of the total value of all new motor sales in the first seven months of this year were financed. Of the ones that were financed, just looking at it quickly, I would say about three-quarters of the value of those automobiles was financed-in other words, about $1,500 per automobile. The total financing of all automobiles was only 20 per cent.
I should like to bring those figures to the minister's attention to substantiate what I tried to say on second reading of the bill and that is that even if this legislation is made retroactive in regard to automobiles, all you are doing, unless I misread the statistics, is working on the 20 per cent that are bought on the instalment basis. Of course, these are people who have not the full purchase price, and for that reason I hope the minister is very careful in the way he deals with this legislation.

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