group of creditors, very often a large proportion of the Canadian people-unless we recognize that fact we are not taking a realistic view of the mortgage problem.
At this stage that is sufficient, I believe, to indicate the problem. At a later stage of the bill I shall be glad to deal further with it. As to the means of helping to solve it under this legislation, it is proposed to set up a central mortgage bank controlled entirely by the dominion government, the Minister of Finance holding on behalf of Canada $10,000,000 of shares of the bank. It is proposed also to empower the central mortgage bank to issue debentures, guaranteed by the government of Canada, to an amount not exceeding, under the present bill, $200,000,000. It is proposed that the governor of the central mortgage bank shall be the governor of the Bank of Canada; that the deputy governor of the mortgage bank shall be the deputy governor of the Bank of Canada; that there shall be a board of six, including the governor, the deputy governor, the deputy minister of finance and three others appointed by the government of Canada. I can go into the details and restrictions concerning the qualifications of directors and so forth more conveniently on the bill itself than at this stage.
The bill, then, will provide that any lending institution in Canada, mortgage company, trust company, insurance company or any type of corporate lender-