Hon. R. B. HANSON (Leader of the Opposition):

Before this bill is given first reading the hon. member should give us some information about it.

Mr. THORSON:

The best explanation I could give would be by reading the general explanatory note as it appears in the bill:

The main purpose of the bill is to permit the equitable operation of the principle which has governed the company since its inception, namely, the principle that its business should be controlled by farmers actually engaged in farming. By 1911, chapter 80, by which the company was incorporated, only "farmers or owners or lessees of farms and the wives of such persons" were eligible to hold shares in the company otherwise than in cases authorized by a two-thirds vote at a shareholders' meeting (section 6); no shareholder was entitled to hold more than forty shares (section 5); and each shareholder had only one vote no matter how many shares stood in his name (section 8). The limitation on the number of shares a shareholder might hold was increased to one hundred by 1917, chapter 79, section 4, and by the same statute power was given to the company to substitute for a general shareholders' meeting a meeting of delegates chosen by local groups of shareholders, each delegate being entitled to one vote (section 6). Apart, however, from the exceptional cases provided for in section 6 of 1911, chapter 80, no transfer of shares held by farmers and their wives can be made to non-farmers. This restriction on transfers has seriously affected the value of shares belonging to farmers who have died or have ceased during their lives to be actually engaged in farming. The result has been an increasing proportion of the total capital of the company in fact the property of non-farmers whether registered as owners of the shares or not and consequently of persons who are not entitled to take part in the direction of the business of the company.

The provisions of the bill are chiefly directed to the correction of the situation thus created by permitting the creation of two classes of shares, one in the nature of preference shares on the ownership of which there is no occupational limitation but which do not entitle the holders to take part in the management of the company, and the other in the nature of common shares capable of being held only by farmers and carrying the right to take part in the election of delegates and to act as delegates.

Motion agreed to and bill read the first time.

Mr. CASTLEDEN:

.

1. What was the total cost of the second war loan?

2. How much was contributed under this loan?

3. What was the rate of commission paid to canvassers or others?

4. What sum was paid in commissions for securing contributions to the said loan?

5. What was the cost to the government, if any, for advertising?

6. What was the organization cost, if any?

7. Upon what basis will the 1941 victory loan be made available to the Canadian public?

8. What rate of commission, if any, will be paid?

1. Total cost of selling the second war loan, including commissions to banks and dealers, printing, stationery, advertising, printing interim certificates, engraving definitive bonds, telegraph, telephones and sundries, 82,730,155.38.

2. Cash subscriptions allotted, $300,000,000; conversion subscriptions, $24,945,700; total $324,945,700.

3. Total commission paid to banks and approved dealers was at the rate of J of 1 per cent of the amount of the loan issued, of which dealers allowed j of 1 per cent to sub-agents.

4. $2,414,400.75.

5. $125,728.85.

6. Expenses of the national subscription committee amounting to $4,362.17, were deducted from the commissions paid to dealers.

7 and 8. These questions are receiving the consideration of the government.

Questions as Orders for Returns

1. Are government motor cars and chaffeurs available to members of the Ottawa staff of the Department of National Defence at all hours?

2. If so, (a) how many cars; (b) of what make; (c) when purchased or rented; (d) at what cost in each case; (e) what has been the total cost of upkeep, repairs and garage rent of such cars since the beginning of the present war; (f) to what particular members of the said Ottawa staff are they available?

Mr. M. J. COLDWELL (Rosetown-Biggar):

I should like to direct a question to the Prime Minister, notice of which I sent him this morning. Has he any comments to make with regard to the holding of Canadian seamen in French Guinea by the Vichy government, and will he indicate what effect this action will have, if continued, upon the relations between Canada and the Vichy government?