March 10, 1933 (17th Parliament, 4th Session)

LIB

James Malcolm

Liberal

Mr. MALCOLM:

Well, comparatively. I
believe there is every reason to say that if the national railways were a private concern and owed $1,300,000,000 to bondholders the
bondholders would feel that it was about time they were taking some action to secure their investment. But, Mr. Speaker, what is a receivership for? As every hon. gentleman knows, a receiver is appointed for one of two purposes: either to liquidate the property or to operate it until it is in a sufficiently successful position to be handed back to the shareholders. But that is not what this legislation provides. This legislation provides that the receivers, whom the Prime Minister describes as trustees in lieu of receivership, are to be appointed permanently. They are not being appointed to deal with the emergency that exists. My one objection to the legislation' is the permanence of the trustees. The Prime Minister says that they are to be appointed like judges. May I point out however that they are not judges. Judges are appointed to administer the laws enacted by this parliament; these men are being appointed as business managers to spend the money of the country in the administration of the country's greatest national institution.

Topic:   PRIVATE BILL
Subtopic:   FIRST READING
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