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iB in ib cmd ic n n in h B March 14 'M_--\--_--__* + sonmnemntenmenmoensnsos mm mmmmmmmmmmmmemmmmnm... High F di ghway Expenditure _ Outlook im For Chi There is an Increase in the gross, of gasoline collections that has been | Oor I I dr en debt of the Province due entirely| made by this Government has been | to the highway program of the| °3Ualled or exceeded. |_____ It will be readily recognized that present flecal year, but I would is In my considered opinion, there _the dominant note of this Budget [draw your attention to this fact-- ,,m'\'_';m':v?;r""";:a':ratlnthi'-; ntx;g:% Address in outlining the policy for| and I do this with some degree of| things that will yield the returns the ensuing year is the care which ;&:'tni;!?:;'r:n};n'v'?;.hwharoas 'the' iox- :ay way of attracting tourists, by this Government is exercising inl way construction | improving the liv amounts to approximately $35,000,-- far't,ners. iy Infll'::als';:zc?l?: l\tri:;?li g; i e poree meecuns development | 000, the increase in the gross debt|their farms, and by improving of the human resources of the land. . amounts to $25,221,519.72. In expend--| transportation facilities, as well as No Government with the proper: ing _".-)_"m.m': for -- highway mn-iinrrnnsing the revenue of ~ this conception of its duty considers for struction, we have not burdened the | Province, that wi 8 s Province, but rather we put her in | the in\'ostmh:n't "i'rlrl ';:r:d':sar': ):'i';;,". a moment that the sole business of , a most favorable position. _ As| ways. The Middle Road, alone, from government is to produce surpluses you will see from the fore--| Toronto to Hamilton, will probably and to run on what might be cast, we expect to collect in' bring two million dollars in gaso-- i e K the next fiscal year $18,200,000 from |line tax revenue next year, gHero termed a profit--and--loss basis. 'The the gasoline tax. This is a very we have exchanged our wealth in duty of a Government is to ensure moderate estimate. 1 should not be | the form of dollars for capital, that i that every child born within the ;E:';%::mnif lh';' collections reached | is _ wealth producing _ additional State is assured of equality of op-- £20,000, . and you will not dis=| wealth, and wi e joy agree with me when I make this a very profit:fl»l:n(xl'g'tl\?:ndlznengai ,portunity and is encouraged and] statement, because every estimate investment. helped to grow up to make the THE FUXDEND DEBT OF ONTARIO. 'most of his or her life, and to have The Funded Debt of this Province, as represented by out-- the most helpful influence upon the * standing debentures, annuities and railway certificates lives of all citizens who make up &5 at March 31, 1937, amounted to ..................+« §567,973,130.86 the organized society of which he Add Debentures issued during the fiscal year ............ 46,600,000.00| _ Or she is a member. Deduct--Debent deemed at 1 $35,198 "14'573'130'86| * educt--Debentures redeemed at maturity....$35,198,500.00 ® Debentures purchased for®cancellation ........ 2,438,946.67 Educaflon Debentures purchased under Succession Duty s A"'. w w w w w w ww# eb 4 # m e m m m h m e h e m n m# m 6 6 6 6 6 6# 8 # ® 17q.4mm Ra""'a_\' Ald Certificates matured ............. €2,594.20 Granfs 'n FUII Annuities matured .....sss««s«c«seceesseerrkrtirs 10,175.00 hesatptid e Sinking Furd PUTChHASCO§ \@«@eese@s@ese@eserrn008s 971,129.26 I am pleased to be able to in-- Wws . e mmmmmememmmmmem + form the House that the legislative Tfltal R'du("\nn a a a m a b w e 6# 6 n 6 6 6 6 6 6e 6 6 n 6 e n e t 6 n n 6 a 38-890;74513 gl"an'S pald to the publi(' an& momerm mm s ce mm mmmmmmmmmmmmme separate schools of the Province Leaving the Funded Debt of the Province as at March 31, represented the full amount earned 19";8' at .............'.IC...."...Q........IO..'......I.&S?S.Wu%fl-n ' by SChOOI hoards. Since 1932. dfiuc- Te infi neiinreemenamaee tions varying from 10 per cent to 20 An increase in the Funded Debt of a year ago in the sum of $ 7.7090,254.87 per cent have been made from But a decrease in the Funded Debt since Oct. 31, 1934, of $18,356,402.76 these grants. Payment in fullflast The Funded Debt as shown above includes $149,620,6M46.87 borrowed year involved an expenditure of $4,-- for the Hydro--Electric Power Commission. | 164,156.40, or $580,373 more than | | was palid in 1936. | Etocks and Debentures Outstanding in the Hands of the Public. | \ Provision is now being made for Stock and debentures payable only in Canada..$289,9753,800.00----50.20329% | the appropriation for public and Stock and debentures payable only in London.. 3,323,512.33---- .55982% separate school grants of $475,000 Stock and debentures payable only in Canada, | more than was paid during the New YOLK «««.«r«r«ccrrtat«tatriritrstsssr«rss+« 4098062,000.00---- 8.97213% present fiscal year. The result will Stock and debentures payable only in Canada, be that the grants paid to the ele« f New York, London ......................« 234,548,500.00--40.66416% mentary schools for the Province weewnzwzmacaa_z_z__= in 1938 will exceed by $1,000,000 £$575,810,462.33 those paid in 1936. Provision is be-- mzmfen flnc ing made, likewise, for substantial PDeberture maturities for the remainder of the present calendar yvear | increases in the grants being paid amoiunt to onlv $0,269,000, and it is not anticipated that it will be necessary to high schools and collegiate insti« to go into the market for a considerable period of time. tutes and to vocational schools. ; The net debt of the Province will ' for the present fiscal year are as vary in an amount closely following | follows: the amount of the gross debt. Th'--!Co-nparaan associations $ 15.000 exact amount of the variation can--| Parks Commission ...... 1,062,500 not here be stated because of the | Hydro--Electric Power necessity _ of ascertaining the| Commission ........... 19,000,000 f amounts of certain balances which Rxhgsmictanis may be collected or outstanding at TOLlAL +++++1rerrs1ss14++2820,077,900 the end of the fiscal year. Full d**| _ ap,inct this, however, will be the tails of the change in the amoUn! | payment of the Hydro--Electric of the net debt will be availabl®| power Commission debentures in when the Public Accounts Al€| ns amount of $19,626.950. Added to brought down. this there are certain guaranteed Indirect iabilities, maturities which have been met by There will be a reduction in the| the borrowing authorities, so ghat A amount of indirect liabilities and | the indirect debt of the Province guarantees of the Province at | will be reduced this year by some--| March 31, 1938. The only newl thmg over 81000000 Full details guarantees made by the Province !will be given in the Public Accounts C