February 1, 1938 (18th Parliament, 3rd Session)


Richard Bedford Bennett (Leader of the Official Opposition)

Conservative (1867-1942)

Right Hon. R. B. BENNETT (Leader of the Opposition):

If I might be permitted,
the Australian loan to which I referred was

The Address-Mr. Blackmore
not the loan of November. I was dealing with the prior Australian loan which was at 3{ per cent, as the minister himself knows. I very much regret that the Australian loan of November 1937 is one with which I was not familiar at all. I am very glad the minister has made it clear that the Australian loan of November 1937 was sold on less favourable terms as far as the public is concerned than our own.
But I was going to ask on the orders of the day that the minister make a statement with respect to our loan, setting out what the position was. What he has now said is what I said last evening, that the underwriters saw fit to limit the allotments so that there would not be sales that would depress the market below the three-quarters of one per cent that they received as their underwriting compensation. I think if the minister will look at the Australian figures compared with ours he will see that at the time they did issue their 3J per cent loan it was on more favourable terms than ours, but perhaps it is not fair to compare what took place some time ago with what took place later.

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