The following text may have been generated by Optical Character Recognition, with varying degrees of accuracy. Reader beware!

Surg:nspl assels after deaucting lia-- lities presently payable...... .. ..$5,859,066 39 It will be ssen after deductingliabilities presently payable we have a surplus of $66G 39. (Loud cheers.) -- Honourable gentiomen opposite, he sup-- pased irom the manner in which they ieceived that intelligence, would be iuclined to dispute the itemn of two miliion eight hundred _ thousand _ dollars as being n part of our assets, but when they came to see the Statute and the manoer in which it had been mentioned:by the Finance Department at Ottawa, they could not properly come to any other conclusion than that it was clearly an assot of the Province. As he had mentioned before, l there was no other ground upon which the divi-- mon could have been made, except the one adopt-- ed ; there was no other ground upon which it couid be given to Ontario and Quebec jointly, unless it was inconusection with the liability of the late Province of _ Canada _ because | this interest was charged in the | D u2inion accounts as _ a _ return _ of | that amount, whieh had been charged to us, and which had been deducted from tho supsidies payable to the different Provinces, 'Iue very words of the Act showed it to be an asset. It said : *"The total amount of the half--yearly pay-- meuts which would have been made on nccount of such increase from the 1st of July, 1867, up to the 1st Jan., 1873, with interest on each of 5 per cent, per amnum from the day on which it would have been so paid to the 1st day of July, 18831, shall be deemed capital, owing to the said Pro-- vinces,respectively." (H»ar, hear.) If it wascapital | owing to the Province it was a dobt due to the | PFrovinge, and ciearly proper to be taken into | account assuch. If it was a subsidy we would J have no right to bave it credited as ** Capital owing to the Province." _ Cal e et DEFERRED LIABILITIES. Now, in addition however, to the liabilities I have named as presently payable there are other ~l1abilities fof the Province though uot pre-- sently payable which I don't dispute are liabili« ties. {havo made a distinction in deducting thesoe liabilities from the amounts which we may be called upon to pay at any time, _ 'There are, first, the old Ratlway Certificates of the Pro-- vince. The Province at the timefthey granied $2,000 or $3,000 a mile took the ground that they could not pay the amounts voted direct to the Mr. MEREDITH--Why did you not get a cheque for the amount ? f Hon. A. M. ROSS--We did not wantit It was invested thers drawing 5 per cont. interest, We cannot make a bettor investment than that,. (Hear, hear.) @UVALVA #4 Quebec's proportion accoreing to pop-- uibstron of I@SL,..¢">._._. _ °r 2 TCOE T -- Smmmmeh Ontario's Share of Library 3. Ortner Dests Dux TO Provixcs :---- | Balance re Municinal Loan C Sund Dents.........,.,..., | Balance re Mortgages, Me-- chanies Iustitute, Toron-- to, and Land at Orillia Asylum"................. Balance rs Mimico Lots... LIABILITIES OF 'IHRE PROYINCE AT PRE» SENT PAYABLE. 1, Balance due to municipalities re surplus distribuation................ $2,000 45 2, Balance due to municipalities, re land improvement fund (balance of $124,685 18, see A ward)........ .. 3,608 55 3. Quebec's share ot Common School fund made np as follows :-- Calloctions on accont of lands sold betweeu 14th J ég;e.l%.'a.und 6th March, 55t se Loss 6 per cent., cost of maunge-- Imgnt...... .. ... $50,.910 46 less one--quarier for Land Im-- provemet Fund 200,639 38 followa:-- en Osentntie t Pb d > ob MB c>----csd According to the quotations of British Columbia, Now Brunswick auLd Victoria securities it would Wammantaret ul ar t o yiB drais s C beviatntictia h ts dnalialn inss dn 4 t L h 2 C1 be seen that he bad taken the minimun value putting them 10 per cent. premium, Then we have liabilities at present payable a L N¥ueseuss!: . 4 NCb use s a s nev esn n en e en en n +ss £ : + $17,222,645 60 In regard, to the first item, there was a little variation from the last few years, where the DLCmilin over par valueo had been placed at $30,000. He considered it fair that if a security of this kind is quoted at all, and the prsminm taken into account, that it ought to be at the real market vaiue of the security. They had to run until 1893. In arriving at the mars ket value he had taken quotatioas from the Lon~ don Ecomist of securities bearing the sams rate of interest aud falling due about the same time. U numdopt on o6 ae l DL e e s es s ced 4. Baxk Baranorks :-- Current Accounts... ki*% Special Deposits..... . .. Collect'ns on sales made simece 6th March, 1891 .. ..$ cost ol i inglit.... 'FOUME :+ cxats s .. vch, 1801 .. .. $302,657 68 0 per cent., L ol manages-- _ Total..... 18,159 45 ««« $195,507 22 11« _ Tho?9 15 $8605.102 91 _ 259.952 83 $578,604 69 234,498 22 105,54100 7905 o8 6,527 53 16 32 §$362,979 21 85.1754,877 go 357,370 21 268.086 97 101,408 98 THE SURPLUB QUEsSTION, I Now it has been the ZSpractice for some years in the discussion upon tuo financial statement, in | fact tho general course ofi criticism has been, ' to institute _ a comparison between the expenditure now and that of Sandfieid | Macdonald. I think it is about time this course ]| was abandoned, and I was slad to hear the mem-- ber for Woest Toronto say last year that such compurisons wore useless,. There is no doubt that theyiare. _ But hon. centiemen have also drawn attenotion to the surplus we received from the Sandfield Macdonald Government, and claim that he had a surplus of available securities to a large amount, and that we have not such a sur-- plus. Wo don's say that we have accummulated year afteryear a million or half a miliion dollars, as that Government did. MBR. MOWAT HAS NOT ACOUMULATED | a large surpins, for he bas aiways held it to be | his pride and glory that he has nog done so, but | rather sought to expend the money entrusted to Imin in the interests of the people. (Applause.) | In 1872 there was handed over to the succeeding | Goveroment investments and bank balances amounting to $3,810,904, and if we add to that what were fourd to be collectable balances due by | the municipalities under the Municipal Loan | Fund, $1,273,8$40 we find a totai of $5,0%4,804. | From this ie deducted the amount of Quebec's | portion of the Common School Fund leaving '$14,979,004, In this I am not taking into consideratton the Dominion 'Trust funds. Well, then, what was done when this Governmeont came 1nto power? At the very first they distributed to the psople $3,388,068 in connection with the munictpal loan fuud. _ __ malithe * vel 2 ©+ 9. + U pee e uce C HE ORciie ce i t 100 _ 20 20 Ju8,0C, HO§pICALIS and charit? In additioon to the liabilities referred to, the | branches of ex'nend':ture. Tuec(}?):l::-':" vcheles several Provinces forming the Dominion were | even have red I ooo o credited in their debt account with $7.172.297, and | obj reauced the grants to these, and if the liabilities were incurred as subsidies to tle Phews ;: ject had been to run up a surplus, we might ous railways undor the Act, 47th Vic., chap. 8, | 233®° had one amounting now to $20,000,000 or imountit to $6,176,400, which amount 'dooes not | €22:000,000, and yet I nm sure the peopie would ::(::3;1:('::-6 wtv;:' n:.t:'x't,\s of $170,000 and $:0,009 per | 2Ot have been satisfied with that. Agsin 1 say Now, this is another svidence of what I contend 'v;:tc l:l'lnt,hl: ?e:;:nagb?eu:'t gk:,ry 1ove the rey is the right system. The Dominion Government, | enues of the Province and em:n o hup'm Sorke m in granting railway subsidies, has awarded direct | tle nest ogg. _ Now. 1 yod NS irre amenlit subsidias to some, while to ne road it has agreed | of exy negit..uro whi l:) Pm ip upect: hss We to give $170,000 ayenrr, and to another $30,000 purei;'"loca' and wl;lc h rx{xgn{f w Wpaires's) in and Mr, Courtney says he doe: not includesthase put on the munici al;2ie 3 'i"ownt ue been ons in the statement of present lisbilities. So we pended since 1871 Eflf u'- _Ahere has been ex~ have? the annuitios issued last year on thofsame | For e j * i epoie footing ; they aro not present liabilities, but lia-- Fg: pu&fi?«flfl'l'x;fi:"tn ho ioh bilities falling due in the future. If we were For agrien ture a'xlul}o?&ts? Cemincrelastzant ;"79?'4;.6 simply a commercial institution or a bank, aud Kor hospitals, charities..,.11111}2100000 ggjgt;g we had such liabilities, we should have to capital. For administratiou of justice--aid given f ize them as liabilities against ourselves, but if 5 to ;nu_mmpuli:ics vxvrssssusses sree>as -- 1,640,150 we were to take that course we would be equally orlco..(imz".t 120 roads, which ure purely ho K SSTHEED To camifartn® 1 DCAE WOTKS« .++ +ss« ss++rs12+s*»+++5~« 1,30K981 o sums that were gramied to us; as revenue, t A total f_m 4 capitalize the subn%ieu from the Dominion (';ov? | 1 have not fl,té[fia'e}}'.'fi'if{i;' 'public bui dmm'?;?v ernment. 'This is equally certain as an asset | WO"Ks, bocause they are of a mixe i charact as the other is a liability, und it would amount to l not altogether of _ a public >clu~x eC ;: $23,937,000. We den't do this, and in making --reFard to the maintenance of 'L'n:min- 1 our financial statement we, in common withother | 224 _ Iunatics weall -- know how _ on» Rfl":li | Government institutions, are foreed to adopt | Were crowded at the expenso of the connties an | ;o"m;n of book.kefl;'i:)g .pp"c:lbge to lrlmh"' how u_thz hma:ss of the people the lunaties '".'en & also we --inig capitalize the vaiue | WAintained at the expanse of tha {amilies, whs of all the public buildings and -- public } are now relieved. Iam happv on the works--the Dominion Governmgnt did thisponce. 31st December the acccmmgditl':ns;ii;l:':e""k"' We might also claim the unpa.d balances on the | @ll demands up io tha; time, though a larg ('erw';x:1 Lunqi,tlml- we don't}c'io so. But there is | expendituro will be nesded for tors. year one other point as showing that annual payments THE SURPLUS out of revenue are not taken into consideration ; l by the Dominion Government when considering We will also see how tire. surplus--would) hay the li@bilities. Some years ago at the time when nfcreased it we #f hxd oo nned fofranh, Ns Man the Wazhington Troaty wasfnogzotiated certain | ** the rate given in 1871 by the &:L;)(lhe}_'d Mac timber dues that formerly had been collected by donul.d(-oy"('n_'mx.mt.\t. Kor ed'-'c'""f" fu 100 1 Sher the Government of New Bcunswick, were aboi-- | W# E'Y8D a'"'fl' 806, and if this had bean goullns ished, and the Province applied to be areim-- | ad :.If?re_\?'t:u.q have been grauted in Lhe' 13 year bursed by the Dominion Parkbament. The Do« I Sl,'»f;uii: C,. while Mr. MU?:?" 'ha.? .?'m-"&lly C onl minion Pariiament voted $150,000 a year in per-- $6,508,290, or a sum of $2,031,312 given to the petuity to the Province for this purnose, but people more than if the grant bad been continued they have never treated that as an immodiate | &4 th9 §4im¢ scale as Sandfield Ne Anakoae Hability, and it "has nsvor . been capitalized as ed. .lhul ls.u.[.'ll'l; way of putting ii, baudhal({ such. So I consider these railway anunuities and | M'cd:'-"."fi i jlfN e e in iL in do veirane j certificates are not liabiiities presently pavable; :ffflfi'.'.':'shl' which would ""_f'm.m' in 13 ye"fl,l'c they are intended to be paid out of annual reve-- ".,'.'I)"'""' -".')n:!:) Nipdbigespatems ites |os (eemiuy faks I nue, and we don't take them into consideration | °'** °" $432.722 more u'm»' id {xad on ie nran | in the capitalization of lisnbilities, the samie rate. For hospitaisand charities the gran: Mon. A. M. ROSS--I am on'y taking into consideration the amounts actuaily disbursed, In these two items he disbursed $2,3320,044 more than be received. Now I would ask if the peo-- ple were not betier satistied with the distribution of the surplus in this manner than if we had con-- tinued to Eourd it and added to it a million or a half a million a year. I may say that there are Mr, MEREDITH--How much of that did yon got under the Tiliey Act? ____ _ ~ Hon. A. M. ROSS--W» got relief to the extent of the interest The next act was to give $3,-- 911, 880 in aid to railways ; or in these two sums he gave back to the paople a totai ef $7,299,948, or $2,320,944 morse than he recoived. (Ap-- plause)""} .x Ct y sns t y + _ Mr., CARNEG1IE--Some o! that has not been paud:"}" ""/* " t t Hpppinine koup fae . (ECmmamms _ > ";m railways, but said virtuaily to them, we will give you certificates payable yearly or half--yearly, and these wero for the purpose of enabling the railways to rause money for the purpose of pro-- ceediug with the work. I have no desire to create an impression that these are not lisbilitres against the Province, but I --@ccount them, aund they have always been considered, as luture lin-- bailities In an exactiy similar manner Mr. Courtney, the Deputy--Finance Minister of the Dominion, treats the liabilities#fof the Dominion. ln the introduction to the Public Accounts for 1884'. it w;ill be fou?-: that he says :-- 1 ce oi ce en e of expenditure, which might boe considered as purely loca'!, and which Mr. Mownt might have put on the municipalities _ There hxe been ex« pended since 1871 as follows :-- Foreducation grants...... .. t x a ++ x2 ++ +4 .. $6,508.251 For public institutions, criminals, ete.. --5,759.416 For agricw ture and RlS:: ) ssrrs+s++1:1s ©1,403,816 For hospitals, CHAEICREY? . 12 cikes 2+ nene o .L. 853,566 For administration of justice--ain miva.l THE OTHER INTERESTY May BE handed over to the Municipal Governments if the Government wore so disposed ; or if the rev= enue became so restricted it it were absolutely necessary, So if the Previncial expenditure had been restricted, we might not have increased the amounts of the grants to education or agricul-- ture and arts: increasad aid to the administra-- tion of justice, hospitals and charitios, and other branches of expenditure. The Government might evyen have reduced the prants to these, and if the object had been to run up a surplue«, we might have had one amounting now to $20,000,000 or $235,000,000, and yet I »m sure the peopie would not have been satisfied with tnat. _ Agsin 1 say weclaim it as our greatest glory that we have mot all the reasonasble demands upon the rov-- enues of the Province,and yet we have a mce lit-- tle nest egg. _ Now, in regurd to these branch es ho radibimdisabs 7 ; Mr. CAlNINEGLG--Has the hon. gentlieman applied the same rule to the receipts? {il{on. A, M. ROSS--I have no hesitation in apuolying the same rule to the receipts, tor I did apply it last year and I showed that we had oniy received on tfx'e avarage an excess of $60,000 an-- nuaily over the sum derived by Sandfield Mac-- donald. (Applause.) 'The hon. gentlieman bhas got the stutement in his hand, he will find the table there, and I chalienge bim to dispute the accounts. And I m.y say that in the other branches in tho way of receipts we have given back to the people fees from County Courts and Division Courts amounting annually _ to $35,000, and marriage licenses and stamps . $30,000. So that we bhave $65,000 less revenue than we should have had had we continued these at the same and _ Iunaties weall -- know ho: oc{nm;::;: were crowded at the expenso of the counties and how u_the homes of the people the lunaties ,wer. maintained at the expanse of the {families, Who are now relieved. I am happy *o say thas'on the 31st December the accommodation had overtaken all demands up to that time, though a large expenditure will be nesded for tors . year THE SURPLUS. We will also see how the surplus wou'ld have mereased if we had continued to grant aid only at the rate given in 1871 by the Sandfield Macs« donald Government. EFor education in 1871 there was given $351,306, and if this had been continu« ed there would have been grauted in the 13 years $4,560,978, while Mr. Mowat has actuaily given $6,598,2090, or a sum of $2,031,8$12 given to the people more than if the grant bad been continued at the same scale as Sandfield Macdonald grant-- ed. 'This is a fair way of putting is Saudfeld Macdonald in 1871 granted for agriculture and arts $76,381, which would amount in 13 years to $992,953, while we have actuaiiy given $1,420,-- 670, or $432,722 more than if wo had continued at the samme rate. For hospitaisand charities the grant given was $40,260, which in 183 years would give $523,380, while Mr. Mowat has actually given $858,862, an increase of $384,982. For public institutions, Sandfield Macdonald gave $171,423, which in 13 years would have amounie! to $2,228,459, Mr. Mowat having given $5,759,829, an increase of $3,431,330. In 1871, for the ad~ ministration of justice, and I am taking only those items which is directly returned to the municipalitries, there was granted $104,049, for 13 years at that rate $1,852,637, and Mr. Mowat has given $1,649,150, an incroase of $296, 513. The San«-- fisld Macdonald Government spent in 1871 un colomzation roads, $55,419, which in 13 years would be $720,317, while the sum actually spent has been $1,317,677, or a gain of $597,360, In these branches of expenditure, which I say are purely relief to municipalities, and which, if the Government had chosen, the expeaditure for wh.ch wou'ld have boen derived from the muni= cipalities, the (tovernment has returnod to the municipalities $7,124,229, s jA The House will be anxious to know what pro« gross has been mado towards the settlement of the accourts with the Dominion. I am sorry to say that tha progress has not been what I hoped for.and anticipated last year, It will be in the knowledge of hon. gentliemen that I stated that it would be impos=:bie to secure a meeting of.the Provincial Troasurers with the Dom:mion Finance Minister until the Dominion Parliament closed. 'The Quebec Loegislature did not cloge till June, however, and wnon it did close, Sir Leon-- ard Tuilley's absence in Eng'and prevented any meeting until September. _ Oa his return I ap-- plied tohim to arrange a moeeting, and & meeting was arranged for 21st October last vear. On that om'y inreo items in our expenditurs that are abs soultely neecful tor the purpose of carrying on the Provincial Government, All three items in THE DOMINION ACCOUNT3. public buildings and of a mixei character, public -- class. _ In nance of -- criminais upon the rovy-- have a meo lit-- hese branches _ considered as £6,598,251 8,759.416 1,423.315 853,566 3