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MB"""" _ ------t---""F . I )t"viuur"iii""l-iisrs 1hA out " various tim - .ment continued :3 te"Iflt' (13313: Assets and Liabilities. I' Speaking" of "tax reduction in re- ','y,'ei,t,al, expenditure which prevailed Total amount of Ontario's assets "centt yteairls; Je; b,'g,'tegt,,h, said the ob- r en they entered office, the increased made up ehiefly of advances to the {if o i, ""593 vernment had bréterest which this Province would now Hydro-Electric Power Commission, the den year LTit' orlil'll late its Oper- JN1nr would be some $2,300,000. ,T. & N.O. Railway Commission loans a fi',',',' sfot a wound maintain a It is interesting to note that the em to municipalities and buildings 'rosds if? cy o ax .retiue.t.ion. Paithml ad- tire debenture debt. exclusive of serial; etc., was. he said, -ii0ii,iriii7ird' ' (t'lfi'tfft'f, if this Iggy"- said Dr. Mon- . loans. maturing during the next cleven' Total liabilities amount to 8368 Mo.- ' e ..' a permi d the Government years mm" ti .., ' ' gto lighten the burden of taxation" n my to $81,000,000, bear in i000, leaving an excess of assets over :throu h th d d i . terest rates of either 5 i-2 per cent. or. liabilities of $33,671,000. ' Pmifmomg 3":ng ttJef, umtr. 6 per cent. With a continuance or bet- Revenue which came into the Treas- $157 ooo: amusem' t , t uxury tax, tering of present interest rates. a con- ury during 1927 was announced by Dr I aut , bl! 200%n Jax, $500,000; slderable saving of interest will be ef- Monteith as follows: . $353333 e§ibta$l 'tlf/fra, race-tracks, lected n tr iir refunding as they ma- Prime Minister's Department $546,- "dr 'M S. k. ',," iii; T ture." 826: Legislation, $21,502; Attorney? pointed gut "in? mi lit r5335" " Drawing the. House's attention to tho General's Department, $4,827,148: In- tably say that, during the rge ime of 'ttli, cheap money" the Province had been surance, $152,590; Education, $628,283: 5 1 Government due to depregsed ca ital able to negotiate during the fiscal Lands and Forests, $3,445,763: titiiiplirpGiiiiiiiri"Giiih to date re rep ts year 1927, the Treasurer said: 'rn Development. $4,092; Mines. $796." a saving of $5 560 000 in anti?" "Ontario's January. 1927. 324000.000 '84: Game and Fisheries, $721,576; ,charges and to the tax reductions al- loan. which cost 4.77 per cent., was the 'ublie Works, $16,139: Public High- 'ready mentioned there'has been direct cheapest 'monev obtained by anv Prov- ays, $10,469,820; Health. $136,592; and indirect relief to the taxpayer of ince. with one C.xttrhtytintt, in tho Du- 1bor, $1,043,300; Treasury, $30,647,- this Province amounting to over $9,- minion to that. date on a long-term , 000 000 " issue It will. therefore, ho noticed that 488; Provincial Secretary's Department,', , . . our rate was a mos-t fzimi-nhin mm. who}; $1,886,545; Agricultureéi $545,929; lute. "Relief of Taxes." We consider that all the lamest citixs terest, $10,383,630; Sta onery Accoun it " . . .. oi Canada. inrhidhm Oiiohoc City. Mwn- 332.917. Total, $56,306,224, which rep-l mg; 't21iru'fwitgetai11..19'2'7t he sup- trcal. Toronto and Winnipeg. were in resented an increase over 1926 ot iir,-l, Di . _ . the market for money. , 466,181. l IreEitl'ltomobile $2 000 000 Equal to Quebec. "Begum" expenditures tor the year. Luxury .......Be..q.... "iii',iiiiii "Again in October we ttrivortisvd a Lieutenant-Governor, $5,450; Prime Race-tracks ........... 350,000 $24.000.000 30-year serial loan This 1 Minister. $255,522: Legislation, Witt-l Total -iff,'Ttyr.tni money cost us 4.56 Pct' cent. In this,1049; Attorney-General, $2,479,318: In-t . . " .'.........r.. $2, .00 case the rate reunited that of Quebec. I surance, $52,288; Education. $9.514.-. Indirect. . who issued $4.000 000 23-year bonds. for 789; Lands and Forests, $1,762,232; i Rep" .b-V way of reduced Which thev mid 4 50 nor rent. This to Northern Development, $i,823,218;) interest charges fn l 'the first time that the Province of On- Mines, $334,972: Game and Fisheries? account ot securing f l tario has been able to canal the mic" i,etge,i, Public Works, $822,120; Pub-; cheapel money onlong ' , obtained bv Quebec. which hos had tho _lic Highways, $4,196,709; Health, s632.-; and short-ttrm loans ' 339,000 reputation of always being rblo to sn- 081: Labor, $2,455,964; Provincial; -cr.7C"r7, curc the cheapest. money in Canada Treasurer, $1,882,820: Provincial Au- I t 't . . 34746900, All other Provinces and cities in tho Dn.. ditor, $103,024: Provincial Secretary, "beret: 1 gd, _lcduced D t minion around that unwind were obiicmi $6,547,781; Agriculture. 82,339,409; ap1 a xpenditure .. 2,300,000 to Dav higher rate of interest for their Miscellaneous, $330,511; Interest Total TiG"aGar: money. on Public Debt. $17,675,410; Debt ............., $5, ' 00; "I wish to draw your attention tn Retirement, $1,689,570; Discount Launching at this juncture into tieldsi, further {new romaine vary f'ivornb'v on Loans, $183,312; Total, $55,94'l,001, untouched heretofore in Budget to the credit of this Province. The Ni- which represented an increase over speeches, Dr. Monteith stressed the' 92am Parks Pommicsinii in nee-chin" 1926 of $4,293,817. "It will thus be $104,000 expenditure made by the GOV-i last issued a " 000,000 20-year serial seen," said the Treasurer, amidst ap- ernment last year on advertising at-', bond. guaranteed bv the Province of plause from the Government benches, tjryitior1s, etc, to encourage the tour-; Ontario. which cost the Cottnntiseinp, "that there is a surplus of revenue over ist wtra.tric m Ontario. i 4142 par cent. Un to that tim" this was expenditure of $359,223. _ inlgiréngj 1927, he ttefeue,"e,t left: t le Cl canest llionnv. with the i'xcon- n or C a sum es lma e as approx - tion of one S'm°ll loan loom-r1 by one of / 'le, Surplus {01:13:11.1 1 thr; mately $80,000,000. l the Maritime Provincr'o but in Jonil- This represen t e 'ff surp us Ontario Savings Office l, am Inst the T A: N o. Railway (Tom-i Province has trey.ed n many lyeats' . J mission wont into ily, nywkpt with a and, in tact, the grSt real surp "Si :3 on the matter ot "Ontario Savings M can 000 404mm. gin-is] mm which ten years, or, in ot er words, we "1181 t Ottices,' which has been made the ob- brnnivhf the higltncf bid foe om. sewn say that it is the first fiscal year t , ject of considerable Opposition inter- in Canada since tho war This money the Province has been able tf! pay its "ogation to date this session, Dr. Mon-i cost the Commission 4 21 tV't" cent., Wlay "in: 1,32,23,21?" Budget with a sur- 'eith said: [ which was a rmn'lrlrobln Throw-l and p as s n e . "As you all know, we have fifteen ot- Ontario time stood in rnl'lijnn in all To transform a deficit of $15,000,000 tices in operation in various parts of cities and Provinces of tho Dominion at to a SUE?" 101 fmore than one-qtugrtei; _ the Province, having deposits with the that time at the head of the list for ot a 'f 11f'dd', [our Jfi'l'gisg'f,'g/t" nIt i I'reasury of $.1t.t,39.f,0ti0. This, with cash cheap money." l use us. a a?! p t k b it in- on ham an.d m the bank, fixtures, ac- es en a very ar 110115 as , u 1 counts receivable and so forth, makes _ Debt Retirement. tensive collection of revenue, coupled the total amount $18,9TM83, and the In respect of "debt retirement." Dr. Lift is"; sr.et'g'h'gtt,Gtv"tfturnti')t, liabilities comprised entirely of amounts Monteith referred to the retirement Pro 1 c eirom a gonditiog of financial due depositors equals 9183031369, or an (cheme evolved in 1925 by his predeces-i n" n e t an enviable financial excess of assets over liabilities of $145,- tor, Hon. William H, Price. now Attor-i gags" tt 3);; Titlag is Lg say that ltlieisavings nev-Generai.add1n T " . ces o ay s ow a surp us n their "It no doubt is ggiiiifying to the peo-l Since the Present Government RS- :3alarlce shfeet of1$145,914.192This is an gale of this Province and to honorable , . t ncrease o surp us over th Essen- entlemen present, to learn that up to. ','lel)ef,yoyeef."asre/'ggvt': tgi-tgrit.'.'. tial facts pertaining to the fiscal year gate the program of (lubl. retirement as l 212. 1924---$40 540 923 Giiii-iii,'iiii', 1927 are: Deposits increased over $450.. 'adopted this been carried out to the. let- ; 803. 1Eiii"--i'isii'ar,'iir.' iiriii-iiii',iiri,'.. 000, over 12,900 new accounts were ter, according to the plan hid, down}. 224. , , . , , 1igg1uu2gut,1.ue 'i'lliart titulavelrage g The first $3,000,000 was due to ae pal " . " ' . mon . e o a vo Lime 0 'in 1927, the last fiscal year. 1 desire to siifTinf,iutgrfisup,le, to 1he Ix/ld.','," business handled during the year was t"tylount.ee at this time that this under- said the ?#lle,uf/vy.'f,1' Erik 833" 't inhexcess of $46,000,000. . taking has been fully met. and that creased th i r, iT/i:.,.? 9059191,}; The total cost of operation of these 33.028.000 has been paid off the debt bein ','dfleu1ffnrel"4',tim'llgt' t'jl2,rt fi banks for the year was $190.620, and is; during the iiscal year 1927. Of this in gncreascs :greg Elect" u s an - paid out of aspread of 1 per cent. ing _amount $1,689,500 has been provided 35%0 ooo: educational 'fl?. ggggige: interest, that is to say, they pay 3 pert Tout of ordinary revenue, and $1,338,500] ' I', C. gran S. . ". , cent. on their deposits and lend to thel yorthcnr development. $160,000; .hig.h- Government at 4 per cent. On this 'il, by the tritium Power some 1'ttyustgt1,asi,ntt-,ng,gii,."2Q0;r51i1re,i2i, [r,'i,ft,nti,. the savings le,ks, have been; sion from its sinking fund. $1,475,000: ' ' _ have ui/t1agjeat1,1.gg,yi1evets,; 1nfpr11e.i'. V "In 1928, the present fiscal year, "The interest charges, which, 914. One Jltsftaffi'fiflf wartime) 031 the there falls due under the glam, s"i,1s1S, are always fixed," said Dr. Mon- operations of the banks in 1927 is that 000 to be paid off the de t. As ues teith, "represented practically one- there was an increase in deposits ot are made representing new debt incur- third of the annual outlay. Leaving $450,000. When the interest was re- red since the inception of the retire- interest out of the picture. there was duced from 4 per cent. to 3 per cent. ment plan, these Will be in instalment in 1925 a surplus of $2,193,000; in 1926, there was a very substantial falling off iormhand the annual "maturities will a surplus of $6,727,000, and in 1927, a of deposits as one might expect. How- be paid out ot revenue. surplus ot $9,524,000. These figures will ever, the deposits in the fiscal year The matter ot outstanding obliga- fully demonstrate the sane policy pur- 1927 have shown an increase rather tions in respect of securities issued by sued in the field of ordinary operation than the annual decrease that preced-i the Province, free of succession duties, throughout the entire regime. ed it since the lowering of the interest was, in the Treasurer's opinion, "one "It is not particularly the object of rates." ot ttonsiderable interest" to the general a Government to present a huge Sill", Rural Credits , public. . plus. All moneys coming into the . _ I "The original amount issued in cur- Treasury should be dispensed for the! Under the head of "Rural Credits", irency," he said, "was $13,998,600, ot public benefit. but always keeping in Dr. Monteith said the Agricultural Pty twhich there has been redeemed and mind sound financial procedure, anal velopment Board last year had a surplus :cancelled $11,572,100. leaving out- living within one's income. Healthyl of $80,113, which made their accumu- 1 standing at the present time in the financing should always show a surplus,! lated total surplus to the end of the l hands of the public, $2,426,500. [ but not necessarily a particularly large! fiscal year, $193,289. Total of farm t 'an sterling there was originally its-, one. It will be seen, therefore. that' loans negotia ed through the board was, sued 22,457,841. Of this there has been: the Province has entered a new era, $15,531,360 Farmers' borrowings under; redeemed and cancelled Si,968,474, and and that the years of deficits have the board's arrangements with the sail-i bought in for sinking fund, 5224.772. been overtaken." . ings banks amounted to $3,340,000. ' leaving outstanding in the hands at the public only £264,594." ' - "if, - A - - _--_ _-------------