Proceedings of the Standing Senate Committee on
Banking, Trade and Commerce

Issue 21 - Minutes of Proceedings

OTTAWA, Tuesday, June 2, 1998
(37)

[English]

The Standing Senate Committee on Banking, Trade and Commerce met this day at 9:35 a.m. in Room 505, Victoria Building, the Chairman, the Honourable Michael Kirby, presiding.

Members of the committee present: The Honourable Senators Callbeck, Hervieux-Payette, P.C., Kelleher, P.C., Kirby, Kolber, Meighen, Oliver, Stewart and Tkachuk (9).

In attendance: From the Parliamentary Research Branch, Library of Parliament, Mr. Gerry Goldstein, Director, Economics Division and Ms Margaret Smith, Research Officer, Law and Government Division.

Also present: The official reporters of the Senate.

WITNESSES:

From Perigee Investment Counsel:

Mr. Lloyd Atkinson, Chief Investment Officer.

From IMASCO:

Mr. Purdy Crawford, Chairman of IMASCO and Canada Trust.

Pursuant to the Order of Reference adopted by the Senate on Wednesday, October 22, 1997, the committee resumed its examination into the state of the financial system in Canada and in particular its study of institutional investors. (See Issue No. 1, October 23, 1997, for the full text of the Order of Reference.)

Mr. Atkinson made an opening statement and then answered questions.

Mr. Crawford made an opening statement and then answered questions.

At 11:45 a.m. the committee adjourned to the call of the Chair.

ATTEST:

OTTAWA, Tuesday, June 2, 1998

(38)

[English]

The Standing Senate Committee on Banking, Trade and Commerce met this day at 5:40 p.m. in room 505, Victoria Building, the Chairman, the Honourable Michael Kirby, presiding.

Members of the committee present: The Honourable Senators Austin, Callbeck, Hébert, Hervieux-Payette, P.C., Kelleher, P.C., Kirby, Kolber, Meighen, Oliver, Simard, Stewart and Tkachuk. (12)

In attendance: From the Parliamentary Research Branch, Library of Parliament, Mr. Gerry Goldstein, Director, Economics Division and Ms Margaret Smith, Research Officer, Law and Government Division.

Also present: The official reporters of the Senate.

WITNESSES:

By videoconference:

From the University of Melbourne:

Dr. Ian Harper, Professor.

Pursuant to the Order of Reference adopted by the Senate on Wednesday, October 22, 1997, the Committee resumed its examination into the state of the financial system in Canada and in particular its study of institutional investors. (See Issue No. 1, October 23, 1997, for the full text of the Order of Reference.)

Dr. Harper made an opening statement and then answered questions.

Pursuant to the Order of Reference adopted by the Senate on Tuesday, May 12, 1998, the Committee proceeded to study Bill C-28, An Act to amend the Income Tax Act, the Income Tax Application Rules, the Bankruptcy and Insolvency Act, the Canada Pension Plan, the Children's Special Allowances Act, the Companies' Creditors Arrangement Act, the Cultural Property Export and Import Act, the Customs Act, the Customs Tariff, the Employment Insurance Act, the Excise Tax Act, the Federal-Provincial Fiscal Arrangements Act, the Income Tax Conventions Interpretation Act, the Old Age Security Act, the Tax Court of Canada Act, the Tax Rebate Discounting Act, the Unemployment Insurance Act, the Western Grain Transition Payments Act and certain Acts related to the Income Tax Act. (See issue No. 20, May 26, 1998, for the full text of the order of Reference.)

It was moved by Senator Tkachuk, seconded by Senator Oliver, That -- the Minister of Finance appear on Bill C-28.

After discussion, it was agreed That -- the motion be withdrawn and That -- Bill C-28 be adopted and reported to the Senate without amendment but with observations.

The committee proceeded, in camera, to discuss future business.

At 8:05 p.m. the committee adjourned to the call of the Chair.

ATTEST:

Gary Levy

Clerk of the Committee