ALBERTA FAILS
MATURING BONDS GO UNPAID RESULT OF REFUSED LOAN (United Press Assn.— Telegraph Copyright.) (Rec. 5.5 p.m.) Edmonton, April 2. Refused a loan by the Dominion Government when it would not agree to come under the Dominion Loan Council controlling borrowing, Alberta to-day became the first Canadian Province to default, as 3,200,000 dollars in maturing bonds went impaid. Tabling correspondence with Mr W. Aberhart in the House of Commons, the Finance Minister (Mr C. A. Dunning) revealed that the Social Credit Premier, instead of accepting the supervision of the Loan Council, suggested that the Dominion retain annual provincial subsidies of 250,000 dollars against the loan, or accept control of Alberta’s natural resources as a collateral. Mr Dunning replied that the Dominion was already relying on these as security for previous loans. Following Alberta’s default, Mr Aberhart introduced in the Legislature a Bill providing for the compulsory refunding of Alberta’s debt of 160,000,000 dollars at reduced interest. The Bill was one of the reasons why Mr Dunning refused the loan.
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Southland Times, Issue 22856, 3 April 1936, Page 7
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170ALBERTA FAILS Southland Times, Issue 22856, 3 April 1936, Page 7
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