Mr. McGEER:

I am not worried about the brute majority.

Mr. McGEER:

Then why were they not financed in 1936 and 1937?

Mr. McGEER:

It it not a fact that as a result of that action Germany did liquidate her entire internal debts?

Mr. McGEER:

If we had used our own money we would not have incurred any debt.

Of course the assumption is that there is no. way by which a government can finance public enterprises unless it borrows its own credit, its own money. Let me give the committee one example of its fallacy which is based on indisputable facts. We were always told in Canada that this was a young country, that we had not the accumulations of savings which were required for our capital investments, that we therefore had to go into the realm of international finance, to London, Paris or Berlin.

Mr. McGEER:

*-and cash revenue received by the federal government on its investments or advances to other organizations such as the Bank of Canada, the foreign exchange control board and the national harbour board.