I am informed that under the Canadian Federal system the Dominion has no control over, or responsibility for, municipal financial obligations. Municipalities are created by provincial legislation and are under provincial control. A number of the Provinces have set up municipal boards or commissions which exercise varying degrees of administrative control, particularly where municipalities find difficulty in meeting their obligations. Such difficulties have occurred in recent years as regards some 10 per cent. of the total amount of municipal bonded indebtedness outstanding. It is estimated that about 69 per cent. of all Canadian municipal obligations is payable in Canada, about 7 per cent. in the United Kingdom, and some 24 per cent. in the United States and other countries.