Hon. H. H. STEVENS (Kootenay East):
Mr. Speaker, we are considering the third reading of an act to incorporate the central mortgage bank. Let me at the outset lay down one or two general principles. It is common knowledge, of course, that there are periods when conditions favour the debtor class; again, there are other periods which are considered favourable to the creditor class and detrimental to the debtor class. Broadly speaking, one might say that the period from the opening of the century down to 1929 in the main benefited the debtor class. Then followed the decade down to the present time, when economic conditions, not only in Canada but generally at least throughout western civilization, have seemed unduly to favour the creditor class.
To the extent that the alleged object of this bill is to bring some measure of justifiable relief to the debtor class, there is and can be but little room for difference of opinion. But let me say to the minister at this point that the ideas incorporated in this bill are not original, nor is it the first time that they have been submitted or suggested to parliament. In passing I would refer to some suggestions which were made to a special committee of the house, of which Mr. Ganong was chairman, in 1935.
Topic: CENTRAL MORTGAGE BANK
Subtopic: PROVISION FOR INCORPORATION, PURCHASE OF SHARES, GUARANTEE OF DEBENTURES, ETC.