CANADIAN FINANCE.
REFUNDING PROVINCIAL LOANS.
(United Press Association—Copyright) OTTAAVA, January]' 14. The Federal guarantee for refunding of Provincial loans, announced by the Minister of Finance yesterday, would be backed by a specific security, including Dominion subsidies payable to the provinces. Amendments to the British North America Act will be initiated to give the Dominion, the necessary powers, including the power to tako action in the event of default. The Loan Council will be composed of the Dominion Minister for Finance and the Treasurer of the province concerned, with the Governor of the Bank of Canada as adviser. It has also been agreed to establish a National Finance Council to coordinate all financial policies, composed of the Minister for Finance, the provincial treasurers, and the governors of the Bank of Canada as adviser. It is agreed that the Government should initiate amendments to the British North America Act, dealing with the taxing rights of provinces, and also that the Dominion should collect provincial income taxes when requested.
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Ashburton Guardian, Volume 56, Issue 80, 16 January 1936, Page 6
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166CANADIAN FINANCE. Ashburton Guardian, Volume 56, Issue 80, 16 January 1936, Page 6
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