August 27, 1917

LIB

Edward Mortimer Macdonald

Liberal

Mr. MACDONALD:

And, was the commission paid to the Bank of Montreal, out of the amount the Government received, or was it paid out of the original amount?

Topic:   THE $100,000,000 LOAN.
Subtopic:   CORRECTION BY FINANCE MINISTER OF STATEMENT IN THE REGINA LEADER.
Permalink
CON

William Thomas White (Minister of Finance and Receiver General)

Conservative (1867-1942)

Sir THOMAS WHITE:

I think what misled my hon. friend is the fact that the $111,111 was interest upon the amount from the date it was paid until the Bank of Montreal received it in New York for our account. The transaction was this: the issue was at 98; this would mean $98,000,000. Subtract from that $1,750,000, being commission at the rate of one and three-quarters per cent, and the net amount received was $96,250,000, as I told my hon. friend the other day. The $111,111 does not enter into it at all, because it is interest for some ten or eleven days. I am not absolutely accurate as to the number of days -upon the principal sum. I was dealing only with the principal, that is to say $96,250,000. That is the amount which was received for the loan.

Topic:   THE $100,000,000 LOAN.
Subtopic:   CORRECTION BY FINANCE MINISTER OF STATEMENT IN THE REGINA LEADER.
Permalink
LIB

Edward Mortimer Macdonald

Liberal

Mr. MACDONALD:

If the $111,111 was

interest, then the amount the Government should have received would be $96,361,111.

Topic:   THE $100,000,000 LOAN.
Subtopic:   CORRECTION BY FINANCE MINISTER OF STATEMENT IN THE REGINA LEADER.
Permalink
CON

William Thomas White (Minister of Finance and Receiver General)

Conservative (1867-1942)

Sir THOMAS WHITE:

The $111,111 was

interest paid by Messrs. J. P. Morgan and Company in respect of the -money in their hands for the few days they had it before paying it over to the Bank of Montreal. When my hon. friend asks what the proceeds of a loan is, we understand by that term the net amount received, having regard to principal only, because as my hon. friend knows, interest is running upon the loan from the date of its issue. In this case the interest is $111,111, but this amount is not considered in making an answer as to the net amount of the loan.

Topic:   THE $100,000,000 LOAN.
Subtopic:   CORRECTION BY FINANCE MINISTER OF STATEMENT IN THE REGINA LEADER.
Permalink
LIB

Edward Mortimer Macdonald

Liberal

Mr. MACDONALD:

Was it paid by J.

P. Morgan and Company to the Bank of Montreal or was it paid to the Dominion Government?

Topic:   THE $100,000,000 LOAN.
Subtopic:   CORRECTION BY FINANCE MINISTER OF STATEMENT IN THE REGINA LEADER.
Permalink
CON

William Thomas White (Minister of Finance and Receiver General)

Conservative (1867-1942)

Sir THOMAS WHITE:

As the Dominion has its account with the Bank of Montreal it would be paid to the Bank of Montreal

as our agent. The commission in connection with the underwriting and other expenses relating to the loan was paid to the syndicate headed by J. P. Morgan and Company, New York.

Topic:   THE $100,000,000 LOAN.
Subtopic:   CORRECTION BY FINANCE MINISTER OF STATEMENT IN THE REGINA LEADER.
Permalink

BOARD OF PENSION COMMISSIONERS.

STATEMENT BY THE PRIME MINISTER.


On the Orders of the Day:


?

Right Hon. S@

My hon. friend from Pictou (Mr. Macdonald) made an inquiry with regard to a resolution on the Order Paper with respect to the Board of Pension Commissioners and the rates of pension. Hon. gentlemen wiR remember that on March 14, 1916, a committee was appointed for the purpose of taking into consideration the rates of pensions. On the 10th May, 1916, the committee made a unanimous report. The chairman of the committee, on the 18th May, moved that the report should be commended to the consideration of the Government. Parliament prorogued on the same day. There was not an opportunity to bring in legislation at that session.^ Accordingly, on the 3rd June, 1916, the recommendations of the committee were put into the form of an Order in Council and passed under the War Measures Act. By a resolution now on the Order Paper it was proposed that a similar committee should be appointed this year to take into consideration representations that had been made to the Government from various quarters, and more particularly by several organizations of returned soldiers, as to the desirability of increasing the rates of pensions thus allowed. This was urged for various reasons, several of which have a great deal of force. We have reached the conclusion that it would be impracticable to deal with the matter in a thorough and satisfactory manner at this session and that it is a subject which should be dealt with finally and permanently by the new Parliament which is to be summoned in the early future. There is, however, this consideration which the Government will have to take into account. Owing to the fact that since the committee made this report on May 10 last yeaT the cost of living in Canada has very appreciably increased, it is thought reasonable and desirable that, pending the consideration of this question by Parliament, there should be some increase made, that it should be made on a percentage basis and that it should take effect from the beginning of the present fiscal year, which is the first of

April last. Accordingly, as soon as the prorogation of Parliament permits, the Government propose to take the question into consideration in that regard for the purpose of affording temporary relief at this time and with the view of having the whole question exhaustively and finally settled by a new Parliament fresh from the people as soon as that Parliament has been summoned.

Topic:   BOARD OF PENSION COMMISSIONERS.
Subtopic:   STATEMENT BY THE PRIME MINISTER.
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LIB

Charles Murphy

Liberal

Mr. MURPHY:

Did I understand my right hon. friend to state that the Government had decided to grant an increase, and if so, what is the rate of increase?

Topic:   BOARD OF PENSION COMMISSIONERS.
Subtopic:   STATEMENT BY THE PRIME MINISTER.
Permalink
CON

Robert Laird Borden (Prime Minister; Secretary of State for External Affairs; President of the Privy Council)

Conservative (1867-1942)

Sir ROBERT BORDEN:

That has not been determined. We thought the increase in the cost of living made it only fair and reasonable, as 'well as desirable, that there should be an increase, to date from the first of April last, pending consideration by a new Parliament of the whole subject in an exhaustive and final way. It seems undesirable that so important a question should be dealt with finally by this Parliament. Therefore, we propose to give temporary relief by the method which I have mentioned, .and the whole matter will then be entirely free for such disposition as the new Parliament may determine to make of it.

Topic:   BOARD OF PENSION COMMISSIONERS.
Subtopic:   STATEMENT BY THE PRIME MINISTER.
Permalink
LIB

Charles Murphy

Liberal

Mr. MURPHY:

And the rate of that temporary increase will be determined after prorogation?

Topic:   BOARD OF PENSION COMMISSIONERS.
Subtopic:   STATEMENT BY THE PRIME MINISTER.
Permalink
CON

Robert Laird Borden (Prime Minister; Secretary of State for External Affairs; President of the Privy Council)

Conservative (1867-1942)

Sir ROBERT BORDEN:

We will make probably a temporary percentage increase to meet the increased cost of living in the meantime, leaving it free to the new Parliament to deal with the whole question when it comes up for their consideration and determination.

Topic:   BOARD OF PENSION COMMISSIONERS.
Subtopic:   STATEMENT BY THE PRIME MINISTER.
Permalink
LIB

Edward Walter Nesbitt

Liberal

Mr. NESBITT:

The increase will apply to the pensions that have been granted, as well as to those to be granted in the future?

Topic:   BOARD OF PENSION COMMISSIONERS.
Subtopic:   STATEMENT BY THE PRIME MINISTER.
Permalink
CON

Robert Laird Borden (Prime Minister; Secretary of State for External Affairs; President of the Privy Council)

Conservative (1867-1942)

Sir ROBERT BORDEN:

Yes, all would be dealt with on the same basis.

EXTENSION OF FRANCHISE TO \TOM1EN.

On the Orders of the day:

Topic:   BOARD OF PENSION COMMISSIONERS.
Subtopic:   STATEMENT BY THE PRIME MINISTER.
Permalink
LIB

William Pugsley

Liberal

Hon. WILLIAM PUGSLEY (St. John):

I call the attention of the Prime Minister to a question which i asked on Saturday. The Minister of Trade and Commerce stated that lie would bring the matter to the attention of the Prime Minister and that an answer would be given to-day. It was in reference to the resolution dealing with woman suffrage. My right hon. friend will remember

that he moved an amendment to the motion to which I moved in amendment to the amendment declaring that in the opinion or the House the Bill to grant woman suffrage should be passed during the present session. The matter stood over and I quite remember that the minister who was leading the House at that time gave an assurance that there would he an opportunity to discuss the matter and that a day would be set. I would like to know, therefore, if there will be a day set for the discussion during the present session.

SIR ROBERT BORDEN: I did not have my attention directed to my hon. friend's question. I will give my hori. friend's suggestion the earliest consideration possible and I shall look up the record to see what was said. Does my hon. friend remember the particular date upon which the promise of further consideration was made?

Topic:   BOARD OF PENSION COMMISSIONERS.
Subtopic:   STATEMENT BY THE PRIME MINISTER.
Permalink
LIB

William Pugsley

Liberal

Mr. PUGSLEY:

I cannot say at the

moment.

Topic:   BOARD OF PENSION COMMISSIONERS.
Subtopic:   STATEMENT BY THE PRIME MINISTER.
Permalink
CON

Robert Laird Borden (Prime Minister; Secretary of State for External Affairs; President of the Privy Council)

Conservative (1867-1942)

Sir ROBERT BORDEN:

Probably it

would be about the 16th day of May.

Topic:   BOARD OF PENSION COMMISSIONERS.
Subtopic:   STATEMENT BY THE PRIME MINISTER.
Permalink
LIB

William Pugsley

Liberal

Mr. PUGSLEY:

About that time.

SIR ROBERT BORDEN: I will give my hon. friend an answer later.

Topic:   BOARD OF PENSION COMMISSIONERS.
Subtopic:   STATEMENT BY THE PRIME MINISTER.
Permalink

August 27, 1917