October 16, 1919 (13th Parliament, 3rd Session)


Arthur Meighen (Minister of the Interior; Superintendent-General of Indian Affairs)



If the word is not
wrong I do not know what the purpose of the interruption was. The hon. gentleman says there have been transactions in_ this stock. I do not know what the transactions have been, I do not know what his evidence is that the guaranteed stock has gone to 70. I read yesterday in the Montreal Star-which is not going to put an aspect on this transaction too favourable from the Government side-that the stock was 55. Those were market quotations, there was nothing else quoted by the hon. member, and he gave the stock, I think, at 46 some time in the month of February-a tremendous advance? He says that evidences something wrong, that somebody on the inside has made, or is going to make, some $20,000,000. Now let me inquire. The hon. gentleman told us there was a report in a London paper-some tip had been given there that had reached nowhere else. He made that statement-no one here 'he said knew anything about it., but that a tip had been published in London on September 18 that this stock was going to be valued by arbitration, and! that as a consequence the stock went up-there was a " burst," as he called it, in 'London. Now I want to tell the hon. member that the very same report that had been published in London on that
date was published in the following papers in Canada; in the Montreal Gazette, in the Toronto Globe, in the Toronto World, and in other Canadian papers-simply a press report given out by nobody, published here and open to everybody here just the same as over there. What evidence is there in that that somebody over there-where alone and in New York, as I understand it the stock can be bought-some one over there made a great deal of money out of this transaction? No Government transaction can take place, having to do with acquirement 'by the Government, but the psychological effect of it is .some advance in the stocks of the company concerned. Anything else is an impossibility, and if we understand human nature we know why it is an impossibility. Why, when the hon. member himself-and he was one of the leading men in that great drama that took place in 1003-when the hon. gentleman projected the Grand Trunk Pacific Railway and it became known that there was a government transaction on for the building of that line, a government transaction with the Grand Trunk, the stock of the Grand Trunk railway advanced on the markets of New York and London, but did the hon. gentleman tell the House that was evidence of stock-jobbing, that was evidence of some tip being given in order that friends of the Government could make money?

Subtopic:   V072 COMMONS
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