June 4, 1917 (12th Parliament, 7th Session)

LIB

William Pugsley

Liberal

Mr. PUGSLEY:

Perhaps it will cost
fifty cents or a dollar less. But the bank could keep a form of the printed chattel mortgage, as it could keep the form of this mortgage, and the expense would be very little less. I have no objection to the form of chattel mortgage that the minister proposes to adopt. It is perhaps simpler and a little bit cheaper than the form the legislatures have adopted. But what I do object to is that under the proposed legislation adopting this particular form of chattel mortgage these secret liens can be given and bona fide securities seriously affected. If the minister would change that and provide that in any province where legislation along the lines suggested has not been passed the present law should prevail I think it would be all right.
But let me refer to the suggestion of my hon. friend from Assiniboia (Mr. Turriff) as to what the minister must do to confer a real benefit upon the farmers; that is the introduction of a Bill providing for the establishment of farmers' banks. That is the way in which relief could be given. The minister stated at the last session of Parliament that the Government were earnestly thinking of this question. I think this might be an opportune time for the minister to tell us what has been the result of that thinking in which the Government were then engaged and if during the present session the Government will be prepared to submit to Parliament a Bill for the creation of farmers' banks. That has been done in the United States and it has accomplished wonders. It has greatly increased the production of the farmers. It is enabling them to get credit at a low rate of interest and they are buying agricultural machinery and stock and develop-, ing their farms and 1jhe result is proving enormously beneficial not only to the farmers alone but to the people generally.

Topic:   QUESTIONS.
Subtopic:   BANK ACT AMENDMENT.
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