June 19, 1905 (10th Parliament, 1st Session)

LIB

Wilfrid Laurier (Prime Minister; President of the Privy Council)

Liberal

Sir WILFRID LAURIER.

My hon. friend stated at the beginning of his remarks that the present telegraph company, of which he complains, was incorporated by this parliament some twenty years ago. This company then absorbed two or three Canadian companies, and at the time it was understood that a large number of American capitalists were going into the organization. I forget at the moment the terms of the Act, but it was well known at the time that this incorporation of the Northwestern Telegraph Company was going to bring a large proportion of American capital into the country. We did not, I believe, then take the precaution that we have taken of late years of providing that there should be on the board of directors a certain proportion of British subjects.

Topic:   BANK ACT AMENDMENT.
Full View