Lord Maugham:-

This is an appeal by the Attorney-General of Alberta from a judgment of the Supreme Court of Canada (Duff C.J., Cannon, Crocket, Davis, Kerwin and Hudson JJ.) dated 4th March 1938 on a reference to them by the Governor-General of Canada under S. 55, Supreme Court Act (Revised Statutes of Canada, 1927, c. 35). The subject of the reference and of this appeal is the power of the Legislature of the Province of Alberta to enact three Bills which had been presented to the Lieutenant-Governor of Alberta for assent on 5th October 1937, and reserved by him for the signification of the Governor-General's pleasure. By order in Council dated 2nd November 1937 the Governor-General referred the following questions to the Supreme Court of Canada for hearing and consideration :

1. Is Bill No. 1, entitled ' an Act respecting the Taxation of Banks' or any of the provisions thereof and in what particular or particulars or to what extent intra vires of the Legislature of the Province of Alberta ?

2. Is Bill No. 8, entitled 'an Act to Amend and Consolidate the Credit of Alberta Regulation Act' or any of the provisions thereof and in what particular or particulars or to what extent intra vires of the Legislature of the Province of Alberta ?

3. Is Bill No. 9, entitled 'an Act to ensure the Publication of Accurate News and Information' or any of the provisions thereof and in what particular or particulars or to what extent intra vires of the Legislature of the Province of Alberta ?

By the judgment of the Supreme Court dated 4th March 1938, the unanimous opinion of the Court on each of the three questions propounded was that it should be answered in the negative. It is necessary to set out briefly the scope of the disputed Bills.

Bill No. 1, entitled "an Act respecting the Taxation of Banks."

This Bill applied to every corporation or joint stock company other than the Bank of Canada incorporated for the purpose of doing banking or savings bank business and transacting such business in the Province. The Bill imposed upon every such bank an annual tax, in addition to any tax payable under any other Act, of (a) ½ per cent, on the paid-up capital and (b) 1 percent, on the reserve fund and undivided profits. Default on payment of tax was to be visited with penalties, and payment of either tax or penalty could be enforced by distress and sale of goods and chattels, or by action for civil debts. The tax was declared to be payable to the Provincial Secretary on behalf of His Majesty for the use of the Province. It is important to note that the tax is calculated by reference to the whole of the paid-up capital and reserves made throughout Canada and abroad.

Bill No. 8, entitled "an Act to Amend and Consolidate the Credit of Alberta Regulation Act, 1937."

This Bill applied to "credit institutions,"that is persons or corporations whose business was that of dealing in credit. Such business was defined in the Bill. The Bill required credit institutions carrying on business in the Province to take out licenses from the Provincial Credit Commission constituted by S. 4, Alberta Social Credit Act. Applications for licenses were to be accompanied by an undertaking signed by the applicant to refrain from acting or assisting or encouraging any person to act in a manner which restricts or interferes with the property and civil rights of any person in the Province. A breach of this undertaking might be visited by the Provincial Credit Commission with suspension or revocation of the license, subject to a right of appeal to the Social Credit Board constituted by the above mentioned Social Credit Act.

Before a license was granted to a credit institution, one or more Local Directorates were to be appointed to supervise, direct and control the policy of the institution's dealing in credit for the purpose of preventing any act constituting a restriction or interference with full enjoyment of property and civil rights by any person within the Province. A Local Directorate wa