Hon. J. A. ROBB (Minister of Finance):

On February 8 my hon. friend from Vancouver Centre (Mr. Stevens) raised a question with reference to an expenditure of $45,000 under governor general's warrants. There was some controversy between the hon. member and the Prime Minister (Mr. Mackenzie King) as to how this corresponded with a certain speech delivered at Richmond Hill. I promised to lay on the table the papers in relation to this matter, but perhaps the House would like to know that this expenditure was made to comply with the requirements of an order in council passed on December 29, 1921, which, as my hon. friend will recall, was about the day before the government of which he was a supporter resigned. Under the terms of that order in council the Department of Soldiers' Civil Re-establishment was authorized to assume the cost of compensation in respect of pensioners of twenty per cent and upwards who were engaged in industry, the object of such legislation being to make it easier to find employment for disabled ex-members of the forces. That order in council was renewed for one year on September 18, 1924, and accordingly it expired on September 18, 1925. At the time of this authorization an order in council was put through to meet expenditures that had been incurred during the winter of that year, the vote not having been quite sufficient. I will lay all the documents on the table so that my hon. friend can examine them.

Right Hon. W. L. MACKENZIE KING (Prime Minister):

The appendices to the

summary of proceedings of the Imperial Conference of 1926, copies of which I am now tabling, are those printed by the British government. I move, seconded by Mr. Lapointe, that 1,000 copies in English and 700 copies in French of the said appendices, laid upon the table of the House this day, be printed forthwith, and that rule 74 be suspended in relation thereto.

Hon. PETER HEENAN (Minister of Labour):

Mr. Speaker, on Tuesday last the

hon. member for Vancouver Centre (Mr. Stevens) requested a statement of expenditures in connection with the fruit and vegetable combine in western Canada. Regarding that request I wish to state that the situation-

Mr. SPEAKER:

The hon. member cannot make that statement just now; he may make it before the orders of the day are called.

Mr. GUTHRIE:

Explain.

Mr. ROBB:

In the first place this bill adds section 54 to the group of sections which apply to companies incorporated before 1914 requiring loan companies to send copies of their financial statements to shareholders with the notice of annual meeting; (2) permits loan companies to increase by by-law their borrowing powers from four times their capital and reserve to eight times their capital and reserve, due notice being given to shareholders and debenture holders and the by-law being approved by the Treasury board; (3) makes it necesary for loan companies to obtain and have renewed annually licenses from the minister in order that they may be authorized to carry on their business; (4) requires all loan companies to file, on request, with the department, a certified copy of their by-laws; (5) substitutes the word "license" for the word "certificate" and makes it clear that it applies to old as well as new companies.

Motion agreed to and bill read the first time.

Mr. GUTHRIE:

Explain.

Mr. ROBB:

The objects of the bill are as follows: (1) It gives all Canadian insurance

companies the power to issue sinking fund; (2) increases the deposit to be made by British or foreign companies entering Canada to transact life or fire insurance business [DOT] from $50,000 to $100,000; (3) makes applicable to no par value shares the conditions for eligibility as investments now contained in the Insurance Act regarding common stocks of par value; (4) permits to a limited extent

Trust Companies Act

the investment by Canadian insurance companies in the stock of other Canadian insurance companies, the limit of such investment by any company being fifteen per cent of its own assets; (5) gives to all Canadian fraternal benefit societies the right to issue old age endowments; (6) makes slight change in qualifications of actuaries eligible to make fraternal societies' valuations by adding to list members of the American Institute of Actuaries, and provides that actuaries to be eligible must be members by examination of the various approved institutes; (7) provides that in estimating margin of security provided by Canadian fire and casualty insurance companies any investment in stocks of other companies permitted by the amendment contained in section 4 above shall be disregarded.

Motion agreed to and bill read the first time.