Charles Avery DUNNING

DUNNING, The Hon. Charles Avery, P.C.

Personal Data

Party
Liberal
Constituency
Queen's (Prince Edward Island)
Birth Date
July 31, 1885
Deceased Date
October 1, 1958
Website
http://en.wikipedia.org/wiki/Charles_Avery_Dunning
PARLINFO
http://www.parl.gc.ca/parlinfo/Files/Parliamentarian.aspx?Item=b7bab241-2a80-47dc-b8e0-c1334a0b5abb&Language=E&Section=ALL
Profession
farmer

Parliamentary Career

March 16, 1926 - July 2, 1926
LIB
  Regina (Saskatchewan)
  • Minister of Railways and Canals (March 1, 1926 - June 28, 1926)
September 14, 1926 - May 30, 1930
LIB
  Regina (Saskatchewan)
  • Minister of Railways and Canals (September 25, 1926 - November 25, 1929)
  • Minister of Railways and Canals (November 26, 1929 - December 29, 1929)
  • Minister of Finance and Receiver General (November 26, 1929 - August 6, 1930)
November 2, 1926 - May 30, 1930
LIB
  Regina (Saskatchewan)
  • Minister of Railways and Canals (September 25, 1926 - November 25, 1929)
  • Minister of Railways and Canals (November 26, 1929 - December 29, 1929)
  • Minister of Finance and Receiver General (November 26, 1929 - August 6, 1930)
December 30, 1935 - January 25, 1940
LIB
  Queen's (Prince Edward Island)
  • Minister of Finance and Receiver General (October 23, 1935 - September 5, 1939)

Most Recent Speeches (Page 4 of 3189)


June 2, 1939

Mr. DUNNING:

That is what I gathered from his remarks. I may have misunderstood him, but that is the impression I got and I wanted to make it clear to the house that this is not the case. The mortgage corporation bears the loss with respect to the reduction in interest rate for the future.

The hon. member for Kootenay East also expressed the fear that as a result of this legislation lending institutions would tend to concentrate their activities in those parts of the country where conditions were more settled and where the security was best, and that this might have the effect of depriving other areas of facilities for borrowing on mortgage. The lending institutions of this country are now and have been for some time looking for places to invest their money. There is a steady flow of money into our life insurance companies in the form of premiums, and if the actuarial obligations of those companies with respect to their policy holders are to be met there must foe a constant investment of the funds received in the form of premiums. The investment pressure is constant on that class of institution particularly.

I think all of us know that these institutions are looking for investment for their funds. There will always be certain localities and some classes of risks which will be regarded more favourably by lenders than others, but experience will indicate what is the course of wisdom in that regard. May I point out that in these localities the pressure of competition as between lenders is greatest. May I point out further and in conclusion that I have two hopes with respect to the legislation now before the house. One is that it will be possible for lending institutions to be created in parts of the country which heretofore have been considered at a disadvantage and that these companies will take advantage of the refinancing provisions of the bill with respect to new money required for mortgage lending purposes. While I do not believe that this bill will bring about the millennium, I believe it is a comprehensive attack in a sane and reasonable manner upon what is acknowledged to be one of our greatest Canadian economic problems.

Topic:   CENTRAL MORTGAGE BANK
Subtopic:   PROVISION FOR INCORPORATION, PURCHASE OF SHARES, GUARANTEE OF DEBENTURES, ETC.
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June 2, 1939

Mr. DUNNING:

Not the big accounts.

Topic:   CENTRAL MORTGAGE BANK
Subtopic:   PROVISION FOR INCORPORATION, PURCHASE OF SHARES, GUARANTEE OF DEBENTURES, ETC.
Full View Permalink

June 2, 1939

Mr. DUNNING:

As the bill now stands

he cannot secure any direct advantage from it, but there is no doubt that the competitive influence brought to bear by virtue of the entry into the scheme of a large number of the lending institutions will have an effect upon what private mortgagees will be able to get for their funds. But there is no means of arranging for dealing by the bank with private mortgagees. Everybody, on all sides of the house, who was interested in this great social and economic question endeavoured to find some machinery which could be made to apply; but we were quite unsuccessful, all of us. As a matter of fact this plan is made possible by the fact that a company brings in all its mortgages of the classes mentioned,

Central Mortgage Bank

good and bad, those in good standing and those in arrears. Of course the private mortgagee would only bring along the bad ones to the bank. We have not been able to work out any solution, but the problem is such in some parts of Canada that a year's operation may indicate a channel through which, by cooperation among private mortgagees or by some other means, they also may be dealt with. At present, however, we cannot devise such machinery.

Topic:   CENTRAL MORTGAGE BANK
Subtopic:   PROVISION FOR INCORPORATION, PURCHASE OF SHARES, GUARANTEE OF DEBENTURES, ETC.
Full View Permalink

June 2, 1939

Mr. DUNNING:

If my memory serves me correctly, our banks do not pay interest on deposits exceeding $50,000.

Topic:   CENTRAL MORTGAGE BANK
Subtopic:   PROVISION FOR INCORPORATION, PURCHASE OF SHARES, GUARANTEE OF DEBENTURES, ETC.
Full View Permalink

June 2, 1939

Mr. DUNNING:

I am afraid I cannot assist in that regard. As far as examination of the measure is concerned I would point out that there was a full attendance from all parties in the house, particularly of hon. members interested in this type of legislation, when the measure was before the banking and commerce committee. I am afraid it would be impracticable to hold it up now, to wait for another committee. So far as we have gone, no changes were made in the banking and commerce committee. We have not yet reached the place where those changes occur. I appreciate, of course, the fact that

a show is being put on elsewhere which would have more attraction for an audience than this somewhat dry financial subject. I can only say that hon. members interested should be here.

Topic:   CENTRAL MORTGAGE BANK
Subtopic:   PROVISION FOR INCORPORATION, PURCHASE OF SHARES, GUARANTEE OF DEBENTURES, ETC.
Full View Permalink