ALBERTA’S PROBLEMS

Otago Daily Times, Issue 22833, 18 March 1936, Page 9

ALBERTA’S PROBLEMS

THE DEBT CONVERSION LEGISLATION PROMISED EDMONTON, March 16. (Received March 17. at 5.5 p.m.) The Rev. A. Aberhart (Premier of Alberta) announces that legislation to call in all Alberta bonds and replace them with a new issue bearing 3 per cent, or less will be introduced in the Legislature within 10 days as the compulsory conversion of 160,000,000 dollars of provincial debt to save 7000 dollars a day in interest. He is also planning legislation to compel a reduction of high home mortgage interest rates. He Stated that he has waited since December for some word from bondholders regarding interest reduction, but lias bad no response, so must go ahead with compulsory measures. The new proposed Alberta business code plans to unite all retailers in an organisation to protect industry from alleged abuses, as lawyers and doctors protect their professions. Maximum and minimum prices will be set for all products and strict legislation is promised against misleading advertising and unethical practices. When a commodity is sold at prices which are considered too high or too low a newly-established trade department will investigate the matter.