CANADA’S BANK POLICY

Timaru Herald, Volume CXXXVII, Issue 19308, 8 October 1932, Page 17

CANADA’S BANK POLICY

YEAR’S RENEWAL OF CHARTERS

OPTIMISTIC TONE IN GOVERNOR’S SPEECH United Press Association—By Electric 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 at the opening of Parliament to-day, which strikes a highly optimistic outlook on the economic situation. “You will be invited to extend the Canadian bank charters for one year in order that Parliament may be intern ud as to the results of the proposed World Economic Financial Conference to be called to consider financial, economic and monetary problems before undertaking the ten yearly revision of the Bank Act. Measuius ter the ratification of the agreements made at the Imperial Conference, carrying into effect the recommendations of the Royal Commission on Railways transportation, and approval of the Canada-United States-St. Lawrence Waterway Treaty upon ratification by the American Senate, and redistribution in the House of Commons will also be presented. Plans ter the re-establishment of the unemployed in various parts of the country are in preparation, to become operative as soon as public expenditure incident thereto will be productive of commensurate benefits. When matters requiring immediate attention a:c considered, Parliament will adjourn until early next year.” On the Imperial Conference agreements tlno Speech said: “My Government are of opinion that these agreements provide means by which will be developed an enduring, and mutually beneficial scheme of closer economic association, and that their early approval is advisable in the national interests.” Reference was made to Canada's large wheat crop. Touching the economic situation it 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.” j Referring to unemployment, the [ Speech states that Ministers have been | able to develop, in co-operation with I 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.