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e e e e it C O 0 e l efaamenemennnn m _ APRIL 1 City's Financing Ra d' As Tax Act Repeal Seen 'The Mortgage Tax Act, a measure| relative to the registry office of which applies only to the City of| $400,000, "Rlfli'ns': wh.ic'l':_ there ha.; s k ..__,.,,_| how accumulated a sinking fund o Tor?nto. is to be replaced m. ""lnpproximfl"'l." $275,000, lfaving A entirety, Attorney--General Gordon balance of nearly $125,000, together Conant told the Legislature yester--| with the annual debt charges. day. A proposed amendment to| Mr. Conant also read his answer-- the act, by which it was planned ing letter, in which he informed to earmark the revenue derived| Mayor Conboy that the amount re-- under the act for the building of a) ceived by the city from the tax ex-- new court house in the po:l\\'flr;('rt'd('d the commitment to finance period, was withdrawn by Mr.| the registry oftice by a very large Conant. ' sum. The Attorney--General told the| "The city's position in this mat-- House that the City of Toronto had | ter is indefensible. They have collected the money derived under| spent part of the money on side«-- the Mortgage Tax Act and used| walks, sewers and other improve-- most of it for purposes other than ments. I was anxious that some the purpose intended, namely to de-- ; provision be made for a court house fray the cost of the registry office. in the dim, remote future, but in Up to Dec. 31, 1941, the city had view of the existing situation I received from the mortgage tax| must alter my views on the act and $805,193, said Mr. Conant. | the amendment. 'The present tax-- Mr. Conant read a lotter from | ing legislation will be repealed and Mayor Conboy asking the Govern--| the amenament will be withdrawn," ment to reconsider the proposed said Mr. Conan!. disposition of the mortzgage tax| Leopold Macaulay, Acting Oppo-- revenue. The mayor pointed out sition Leader, congratulated the that there is an outstanding debt| Attorney--Generai on his stand.