CANADA

Hawke's Bay Tribune, Volume XXII, Issue 252, 7 October 1932, Page 5

CANADA

PARLIAMENT OPENED

GOVERNOR-GENERAL'S SPEECH.

IMPORTANT BANKING LEGISLATION.

(United Press Association—By CableCopyright.) (Received 7, 10.30 a.m.) Ottawa, Oct. 6. Legislation to extend Canadian bank charters for one year will be introduced this session. This was a feature of the Speech from the Throne, read by the Governor-General at the opening of Parliament to-day. The Speech strikes a highly optimistic note on the economic situation.

“You will be invited,” said the Governor-General, ‘‘ to extend Canadian bank charters for one year in order that Parliament may be informed as to the results of the proposed World Economic and Financial Conference to be called to consider financial, economic and monetary problems before undertaking the ten-yearly revision of the Bank Act. There will also be measures for the ratification of the agreements made at the Imperial Conference, the carrying into effect of the recommendations of the Royal Commission on railways transportation, approval of the Canada-United States St. Lawrence waterway treaty upon ratification by the American Senate. Plans for the re-establishment of the unemployed in various parts of the country are in preparation, to become operative as soon as the public expenditure incident thereto will be productive of commensurate benefits.” When matters of immediate attention are considered Parliament will adjourn until early next year. On Imperial Conference agreements, the Speech said: “My Government are of opinion that these agreements provide means by which will be developed an enduring and mutually beneficial scheme of closer economic association and that their early approval is advisable in the national interests.” Reference is made to Canada’s large wheat crop. Touching the economic situation. it says: “While the economic situation still weighs heavily upon all classes of the community there are at last definite signs that the acuteness of the depression is passing.” Referring to unemployment, the Speech stales: “My Ministers have been able to develop in co-operation with provinces and municipalities a scheme for direct relief, which is to be put into operation during the autumn and winter months to the extent required by the prevailing conditions. ’ ’