SESSION OPENS

Southland Times, Issue 21832, 8 October 1932, Page 5

SESSION OPENS

CANADIAN PARLIAMENT EXTENSION OF BANK CHARTERS SPEECH FROM THRONE (United Press Assn.—Telegraph Copyright.) Ottawa, October 6. Legislation to extend the 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, the Earl of Bessborough, at the opening of Parliament to-day, which strikes a highly optimistic outlook on the economic situation. “You will be invited,” his Excellency said, “to extend the Canadian bank charters for one year in order that Parliament may be informed of the results of the proposed World Economic Conference to be called to consider financial, economic and monetary problems before undertaking a tenyearly revision of the Bank Act. Measures for ratification include the agreements made at the Imperial Conference, the carrying into effect of the recommendations of the Royal Commission on railways and transportation and approval of the Canadian-United States-St. Lawrence waterway treaty upon its ratification by the American Senate. A re-distribution in the House of Commons will also be presented. Plans for the re-establishment of the unemployed in various parts of the country are in preparation and are to become operative as soon as the public expenditure incidental thereto can be productive of commensurate benefits. When matters of immediate attention have been considered Parliament will adjourn until early next year.” On .the Imperial Conference agreements the Speech said: “My Government is of the opinion that these agreements provide the means by which will be developed an enduring mutually beneficial scheme for closer economic association and that their early approval is advisable in the national interests.”

Reference is made to Canada’s large wheat crop. Touching on the economic situation the Speech 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 states that Ministers have been able to develop in co-operation with the provinces and municipalities a scheme of direct relief to be put into operation during the autumn and winter months to the extent required by the prevailing conditions.