CANADA'S FINANCE
BANK CONTROL OPPOSED POLITICIAN'S DEFECTION OTTAWA June 8 In a move to upset the Government's plan to gain control of the Bank of Canada by issuing 5,000,000 dollars of stock exceeding that held bv the public, Mr. G; G. McGeer, Member of the House of Commons for v Vancouver, deserted the Government. Supported by Mr. H. H. Stevens, leader of the Reconstruction Party, he moved that a Parliamentary committee be appointed to establish "a properly constituted national bank." The motion was ruled out of order through lack of notice. In attacking the banks, Mr. McGeer said their claim to having 2,000,000,000 dollars on deposit when there were only 294,000,000 dollars in the whole country was an "unchallenged swindle." Mr. McGeer's monetary theory that all interest is evil, with his lack of cooperation with the Government, recently drew a remark from the Prime Minister, Mr. W. L. Mackenzie King, that the place for criticism of the Government was in the Opposition. The new 20,000,000-dollar issue of Government bonds was over-subscribed in two hours.
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New Zealand Herald, Volume LXXIII, Issue 22437, 5 June 1936, Page 11
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174CANADA'S FINANCE New Zealand Herald, Volume LXXIII, Issue 22437, 5 June 1936, Page 11
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