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After this interchange. the Premier continued to detail loans ot the twen- lties, seeking to show a marked im- provement in terms immediately on In» Ferguson Government's accession to ottice. One item.) "0,000.000, " your lane ot 1023, with a. yield ot '5.80, Mr. Nixon resumed as "not 'much to crow shout." However, Mr. ,chry's viewed his tigures s: "ali (showing the ttttnt/tte which the linvutinc public of Ontario has in the 'present Administration." All the 8 1-2 per cent. loans and all the e per cent. ones in Ontsr;o's history had been issued under Conservative Adminis- chums. and all but one ot the a ,per cent. loam under the Draw 90m¢nh The Premier instenoed loans ot e decade ago, with spreads as high " 2.13. "or course, under that (the army) Adminigtmuon things had been let, run riot. with big loans " high rates the order ot the day." Con- tinuing. he cited high interest rates of Farmer Government loans. clima- 'St April. 1920, with one with 8.06 y . The price purchasers would pay tor bonds was thted by market conditions. Handling expenses were borne by the middleman. Experience had proved that the most etBcient method ot usu- ing b:nds was by direct salt: the usual spread in case at tender mu more 'ittttt 1 per cent. Finally. he was sure that "the suc- cos of the loan was he in no small measure to the fact that We pxaenteo a surplus last year. and to the eontl- dence ct the investing public in the meant Adnttgtittteaeittet of the Prov- ce."_1n thjs connection he quoted V Mr. Nixon asked: "Hove you 3 lie. or borrowings by the other Provinces "about the same date? Why not be an editorial from The Globe of Jan. IT, written regarding the lean. and Ipcludmg the phrase: "Optimism ends detrrsqiiin." "There's a text from The Globe to: my honorable friends opposite. who are always seeing blue ruin staring us in the hoe." and Mr. Henry. been at Ten Yeats Age. fair? Mr. Henry--rm making this speech. You'll get your tum later. I'm giving you n comparison of loans during Drury 1nd Conservative Administra- tians. You have continunny criticized our loans. particularly that of two your: tltr?. Yoyt 'trernorr's top 'hott. V Mr. leon (his termier obviously upr--a'm asking you to be tair for a Without tear ot contradiction. he would state that it was much better a loan should so to a premium after sale than to a discount. He compared the Dominion no.ation in London last August, when the bonds Jumped three points within 3 week of issue. Mr. Menry--At any rate. we have a record ot which we may well be proud. Mr. Nixon-Read the letter from the member tor the Souls (Hon. James Lyons. Who publicly gritatltttti the Government last summer). The Premier wished "to set clearly before the House and the Province the advantage of selling through a cam- ttttttee." as was done with the Janu- ary loan The average cost of the three January issue: was 4.68. and the..aptrade1tpttorat?'oe members op; parite" should listen to this"-was h. the lowest in the Province's history. Premium and Discount. Mr. Nixon-This Atttniniiitrauat will, be forgot-3g very soon. - me in November. On the ttmt ot that month 815,000,000 was pueblo In New You. With the eo-opentton of Ottawa, and with n low exchnnce rate, the whole of the issue was re- tunded. "relieving us of a annncm worry that had been haunting as con- gnnally when the exchanse rate m Mr. Henry-My honorable friend belonged to en Administration which the Province would like to forget. _ Reverting to apportionment ot the June loan between the big and small buyer. Mr. Henry said that on mat occasion 7.870 bands of small denomi- nations were issued, and 12.000 in larger denomination. A similar method had been employed in the January loan. The department reserved a por- tion of the issue in anticipation ot lateinquirie; from_the little investor. r9" "The Opposition asks why he went." thundered Premier Henry. 'W11 tell you: On behalf of the farmers of this Province." i What of 1934? , Regarding fears of Parquhar Oliver : (U.F.O.. Grey South) that the bacon l market would be slatted in 1937. the Premier said: "We're not so intemted in what happensthentusinwhathap- pens in 1934." He thought farmers could have taken advantage ot the British quota tar earlier than they did. "If there had been more opti- mism across the way when the Im- perial Conference concluded in 1932. "frottovertttererhadto1dthert- what this meant money to them, there Turning to agriculture. the Premier said the Province had loans on about 16,300 iarms. Advocates ot a reduced inveresr. rate should not, forget that private interests. not, the public treas- ury. held the mortgages on 80 per cent. ot the farms. The Farm Loans Board's suzplus was substantial. and its showing was excellent in View ot the low rate of its loam. The Market- ing Board had achieved such success that it had been copied by other Prov. inces and by the Dominion itseli. Apple exports were ten times higher in 1933 than in 1926. Stabilization of the milk price was being undertaken. "a problem ot no mean importance to an agricultural community which is so closely allied with dairying." To- tttteco-growers had been induced to form co-operatives. and the ruin that threatened the industry in 1932 was averted. Hon. t L. Kennedy, the Minister. tttyCtrone to England last pad out by the Province proper and me rest bummed by the uommxssion "at. Wnen any promo came trom m.- road these pranks were resumed as payment, on the uneven. due we trounce. Some and that no Interest. would be expec.ea on me major our .ny brcause me railway was so Im- portant as a wealth-producer. n. ma played a ma! part in aevclopiag an: "arm's wealm: $156,000,000 new we mines, an csumama 8ir00,00u,01ht in umber, 1arm property worm $12,500, 000, a gram: total ywld at $1,070,000,- 0000 ll an: .m'csumant. "5urely'."com- mooted Mr. Henry, "we cannot be critieizcti because we Borrow money to invest dl such an undertaking." Agricultural Progress. year to study the maker. tik Ontario Mr. Henry aemored the "continually l pawns". note. struck by me desen- ocd mcmms across an: way. yet mun ream: mt. We we mung m atanoving Lanes. net man an: med was. new In: o'lotx": Upwmsm was ueprewon. " 5 men" rc.pJnsm.l.ty as memo." 01 um House to awe lune;- olup to crux couscuueacxb. not spend the; time mm pests.misncalsy abou. evening); gums wrong. saying an: no one Is uuxma my alien to im- prove condmuns." The rumm- ucxeaeed to discuss a return asked by we Opposition con- cemmg Ute, Uuuau) Mamet) Foun- dation. 'ttte request, he mterrea, ur (Heated pewmu'va' and u1tspprectattot1 ot (acts on the oppawon's Pars Luca. scanmnc we taverns ot we mamdnan uovcrnmem punches, ne noucen may we Puch Wehare Dc- panmem. paid 81,489,000 as the Pro- vinee's snare of ole-age panama, and mwugn mowers nucwances Kept, 6.500 names in existence. the Halon Department. was makmg very ran. progress 1n ms "gm, agnmsr. masc- 'an Tettt.altamittg a; .wrmern 0n Lana nanny ma case, .11 many yedrs, $43,000,000. ot wmcn $30,000,000 Wats Marek 2 oess ot the January loan, by the day- by-dny improvement in eondit'ons, by the remarks of the average farmer or man in the street. Optimism was in the air because the Conservative Ad- tn.'nietratian was in control of the grovinoe. Sgeaking to the Opposition. him to sing a song of optimism in- stead ot sowing the seeds of disorder. The Government is carrying on in the best way it knows how, and the {mt 1e of Ontario apprecia te that ac ." he said: "Oo and see Hepburn and tell him the facts. He doesn't know what he's talking about, deam't ap- precia'te qur Provinelal_probiems. Tell Closing, the Premier said his ad- dress had been infused with optimism. That the people had faith in the GovenygeM_ was shown by the suc- Mr. Henry recalled that "year after year in the Drury retme. there was a deliberate attempt to evade paying bills. No such practice prevailed too day." Mr. leon drew from the Premier a statement that all bills were paid. "Even the Dorland in.. quiry account?" asked the Progressive Leader. The Premier was unable to recall. (An Item ot $5,714.80 for the Dorland Investigation appears in the publie accounts.) Surplus Anticipated. Expenditures were estimated, Mr. Henry continued, at about the same amount for the coming year. A sur- plus of $215,000 was expected. Some one had forecast a surplus ot $1,000.- 000 last year, but it this had been the case taxes would have been re- duced. "We're not taking any' more than we need to carry on the buss ness ot government," said Mr. Henry. "Wt would allow no large surpluses." would be more has: in the Province today." he said. "Why didn't you say this last year?" wondered Mr. Nixon. "You and your chiefs were talking up end down the Province that nothing had come out of the trade Agreements," responded Mr. Henry. 'ip" can't stand up now and repeat t." Reverting to the financial state- ment, Mr. Henry said that no one could tell exactly what the Provincial income would be. "We. only get revenue when these services we sell are used," he said. "If my honorable Again referring to the earlier ex- pectation of a detieit, Mr. Henry suggested that perhaps the Govern- ment, "sitting so close to the pessi- mists opposite, got a little pessimistic new." "Oh, It's because your bookkeeping system is so elastic," was Mr. Nixon's "Mr. Henry bridled and denied trick bookkeeping. "There was juggling of books back in 1922." he shot back. "Never such juggling as today," re- torted Mr. Nixon. "Who instituted the cross-entry system?" V - -Geiririir,.i. man who" uses Hydro, owns a car, takes a little liquor on the side, contributes 65 per cent. of our moome." Deficit Predictions. opinion . friend trom Brant (Mr. Nixon) stays on his beautiful farm, never drives anywhere, never takes out a permit, he won't be contributing to the reve-