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. OSLEK.

For a small concern, that is quite right, but for a laTge concern, that gives the very power they want, they can control it, having seven votes, no matter how many others have. That is absolutely a danger in a large concern.

Topic:   QUESTIONS.
Subtopic:   CO-OPERATIVE CREDIT SOCIETIES.
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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.

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

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 the intention is to confine the work to small places, why not put in a limit of $20,000? That would prevent the organization of any larger company.

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