May 14, 1914

CON

William Thomas White (Minister of Finance and Receiver General)

Conservative (1867-1942)

Mr. WHITE:

Nothing of the kind.

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Subtopic:   MA"S 14, 1914
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LIB

Frank Oliver

Liberal

Mr. OLIVER:

They intended to make them believe that a bargain was being made in their behalf when, as a matter of fact, the bargain was against them and not in their favour. To-day the country is being given to understand that the Government has been given $40,000,000 of the Canadian Northern Railway stock formerly held by Messrs. Mackenzie and Mann. This House knows, after the calculations that have been made to-day that Mackenzie and Mann owned last year $70,000,000 of Canadian Northern Railway stock.

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CON

William Thomas White (Minister of Finance and Receiver General)

Conservative (1867-1942)

Mr. WHITE:

And what else?

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LIB

Frank Oliver

Liberal

Mr. OLIVER:

And to-day they own

$60,000,000 of Canadian Northern Railway stock and the Government have $40,000,000. Now, there is frenzied finance for you. The Government gets $40,000,000 and Mackenzie and Mann only lose $10,000,000.

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CON

William Thomas White (Minister of Finance and Receiver General)

Conservative (1867-1942)

Mr. WHITE:

What about the subsidiary companies whose stock they own?

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CON

William John Macdonald

Conservative (1867-1942)

Mr. MACDONALD:

They were not worth anything. Mr. Bennett showed that you are giving them something for nothing.

Topic:   QUESTIONS.
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LIB

Wilfrid Laurier (Leader of the Official Opposition)

Liberal

Sir WILFRID LAURIER:

The Solicitor General told U3 yesterday that there was no such thing now, that it was all wiped out.

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CON

Arthur Meighen (Solicitor General of Canada)

Conservative (1867-1942)

Mr. MEIGHEN:

I did not say that.

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LIB

Wilfrid Laurier (Leader of the Official Opposition)

Liberal

Sir WILFRID LAURIER:

Oh, yes, you did again and again.

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CON

Thomas Simpson Sproule (Speaker of the House of Commons)

Conservative (1867-1942)

Mr. SPEAKER:

The hon. member for

Edmonton has the floor.

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Subtopic:   MA"S 14, 1914
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LIB

Frank Oliver

Liberal

Mr. OLIVER:

I maintain that this proposal should either be a loan on terms that, failing substantial security, wrould ensure proper expenditure of the money in payment of indebtedness and completion of the enterprise, or a definite, controlling interest in the company.

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Subtopic:   MA"S 14, 1914
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CON

James McKay

Conservative (1867-1942)

Mr. McKAY:

The hon. member referred to the question of what was to become of the loans and indebtedness of the company. Has he read clauses 4 and 5 of the resolution?

Topic:   QUESTIONS.
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LIB
CON

James McKay

Conservative (1867-1942)

Mr. McKAY:

Does that not give some explanation as to how these debts are to be paid?

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LIB

Frank Oliver

Liberal

Mr. OLIVER:

I do not think this explanation would satisfy me if I was a creditor. It is really one of the most remarkable provisions ever put on any statute book. If my hon. friend were a creditor he would not think that the provisions of that section protected him.

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LIB

William Manley German

Liberal

Mr. GERMAN:

How would you prevent a man from suing a company if he had a claim against them?

Topic:   QUESTIONS.
Subtopic:   MA"S 14, 1914
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LIB

Frank Oliver

Liberal

Mr. OLIVER:

And how is it going to be guaranteed that these claims, which are to be paid only out of certain securities, will be paid if those securities do not realize the required amount?

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Subtopic:   MA"S 14, 1914
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LIB

Charles Murphy

Liberal

Mr. MURPHY:

By the promise that they will get more money next year.

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LIB

Frank Oliver

Liberal

Mr. OLIVER:

That is the only way. These securities are existent to-day, and if the amounts are not paid out of proceeds of the securities, it means that the securities will not bring a sufficient amount, and they will not bring any more to-morrow than they will to-day.

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CON

May 14, 1914