May 8, 1919 (13th Parliament, 2nd Session)

Mr. McKENZIB:

I would like to ask the minister in connection with the many borrowings and bonds of the Government that are outstanding, has the Government any power to recall those bonds at any time, or must they remain outstanding for a set period of years? We are paying very heavy interest; that we can readily understand, having regard to the nature of the period through which we have been passing. But we hope that some day we shall get back to normal times, when money can be borrowed much cheaper than it can be borrowed now. If the Government had power to call in these bonds., pay them off, and convert them into new securities at a smaller rate of interest, it would be very much in the interest of the country. Will the minister retain to himself such powers in connection with future borrowings if he has to pay a very high rate of interest?