Publications of National Monetary Commission (9, No. 1)

This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1910 Excerpt: ...We do not call it a bank. Q. I take it you receive deposits? A. We receive deposits. Q. And loan them? A. And loan them, primarily on real-estate securities. The name of the company is the Canada Permanent Mortgage Corporation, of which I am secretary. Q. Do you have debentures of your own to sell against these loans on which you guarantee the payment of the loan and interest? A. We issue debentures, but not against any particular loan or any particular number of loans. Q. They are general? A. General debentures. Q. With your responsibility added to them? A. With our promise to pay. Mr. Weeks. What rate of interest do you pay on deposits? A. Three and one-half per cent. Mr. Vreeland. Have you a statement with you of your bank? A. Yes. By Mr. Weeks: Q. Are these deposits subject to call? A. Subject to thirty days' notice. Q. They are not subject to check at all? A. They are subject to check with that reservation. By Mr. Bonynge: Q. Have you ever enforced the thirty-day notice? A. We never have. Q. Are there many such companies as your company in existence? A. Throughout Canada they vary slightly; there are some which do not take deposits, but only issue debentures. Of all classes, I should say there are seventy or eighty. Q. You are a member of the Bankers' Association? A. No. Mr. Weeks. Do you loan on all kinds of real estate or do you confine it to some particular class? A. No; we make no restrictions. The application is considered on its merits. There are many classes, of course, upon which we should be a good deal more careful in loaning than we should upon others. Mr. Bonynge. You loan upon urban and farm property? A. Both. Mr. Weeks. Do you know how much money is deposited in Canada in such companies as you represent? A. The statement that the governme...