HC Deb 01 November 1938 vol 340 cc12-3
21. Mr. Lyons

asked the Secretary of State for Dominion Affairs the present financial position of Alberta; whether any fresh issue of Prosperity Certificates has been made; and what is the position of the bond issue of the province?

23 and 24. Sir John Mellor

asked the Secretary of State for Dominion Affairs (1) whether he will make a further statement with regard to the service of the loans issued by the Government of Alberta in the United Kingdom;

(2) whether he will make a statement with regard to recent legislation by the Government of Alberta affecting loans and mortgages?

Mr. M. MacDonald

As the answer is rather long and contains a number of figures, I will, with my hon. and learned Friends' permission, circulate it in the OFFICIAL REPORT.

Mr. H. G. Williams

Can my right hon. Friend give any indication as to when the Government are going to pay their debts?

Following is the answer:

I am not aware of any substantial change in the financial position of Alberta since the information which I gave to the hon. and learned Member in reply to a question on 8th February last. It appears, however, from an interim financial report of the Province for the three months ended 30th June, 1938, that the total cash surplus for the preceding three months was $482,429, as compared with $97,379 for the corresponding period in 1937. It also appears from this report that the aggregate net funded and unfunded debt of the Province at 30thdune, 1938, was $156,747,689, as compared with a corresponding figure of $158,151,547 quoted in the Provincial Treasurer's Budget speech on 25th February, 1938.

As regards recent legislation of the Province of Alberta affecting loans and mortgages, I understand that the Dominion Government in June last disallowed the Home Owners' Security Act, 1938, and the Securities Tax Act, 1938, of the Legislature of Alberta. It is understood that the Government of Alberta is still prepared to pay interest on its loan issues at the rate of one half the contractual rate. So far as I am aware no fresh issue of Prosperity Certificates has been made.