CONTROL OF BANKING.

Ashburton Guardian, Volume 57, Issue 253, 6 August 1937, Page 5

CONTROL OF BANKING.

THE PROPOSALS IN ALBERTA. A CONSTITUTIONAL STRUGGLE. (United Press Association- —Copyright.) (Received This Day,. 12,40 P-m.) MONTREAL, August 5. A telegram from Edmonton (Alberta) states that a constitutional struggle has begun-over Mr W.'Aberhart’s Bill to control the banks.. The Bill provides for 500-dollar licenses for all financial institutions, with five dollars for all employees, except the Bank of Canada, A special Credit Board will control the licenses and have power to refuse or (cancel them. Trust, loan and insurance companies : -will be included in the licenses only, after pledges have been giyen that they will.not disturb the property rights of f any. citizen in Alberta. .: ' A supplementary Bill closes the Alberta courts to: any action involving the constitutionality 1 ’" •of '' Alberta statutes. ■ - ■ ■ . Financiers are considering making a demand to the Dominion Government to disallow the Act, and will appeal to the Supreme Court bf. Canada to declare it ultra, vires. They demand that the Lieutenant-Governor -refuse to sign it under the provisions of the British North America Act that banking measures are reserved for the Dominion Government.