May 10, 1933 (17th Parliament, 4th Session)


Edmond Baird Ryckman (Minister of National Revenue)

Conservative (1867-1942)


If my hon. friend will
follow the section I think he will see that we have just put into words what the department has been doing since September when England went off the gold standard. We provided by orders in council for the exchange value of the pound for duty purposes. We provided also for the exchange value of the pound for special duty purposes. Then, as exchange was moving up and down, and as stability or an attempt at stability was desirable, we passed orders in council from time to time fixing the average value of the pound for special duty purposes. Having done that we found, and this appears in the section, that in order to avoid the payment of special duty, no matter what might be the exchange value of the pound, there were some who were selling at the fixed value of the pound for special duty purposes, thereby avoiding the payment of any special duty. There were certain articles of trade, such as wool, which had a gold value, and it was necessary for us to make orders in council in reference to the trade in wool. The trade in wines bottled in England, a trade which had been in existence for many years and was on a gold basis throughout the world, had to be provided for. These different movements and others, [DOT] if hon. members will accept this long sentence which is Gladstonian in its proportions, will develop just exactly the course of the department in handling the business. I hope that this lengthy explanation will be at least in a measure satisfactory.

Full View