As one of the representatives of urban districts, I assume that many people will come to me and say that there is discrimination against urban mortgagors as contrasted with rural borrowers, and I may find it very difficult to explain. Not being a member of the banking and commerce committee I was not at the meetings. It is hard for the ordinary person to understand why the interest rate in an urban centre should be higher than in a rural area. Obviously it costs less for a mortgage company to do business in an urban district; at any rate that is the general impression. Perhaps the minister would put on record the reasons for this change in committee in the rate of interest on urban mortgages from 5 to 51 per cent, and why there should be this discrimination against urban mortgagors.
Topic: CENTRAL MORTGAGE BANK
Subtopic: PROVISION FOR INCORPORATION, PURCHASE OF SHARES, GUARANTEE OF DEBENTURES, ETC.