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ds ommaiiy 1. P * " it . / M : : e _ _ diate or remote. | : \~y§e~ : n sbent that had been received 'vince either imme R A | ' Pesk pale odt for war purpoges. _ _ ' | $15,000,000 Borrowed in Year. $ f en paid out" for war p * | xt turned to the \ _ Mr. McGarry ne had | Too. tter of loans which he had se-- Expenditures on Increase, (Ts-ed Iuring the last year. During! The Government took credit to it-- ( the last fiscal year_ $15,000,000 had | self, he said, for having at various ; been borrowed. Early if the year | times introduced legislation which.' |\ it was impossible to borrow money | while not drastic, had increased the | \either in Canada or the United | revenues of the Province. Of | IStates because huge loans were be-- course the expenditures had m-l \ ing floated by the Federal (;ovem-l creased correspondingly. New insti-- | ment. Then the Dominion Finance tutions had had to be built, new Minister fixed the interest rate at 6 %4 ! methods had to be introduced for the | per cent. because some Provinces § treatment of the insane, and even iwere paying more than that. It had -- j yet some people said the me}hods been necessary then for Ontario to{ T the . absolute}{y utp flo datet'heD:;- | borrow $2,500,000 at that riflte. h o ing the war we kep own * > ' ince the end of the fiscal year he , A penditures, but now the time hasl T T able to do better in rais-- f ~ arrived when we may look forward had belen He had gone to New -- 8 to the erection of buildings bv'v:i(;l; 'gfi-katooagr:a.t $1,000,000, and secured will make life more agreea 'ss than 5% per cent. those who may be so unfortunate as tl'1e money ::a;eszotught on Toronto > to be placed in these institutions. It :L:';changed (he net cost to the. Gov-- is the intention ot.the Government lb) us atn for the mohey Tor six .' hewwo on wilh bullds"f ope'reltitioins ta'- | emntlgg was 1.82 per cent. Contrast-- j almost every one of its public insti mon A this was the loan foated by | tutions," said the Provincial Treas-' (tag wl\ldtanitoba i}overnment for $1.-- . urer. * y by | .000 at 5%. mg?ocrre?ls:esn:ehso"v?erf:r StZ%% ggg.r b; ; oogn addition to that the Government 4 5oo ther loan, the money public institutions, 3330.0£r(1;ne:ty ll;::ln m?g?e:;m required for capital ind se I Fisnerlleseve:f;e $530,-- | expefidi'ture and Hydro--electric un* $270,000; by casua 1r Ades: 35"7 50o dertakings, at 5% per cent. for three | 000; by the Hydr;:;e(;c ;50 005 + Al-' o gars witt,n the privilege to renew it |' Dbethe th';x'r't(é)ktal .inc.;'ease' in .those At'ihé end of that time. He said he | :-?aigit:)'tesr v:'a: $1,781,000, and the de-- was convinced that it would be fon);, | | $781 incipally for a Government at the presen l ! creases were $781,000, pr T : ' s ter into obligations for a | in the Department of Crown Lands '110122 t(;))e(;ri'od at prevaliing interestfi ( Sco U.F.O. Members. rates. At the end of three years he' l 4 | ti year believed the financial market of E f o oan ucian c1'osed bmiance ir; Great Britain would be open to the said Mr. McGarry, Vl'/Si)t5hZ%4 885 The' Province. Before the war, he said, i8 fhing 'assets were $71,000,000, the Ontario had to pay more for money | io. opiens --Shgt's 00,000, and the | in England than the Dominion, as it | 799 tottald li)atbi;;t:)%so 338'0 T'he I'Z'ro\"incialz was on the trustee list. Because ofl * ne e + + * ba d ar} k_ l P si ao~-- the British North America Act ma C \ Treasurer Etlini\:'d tli::ldl(;nift(e):l %a';m_' ing it only possible for the Domin-- j ie t(;) tc}!;.irc s"flpporters for state-- ion Government to disallow Provin-- C e im the ,(' were alleged to have cial acts, Ontario could not avail m:ges thag Ontario's debt was $75,-- itself of an amendment made in the l 000,000 "We have a $75,000,000 British regulations. The matter had | debt, and I am proud of it," de-- been discussed at the conference ofl clared Mr. McGarry, "because it rep-- Provincial Ministers at Ottawa last | f resents advancement on the part of fall, z.;,nd Sir Thomas White had | the people of Ontario." He -- cau--| promised to take the question up l tioned them next tim{e dtO refexc'] to | with the proper authorities. f ( _ the other side of the ledger and see j o | $ s what offset t};g gglz)téoo%oth\fa"fi{.[ T. & N. 0. Revenue $2,800,000. l 000,000 he sai «e VY M C oaraar. Dealing with the various Govern-- vested in the T. & N. O. Railway. | ment Commissions, the speaker said | \While he had doubted the wn?doml that last year the Workmen's Com--| of building the road, he admitted, pensation Board had dealt with 47,-! alrlnid Iiberal applause, that he had' i 000 cases, and paid out to workmen ' changed his mind. y . and widows $8,518,000. The rey-- $ "Any asset which originated WIth]l enue of the T. & N. O. for the year . them is all right," said Mr. Mc--| was $2,800,000, the total expenses Garry. '"Any asset which orlgmate}i' $2,390,000, and the net earnings with us is all v&;]rong, no matter if xt! $429,000. | is twice as good." The total loss upon the T. & N. 0. | \__For a number of years past, con-- up to this time has been something | | tinued the speaker, the T. & N. 0-! like $900,000; added to that will be E |\has had a deficit for the Province | a loss this year of between $500,000 §3 of nearly $600,000 annually, which | and $600,000. '"If during 13 years 7 'was being paid in interest on the, the road has cost us $100,000 a -- money invested. However, the road year, and during the next few years R was built for colonization purposes it costs us half a million dollars, it | * i and not money making. The road | was worth undertaking and it wmi S ' might go to James Bay, ailthough he| prove that it is valuable to the $ed } was not sure of that, and therei Province of Ontafio," said Mr. Mc-- ; yes 1 were 20,000,000 acres in that coun-- Garry. It was desirable that the | No: \ -- _' try which will be settled. The| § Government should own the road | §~ } main point was that it would not be' for the opening of that part of the |* us * \ many years until the T. & N. O. was country and the settling of the nor-- | es ' a paying investment. 1 thern part of the Province. He was | Cns ' The Government had initiated an--| convinced the road could be sold 'i, | other public enter(r))rise, the Hydro--| for every dollar invested in it. ts electric, and $44,000,000 was in--| s ez lvested in it, and the direct invest--| Hydro Expenditures. & lment was $26,000,000. Last year t)}e'; Last year the Hydro--electric had | on | Government received $1,400,000 in | spent altogether $8,350,000, the chief | wha F interest, from the Hydro. " amounts of which were: Niagara $xs h system, $1,781,000; Chippawa de-- . n Assets Total $71,000,000. i velopment scheme, $5,187,000; Sev--| u> e The Province had assets of $71,-- ern system, $377,600; St. Lawrence | uy §f 000,000 which it could convert into| system, $142,000 _ Eugenia system,! 3¢ cash immediately. In addition to | $231,000; Central Ontario system, s ts that amount there is $22,000,000 in--| $641,000; Rideau system, $151,000; 'es * \ vested in pugllc ?uiml&gts' most Of[ ;:f;rslgtztsgting lines and maintenance, wtg tar' i it during the ast een years, $ ; ie 1 lwhich would make a t%tal l;)f $i93.-; It iziestimated that next year the | 5'*@ ' 000,000. In addition the rovince | expenditures of the Hydro will be ¥" My » | had assets of $503,000,000 in natural $11,000,000, said the" speaker, most e hok 1 | resources. Altogether, _ therefore, of which would be divided between | Pos . | the assets were $600,000,000, as | work near Port Arthur, in East-- e lagainst a total debt of $75,000,000. | ern Ontario and on the Chippawa,l hy | / The Province had never gone into i scheme. N3 | anything that required a large ex-- Dealing with the demands on the' ipenditure that it was not felt would Treasury for the coming year, Mr. A ---- t result in-- benefit to the people of McGarry said that in addition to the e ! Ontario; nor had the Government $11,000,000 for Hydro, $4,000,000 \x% 'ever gone into any scheme that did : would be needed to carry on capital | y .4 not promise a return to the Pro-- | e}:lcpenditiulres under way now. Thenl y s there will be $3,000,000 b L «. 4s d yal 3 ii,'« :q