Mr. ROLAND BEAUDRY (St. James):

On a question of privilege, Mr. Speaker, I draw to your attention page 788 of yesterday's Hansard which contains a quotation given to the house by the hon. member for Broadview (Mr. Church) which reads as follows: '

Wisdom for the Wise

The game of committees for finding out facts Is the latest pursuit that our leaders attract; But as games have a habit of turning about There's a very big risk lest the facts find them out.

So this I would say, though it's not very nice To give one's political betters advice,

Their plans would work smoother and cause less derision

If they found the facts first, and then made their decision.

May I respectfully suggest to Your Honour that I have found another version of the quotation which may have escaped the attention of the hon. member for Broadview.

Order.

Mr. BEAUDRY:

I believe that this other version should be drawn to your attention.

Sit down.

Mr. SPEAKER:

I have the honour to inform the house that the Clerk has laid on the table the fifteenth report of the clerk of petitions.

Mr. BEAUDRY:

I submit, Mr. Speaker-Some hon. MEMBERS: Sit down.

Mr. BEAUDRY:

I submit most respectfully that this is a matter of privilege which should be heard.

Mr. SPEAKER:

I would ask the hon. member to resume his seat while the clerk assistant is reading the report of the clerk of petitions.

Mr. MaeINNIS: How many persons can be speaking at once in this house?

Hon. DOUGLAS ABBOTT (Minister of Finance):

Last Friday the hon. member for Muskoka-Ontario (Mr. Maedonnell) addressed the following question to me:

The daily press carries a report that Albert Edward De Palma has forfeited bail totalling $50,000 in the United States courts, which I presume was paid in United States funds. Can the minister tell us whether this money was obtained through the foreign exchange control board?

I have made inquiries and I find that the circumstances in this case, so far as the foreign exchange control board was concerned, are as follows:

Following De Palma's arrest in the United States, United States Fidelity and Guaranty Company, Toronto, which is a branch of an American company of the same name, advised us that De Palma had applied to the American company in the United States for a bail bond for $50,000. As collateral security for the bail bond, the American company was prepared to accept $62,500 in Canadian funds to be deposited with its Canadian branch. The board agreed to this arrangement on condition that in the event of a claim against United States Fidelity and Guaranty Company under the bail bond, there would be no commitment on the part of the board to approve a transfer of the collateral security which might be forfeited by the Canadian branch to the head office of the company in the United States.

As De Palma has now evidently forfeited his bail, the position would appear to be that United States Fidelity and Guaranty Company will forfeit the Canadian dollar collateral which will become part of the assets of the Canadian branch. The amount may not be transferred to the parent company in the United States in United States dollars or otherwise without the board's permission and in accordance with the condition notified to the company, it is not intended to authorize any such transfer.

Inquiries oj the Ministry

Mr. FLEMING:

May I ask the Minister of Finance a question arising out of this statement? Do the two figures he quoted, the $50,000 in United States funds and $62,500 in Canadian funds, represent the view of the foreign exchange control board as to the respective values of the United States and Canadian dollars? If so the premium is 25 per cent.

Mr. ABBOTT:

The foreign exchange control board have no control over the amount of collateral which the United States company was prepared to take.