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| March 31, 1937, being ten months' Inetual payments and two months %"orecast. * "The capital expenditures for the fiscal year were estimated to amount to the sum of 826.930965?0 and, after giving effect to certain remmenusby the Dominion Gov-- ernment on account of unemploy-- ment relief work on road and y bridges. the total capital payments | for the fiscal year will amount to lhe sum of $25,703,621.69. With the permission of the House, 1 shall place upon the records an interim statement of gross capital payments for the fiscal year April 1, 1936, to ; & SCHEDULE A. Province of Ontario. f Summarized Statement, by Fiscal Years, of the Advances to, and the Repay-- ments from, The Mydro--Electric Power Commission. Agricultural ... Attornev--General-- ""'H)'dro':'Eloc;rh Power . Commisgion E'l'('.flOfl To w e w uin e e w e h ut t# e t t t# t# t# 6# CGame "d F'Sh?fles a e a e a 0 hn 66# 66# 6# ""'m o AEXXEY Lt s« C¥KAFAE L* 4 48 aKa¥CH + H'flh"a}.\ woa w e te s e 6# # # Lands and Forests:! f Lands Branch .. Forests Branch . _ _ Dom,. Gov't. and Municipalities-- * (Md4--Age Pensions Commission.. =. Mothers' Allow'ce Commission. '\lb'k wmk'.oo:oo.ooooco-doo.co.coooo MI2C@IIAMCOUS = «««««e@« ass@a@aneeneen80e8 "seal Y April 4, 1936 --~--March 31, 1937--10 Months Actual--2% Months Flzcal Neur Ajt Forecast----1% Months _Year ¥Ending Tot., Ad\.n"' ..........'.......7........................ m Tou' Re"m'flt' w w w w h# m e w h e e mm m e aie w e m e e m h0 0 a 48 a 8# # # # s Net Advances, as at March 31, 1937....................... $151 xRefund of Temporary Advances made on Capital Account. 1936--37 1909--10 1910--11 191112 191213 191314 191415 1915--16 1916--17 1917--18 191319 1919--20 1920--21 1921 --22 1922--23 1923--24 1924--25 1925--26 193%--27 1928--29 ' r c $25,1703,621.69 *Net Expenditure after allowing for refund on account of Dominion's Share. Capital Expenditures Department .. lLoan Advances .....+.+ Trust Fund Repayments Works and Resources INTERIM STATEMENT OF GROSH CAPITAL PAYXMENXT*®. a a 0 6 u6 0 6 u6 60 6 8 6 h e n e a 46 h4 6 % 6 # a # # a ma a ma a h6 a h4 6 e 4 a a 6 a a 4 0 a# 8 66 4# 8 4# w w a m e 6e e 6 e 6e n w e h 6 8 n 6 h a na 8 n e# a 6 ® a n h0 h4# # 0 0 a 0 u h00 a aa o6 # 8 6 u6 6 # 0 8# # w aa a ba n en n a n e a n 6 a h6 a 6 6 # 4 6 a4 8 a # 6# a a 0 0 0 h a a ## 0 h a e e a e 6 h48 66 6 # 6 # # % # a n e a a 6 ae a 0 0 w4 6 66 6 a n n a 60 a 6 m a 6 6 4 6# w a n a h e a h4 4 e a 0 h8 h6 6n a 6 # 6 6 6 #4 6 4 6 6 # a w8 a e h e a a 0 e 0 e a # 6 0 a a 0 6 8 a 6 ## a# # a w a a h4 4 he4 en e e 6 6 a n e a 8 a # 4 % # 00# % ® a a e e a a 0 a 0 6 a 46 n e 6 he4 a e e a 8 a8 a% # 6 ® aame 6 4 a a 4# 6# # # 4 o # 6 ## # # .....l..'....'.......&..... j $11,435,583.82 $13,277,748.03 $990,289.84 . sSUMMARY, ~ - | SL MMARYV. ««------3PO8SS CLADILA! PAYIMCNUG----------~ | Works and -- Loan Trust Fund ' Resources -- Advances Repayments | $ 2,000.00 $ 2,500,00 . ~«......... 1,000,000.(8) 20,000.00 .......++* m.m.':' * se 0 # @4 # # ........l.' m.w.75 * #a # a 4# ® # s #4# # 4 # ® ® 601"-'2 * #a @ # #a® @ a a na t # 6+# ® 6.115,463. 40 ns n n es e uen e se n# ?2.1"-92 3.8'4-% .;IOO.I'C. 153.8!6.'17 4 se e # w4 # # a a asle'e on e # 195, 788.98 *2.509,055.13 $207,002,750. 36 #$55,429,806.42 ----CGross Capital Payments---- llmumsa a ®*%% #@ 479.815.(8 & as0e e ® l.sl.m.w a a ##+ o ® 6.&0.".70 a a see e a 2.m.m.15 a a #e# e ® 9,772,955.64 a asee ea 5.818.773. 1" a a «0# ## 8,409,597 .68 a s ane ## tl -743-"2-5' a * n## ## l..c's.m.w' a + «a# # ® 37.5'7.8'6-& * a«*% % ® 14,134,617.00 a «es e# 8.835.m.w a s «00 # ® 10.&5-0216' ® a##* # ® 8,844,002.83 * e ses e e 3,191,104.46 4,812,000. 00 3,916,060. 28 1,338,567.00 6,867,442.26 1,417,529.45 13,086,000.61 1,499,500.61 13,884,559.50 1,607,427.82 13,353,200.18 1,775,462.00 3,660,955.08 2,402,944.3B 484,534.70 2,155,176. & 2,277,002.20 2,412,398.33 a.m.m # # 4 28 # # 206,100.00x 14,846,584.52 * ++# @«««» _ 2,115,000,00 m'lao" # #« 4 6 #4 # ® Advances Repayments 2,130,456.78 14,210.92 * +« ++« «; . 10,0850,000.00 March o 1,086,403.77 $11,435,583.82 13,277,748.03 990,289.84 .. $151,572,043.94 -- $207,002,750.36 -- _ 55,429,806.4%2 a «6 # # #%# # a ma# # 64# ® a #4 6 # +# # # 21,162,206.84 4,812,000. 00 1,338,567,.00 1,417,529.45 1,499,500.61 1,607,427.82 1,775,462.00 2,402,944.3B 2,155,176. & 2,112,398.33 a a ++# # # *# pa # # e# ® 194,447.46 a a 4y a a 4 6/# 5,469.50 ds in imntime im L ar ty / -- WX 1 T T picture to a sufficient degree to en-- : able me to .estimate the financial results of Cour 'Pay--As--You--Go' policy --with <respect to 'the gross debt and' the funded debt of the Province. : Permit me to repeat what~ I said with respect to: the Treasury 'bills. -- The reduction in the Treasury bills outstandin.fs of the Rrovince for the present: fiscal year amounts to the sum of $12,000.« N00. _ At the end --of March, 1936, the funded debt of this Province, as represented by outstanding deben-- tures, annuities and . railway cer-- tificates amounted to: $594,112,954,.50 To 'this should be added d@ebentures issued dur-- ing the fiscal year, in-- 3 cluding the debentures k Issued for the invest-- ment of the Teachers' and Inspectors' Super-- + a nnuation Fund 'That is a total of ...... $62,289,8.55.19 Making. a total of out--. standing and _ issued obligations of _..... _ $630,241,954.0 Agatnst this we have re-- _ , deemed -- at _ maturity bonds amounting to .. . $60,227,650.00 We have redeemed for LN That is a total of ....... _ 62,289,855.19 Leaving the outstanding debentures of the Prov-- ince as at March 31, 1937, at ... .. ........ $561,952,000.31 Debt Reduction. debt reduction" _ ......' -- 926,423.30| Annuities redeemed ..... 16,700,.00 -- Railway . certificates re-- deemed . ..... .. ..«.s.4""/* 99.307.48 Sinking fund purchases... _ 1,019,714.41; "This result shows & reduction of the funded debt of the.Province in the sum of $26,160,855.19. May I repeat, Mr. SEpeaker, a reduction in the funded debt of the Province of $26,160,855.19. s t .. . "On Oct. 31, 1934, we had out-- standing debentures payable at the option of the holder, both as to in-- terest and principal in foreign cur-- rencies, in the amount of $325,000,-- 000. ~ By refraining from issuing bonds repayable other than in law-- ful money of Canada and by sink-- ing fund and debt retirement pur-- chases, we have reduced the amounts "of obligations payable as to principal and interest in London arnd New York by an amount in excess of $34,000,000. . As a result of this and as a result also of careful and--nfay I say--wise purchases of foreign exchange at . the -- proper time, we have to report today the lowest cost of foreign exchange on the public debt for many years past. Interest Costs. "Of course, the balance of pay-- ments and other exchange factors have contributed in a very large measure to the reduction of the cost of exchange, but it will in-- terest" this House to know that the cost of exchange for the fiscal years listed was as follows: Year'ending October 31, & * jao0n . iignc: Wev d Year ending October Year ending October 191?4 a a a a a 6 sa% 606# # % Year ending March Year ending March 31, # 1936 a a a.40 6 a 6 e a e e a 6 # # # 238,754-(" Year ending March 31, 1937 (estimated on present rates of ex-- Chflnge) a a o 6 0.+ 6 a a # e ® 180,615.41 F "Another result of the 'Pay--As | You--Go' policy and the reduction in the funded debt is seen in the reduced cost of interest. In the fiscal year ended October 31, 1934, out of every dollar of net revenue colected by the Province, it --re-- quired 42.62 cents to meet the éost of interest on the public debt, leavy-- ing only 57 cents out of the tax-- payer's dollar to meet other ordi-- nary expenses. This year instead of 4262, or practically 43 cents, out of every 'dollar of revenue, it wili cost only 26 cents out of every dol-- lar of revenue to service the--debt charge, leaving available, not 57 cents, but 74 cents out of every dol-- | lar paid in by the taxpayer of this | country for education, hospitals | maintenance: of. roads and' other necessary public services. There. fore, the ,gxp'ayer's dolla'increased in value by nearly 17 cents, & re. sult that must bring much s.tig-- faction' to the taxpayer when he turns over his hard--earned dollar to the Provincial Exchequer. | eaker, I have filled in the 31, $4.047,311.48 2,112417.57