COMMONS AMENDMENTS. A message was received from the House of Commons, returning Bill (L) "An Act to amend the Petroleum Act of 1880," with certain amendments to which they desired the concurrence of the Senate. Hon. Mr. AIKINS explained that the first amendment had reference to the gravity of oil, reducing it from 8.02 to 8.05. The other amendment was to provide for the erasing of the Inspector's mark on barrels or packages containing petroleum after they have become empty, so that they cannot be refilled with oil and sold without inspection. He moved that the amendments be concurred in. Hon. Mr. DICKEY objected to the adoption of the amendments without further consideration. His impression was that the last amendment was a very arbitrary one, because it imposed a penalty upon any person, no matter how innocent, who might have in his possession an empty petroleum barrel from which the Inspector's mark had not been obliterated. If the party should sell the cask he (Mr. Dickey) could readily understand the reason for imposing a penalty for not erasing the mark, but why a a kept such cask, person who it for the and used perhaps purpose of collecting water, should be exposed to a penalty was a thing that required explanation. The object of erasing the mark was, no doubt, to prevent parties from sending such casks across to the United States, and having them refilled with inferior American petroleum. Hon. Mr. AIKINS said such casks might also be refilled with inferior Canadian oil, and as long as the Inspector's marks were on them it would be impos sible to say whether the oil had been inspected or not. He thought the amendment was a reasonable one. The amendment was concurred in. THE VENTILATION OF THE PARLIAMENT BUILDINGS. MOTION. Hon. Mr. REESOR Before the Snate adjourns I should like to call the attention of hon. gentlemen to the fact that nothing has been done during the present session towards appointing a Committee to inquire into the very unsatisfactory ventilation in portions of this building. This hall has been well ventilated, as, no doubt, all subjects have been that have been discussed in it, but it is a fact, nevertheless, that the corridors of the building and the committee rooms have been sometimes in a condition anything but healthful or comfortable to those who have had to occupy them. Although the session is near its close, I think it would be well to appoint a Committee to inquire into the causes of the impure air that is allowed to escape from some portions of the building and fill the corridors and rooms. I believe the Government intend to make some improvements in the building after the session. The object of the appointment of a Committee is simply to call the attention of the Government to the defects which experience in the use and actual occupation of the building have brought to light, and then leave the Government to take such action as they may deem expedient. I therefore move : saved the inhaling of impure air. Par- subject of ventilation in the other House liament will prorogue in a short time, and it will not be possible for a Committee to give this important matter the attention that it should receive. I suppose the House is aware that the attention of the Government has been called in another place to the subject, and that a sum has been placed in the Estimates to cover the cost of such improvements as may be found necessary. I have no doubt | the investigation which is to take place, and the improvements which are to be made, will extend to the whole building. There is no objection to the Committee. this session the Minister of Public Works asked Mr. Rochester to leave the matter in the hands of the Government, and they would be responsible for the' proper ventilation of that House. If the Committee asked for by my hon. friend should be granted, I have no doubt they can bring facts before the Minister of Public Works with good effect, and I am sure that Mr. Langevin, who has shown himself so active in remedying the defects in the ventilation of this House to which his attention was called two years ago, will make such additional improvements as a committee of this House may represent to him are necessary. The motion was agreed to. The Senate adjourned at 4.45 p. m. THE SENATE. Wednesday, March 16th, 1881. The Speaker took the chair at three p.m. Prayers and routine proceedings. MONTREAL, PORTLAND AND BOSTON RAILWAY COMPANY'S BILL. THIRD READING. Hon. Dr. BROUSE—I am sure that no member of the Government would object to some action being taken in this respect. Some two years ago, after coming to this House, and after having taken an active part in securing needed improvements in the other Chainber, I spent some time in passing through the various rooms in the attic of this part of the building. I found there a state of things that few hon. gentlemen are aware of. I found that one large duct conveyed all the impurities from the closets and chambers in which we occupy our time during the day, and the current passed out to the shaft. It was all right while the current passed outward, but, as we all know, certain changes in the atmosphere reverse the current, Hon. Mr. DICKEY, from the Comand when those changes occurred the im-mittee on Railways, Telegraphs and pure air was carried back into our rooms. I called the attention of the engineer to the fact, and said it was a matter which should be brought before the House. He immediately placed the fact before the Minister of Public Works, who at once gave orders that the arrangements should be changed. The improvement was effected by constructing separate shafts from the closets, and ever since, when there are changes in the atmosphere, the impure air from them is not driven back into our reoms. During the last two years hon. gentlemen may have observed that the air in this part of the building has been better, but other changes are necessary. We find that impure air driven back into the closets has escaped into the corridors of the building, and this defect must be remedied. When attention was called to the Harbors, reported Bill (53) "An Act third reading of the Bill. The Bill was Hon. Mr. CHAFFERS moved the NORTHERN RAILWAY INTERPRETA- THIRD READING. mittee on Railways, Telegraphs and to remove doubts as to the true con- Hon. Mr. ALLAN moved the third reading of the Bill. Hon. Mr. VIDAL objected on the ground that there was another Bill relative to the same Company which would come before the House for its third reading to-morrow, and he thought the third reading of this Bill should be postponed to the same time. Hon. Mr. ALLAN thought the objection a very extraordinary one. This Bill had nothing whatever to do with the other. It had been carefully considered by the Railway Committees of both Houses. Hon. Mr. MILLER said the objection was an unusual one. The two Bills had no relation to each other. Hon. Mr. VIDAL said he had expressed his sentiments in the belief that other members of the House had entertained the same objection. If, however, nobody else objected, he would withdraw his opposition. The Bill was and passed. read the third time "Deposits of the r'ederal Government, deposits of the Provincial Governments, other deposits payable on demand, Dominion Government deposits, Provincial Government deposits and other deposits payable after notice or on a fixed day; special poor fund or charity fund trust, liabilities not included under the following heads." So that all the particulars which we thought the other day should be supplied, seem to be already furnished from month to month, and are published in the Canada Gazette. It only shows that the Gazette does not reach the public to any great extent, when my hon. friend from Victoria was not aware of the publication. It is now suggested to me that, in addition to these returns, these banks should be compelled to publish a list of their shareholders, as other banks do. There is no objection to that, and I see no reason why they should not be furnished. Hon. Mr. RYAN Although the returns appear to be to a certain extent satisfactory, yet I think there is a great deal to be said upon the constitution of SA VINGS BANKS LAWS AMENDMENT savings banks since they have become BILL. IN COMMITTEE. The House went into Committee of the Whole on Bill (83) " An Act further to amend an Act respecting certain Savings Banks in the Provinces of Ontario and Quebec, and to continue for a limited time the charter of certain Banks to which the said Act applies." In the Committee, Hon. Sir ALEX. CAMPBELL When this Bill was read the second time I said that it was lacking in regard to the schedule calling for returns such as ordinary banks furnish, and I was of course then under the impression that that was a want that should be supplied; but, on referring to the Deputy Minister of Finance, he informs me that the law already provides for such returns ; in fact they are furnished from month to month. I gave one to my hon. friend from Victoria to look at, and to ascertain whether in his judgment, and the judgment of other hon. gentlemen familiar with banking, any other detail was necessary. The returns are given under the Act, and include the following items: once proprietary banks. I must confess, in view of the safety of the poorer classes, who trust all of their savings to the custody of banks of this sort, that every means to protect those depositors should be taken in legislating for so called savings banks. 1 think this is very essential, and I must say at that I believe the custody of deposits of that character should be in no other hands than those of the Government, and that the Government should be accountable to these poor people for the safety of their savings. This would not only ensure a greater degree of safety to the depositors, but it would also be a very legitimate source of revenue to the country at large. I saw, by looking at a paper which fell in my way yesterday, a communication from Newfoundland, as follows: "By virtue of an Act passed in 1870 to appropriate the reserve fund of the savings banks to the redemption of the public debt, the first instalment of $100,000 of that fund has lately been applied to this purpose, and debentures to this amount cancelled, thus effecting.a reduction of $5,000 a year in the charge of interest." Well, hon. gentlemen that seems a considerable amount for Newfound adminis-sire to call attention to is that in such returns I think banks should state whether the landed property they hold is held as collateral security or otherwise. These savings banks are invested with great powers and privileges. Originally, they were restricted in their investments to certain classes of securities chiefly Government securities, which was in the right direction but, by a subsequent Act amending their original Act, they were given the liberty of investing in all sorts of securities, and I may say there is always a temptation to a proprietary bank land to make out of the tration of her savings banks, and I call the attention of the Government to the fact that it would be a very fair and legitimate source of revenue to the Dominion to take the savings banks into the hands of the Government, and administer them as a Government institution, a step which would also inure very greatly to the safety of the people making deposits. It might be said, and with a considerable degree of force, that those banks have already been granted charters, and it is impossible for you to sweep them away immediately; well, we are now come to a whose interest it is to repoint where we are asked to renew char- alize for its proprietors large profits ters for ten years, and it strikes me that to invest in uncertain and specuto give charters for a shorter time, with lative stocks, on which great profit or an intimation that the Government were great loss may be made. I know it about to consider the propriety of taking has been currently reported that the management of savings banks into banks of this description have from time their own hands hereafter, would be a to time invested in very doubtful and very wise and excellent proceeding. In fluctuating stocks; I do not know of any this case the Government would decide particular case myself, but I have heard whether they should grant renewals of that complaint very freely made. Again, the charters for a certain period, say, two reverting to the return which my hon. or five years, but even two years would friend the Postmaster General mentioned, be a sufficient notice to the banks which I think that it would be advisable that it are now operating as the custodians of should state how much is advanced on the savings of the poorer classes. It landed property, and whether the landed would be a notice to them that the Gov-property is taken as collateral or otherernment intended to remove that busi- wise. There is another item, that under ness to their own custody, and the banks could make their preparations accordingly. In regard to the returns of some of the banks, one of them which the hon. Postmaster General was kind enough to hand me contains what I think requires explanation. Of course, I merely call attention to it now, because there is no time at present for examining into these things; and I really think that the officers of the Department to which these re-tered banks possess; and I think the turns are made ought to look more closely into them, ask questions, and investigate the statements which come before them carefully. I find in one of the returns which the hon. Postmaster General was kind enough to show me that, under the heading "other assets not included in the foregoing," are" landed property of the bank, $339,882.59." That, to a bank having a paid up capital of only $600,000 seems to me to be a large sum to be invested in real estate. I admit this return does not say whether the real estate belongs to the bank or is held only as collateral security, but what I de the head of Miscellaneous Assets. In this no explanation is given of what these consist of. Again, it might be well that a company of this sort, having advances for which bank stocks are held as security to the amount of $2,106,000 should have a larger paid up capital than $600,000. With regard to advancing on bank stocks, that is a privilege given to savings banks which none of the char restriction, if it be necessary toward the regular chartered banks, should apply also to savings banks, whose transactions should be doubly scrutinized in the interest of the depositors. As the return before me stands, it shows advances of over $2,000,000 on bank stocks, against paid up capital of only $600,000. There is another point in which savings banks have a very great advantage over other banks, and which I do not see any good reason for their having; that is, that banks of this description are of limited liability, and that the double liability does not attach to them as to the other chartered banks. I do not see why banks of that description, particularly when they become proprietary banks, should be favored in that way when they are doing an almost similar business, with the exception of issuing notes. I merely offer these suggestions in reference to the Bill before the House, thinking that the time is come when it is well worth while to consider whether, in the first place, we should not put greater restrictions upon these banks as to the securities in which they invest; and, in the second place, whether it would not be well for the Government to consider the propriety of taking these institutions into their own hands, and, instead of renewing the charters for 10 years, to restrict their operation to 2, 3, or 5 years, as may be deemed advisable. Hon. Mr. BUREAU - Is it provided in the Bill that these savings banks should be subject to any additional laws that hereafter be passed by the Parliament of Canada? may Yes. Hon. Mr. RYAN Hon. Mr. BUREAU In the charters of the other banks it is provided that they shall be subject to amendments to the general Act. It may happen that at some future period savings banks will be established by the Government in the different provinces. It would be a great benefit, and the matter has been spoken of often. Such a general act would then be passed and regulations wisely adopted for the security of the people of the country who might deposit their money in these institutions. If there is such a clause, I think there will be very little objection, at this period of the session, to adopting the Bill as it is. Hon. Sir ALEX. CAMPBELL There is such a clanse. banks to invest in all kinds of securities, these institutions should not be too much restricted, as it must be borne in mind that in order to induce people to deposit their earnings in savings banks the banks must be in a position to offer a certain amount of interest. If they are restricted in such a way that they cannot invest their money to advantage they cannot offer to pay such interest on de posits as will induce the people to deal with them. I think that excess either way should be avoided. Yet. local Hon. Mr. SCOTTI notice that this Bill proposes to deal with savings banks in Quebec and Ontario. Is my hon. friend aware whether the institution known as the Savings Bank of Toronto is still in existence, or what its present In 1879 I think it was position is? allowed to become absorbed into a loan company which was doing business as a savings bank under a charter from the Local Legislature; and it seems to me to be a rather anomalous position. This Bill professes to deal with savings banks of Ontario. I know of no other savings bank in Ontario but that one, and it certainly occupies an anomalous position, as the Local Legislature has no power to grant charters to savings banks. this local company, holding a charter, has purchased by the authority of the Federal Government this Toronto Savings Bank, and, I am told, is carrying on a savings bank business under its local charter, designating itself as the successor to the Toronto Savings Bank, and using the words "savings bank" in its corporate title. I desire to call the attention of the Government to it, that they may ascertain, if necessary, whether this Company is carrying on business improperly or not. I understand that they have made no returns, and that they are practically doing business in defiance of the Parliament of Canada. As a savings bank, they are bound to make certain returns; they have made no returns, and they shelter themselves under the plea that they hold their charter under the Joint Stock Companies Act of Ontario. I call attention to it because I think it is highly important that the Company should not be allowed to carry on a savings bank business except un ler |