Mr. J. K. BLAIR (North Wellington):

I should like to direct a question to the Prime Minister (Mr. Bennett), as to the truth of a report appearing in yesterday's Toronto Mail and Empire. This report states that Hon. Howard Ferguson has been elected chairman of the imperial economic conference, which conference is to carry on the work of economic intelligence hitherto conducted by the empire marketing board, and it is suggested that the empire marketing board may be abolished. I think perhaps that board is under the control of the government of Great Britain, but I should like to get some information from the Prime Minister in regard to this report.

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

No question has been put, but presumably the hon. member has served the useful purpose of hearing himself make the statement he has made.

Order.

Mr. BENNETT:

There is nothing out of order in that; it is a perfectly correct statement. The hon. member did not ask a question, but if he will take the trouble to look at the report which has been laid on the table he will realize that, as a result of the conference which was held in London, England, last year, at which Doctor Skelton represented the dominion and of which conference he was chairman, the whole matter connected with the empire marketing board has been dealt with. The other statements read by the hon. gentleman have no foundation in fact, so far as I know.

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

Mr. Speaker,

as I listened to the question asked by the hon. member for North Wellington (Mr. Blair) I understood him to refer to the imperial economic conference. If I am right in that, I think what he really meant to refer to was the imperial economic committee, and I should like to ask the Prime Minister if it is not a fact that the Hon. G. Howard Ferguson has become chairman of the imperial economic committee, which sits for the purpose of furthering economic cooperation within the empire?

Mr. BENNETT:

It will be within the

memory of the right hon. gentleman, who has read the report, that provision was made for the maintenance of a committee to deal with matters which had in part been dealt with by the empire marketing board. I believe the various high commissioners have

[Mr. Gordon.)

been or will be chairmen of the committee, from time to time. Whether or not it is Mr. Ferguson's turn at the present time, I cannot say. I shall look into the matter, however, and make a statement. I think he was chairman, but whether or not he is at the present time, I cannot say. I shall ascertain the fact, and advise the right hon. gentleman.

Mr. LAPOINTE:

God save Canada.

Mr. J. E. MICHAUD (Restigouche-Mada-waska):

I should like to ask the Minister

of Trade and Commerce (Mr. Stevens) if he has received a resolution passed by the board of trade of Campbellton, New Brunswick, dated May 25 of this year, urging that the Stevens committee investigate alleged unfair prices being paid for pulpwood in the province of New Brunswick. If the resolution has been received I should like to know whether it is the intention of the minister to have the matter investigated by the price spreads committee.

Hon. H. H. STEVENS (Minister of Trade and Commerce):

Naturally, I have received

hundreds of communications of a character similar to that indicated. I would point out to the hon. member that as he has presented it the matter is not one which would properly come under the order of reference. However, all communications of that character are answered as promptly as time permits. From the meagre information the hon. member has supplied I could not tell him whether or not the committee would decide to deal with the matter indicated, or whether such investigation would come under the order of reference. From what he has said I am under the impression it would not.

Mr. CAHAN:

We are now on section 41.

Mr. CASGRAIN:

I should like to ascertain whether or not as we proceed along with the sections, the Secretary of State will tell the house in detail what provisions, if any, have been specially embodied in this bill to prevent the watering of stock and the circulation of

Dominion Companies Act

diluted shares which, of late, have been a source of trouble, and have meant the loss of a great amount of money to our people. I understood the Secretary of State to say that the purpose behind the bill was to try to prevent the operation known as the watering of stock, and to give the people a chance to know the real value of what they are buying, thereby preventing abuses which have existed in the past. As we proceed I should like the Secretary of State to explain in detail how the amendments he will introduce will give the desired result.

Mr. CAHAN:

I believe we would do well to- discuss in their turn the clauses to which the hon. member has referred. He will find, first, that the statements which companies are compelled to make to their shareholders are much more detailed and stringent than they have been under any previous act. Respecting the issue of prospectuses shares must be issued and sold under the representations made in the prospectus issued by the company or its underwriters. The provisions for disclosing information are very much more specific and stringent than in any act in any British country with which I am familiar. Therefore I think the hon. member might reserve his question, because another hon. member opposite has given notice to me that he will ask to have those provisions stand, for the present, for the purposes of further discussion.

Mr. HANSON (York-Sunbury):

In regard to this section may I suggest that for the purposes of clarification the word "any" should be inserted before the word "such" in line thirty-four. I so move.