May 30, 1941 (19th Parliament, 2nd Session)

LIB

James Lorimer Ilsley (Minister of Finance and Receiver General)

Liberal

Mr. ILSLEY:

It has to do with the renumbering of the other sections.
I will explain this amendment to the committee. Under section 8 of the War Exchange Conservation Act, 1940, the governor in council may enter into agreements for increasing Canada's supply of foreign exchange by expanding exports. That does not permit agree-

War Exchange Conservation Act
ments for the conservation of foreign exchange by developing production here which would take the place of imports. It is not desired to take that power in a broad way, because it is a dangerous power and on the whole, I think, undesirable. I would not want to take it for the whole field, because probably it would be expected that the government would be entering into agreements with manufacturing industries and others to give them tax advantages in order to eliminate the competition of foreign imports, which would be protective legislation of a very extreme character.

Topic:   WAR EXCHANGE CONSERVATION ACT
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