June 1, 1908 (10th Parliament, 4th Session)

LIB

William Stevens Fielding (Minister of Finance and Receiver General)

Liberal

Hon. W. S. FIELDING (Minister of Finance).

I think that the machinery of the Bank Act is not the same to-day as at the time when the case of the Banque Ville Marie arose. The present Bank Act provides that the moment a bank gets into trouble, an officer shall be appointed by the Bankers' Association to take possession temporarily until a liquidator is appointed. These two steps have just been taken, as I see by the press of the last day or two that a liquidator has been appointed. What further proceedings shall be taken is a matter for consideration. The machinery of the Bank Act is in motion. If there is a difference of procedure as between the time of the Banque Ville Marie case and the present day, it is because, under the amended Act the Bankers' Association have a duty to perform. That duty they have performed and we have now reached the next stage.
I am afraid the situation is a very grave one for all concerned, but the moment has not arrived for the government to take further action. I expect that we shall receive further communication on the subject at an early day.

Topic:   THE BANQUE DE ST. JEAN.
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