Word: bankes
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Dates: during 1930-1939
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Rather than draw a new banking act under such circumstances, Canada's conservative Premier Bennett got the Canadian Parliament before the end of its record 7½-month session to renew Canadian bank charters for one year, postpone a new banking law until next session. He promised during the Parliamentary recess to have a special commission study Canada's banking, currency and coinage. Last week that commission was at work in Western Canada...
First a day's session was held at Victoria, then a two-day session at Vancouver. The Government of British Columbia asked politely that the banks should be more liberal in their loans, asked that the province and cities should be allowed to borrow directly from the Dominion instead of through the banks. Some businessmen complained that loans were hard to get, because they must be approved by bank officers in the East. Bankers denied this and representatives of several chief industries declared themselves satisfied with bank accommodations offered. Decorum was preserved until an Irish-Canadian barrister, Gerald Grattan...
...hearings were Canada's equivalent of the U.S. Senate's bank investigating show, but they promised to be a far different kind of affair. After Parliament adjourned in May Premier Bennett, rich and pious Anglophile, often mentioned as candidate for a British peerage, was in London at the Economic Conference. There he got a famed Scotsman to head his banking commission: Hugh Pattison MacMillan, Baron of Aberfeldy...
...first of all to raise prices a long way above the present level and then to maintain them at the level thus reached with as much stability as can be managed.'' It discussed (and rejected) devaluation of currencies; it advocated reducing the legal gold reserves of central banks-all this two years before the U.S. began to consider such proposals. In England Premier Bennett induced the author of "The MacMillan Report" to give up his summer holiday, spend two months examining Canada's banking system. For a second member of his commission Mr. Bennett got another...
...muckraking expedition will Lord MacMillan conduct. Last week in Vancouver, when raucous Barrister McGeer implied that the Commission was being paid to entrench the established banking system in Canada, the Scots Lord dropped his tactful manner, declared it "a monstrous suggestion." (The Commission gets no pay, only expenses.) Chief problem before the Commission is whether to recommend establishment of a central bank in Canada. "Nationalization of credit" and other radical experiments are not likely to appeal to its economically cautious members...