House in committee on Bill (No. 10) respecting the Brazilian Electro Steel and Smelting Co.-Mr. Pardee.
Mr. 'SPROULE. It seems to me to be a bad policy for this parliament to incorporate companies designed to operate in foreign countries, and to give them powers which they are to exercise subject to the laws of the country in which they operate. I have always thought this was one of the devices adopted by a certain class of people to raise money out of their friends at home to be invested in foreign countries where it is quite impossible for the parties who furnish the money to have any intelligent oversight of its expenditure. We have two or three Bills on the Order Paper to incorporate such companies at the present time. They are first incorporated under the Joint Stock Compnaies' Act, then they come here for an Act of Incorporation, and without a very Mr. FOSTER.
close analysis of the measure we do not know whether we may or may not be giving them power which it is unwise to give them. It seems to me there ought to be some one connected with the government who would look into these Bills very carefully, because I am afraid their effect is very often to mislead innocent public who are induced to put money into these enterprises and who sometimes lose their money. These companies should be incorporated in the countries in which they are going to operate.