In the first place I am
quite satisfied that the great majority of the farming community in Canada is entirely in favour of this act and I am satisfied that there are not many hon. gentlemen opposite who dare oppose it. During this afternoon we have heard one or two hon. members opposing it. The hon. member for Vancouver-Burrard made the plea that this was class legislation and he strongly pleaded in favour not of the mortgagor but of the mortgagee; he was inclined to protect the interests of the investor rather than those of the farmer. The hon. member for Temisoouata took a very peculiar attitude particularly in view of the fact that hon. gentlemen opposite have 'been pleading on behalf of the farmer. He said that this act would ruin the credit of the farmers with
Farm Loan Act
thie banks. I have understood from almost all hon. gentlemen opposite who have been speaking on behalf of the farmers, that they have no credit with the banks at all.
I rise principally for the purpose of answering sonae remarks made the other day by the hon. member for Frontenac-Addlington (Mr. Campbell). In my riding as in many others, including those of some hon. members who have spoken to-day, no farm loans have been made to my knowledge since June last. At that time there were many loans completed in so far as everything was concerned except the passing of the cheque. There is one case in particular of which I have personal knowledge where a man transferred his farm to the then mortgagee. He had sold the farm to another and taken property in Toronto as an equity. He had transferred the property to the farmer who was about to mortgage it to the farm loan board. The title had been searched; the mortgage was made out and registered as required by the Ontario board. Everything was completed except the passing of the cheque, but the loan has not up to the present date been granted.
Topic: CANADIAN FARM LOAN ACT
Subtopic: AMENDMENT TO FACILITATE AND INCREASE THE EXTENSION OF CREDIT TO FARMERS