Mr. H. E. SPENCER (Battle River):

I would like to ask a question of the Minister of Finance after quoting a few lines from a Canadian Press dispatch in the Ottawa Citizen of yesterday. Referring to the reduction of interest rates by banks on loans, under the heading ' No conference held," the dispatch states:

Another high banking authority who did not wish to be named said the matter of lowering interest rates was a question for each individual bank. There had been no conference between the banks, he said, and no uniform action planned.

Further on, it states:

Question of applying the reduction is left with the individual banks, it was explained, each bank taking action on individual cases.

What guarantee is there that 'borrowers are going to be treated on the same basis and all get a reduction of one-half of one per cent interest?

Hon. E. N. RHODES (Minister of Finance):

I would prefer not to answer the question offhand. I shall note it in Hansard and give an answer to-morrow.

Hon. ERNEST LAPOINTE (Quebec East):

May I ask the Prime Minister whether Canada is a party to or interested in the proposal for a tariff truce which has been made by President Roosevelt and which is being negotiated at the present time between him and the Prime Minister of Great Britain? If so, what is involved in the proposal? Does it mean that there will be no tariff changes at all until after the world economic conference, or that trade treaties may still be negotiated downwards?

Right Hon. R. B. BENNETT (Prime Minister) :

As I understand the matter, the tariff truce as suggested by the President of the United States involves an undertaking that there will be no increases in tariff until after the conclusion of the world economic conference.

Mr. LAPOINTE:

Are we a party to the undertaking?

Mr. BENNETT:

I have explained that as our budget for the year has been presented to the house and the imposition of taxation takes place by act of Parliament, necessarily we fall within that class.

Mr. E. J. YOUNG (Weyburn):

Will it

apply to increases in valuations?

Mr. LAPOINTE:

Will the Minister of

National Revenue please listen?

Mr. WILLIAM DUFF (Antigonish-Guys-borough):

In view of the press reports that President Roosevelt and Prime Minister MacDonald have entered into a tariff truce I would ask the Prime Minister if he would give the house an opportunity to debate the resolution standing in my name as No. 39 on page 13 of the order paper, regarding a reciprocal trade arrangement between Canada and the United States? I should like to know if any arrangement has been made for continuing the debate on this resolution and having a vote on it before the house prorogues.

Mr. BENNETT:

Mr. Speaker, I hope that an opportunity may be offered the hon. gentleman to deal with the matter next session.

Right Hon. W. L. MACKENZIE KING (Leader of the Opposition):

I think the

Prime Minister promised an opportunity would be afforded this session.

Mr. BENNETT:

I think not.

Mr. MACKENZIE KING:

He said the debate would be resumed at a later stage but that the resolution could not be passed in the form in which it appeared.

Mr. BENNETT:

The Prime Minister made no such statement. He said the debate could be resumed at a later date, and if it was not that is not his fault.

Mr. LAPOINTE:

It is his fault.