CANADIAN DEBT
CONVERSION SCHEME
CONFERENCE OF PREMIERS
NEW YORK, December 11,
The Ottawa correspondent of the "New York Times" learns that the Premier of Ontario (Mr. Mitchell F. Hepburn) today laid before the conference of provincial Premiers of Canada a proposal for a sweeping conversion of Canada's federal and provincial debts in accordance with the Australian plan.
Mr. Hepburn said he proposed that the compulsory features should apply to foreign as well as to Canadian holders of Government Bonds. This the former Prime Minister (Mr. R. B. Bennett) had frequently declared to be impossible.
It is understood that Mr. Hepburn intimated it would be better for bondholders to receive a reduced rate of interest of which they were certain than to drive some provinces to default, one of which, Manitoba, was devoting 65 per cent, of each dollar of revenue to pay interest on its indebtedness. A Dominion guarantee of the provincial debt, with attendant supervision of, provincial finances; also is proposed.
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Bibliographic details
Evening Post, Volume CXX, Issue 143, 13 December 1935, Page 11
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162CANADIAN DEBT Evening Post, Volume CXX, Issue 143, 13 December 1935, Page 11
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