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

LIB

William Stevens Fielding (Minister of Finance and Receiver General)

Liberal

Mr. FIELDING.

I cannot see that the directors are relieved of responsibility by the powers we give them. The directors' responsibility remains the same and while we give them power to invest in the stock, bond or debenture of any company, they still have on themselves the obligation to apply business principles to that investment. It is possible that the directors under this might invest in the common stock of a company which was worth little, but the chances of that being done are so slight that it is not worth guarding against, unless in the case of trust funds, in which case we should insist upon investment in gilt-edged securities only. But these are not Mr. FOSTER.
trust funds, they are the funds of the company, and I think we are bound to give them some latitude, relying on their exercising the ordinary business sagacity that a man will exercise in dealing with his own money.

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