January 25, 1926 (15th Parliament, 1st Session)


Thomas Cantley

Conservative (1867-1942)


Mr. Speaker, there seems to be some misapprehension, and I take it that the hon. gentleman who has just spoken really desires information. When the British Empire Steel Corporation was formed, it embraced in the province of Nova Scotia, the Dominion Coal Company, the Dominion Steel Company, the Scotia Company-or the Nova Scotia Steel and Coal Company, to give its full name

and two subsidiaries of the last named company, the Acadia Coal Company and the Eastern Car Company. I have been a director of the Scotia Company for twenty-five years and I am proud of it; I have been associated with it for forty years. I never became a director of Besco. I am not now, and never intend to be. The reason these corporations are kept in existence is that there are underlying securities of all three corporations which could not be wiped off except by paying a premium, and to get sufficient money to replace the securities, the bonds and debentures would have meant a cost of $2,000,000 or $3,000,000 at least.
For that reason Besco has continued the independent corporate existence of these different companies. I have remained on the board partially because I wanted to have an opportunity of watching what our friends the Besco were doing with these corporations in which I have had a vital interest for a long time. Beyond that I have no interest whatever in them, and as I said before I have no connection with the Besco corporation as such. I have been asked to join the Besco board on several occasions, and have declined. I hope I have made myself perfectly clear.

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