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EINDUSTRY 2()llljSlliil , , IS MADE il)lflli'l(11f iEVEN THAT RESTRICTED Proposes to Stop All Grants Except Ten-Year Tax Exemption Legislation governing the grant- ing of bonuses to industries by municipalities was introduced yes- terday to the Legislature by Attor- ney-Generral Nickle. It provides that the power of any municipal cor- Poration to grant bonuses is to be limited to a fixed assessment trot longer than for a period of ten years, not renewable, and which itt not to affect taxation for school Purposes or local improvements. Requires Heavy Vote. The hy-law granting such bonds must be passed by a vote exceeding three-quarters of all members ot Council and assent of two-thirds of the electors qualified to vote on money by-laws is required. No per- son interested in any way in the company to be bonueed- is to be per- mitted to vote. No by-law of this kind is to be permitted in respect of bringing an industry of a. similar nature to one established in the municipality unless the person by whom it is carried on consents in writing to the granting of the fixed assessment. It is not permissible under the hill to bonus an industry to bring it to a, municipality from another municipality in, fntario... T. L. - Kennedy (Conservative. Peel) introduced a bill to extend the privileges enjoyed hy townships bor.. daring on cities of over 100,000 popu- lation to townships bordering or within eight miles or such city. His bill also consolidates many points enjoyed now by townships through private bills legislation. Harold Fisher (Liberal. Ottawa West) in- troduced a bill to give municipalities power to round corners of streets, there being doubt as to such powers being contained in the Municipal Act. Explains Vote on O.T.A. Before the Orders of the Day were called J. F. Cain (Labor, Rainy River) explained that he voted against the amendment to the On- tarlo Temperance Act and voted also against the amendment moved to that act by the Leader of the Pro- gressive party. While tsecond' reading was given to a bill respecting the Midland Young Men's Christian Association. at the request of the Premier one of the clauses giving the right to carry on technical and other educational work and teaching, is to be removed from -- __r___- --t-a- An": Lulu Hana-u.-. - -- ___ - -__ the measure. Various private and publlie bills were advanced a. stage during the afternoon. with practi- eaMy no discussion. To Create New Board. irias in BY NICKLE MEASURE Indf ""T'iu-sga, ttai-ei, (3% 'itnoney $5,083,744. The irox'rEé; sad-d, received $5,012,200, and I flamed a loss on exchange of ' 544. I , Both Provineitvl Thwureu' Price 'and Mr. McCpea. brought out the ',fact that in connection with both /.New York translations the Deputy plinlster had accompan'sed to NW Fork Douglas KKVRJdo'ut in the Aid- Arut deal, and Mr. Hodgttur, of Do- vmin-lon Securities, on the Oder & ',Hammond transaction. Hia trip, he .said. had incurred no expense to the CProvinee, and thereto!» he hard' sub- 'mitted no expense account. His ex- :Ipenses were paid on both ocmionswf ' Hon. Manning Dohtsrtgr,, Proust-est: 2 Mr. Matthews-Well, the Minister mad given the instructions to do 11mg, therefore I knew nothing of ithe arrangement beforehand. ban His Place to Crittelze. ', Pressed further on the point of ihis responsibility in the matter, Mr. cMathews stated that he knew mp- mmximabely the condition of ex- o'ithetrtre at the time of the fiotatdons, 'trut as he had no other duty in the omatter than that ot carrying out 1r.aysaxeitions already concluded. he idrd not go into the matter in de- eteri;l. In response to a 'qmuon by 'Mr. McOrea, he and that he would fnot assume to criticize the actions not the Minister pf his departmept. . With Provincial Treasurer Price: tuna Hon. Charles McCrea, Minister" :0f Mines, examining Deputy Trew. Iurer Charles A. Mathews before the: :J'llbliv Accounts Committee of they {Legislature yesterday morning, the) :Govemment brought out the des-, nails of the loss of approximately F200,000, which, it is claimed, the frormer Provincial Treasurer incur- 'red in exchange on $16,000,000 of :New York financing. , After the Provincial Treasurer chad brought out uhe Preliminaries 'in the negotiations between the PepartmenLand the Treasury bill murchasers, he pressed the Deputy "FreasurOr for any intimation he :might have received as to the mmount of profit the purchasers of, "the Treasury bills had made. Mr. IMathews, however, maintained .throughout that, although in bothi deans he had accompanied to New! ','York representatives of the prin-) rivals. he did not know, nor did 119' zinquire. horn! Tur? they profitgd. _. ', Mr. McCrea, however, followed tthe transactions down into details, and presented foe Mr. Mathews's 'Jnspection the calculation that, tak- ing the average at 2 per cent. a; *premium on the transfer of the; 'gnonvey, Douglas K. RMout, the put-I ichaaer of the issue, had made a! Profit of 3126000. 3 'ata s on $5,000,000 Issue. l 1 Following up similarly the 85,- ;000,000 issue, the Minister of Mines pubmitted the estimate that, with exchange at an average of 2 per grant. on May 14, 1923, the exchange icoming to the Canadian owner; m'ould amount to $99,881, or that lthe bill would net in Canadian! . ~-~---o w ww vw'W'W' "'H"T Price, who returned the greeting. 'would amount to $99,881. or that; For next meeting the committee lthe bill would net in Canadian! has arranged to have as witnesses :Jnoney $5,083,744. The Province, hd Douglas K. Ridout and Thomas M. card, received $5,012,200, and 'nMHRoadhouse, both of whom were Rained a loss on exchange or 871.4 mentioned as taking part in the ne- .,'r,44. rtrotiation? of the New _Yor'k loans. . . To both otjhe calculations the glepu'ty Treasurgr wanted, indicat- v _ 7V..." v- """"""""H illulvul' iinsr-, however, that in each can it was based on the assumption that a 5 1-2 per cent. discount rate had , een secured. . "Why did not you. an the respon- ',tiby;.beputk," asked Mr. Mch- ,"advise your Minister " to just the mature of the transaction. so that ithif loss might have been avoided ?" LOSS OF $200,000 IN EXCHANGE RATES EXAMINATION 0F toEi'0Ttitt"isrf, Details of Former Provincial Treasurer's Transactions Probed in Committee 0N TREASURY BILLS Owner; Price Radian has t ce, he! Doug When the committee wt as- sembling former Provincial Treas- urer Smith walked in, greeting the many members whom he Irnew,. among _them Proyineisl Treasurer) Hon. Peter Walks In. ' "I have no hesitation in assuring I your committee that any band trans- 'action in which I was enzated. either directly or indirectly. with the Government was such as I have no reason to be ashamed of, or which will in the slightest degree reflect} either on the late Government or. myself. and in view of the publicity that has Ibeen given me, and the un- fair insinuations made. I trust you will at the earliest possible date give! me an opportunity of appearing be- tore your committee. so that you, and through you the public, may be fully acquainted with the matter referred to so far as I have any knowledge of game." "The company in which I was 111% terested," he said. "has been promi- nently mentioned in this connection) In fact. singled out for attack, al- though I was only one of many who sow such bonds. and the amount sold by my company is com- paratively small compared withl others. Before the committee proceeded with Mr. :Mathewa's examination. Chairman w. J. Finiayson read a letter from G. R. Harris, who: name has been connected with the Provincial Securities Company, in which Mr. Harris asked to be per- mitted to appear before the Publi Accounts Committee. '1 Harris Makes Statement. "What did Mr. Ridout get out the transaction?" asked Mr. Price Mr. Mathewgr--I don't know. "Did he bring back any money any cheques?" . " don't know." "Did he show you any?" "No." k "" '"""" re, tod 'guilt, ,ijiitiiiriihlattiu the in 'ldtu,' that. Wu nothin; W" tn " Winem- thq tll may trtmuer Wom '1'th mngemem had been mm. out courtesy to the principal: in a, Ne? York transaction, To Mr. Price, the l uror related. a. fer J','re:e,t,'g? recollect. hia movement. in New York when he tfr.rtapanaki sr) thou't and Mr. Hodgina "on Uhe m transactions, and he believed tint 1ti each occasion he Stayed at the Com modore Hotel. There were um trips with Mr. Ibidout in eonneetier with valnclal financial bushes: and on the first occasion he and Ma Ridout shared a stateroom. in ete