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 5 of 3189)


June 2, 1939

Mr. DUNNING:

I have given at least the major reason-our desire to secure cooperation. Of course one reason is that under the monthly payment amortization plan, which applies under the National Housing Act and also under this act to urban dwellings, the cost of operation is higher than it is with respect to farm mortgages bearing annual repayment provisions. But really the committee was faced with this choice; we could see it quite plainly. Mortgage companies showed us that their amounts in default or behind in payments in urban properties represented a much less proportion of the whole than in the case of agricultural mortgages, which have been hit by ten years of adverse conditions. They said quite frankly, "You are asking us to go to all our borrowers in the cities who are in good standing, who have kept their contracts, and say to them, 'In future you will not pay us 6 per cent, or 61 per cent, or 7 per cent; just as a free gift we are cutting your interest down.' " They argued also that we must consider the situation as a whole from the standpoint of companies becoming members of this bank. For instance, company A has, say sixty per cent of its investments in urban properties and forty per cent in farm properties; company B's investments might be seventy per cent urban and thirty per cent rural, and so on down the scale. Obviously each company is going to look at the obligation it assumes with respect to the whole of its properties. It was the design of the legislation to make that possible, otherwise the legislation would have been impracticable; and we gathered the impression in the committee from the representatives of the companies that, at 51 per cent for urban loans, we should have a very good chance of getting the great bulk of the companies to join, and thus extend to all urban and rural dwellers

who are borrowers from member companies the benefits of that very considerable cut in interest.

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

June 2, 1939

Mr. DUNNING:

The intention would be to have the ordinary law of contract apply with respect to the new contracts entered into. We cannot project ourselves sufficiently into the future to be able to deal with cases of individual hardship which may arise after a borrower has received all that we can convey to him under this legislation.

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

June 2, 1939

Mr. DUNNING:

No, there is no contradiction. The debentures referred to in

subsection 2 of section 16 are the debentures of the company. The debentures referred to in section 18 are the debentures of the bank.

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