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

1ttirl h _ Sueces . n D t . i dl. I Premier Scores Henry Financial Presentation) . of 19M--New Fiscal Year Dates l . Initiated l NEW succession-duty tax. t..dtiicit ot' S30,590.249.78. and a pre- diction ot a $14,000,000 deficit for the coming fiscal year featured . Premier Mitchell Hepburn's iirst Budget, brought down in the Legislature yesterday. Relief costs of more than 816.000.0110. included in the 1933-34 ordinary expenditures, contributed largely to the deficit, the Premier . declared. As a means ot raising additional revenue, he announced the levying of a succession-duty tax on estates of more than $1,000,000. to be l per cent. progressively tor each million, up to a maximum of " per cent. The summary ot the Budget address follow.,. Mr. Speaker: In moving as I tio'broup,1:t down in this House by a that you now leave the chair and 1.1181111 A1m.itristrcijy. and the last that the House resolve itsrlt lulu I/tdc',,.':,",,,'"..?").,::: af")i,ejg,f:.,, 'in, this . .. . i . 'l'. _. ov ("3 '..-.'..- Committee ot Supply. 1 desire to oc- met has il.rar cf the ltd/101114211. 'd a. may the attention of this honor-mic tins. unit (in Feb. 9. 1904. presented Hcfuse for some little time in placing his i'ritttatps. . be ore the Assembly a statement as A camrurismt of the ublic ac- _ to the financial situation of the Prov- chums 'ot Dec. 31, 1904, pand the _Chrnsideratrie Total. Inte of Ontario. It is thirty-one public accounts of Oct. 31. 1934. is "The next item is one considerable years since a Budget has been inttuTstintt. Sumo of the more impor- in amount," said Mr. Hepburn. "and m---------------------------'" items arc as follows: represents ordinary expenditure BC- 1904 1934 I counts held over at the end ot the "tig 311 "tit; 31) l fiscal year which should have been . n. on. d and charged against 1933 ap- Bud et Address delivered-- G. w. . . . . w tt Fob. iPftiti. "s,reti.'s,',tir,ii:j pmpriations. I am afraid I cannot Funded debt o...-.-..................... t 4.124.000 s 504,030,000 compliment the former Provincial, Unfunded debt q..qqqq..q.q...q0..........0...9... 7.600.000 01,722,000! Treasurer on his originality in re-, _-----..---- - --- ---r-_--.--. I sorting to the practice of holding over . s 11,724.000 ' 055300000 Revenue roducin and realizable assets ........ 10,060. ' ' I bins and accounts in order to reduce, p lt ---- ._ Pl -...i'f1el1fflt his expenditures for the fiscal year a: J'etltpirai,iic:y.y.y.:y:y.:y.:y.::y:::: ' 1,6641% ' 358,4T6,000 1932.1933. That the practice was . Indirect mm... yy.."..::."..':::.'.:.:'.:.".::'.: 2.600.060 97.733903?) "'8 was "my. ug,tgtge,ueid,t Ordinuy revenue o............................... 6.128.000 50,007,841 had been roundly co emu wen Ordinary expenditure q................ .......... 5267.000 80.667091 the Fan-son Govemment. succeeding Surplus .......... r............................... 361.000 30,599,2.50 one Drury Administration, took over Dey, it the control of the finances ot the 'r' . . "C , Province. I give you herewith a list Poulatinn ., . ... . .. 'r.........-...... ..240001 i Arga (District at Patricia added, q............... 260.86; 333:3??? ttd the accounts which Should have Square tw.leti Square mile; been paid and charged as ordinary Assessed value 1ue 'property .................. 52.97.000.000 s3,183,000.000 expenditures in the fiscal year ended Total mineral 9 uct on .........-.............. 511.500.0011 ' 141000.000 Oct. 31, 1933, but which were held Before dealing with the 1933-1934(' out in order to create a fictitious sur- Public Accounts I consider it my duty The Niagara Parks Act provided. plus. to refer to the Budget address de- Mr. Hepburn pruteeded. t,hat, revenue "The items are as follows: livered by the former Prime Minister received should be applied to deben- Department-- Ordinary in this Home on March 1. 1934. The ture interest. a sinking 31nd. and 'gre,rltgif".'.".r.f, ......,...$ 53.11133 former Provincial Treasurer claimed park maintenance costs. an any Bur- 1Mt& on ....r.........'... ' . to have a balanced Budget. In tae:, plus should be paid annually to the "'"l'Ul','t,'llrri','fk:::::::: t1k'llfdll, he claimed that the tinancial results Provinoill Treasurer. When these Surveys Branch ........ 3,39t.10 rethe iiscal year ended Oct. 31, 1933, rentals were seized by the Provincial Mines o..................... 2382.22 showed a surplus ot $476,425.61. 1m, however, he continued, the' Public Works ............... ail'l:flkl1 But that was not true. in Parks commission had noi, suttielent I/ell',""..::::.::::::::: iii',ar.iE there was no surplus; and with money to meet its half-yearly deben- Haapitala Division ...... 290.219m . he uttered those words the former cure interest, and had no sinking fund LMtor ...................... l.791.12 Provincial Treasurer must have at all. , Pub!" IPW,',', .........q.. 'i1'lfli", known there was no surplus, be- Proceeding to the matter ot ' per, l',Til'gitl mmum ....... {35005 . , . . . _ . vinee, vingtat tary autos-a . P . . cause every effort appears to hare cent. interest paid by the Pro can. and Fisheries ..q.... 2.51131 been made to conceal the fact that. on the sinking funds of municipall-; Agriculture B............... 28.925316 _ 1ratead of a surplus of $476,425.61, tho ties deposited with the Government,' -ir,Gir3TGi"ii 369 333 86 accounts ot the Province showed that Mr. Hepburn said that interest paid) . ' ' . there was a deficit of millions of (10':- 10 municipalities as of Oct. 31. 1933.; The nut item is the largest, tutd Ears. to he exact. a deficit ot $3,734.- was 855,544.16. which amount. he! accounts for the sum ot 32.525.27.531. _ 120.03. In order to give his aim-or 1') said, was incorrectly charged to sur- That mount appears in the 1931-33 th. "Champion of the Liberal Party." plus account. whereas it was proper-l Public Aeeounts " 3 deduction trom the former Provincial Treasurer 1y chargeable to ordinary account. ' intelest. and isshown as being received manipulated. switched. juggled or Next. the Premier discussed amortl-' irom the Agricultural Development whatever I" 0011 it the accounts. so cation charges tor discount on debcn- Board. Board that items which amounted in all to tures. This item, amounting to 892,- The Agricultural Development 34.211.145.04 were incorrectly handled. 075.02. he said. was cursed to sur- paid W to the Ttettsury the sum of t . plus account instead ot ordinary ac-i s2.li2li,2Tlutl, but only "95,035.74 of trtfreregtee h Tm count, for the purpose ot "building. 0113 mount was interest. Therefore. ' Dim first the question of upa fictitious surplus." _ . Niagara Park water rentals. the Pre- mier declared that $197,711.15 In niitals was shown as ordinary rev- enue of both the Province and the . Niagara Park! Omission. when it actually was the property of only . ths Commission.