April 17, 1905 (10th Parliament, 1st Session)

CON

Robert Laird Borden (Leader of the Official Opposition)

Conservative (1867-1942)

Mr. R. L. BORDEN.

I do not know that there is so very much objection to that, because a real estate security may be worthless-the company might loan on a piece of land of very little value. But the point mentioned by the hon. member for North Toronto (Mr. Foster), it seems to me, is more important. You could uardly give a wider scope of investment to these directors than to say that they may invest 'on the security of the debentures, bonds, stock and other securities of any chartered bank or company incorporated under the authority of the parliament of Canada, or of the legislature of any province of Canada.' If we look over the records of this parliament and of the local legislatures, I think we must be convinced that it would be better to leave the directors to their own discretion rather than to make a merely nominal restriction of this kind. We know that companies are incorporated for all sorts of purposes, including those of a most speculative character1, and that the securities of many of these companies are absolutely worthless.

Topic:   PRIVATE BILLS.
Subtopic:   TITLE, GUARANTEE AND TRUST COMPANY.
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