Mr. Pennell:

I am prepared to give that undertaking, Mr. Speaker.

Motion agreed to and bill read the first time.

Mr. Pennell:

Mr. Chairman, the form of this bill is the same as that passed in previous years. I have one brief comment in respect of clause 7.

Mr. Pennell:

Mr. Chairman, as the committee is aware it is customary at the beginning of a new fiscal year to request $1 billion in net new borrowing authority. This bill before you requests $2 billion. The additional amount of $1 billion is being sought at this time to enable the government, if circumstances require it, to borrow substantial sums in terms of foreign currencies. The full amount of this authority may not be required. It is important, however, for the government to have flexibility in its debt management planning and operation.

To assist the committee I would point out that the total borrowing authority authorized annually by parliament in the last few years have been as follows: 1960-61, $1,500 million; 1961-62, $2,000 million; 1962-63, $2,500 million; 1963-64, $2,000 million; 1964-65, $1,750 million; 1965-66, $1,750 million; 1966-67;

$1,750 million.

I respectfully suggest that this bill follows the usual form of the last few years.

Mr. Pennell moved:

Mr. Pennell:

As to item 5, the additional proportion is required because the expenditures are in excess of the proportion per month while the Senate is in session. The sessional year is usually of eight months duration, thus the customary additional proportion is required. To deal with the item relating to the Commons, the additional proportion is requested to cover expenses of the house while sitting. Expenditures of the house exceed the one twelfth per month while it is in session, as the amount of the vote is based on a sessional year of approximately nine months.

[DOT] (5:10 p.m.)