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% m o _'»," f xn s pee " -- C ooR Mmarch \> _ Premier's 1935 Forecast and 1936 Fulfilment mier's orecast an 936 Fuilfilmen (Budget Speech forecast of Apml 2, 1935.) (Budget Speech reports March 12, 1936; 10 mos. actual, 2 mos. estimated.) Gross crdinary revenue $73,1705,246 _ CGiross ordinary revenue ..... ... .. _ $79,014,075 Gross ordinary expenditures |......... ... 73.311,593 _ Gross ordinary expenditures ........ ..... _ 72,147.039 Relief costs ............ i+..si.i++*.; 1§,000,000 . EKelicf COSt§ ................irsrrsr>sre..ss. 20,803;645 FRorecast deficit ............ i+ .++. .++ 16,000,940 Deficit **>i8%kl2rs sax*xv@#¥« .s+@*..+**", 19,496,000 Revenue increase .... iirssixx*irs1++«« $1008,029 [ Exnpenditure dectséase ...................... 1104,008 1 . | Where the Revenues Came From ' Revenue forecast Departments Revenue report f y | _ (April, 1935) (March, 1936) s (10 mos. actual) $ 550000 Game and Pisherics t%..r s+««s*1. ... § AOi0nNat l."23.54:) }{'\"al'\h * % & s * % £ kn a% *# *# + # + % l ?83997 A 2,620,.028 Lands arnd Forests 1A ; s CKU+ + K U 1 + ¥Ak s x¥ ts 3.273,561 | 4,000,004 Liquor Control Board .................%.... 8.060.000 | $900,000 Succession DUteSs .......«........sr..¢@!..ss 11,600.807 ' 850,600 Amusement Tax i * 1 .¥A 4 r #% ©X* . s¥ 2,130,215 | ie it en en i ie en in armneamemegmmmmmmmmeaememmmemeammmmmenmammmenmes "on mmesamemmemmesmmmmmemmmemmmemmen ~rvmeurumnmmmmummees | | Premier's Forecast for 1936--37 | Gross ordinary revenue torecast c ; ; £% o6 k .ls m $36,415,649 trross ordinary expenditures forecast .. «. ... $78,2174,06063 Relief cost forecast c« xA¥ +ss tt.r+tks & 12,6500,000 Total ordinary costs . . @1 r@#% se e ki l tb ltb .2 a . 85,817,663 Surplus forecast ©¥*«.t¥.1@¥r« &n C*:xk%.+%*%;.» .. $ 597,985 .' 'LOl lg- I erm Loans s _ Are Now Feasible ' ' A 'l #* Gcura tw 1 & Assails Opposition. cent. stock wore at an even better Improved Credit of Pro¥-- _ nir nepoun wuhu:y assailed \the -- rate. namoly, at a price of £109 10s & I i Opposition for havy charg 1¥ for a £100 sterling debenturc. inCce WI" Permit Issu-- the Government was adding to t:ed "Would any one want a more com-- debt at a rate of $100,000 per day, a plete and convincin rer to the ance Of Debentures that the credit of Ontario abroad was slanderous anld libflgojfs"etrt "I}s tm msmmemeszess being destroyed. He predicted that, . "" *"~**' e SA onl es HE Provin f o at the end of the present fiscal year, which were designed to destroy the \I : O.I ce 0o ""~ _ the bonds of Ontario would be selling roputation of this Government in | tario will soon enter _ at the highest point in history. et London, England, regardless of { the long--term money u,"'nl |,Illwm0tmnmnli ow%rtl:,s:s' hemuufd:v whether it 'al.s:) damaged the credit market, it was announced . '@ single bond ot, itentur o! p'tge Of4?;'C1_Z';"";'C°:l:'fh"°' ome. srhic # # m n m w A C " 8 C riticism Yesterda)f in the Leg's.lature chased at par. And to every investor about our having borrowed in Tr:a-- by Premier Hepbum in the or holder of any of the obligations | Sury bills, although we borrowed &t course of his Budget ad-- otf the Province, let me say this: | r@tes of interest as low as 2 per cent., dress. 'Hold on to the investnfent you have, or less than half the rate paid by because it is backed by a solid, eco-- -- the Henry Governmnt. But these Time Ripe. nomical Government. It is the ob-- OpéJOSition critics neglect to tell their 4 t us ligation of the richest, largest and audiences that when th> Henry Ad-- °m":r}v&{mufs mi:s.?' N?Jrfogl;f m':st, law--abiding Province in this ministration went out of office on ripe we will probably secure some Regarding Ontario's credit in Lon-- ties in the form of outstanding Tr:ia-- long--term money, for 1 believe that don the Premier said: sury bilis amounting to $47,535,000, the time is opportune to make such a '"The Province of Ontario owes in --bearing interest at from 4 per cent. move." England 1946 registered stock bear-- --to 5 per cent. per annum,'" said Mr. The Prime Minister expressed the ®Ag interest at 3'%4 per cent. in the -- Hepburn opinion that conditions were ideal for amount of $2,056,406.30, and 1947 t t on the offering of such debentures As registered stock bearing interest at 4 were necessary for the carrying on 0f per cent. in the amount of $1,547,-- & * the affairs of the country, because 17570 and, maturing in 1965, 44 per Ontario's financial poiicy had taken cent. registered stock in the amount _definite shape and was canmmddng'! of $834.412.54. * """'r'o"'e investing P"N:u foomu| . Lt mt refer to the Pr(:{i!nce of . Hepburn blamed ormer | i0 4 cent. registe stock Cmmervalive Administration for the| O"**"° * »C 4s fact that during the present flscll' maturing in 1947. The records of the year it would cost the Government! sales for June, 1934, show that the $230,000 for exchange in London or| highest price paid for a £100 sterling 'New York because "when bonds pay--| bond was £101%.. It has never been | able in foreign currencies were float--}| as low as that since June, 1934, and ed, the financial pilot of the day| my honorable frierd, the former Prime could not see far enough ahead to| | Minister, will know the significance avoid the Charybdis of foreign ex--| | of that date. The stock has kopt change or the Scylla of high interest) | steady ever since this Government rates." Since his Government took| | came into power, and has sold as high office, Mr. Hepburn was pleased to> | as £105', and the last sale on record say, they had not borrowed a dollar) | was £103%. The showing with re-- payable in other than the lawful) | spect to the Province of Ontario 4' | money of Canada. per cent. registered stock, maturing "Furthermore," he said:> amid A| 1945 to 1965, is even better. There thunder of Government dGesk--thump--| was a sale of stock the par value of | 'ing, "as long as the people of On--| which was £233 17s 4d. The amount | 'tario continue to have faith in this| | received for the stock was £240 175 7d.| Government, as they demonstrated| Now, the next sale reported was on | last June,' when in less than a week| Aaug, 10 of the same year. Apparent-- . we sold to them $20,000,000 of thelr! ly the same stock was again turned debentures, it will not be necessary' over and found ready buyers. This for this Government to go and place; ; stock, the par value of which was £233 \ its neck under the heel of the money--. | 17; 44, was sold for £246 2s 11d, and . changers of New York or London. | that is at the rate of 105%. The last sales on record of this 414 per C f s appra ts ind