Note: Where available, the PDF/Word icon below is provided to view the complete and fully formatted document
Thursday, 26 September 1912

Senator ST LEDGER (Queensland) . - I wish to make a personal explanation regarding a statement I made during the debate on the Budget-speech yesterday. In answer to an inquiry with regard to the gold reserve of Canada, I said that the Dominion, with regard to its notes, held gold or its equivalent up to 80 per cent. That statement was not quite correct. I was speaking on the authority of an article which I had read.

Senator McGregor - I thought not.

Senator ST LEDGER - In justice to the writer of the article, as well as in justice to myself and the subject, I propose to quote my authority. The passage is from the Australasian Insurance and Banking Record of August, 1912, page 656 -

Against the first $30,000,000 a reserve of 35 per cent. in specie ; against allissues in excess of $3,000,000, a reserve of 100 per cent. in specie. The specie held by the Canadian Treasury on 30th April,1912, amounted to $98,570,939. Of this amount, $5,754,170 repre sented the lawful reserve of 10 per cent. against the deposits in the Post Office and Government

Savings banks. The remainder - $92,816,758 - represented the specie reserve against the issue of $113,169,712 of Dominion notes. The specie therefore represented 82 per cent, of the issue of notes. It consists almost altogether of gold -British and United States coins.

Question resolved in the affirmative.

Suggest corrections