BANK OF CANADA
GOVERNMENT CONTROL FIRST STEP ANNOUNCED OTTAWA, June 1 The first step toward the gaining of the control of the Bank of Canada by the Government was taken by the Finance Minister, Mr. Charles Dupning, in the House of Commons to-day. A resolution was passed authorising him to issue sufficient new stock to offset the stock already issued to the public. The Government also will elect sufficient directors to gain voting control of the bank, which originally was set up by the Conservative Government and only gave the Government control of the appointment of the governor and power to restrict the issue of shares to any one individual to 20. The Government also announces that a 30 years' 207,000,000-dollar bond issue at 3£ per cent interest will be offered to the public to-morrow. The Minister of National Revenue, Mr. J. L. Ilsley, announces that April and May income tax collections increased by 8,000,000 dollars to 59,000,000 /dollars.
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New Zealand Herald, Volume LXXIII, Issue 22435, 3 June 1936, Page 13
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159BANK OF CANADA New Zealand Herald, Volume LXXIII, Issue 22435, 3 June 1936, Page 13
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