CANADA’S DEBTS

Hokitika Guardian, 13 February 1933, Page 8

CANADA’S DEBTS

REVIEW" BY BANKING COMMITTED VERY PERPLEXING PROBLEM. OTTAWA, 1 Amiaiy 6. Tt was agreed • to-day by the Minister of Justice (AH' Guthrie; that Ch* banking ccmaiitte, * of the H-ou-c will fitiuly the problem of publ'ic and private debts and interest rates. Air Guthrie supported a resolution submitted by Air Allred -Spcakman, of tn> United Farmers’ Association for Red Deer which asked the Government to submit the problem oT debtc; and interest rates. If any practical solution could •••b* found th, 2 Minister and Mr - Spcakman would receive the thanks of many people 'from one end of Canada to the other. The question had vast -perplexities, and should be studied carefully. _ Air Speakman said the resolution recites that the .question of public and private in.debtednness has become one of our greatest and most perplexing problem!!, enhanced during t,h. e past year by the extremely ]ow price level of .all primary commodities, through which this indebtedness must, m n large part, be nvA, and the effect ot which has be?n to double and treble the actual burden. Thi, s ha s been re-(•og’?i;-:cd in r <«pect to certain international obligations of many countries. No such recognition has ynt been given to heavy private indebtedness of the public debt, though theso togcflmv.ffh high interest rates constitute just as heavy and impossible a bard n to i-wdividuals n s the national and international obl’amijons to the counti-ms concerned. This 'is one of tlie s ion, and is one of tip. greatest b-an’iVs to tlq. financial recovery oT agrbae.i,nr' factors in the present economic depres.