Henry Elvins SPENCER

SPENCER, Henry Elvins

Personal Data

Party
United Farmers of Alberta
Constituency
Battle River (Alberta)
Birth Date
March 7, 1882
Deceased Date
October 1, 1972
Website
http://en.wikipedia.org/wiki/Henry_Elvins_Spencer
PARLINFO
http://www.parl.gc.ca/parlinfo/Files/Parliamentarian.aspx?Item=c59fd096-6883-4701-81c3-6f45cd624771&Language=E&Section=ALL
Profession
farmer, printer, publisher

Parliamentary Career

December 6, 1921 - September 5, 1925
PRO
  Battle River (Alberta)
October 29, 1925 - July 2, 1926
PRO
  Battle River (Alberta)
September 14, 1926 - May 30, 1930
UFA
  Battle River (Alberta)
July 28, 1930 - August 14, 1935
UFA
  Battle River (Alberta)

Most Recent Speeches (Page 3 of 421)


June 17, 1935

Mr. SPENCER:

I understood the Prime Minister to say that the larger banks of Canada had similar foreign obligations when the gold was taken from them to be deposited with the central bank. However, the figures he gave showed that of the larger banks two had $13,000,000 in gold, one had $6,000,000 and the other only $2,000,000. If their foreign obligations were similar why was there so much variation in the amount of gold on hand? Secondly, I should like to know if the forty per cent allowed the banks to permit them to meet their foreign obligations was in proportion to the gold which they had on hand to take care of their foreign obligations?

Mr. BENNETT': I tried to make it clear that the forty per cent was forty per cent of the gold transferred. In the case of the Bank of Montreal it was 40 per cent of $13,043,509 or $5,217,403. In the case of the Bank of Nova Scotia it was 40 per cent of $6,546,338, or $2,618,535. As to the variations in the amounts of gold held in Canada, it is only necessary to say that some of the banks with branches abroad held gold abroad to take care of the sudden fluctuations and our arm reached only to the gold in Canada.

In connection with the point raised by the hon. member for Macleod (Mr. Coote) as to our dollar being valued too high, I think it is only necessary to say that in terms of gold our dollar is worth only about sixty cents, if my memory serves me aright, and I am subject to correction. Does the hon. gentlemer know the figure?

Topic:   EXCHANGE FUND
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June 17, 1935

Mr. SPENCER:

I take it for granted that this small amount, as some members think it is, is only one chip in the poker game, and if

at some future time the country needs more chips, certainly ways and means can be found of getting them.

Topic:   EXCHANGE FUND
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June 17, 1935

Mr. SPENCER:

I take it for granted that this bill will give the government power to increase that fund to any extent that may be desired if it is in the interests of the country to do so?

Topic:   EXCHANGE FUND
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June 17, 1935

Mr. SPENCER:

Is it the intention of

the minister to take full advantage of the clause in the Bank of Canada Act permitting us to borrow. It is well known, of course, that the only money which goes to the shareholders is the 4) per cent, and that the profits beyond that will come back into the treasury. Therefore, to the extent borrowing is done through that system it will be done in the oheapest possible way.

Then, I should like to ask the minister this question: Does he intend to do any borrowing outside of Canada? Personally I am opposed to the dominion government borrowing, at all. However if it is going to borrow I hope it will do so within and not outside of Canada.

Topic:   LOAN OF $750,000,000 RESOLUTION AUTHORIZING MINISTER OF FINANCE TO RAISE FUNDS FOR REDEMPTION OF SECURITIES
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June 14, 1935

Mr. SPENCER:

I understand that not

only has i/t been printed in French but copies have been distributed to members. A copy is on my file.

Topic:   FOREIGN INSURANCE COMPANIES
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