Edmund Boyd OSLER

OSLER, Sir Edmund Boyd

Personal Data

Party
Conservative (1867-1942)
Constituency
Toronto West (Ontario)
Birth Date
November 20, 1845
Deceased Date
August 4, 1924
Website
http://en.wikipedia.org/wiki/Edmund_Boyd_Osler_(Ontario_politician)
PARLINFO
http://www.parl.gc.ca/parlinfo/Files/Parliamentarian.aspx?Item=4e01e3c6-73dc-40cf-8a42-e6156318db32&Language=E&Section=ALL
Profession
financier

Parliamentary Career

June 23, 1896 - October 9, 1900
CON
  West Toronto (Ontario)
November 7, 1900 - September 29, 1904
CON
  West Toronto (Ontario)
November 3, 1904 - September 17, 1908
CON
  Toronto West (Ontario)
October 26, 1908 - July 29, 1911
CON
  Toronto West (Ontario)
September 21, 1911 - October 6, 1917
CON
  Toronto West (Ontario)

Most Recent Speeches (Page 2 of 219)


December 14, 1910

Mr. OSLER.

Prime Minister (Sir Wilfrid Laurier) voted, according to the finding of that committee, for the Bill, but that the majority of the House voted against it. I do not know whether that principle was ever introduced before or not, but certainly it was introduced and acted upon last session, so that it is not a new position.

Topic:   QUESTIONS.
Subtopic:   CO-OPERATIVE CREDIT SOCIETIES.
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December 14, 1910

Mr. OSLER.

They do. If I wanted to borrow a large sum of money from this company, the company having been incorporated and in existence and receiving deposits of money, I could not borrow that money unless I was a shareholder; but I could become a shareholder, with the consent of the directors, by paying one dollar or taking one $1 share. I say that is no protection at all. This legislation is quite right, if it is carried out in the spirit and the meaning of this Act, but I say that this Act gives an opening for the worst kind of wild cat companies that it is possible to conceive. I understand from the promoter of the Bill that it is intended for the establishment of banks in certain Mr. KING

localities in the province of Quebec, and that it will be a most useful Bill in the districts where it is desired; what I object to, is the possibility of applying this Bill to Ontario and to mining companies and to promoters who would take advantage of such an Act. I say it opens the door to the wildest kind of companies, something which should be most carefully guarded against.

If I remember rightly, the Finance Minister last year was very much exercised about that power, and thought it might be got over by strictly limiting the capitalization in each case, to whatever might be the requirements of the locality, and then from time to time the capital might be increased with the consent of the Minister of Finance, if it was shown that it was going to meet the requirements of the localities where the organizations were brought into effect and required; but without some such restriction as that, this Bill gives the wild-catt promoters and the man who wants to swindle the public, the opportunity of doing it, as no other Bill on the statute-book of Canada does. It would enable any seven people in any locality in Ontario to devise a scheme for the defrauding of the public and to carry it out successfully.

Topic:   QUESTIONS.
Subtopic:   CO-OPERATIVE CREDIT SOCIETIES.
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December 14, 1910

Mr. OSLER.

If that is the case, while there is, of course, a certain risk, as in all things, you absolutely prevent that Bill being applied to other parts of the country for the purpose of fraud. As the promoter of the Bill says now, $20,000 would be an outside estimate for the first capitalization. If the operations grew from year to year, application would be made to the Finance Minister and to Council and a certificate given to increase the capital, tout if we should limit what is really in the mind of the promoters of the Bill, to say $20,000 to begin with, we would have a maximum amount of money which would absolutely prevent any temptation to people elsewhere to take advantage of the Bill. That is a simple solution and if that was accepted most of the other clauses would be quite safe, and we could thoroughly trust the people who organize and go into such a society to guard themselves.

Topic:   QUESTIONS.
Subtopic:   CO-OPERATIVE CREDIT SOCIETIES.
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December 14, 1910

Mr. OSLER.

I think the hon. member for , Jacques Cartier is mistaken. Certainly for my part, I am entirely in sympathy

with the object of the Bill. I think the object of the Bill is one that ought to be provided for, either by this Bill or some other. We must consider what the effect of it might be by designing persons getting hold of the powers conferred by the Bill. In discussion before the committee the question was asked as to the probable amount of capital that would be accumulated under it, and I think the answer was that $20,000 would be a large amount, and $80,000 would be the ultimate sum that these societies have in view. I say without any hesitation, that as the Bill is drawn now, it will facilitate fraud. No doubt within three weeks after the passing of the Bill, there will be 50 societies incorporated, with officers and canvassers going round to get money.

Topic:   QUESTIONS.
Subtopic:   CO-OPERATIVE CREDIT SOCIETIES.
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December 14, 1910

Mr. OSLER.

I think the risks are infinitely greater than any benefit that could possibly accrue, assuming that all the hon. member for Jacques Cartier (Mr. Monk) says is right. I think there is only one way of checking this. It was discussed last year, and I thought the Finance Minister (Mr. Fielding) had agreed to it. That is to strictly limit the amount of capital. It was stated by the promoters of the Bill last year that probably in any district where they proposed to organize such a society, for a year, or, perhaps, two years, the deposits, all told, would not be more than $80,000.

Topic:   QUESTIONS.
Subtopic:   CO-OPERATIVE CREDIT SOCIETIES.
Full View Permalink