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

_---'\"-----------M ' Ma«'c\\ 2.\ ' Ni 4 < en mm n e mmemmmnemmmne oo o. 8 | Debt Statements. | \ | Premier Returns to Hydro. ' ' Total dobt statements of $592,000,-- . g:"v?;: &mmm%%'i:f Back on Hydro, the Promisr chal-- 000, as expressed in the Public A¢-- | mfficient to care for the banking ad--|| longsd Opposition claims that politi-- counts, and of $§10,931,000 as cited in | minicivration and the building up of a |" Cally connected Commissioners should a Government prospectus of thI@® ) posuy, ;\ be removed from office. "Do you be-- months later, were compared, with ; o p Costs | lieve that this Province, with $300,-- the comment that they "certainly | North Ontario Power Costs, | 000,000 invested in HyGro., should have indicate juggling." Mr. Nixon asked Criticism of the cost of power to |no reprosentation on the Commis-- why the payment of $15,000 to Mr. Northern Ontario mines had given a ;.sic,n?" inquired the Premier. Dr. Tilley for his services at the Hydro _ wrong impression of the situation, said | simpson said that his only objection . inquiry of two years ago were held up the Prime Minister. The rate of $69 | was that the Commissioners in ques-- until after the close of the fiscal year, to $70 was an initial price, which | tion were tied to the Tory Party. expanding on this subject to com-- diminished in ratio with the volume | | Premisr Henry suggested that "the ment that Mr. Tilley's "feet are still in contracted by the mines. The Premier | genilsman from Crown Hill"--x--Pro-- | the deep end of the trough." In this Instanced Hollinger, with an average | micy Drurv--was Dr. Simpson's back-- connection he further commented:| rate of $28 for the large volums | er, The Libsral critic aroge on a point | "To show you the ridiculous limits to ; | supplied. The comparison between | cf order to deslare: "If any member | which this Administration will go.in | | Northern Canada Power rates and | suggests that any ons else writes or 1| these matters, we have on the records | | those of the Province showed that the | compsoses my speechos. he's wrong." the payment of $65,000 to Mr. Tilloy l Provincial charge of 324 was just half Furthor cross--firs resulted when the for investigating the Dominion Power| ' that of the privately owned corpor@ _ Premisr turned to Drury Governmen and Transmission Company. and an--| tion. a § F changes in the Hydro Commission, other payment of $15,00 to Mr. Tillcy The Premier disputed vigorously the | the rstirsment of I. D. Lucas. and AD-- to investigate his investigation." Mr.| | claim of Dr. McQuibban, that it had | poinim>nt of Georzs Ramsden, "the | Nixon added a suggestion that such | | cost the Province $1,000,000 to float | onlvy instanc> of political interference ) public business might be passed | | the January loans. The average cost, with the Commission." Mr. Nixon &round "to some cextent at least." on the three issues, had been 4.64. clashod with the Premicr on the The difference between special and | | Apparently the Opposition Leader had -- ro><ons for this changs. extraordinary expenses was brought reckoned the Provincial loss on the "Thers's been no better man than out in an interchange between the | | par value. rather than the sale valus. Gocrgs Ramsdon on the board since Premier and Mr. Nixon. The latter Bonds, he noted, were more readily then," claim>d Mr. Nixon. went out with extensive quotations saleable at a discount than at a Rovertin« to the January bond is-- from a speech mado by Attorncy-- premium, for the public bought in the sue. M:. Honry noted that the Op-- Gencral Prico when Provincial Treas-- hope that the issues would go to par : position wondsred why the bonds had urer, in which Mr. Nixon said Colonc] | | Or better, He could present an itemized | not been advertised when it was found Price had outlincd whet should be | | Statement to show that the cost to the nosessary to go into the market. In referred to as capital and what should ! | Province was .7 per cent., or $280,000 rovly, he said that the experts had be labellied ordinary expenses, and | | Ot_the $40,000,000 issue. studied the situation and had seen look him to task for the inclusion of| | The bonds, when they reached the no indication of an acceptable bid up many of these items in current capital || MArket, had sold at 97, and the Prov-- to the time the issue was floated. accounts. ince received 96, a difference of $225,-- There had been no mystery about it, The Attorney--General protested, but | 000. Other expenses brought thetotal cVerything was open and aboveboard. the Progressive Leader rcpeated his |COSt to $280000, or 7 per cent., the Th° clu':?'p was made that brokers | demand for continuity in public ac-- |lOWest cost to 'the Province in th: were doubling their money on a fifty. lmts as a necessary basis for com-- | marketing of bonds in thirty years. day hold of the bonds, but cqnditl.'\p,: \ parison. "If this Budget had gone In comment on the Premier's' had changed very rapidly since the 'through the acid test of the Provin-- | Statement that bonds at a discount C2t° Of issue. and price advances in cial Treasurer of 1924, we would | Were considered a preferable buy, Mr. """fh'" T erexiine the uwo. cm;{d'.' ~Onele a deffolt of over $15,000,000, and | 1 Mogees "homt weree M k Shst ts | sls U Tok Roves ime Prenuer said were the Budget of that year treateq | brokers don't worry about the pre-- that the Bank of Montreal chot anis as this one of today, instead of the | Mium today?" l h&d an thes shor c onas i Wh-- C + t 94 still hs'd al)l the short--term bonds it $15,000,000 deficit, there would have |, Mr. Henry replied that the market ; irinall + i e armeilive * j . | , inas r1ad originally bought, but had since been a handsome surplus," he sald. had improved vastly since January. 4 » | "Lot's get down to a level we both acquired $2,000,000 more at higher Defends Drury Loans. A 97 ba BePe" prices. 'The small investor. he con-- y . s understand," he adjured the Progres-- fended. had be dsquately tak As a last premise of his address, the | sive Leader. "If you buy a horse, it fare ns """ "heh AQtouUMCEY lasen lPl'os'r%slve Leader defended the Drury | may be worth a good deal more or a "*~C °; .. ,, ; & loans, contending that they were good deal less after a couple of months In closing, the Prem'er forecast meds, compared with the difi'cultics| have passed." 3 ' that his Opposition critics would and high rates of the time, at propcer "I'd never expect the price to im. b'f?x}r;(l'(?) e lal Hinoste n &?:lm' and compared favorably with prove or depreciate to that extent"'l & o early Perguson loans. answered Mr. Nixon, with regard to| The Promier recognizsd, with @ the r'sing prices for the issues. | ence to his mability to submit a n f | subamendment to the Budget vots. The Premier and Dr. McQuibban 'But. Mr. Nixon suggested as a pos-- h@d am interchange on the total' sible amendment the following para-- Amount of bonds outstanding, Mr. ' | graph : Henry claiming, and the Liberal | |_ "That we are thankful, indesd, to| Le@der denying, that the $592,000,000 a Merciful Providence, that we are| Included the issues to which excep-- | at last to have a goncral election when | tion had been taken in the after-- this outfit of wasters, muddlers, and -- hOoon's debate. Turning to Mr. N.xon, ' ]juggl:rs will bs turnced out of of. | the Premier said that the Progressive lg-;cg.-- « Lfiaul?\eiow tkt)xgeughtt.' hefix:d a bomb-- I Famie . she exp when discovered January Bend Issuc. a $19,000,000 bond item in the public > ' Premicr Honry's spooch was intond-- rccounts This amount, said Mr.' ed as a complets vindication of the Henry, represented a $7 o'oo.ooo loan Government's financial resord, and the il>r the Temiskaming & Northern mass of i':gur:'s with which hs deluged* | Ontario mWay to care for the lm?'s the House was relicved only by the borrowing from the banks, and $12,-- mtstbq;n pock s ko p'r"i-'-qti- l2 | day credits. A Government encounter-- 7tentlons"regnr:i§m: the d";).'.b?'ld The qd: times when its sources of revenue |loan, but near the clos> hs revealsd iu"cd up, said ths Premier, instanc-- information long sought by the Gypo-- 'gimme T"t'u: licfinse sltiua.t.ion, with ' sition: how much of the January hond at "mk': eda °w°;' or purchase ' issue went to the two banks from |, MA'KCIs and permits, * which the Government drow its ex-- In answer to doubts cast upon the port consultants. actuality of his $476,000 surplus, Pre-- In this regard, he stated, that out | Mier Henry twitted Opposition ertics { \of the $20,000,000 short--ieerm loan | With the remark: '"It's plain they |$8,000,000 was taken un by the Bank | haven't any hope, at any rate, so far | of Montreal and $4,750,000 by the | 85 their specches show." The practice k | Bank of Nova Scotia: of the $5,000,-- | | folowed by the Government, hs said, t 000 issue, the Bank of Montreal took || had been in vogue for twenty years. up $50,000 and the Bank of Nova || Looking back to the previous regim?, Sceotia $833,000; and of the long--term | | he found evidences of the very finan-- $15,000,000 issue, the Bank of Mont-- || Cial juggling of which the Opposit.on real took approximately $500,000 and || complained! wrongly, today. the Bank of Nova Scotia $455.090u. ; '"You'll have to satisfy the people of * The first part of the Premicr's|| the Province that your bookkeeping's a mh was devoted to answers to com-- | | right." commented Dr. L. J. Simpson, se ts containesd in the speeches || Liberals' financial critic. made earlier in the day by Dr. Mc-- "Show us your surplus in the Treas-- -- ~Quibban and Mr. Nixon. Dr. Mc--|| ury," challenged Mr. Nixon. Quibban, he said, had called tor a}| Continuing, Mr. Henry defended the * reduction in the rate on farm loans; | inclusion of relief costs in capital ac-- but. as it stood, the 2 per cent. leeway | count, and recited the long list of * , Drury Government expenditures which had been so listed, including unem-- % ployment relief. Far fewer items, he & % contended. were charged in the pres-- ent Budget to capital account.