March 12, 1937

LIB

Charles Avery Dunning (Minister of Finance and Receiver General)

Liberal

Mr. DUNNING:

That is the point. We paid off debt.

Topic:   THE BUDGET
Subtopic:   CONTINUATION OF DEBATE ON THE ANNUAL FINANCIAL STATEMENT OF THE MINISTER OF FINANCE
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CCF

James Shaver Woodsworth

Co-operative Commonwealth Federation (C.C.F.)

Mr. WOODSWORTH:

Yes, quite so. There are two or three things we do

pay interest, pay dividends, and pay debt.

Topic:   THE BUDGET
Subtopic:   CONTINUATION OF DEBATE ON THE ANNUAL FINANCIAL STATEMENT OF THE MINISTER OF FINANCE
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LIB-PRO

Joseph Thorarinn Thorson

Liberal Progressive

Mr. THORSON:

And -pay for imports, necessary imports too.

Topic:   THE BUDGET
Subtopic:   CONTINUATION OF DEBATE ON THE ANNUAL FINANCIAL STATEMENT OF THE MINISTER OF FINANCE
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CCF

James Shaver Woodsworth

Co-operative Commonwealth Federation (C.C.F.)

Mr. WOODSWORTH:

Yes, but this is the credit balance over and above the payment for imports to which, I think, reference is being made. That is where our balance goes. It is of tremendous significance that Canada has to pay such huge debts, such huge interest, such huge dividends when at the same time many of our own people are unemployed and their families are suffering.

Topic:   THE BUDGET
Subtopic:   CONTINUATION OF DEBATE ON THE ANNUAL FINANCIAL STATEMENT OF THE MINISTER OF FINANCE
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LIB

Charles Avery Dunning (Minister of Finance and Receiver General)

Liberal

Mr. DUNNING:

My hon. friend will recognize that it was a good thing for Canadians to pay off outright last year something like $145,000,000 which they owed abroad. At least they will not have to pay interest on that much any -more.

mo

The Budget-Mr. Woodsworth

Topic:   THE BUDGET
Subtopic:   CONTINUATION OF DEBATE ON THE ANNUAL FINANCIAL STATEMENT OF THE MINISTER OF FINANCE
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CCF

James Shaver Woodsworth

Co-operative Commonwealth Federation (C.C.F.)

Mr. WOODSWORTH:

It is a good thing in itself. It is not a good thing when it had to be done at the cost it has involved to tens of thousands of homes in this country.

Topic:   THE BUDGET
Subtopic:   CONTINUATION OF DEBATE ON THE ANNUAL FINANCIAL STATEMENT OF THE MINISTER OF FINANCE
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LIB

Charles Avery Dunning (Minister of Finance and Receiver General)

Liberal

Mr. DUNNING:

But it is not the government that I am speaking of.

Topic:   THE BUDGET
Subtopic:   CONTINUATION OF DEBATE ON THE ANNUAL FINANCIAL STATEMENT OF THE MINISTER OF FINANCE
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CCF

James Shaver Woodsworth

Co-operative Commonwealth Federation (C.C.F.)

Mr. WOODSWORTH:

Well, I am speaking of the government.

Topic:   THE BUDGET
Subtopic:   CONTINUATION OF DEBATE ON THE ANNUAL FINANCIAL STATEMENT OF THE MINISTER OF FINANCE
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LIB

Charles Avery Dunning (Minister of Finance and Receiver General)

Liberal

Mr. DUNNING:

The S145,000,000 was paid off by the Canadian people.

Topic:   THE BUDGET
Subtopic:   CONTINUATION OF DEBATE ON THE ANNUAL FINANCIAL STATEMENT OF THE MINISTER OF FINANCE
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CCF

James Shaver Woodsworth

Co-operative Commonwealth Federation (C.C.F.)

Mr. WOODSWORTH:

Quite so-under arrangements that have been established by the government.

Topic:   THE BUDGET
Subtopic:   CONTINUATION OF DEBATE ON THE ANNUAL FINANCIAL STATEMENT OF THE MINISTER OF FINANCE
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LIB

Charles Avery Dunning (Minister of Finance and Receiver General)

Liberal

Mr. DUNNING:

No, no.

Topic:   THE BUDGET
Subtopic:   CONTINUATION OF DEBATE ON THE ANNUAL FINANCIAL STATEMENT OF THE MINISTER OF FINANCE
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CCF

James Shaver Woodsworth

Co-operative Commonwealth Federation (C.C.F.)

Mr. WOODSWORTH:

We try to get decent amounts paid to the unemployed; we try to get decent wages for employed people; we try to get adopted various schemes that will raise a little higher the standards of living of our people, and had those standards been raised a little we should not have been able to pay off so large an amount of our debts; I think that is true.

Let me turn to another matter which perhaps throws some sidelight on our foreign investments. A few weeks ago a labour deputation from Cuba came to see me. Unfortunately I have not been able to check the statements they made, because our bureau of statistics can give very little detailed information with regard to foreign investments; but according to this delegation almost a hundred million dollars are invested by Canadian interests in Cuba. The delegation made this statement:

The Royal Bank of Canada controls more than eleven sugar mills through the Sugar Plantation Operating Company; the Bank of Nova Scotia controls three sugar mills and the Canadian Bank of Commerce controls Central Covadonga sugar mill.

Canada is the fifth buyer of Cuban sugar; the United States, Great Britain, France and Belgium are first in importation in order as set above.

Although there is a law setting a minimum wage of 80 cents per eight hours, due to the help given by the army to the large sugar interests, they pay only 25 to 40 cents per day of eleven or twelve hours and labour cannot protest.

Workers are paid chiefly in vouchers and script money good only at the company general store, with prices 10 to 20 per cent above prevailing prices in nearby towns.

The military dictatorship has continuously increased its stranglehold on the Cuban people with the help of powerful United States, British and Canadian financial interests who use him as a tool to force labour and others to work for practically nothing.

Topic:   THE BUDGET
Subtopic:   CONTINUATION OF DEBATE ON THE ANNUAL FINANCIAL STATEMENT OF THE MINISTER OF FINANCE
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LIB

Charles Avery Dunning (Minister of Finance and Receiver General)

Liberal

Mr. DUNNING:

What is the hon. gentleman quoting from?

[Mr. DunningJ

Topic:   THE BUDGET
Subtopic:   CONTINUATION OF DEBATE ON THE ANNUAL FINANCIAL STATEMENT OF THE MINISTER OF FINANCE
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CCF

James Shaver Woodsworth

Co-operative Commonwealth Federation (C.C.F.)

Mr. WOODSWORTH:

I am quoting from a memorandum which was presented to me by a delegation of Cuban labour people.

Topic:   THE BUDGET
Subtopic:   CONTINUATION OF DEBATE ON THE ANNUAL FINANCIAL STATEMENT OF THE MINISTER OF FINANCE
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LIB

Charles Avery Dunning (Minister of Finance and Receiver General)

Liberal

Mr. DUNNING:

Cuban?

Topic:   THE BUDGET
Subtopic:   CONTINUATION OF DEBATE ON THE ANNUAL FINANCIAL STATEMENT OF THE MINISTER OF FINANCE
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CCF

James Shaver Woodsworth

Co-operative Commonwealth Federation (C.C.F.)

Mr. WOODSWORTH:

Cuban, yes. I am

giving this as a side light on our foreign investments and what they may really involve. We have -Canadian banks chartered primarily to do business in this country but doing business abroad. Not only have we low standards of living in Canada, but if this statement is at all correct, Canadian institutions are assisting in keeping down the poorer people of other countries as well.

Topic:   THE BUDGET
Subtopic:   CONTINUATION OF DEBATE ON THE ANNUAL FINANCIAL STATEMENT OF THE MINISTER OF FINANCE
Permalink
LIB

Charles Avery Dunning (Minister of Finance and Receiver General)

Liberal

Mr. DUNNING:

Has the hon. gentleman

verified those statements?

Topic:   THE BUDGET
Subtopic:   CONTINUATION OF DEBATE ON THE ANNUAL FINANCIAL STATEMENT OF THE MINISTER OF FINANCE
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CCF

James Shaver Woodsworth

Co-operative Commonwealth Federation (C.C.F.)

Mr. WOODSWORTH:

If the minister had been following closely he would have observed that I said I had not had an opportunity to check carefully the financial side of this matter, since our own bureau of statistics had no accurate information with regard to the details of foreign investment. I suggest that the Minister of Finance ought to have control over investments made outside Canada.

Topic:   THE BUDGET
Subtopic:   CONTINUATION OF DEBATE ON THE ANNUAL FINANCIAL STATEMENT OF THE MINISTER OF FINANCE
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LIB

Frederick George Sanderson (Deputy Speaker and Chair of Committees of the Whole of the House of Commons)

Liberal

Mr. DEPUTY SPEAKER:

I do not want to interrupt the hon. gentleman, but his time is up.

Topic:   THE BUDGET
Subtopic:   CONTINUATION OF DEBATE ON THE ANNUAL FINANCIAL STATEMENT OF THE MINISTER OF FINANCE
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CCF

James Shaver Woodsworth

Co-operative Commonwealth Federation (C.C.F.)

Mr. WOODSWORTH:

May I have two

or three minutes longer?

Topic:   THE BUDGET
Subtopic:   CONTINUATION OF DEBATE ON THE ANNUAL FINANCIAL STATEMENT OF THE MINISTER OF FINANCE
Permalink

March 12, 1937