Mr. J. M. Macdonnell (Greenwood):

I

should like to address a question to the Minister of Finance. I am sorry I have not been able to give him notice; the information on which it is based came into my hands only a few minutes ago. It is a report from Dow Jones, and the heading is, "Believed Canadian banks urged to cut down on new loans." The body of the report reads:

A general policy to cut down on new loans is believed to have been agreed upon at a meeting-

Mr. Speaker:

Order. It is unusual for an hon. member to read dispatches.

Mr. Macdonnell (Greenwood):

I will just summarize it. The dispatch says-

Mr. Speaker:

It is just as irregular to summarize a dispatch. Probably the hon. member could ask his question.

Mr. Macdonnell (Greenwood):

I would ask the minister if it is true that a meeting has taken place between the governor of the Bank of Canada and the general managers of the chartered banks at which an agreement and arrangement has been entered into that there will be a reduction in current loans.

Hon. Douglas Abbott (Minister of Finance):

I understand that on Wednesday the governor of the Bank of Canada had one of his periodic meetings with the general managers of the chartered banks, at which lending policy was discussed. I have not seen the announcement to which my hon. friend refers, but undoubtedly the banks made some statement as to the credit policy which they will pursue with respect to new loans.

Mr. Macdonnell (Greenwood):

May I ask

a supplementary question? Does not the minister agree that it would have been much better if that meeting had taken place some time ago?

Mr. Abbott:

That is a matter of opinion.

422 HOUSE OF

Inquiries of the Ministry FISHERIES

Hon. J. J. McCann (Minister of National Revenue):

Mr. Speaker, in reply to the question raised by the hon. member for St. John's West (Mr. Browne) yesterday, I wish to state that I am not aware of any exports of Newfoundland salted codfish from ports in the maritime provinces. It is possible that some Newfoundland exporters may be failing to comply with the requirements of the act respecting permits for the exportation of salt fish by leaving Newfoundland from a place other than a customs port of entry. If my hon. friend has knowledge of any specific instance, he may feel impelled to supply the Newfoundland fisheries board with the particulars.

In the second part of his question, the hon. member asked whether I would consider giving instructions so that these entries can be made at the point of export. In reply I should like the hon. member to know that full and complete instructions have been issued and are in effect at the customs ports of entry, where, according to the requirements of the law, all Newfoundland exporters of salted codfish are required to surrender their permits.

Hon. R. W. Mayhew (Minister of Fisheries):

On Wednesday the hon. member for Skeena (Mr. Applewhaite) inquired if any action is being taken by the Canadian authorities, similar to that reported from the United States, to assure that, when the Japanese peace treaty is being drawn up, adequate protection will be afforded our Pacific coast fisheries against encroachment by Japanese fishermen.

In reply to the question I wish to say that Canada and the United States are bound by several treaties for the conservation and development of some of our most important fisheries on the Pacific coast, and therefore have a mutual interest in protecting these fisheries.

The departments of the two governments responsible for fisheries have been accordingly in consultation with each other with the view of finding an acceptable method for the safeguarding of our joint interest in these fisheries and having it embodied in some form of agreement with Japan.