Mr. HANSON (York-Sunbury):
I think I understand the theory, having had the benefit of a recent conversation with the oil controller. In effect it would appear that this is an indictment of the policy of excess taxation, in one limited field. The minister must know, I think, that the policy adopted with respect to gold mining has had the effect of freezing the business of prospecting. I am informed that this is so, that none of the promoters are willing to put out a dollar in prospecting for further gold ore, in view of what they consider to be the excessive taxation on gold mines. Personally I do not know whether or not that taxation is excessive. 1 am quite willing to see this go through as an experiment, to see what will result, but I hope the minister will be very careful in the exercise of the authority here given. With his native caution I have no doubt he will be careful, and it may be that no undesirable result will follow.
While we are dealing with this project, has the minister anything to report with respect to the powers that were conferred on the governor in council by the legislation now being enlarged, with respect to obtaining more foreign exchange by means of exports? What has been the result of that legislation? How many agreements have been entered into? Has there been any fruit in the way of increased foreign exchange, or is the legislation still in the experimental stage?