Mr. Chairman, in the discussion this afternoon something has been said about the time the bill was introduced into the house. If my memory serves me correctly, the Minister of Finance introduced the bill on May 2. It was referred to the banking and commerce committee on May 16, and on May 17 that committee gave Bill No. 91 precedence over all other business. The bill was finally passed in the banking and commerce committee on July 27. Therefore that committee spent two months and ten days in the discussion of this very important bill. I do not think any member of that committee or any member of the house can say that there' was not ample time for a full review, investigation and discussion of the provisions of the bill which renews bank charters for another ten years.
I should like to make only one or two observations with respect to the provisions of this bill. I am very much in favour of those provisions which extend longer term credits to the great agricultural industry in Canada. I regard the banking business as a commission business. The banks have their capital; they have their reserves, and they have a deposit business.
This afternoon the hon. member for Vancouver-Burrard said that in answer to questions asked the governor of the Bank of Canada the governor had said that the banks did not lend their deposits. That is true; he did say that. Bht the governor further explained that the banks lend the proceeds of their deposits which, I suggest, places an entirely different construction upon thip situation.
The Minister of Finance has effectively reviewed the situation as far as the issue of Bank of Canada money is concerned, through the chartered banks. However, after two months and ten days of discussion the hon. member for Vancouver-Burrard had some suggestions, which I regarded as his final suggestions. I find that on Thursday, July 20, seven days before the bill passed the committee, the hon. member for Vancouver-Burrard said this:
Mr. Chairman, yesterday the matter arose in connection with a liability that would be created or that some seemed to think ryould be created by the Bank of Canada taking over the savings deposits.
Meaning the savings deposits of the Canadian people.
Topic: CANADIAN FORCES
Subtopic: SUPPLY OF REINFORCEMENTS TO CANADIAN ARMY