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

2o Hig ums Saved | | o <e op® Marh se To Municipalities, | J | "I am not criticizing this trans-- E o |action, which, in view of the mili--] rOSt 0|nts t tary and world politicai situation at ' that time, was an advantageous s transaction," Mr. Frost said. | l Setting a precedent which willl The bonds, maturing July 1, save municipalities payment of largel would have to be met or paid off or| " xums in interest in anticipation of| refunded in the United States. To C OO rants | taxes to be received next fall, Pro--| pay them off in United States funds ;! wincial Treasurer Leslie Frost an-- would mean a cost of 11 per cent| 1 ' nounced in his Budget Speech in in foreign exchange. amounting to| | the Legislature yesterday that the $1,650,000. It had been decided to| p | Ontario Governmert proposes to ad-- refund the whole loan in New York,! I J | vance immediately to school boards| and Mr. Frost said it was gratifying e t $8,808,000. This relief to taxpayers' to know that the Government had | through municipal tax reduction| been able to refund the loan at an In Clty Alone | was made possible, he said, by the. interest cost of slightly less than | *"magnificent surplus" of $8,922,400. :;'(fio"f "'l';')";,)"f,l'hh" °Xi~<1|"l: loan Toronto's public and Sopara(e! Mr. Frost said he was sure the ; in 1942 The actual saving, $C j | House would authorize this distri-- therefore, during the currency of §enoo! gran.!s f"'m the Ontario GOV',; bution of the surplus to the school the loan would be in excess of a ernment will jump from last year'si' boards since, by so doing, "every quarter of a million dollars per total of $482,000 to $3,498,570, Pro--| municipality in Ontario will save annum. vincial Treasurer Leslie Frost told large amounts in interest alone." New Achievement the Legislature yesterday in his, The payment to school boards will . Tms mwl transaction, resulting Budget address. About $2,000,000 of | :):atlensdtl:)dgg ;;;lessel:figilertr;ertlltm:r{-lo?st: n an annual saving t ? aVv-- j ' 'ane 5 ® " ers of Ontario nflol:m'oSQtf.!gO(,bgfip:'i:n {],HS m"ed'\p. will sg0 10 publici The $8'808.'000 advance payment will Treasurer said, "marks a new schools, he said. | be approximately 34 per cent of the achievement in Government finane Mr,. Frost read from prepared fig--| 1945 general legislative school ing by this Province. It indicates ures the substantial increases inl grants. gm high «vlrfdit standing of the school grants that will accrue to Higher Pensions rovince, anc ope the Ho j s Cint se § : > 6 agree that 50111:] «")l'(fldri il,\l ;illsx: \'\'!'ll (3"'8"0 municipalities under _ the, m?g{,},ulx;:'OStpeflz(i)onznnofl::'cedsc;ll;zs > ; * 4 y« * Government' 1 ssumi 50 | a Government for the very advan-- s plan of assuming 50| teachers can now be increased from tageous results of refunding a loan per cent of the overall cost of edu--! $365 to $500 and the years of teach-- of $M15S nnilw'».n during these un-- cation. In his own home town of| ing required for a full pension re-- sefried times." . 2 Lindsay, typical of towns under 10,-- duced from 40 to 36 through an in-- P I"df"'""'fil an improved condition 000 population, the increased school crease in contributions to the in agriculture, Mr.'Frost pmmod out grant made it possible to reduce the Teachers and Inspectors Superan-- that many mortgagors during the tax rate seven mills this year, he| nuation Fund from 34 to 4 per cent year had been paying off before declared. Added to the 'one.'mm} by both teachers and Government. maturity loans advanced by the grant made last year, this meant a) Maximum pension may now be in-- Commissioner Qt Agricultural Loans. saving of $8 a year per $1,000, or creased from $'1250 to $1,500 and Lff'tag;hnumhm«mg 13,553 at tho end $24 a year on a $3,000 hon{e.' » pencions permitt'ed Up t;;' 60 per if(,,]lm;"O'f";'.';g"g;'l'fi".'(f C 'O_md indebt. The following table shows grants, cent of average salary instead of 50 12586 at the e ]' o Tand wiim t o ialck made to the larger centres last year, per cent, with provision for a por-- ieimcl af the end of 1944 with a total and the new grants: tion of the pension of a deceased indebtedness of $27,117,502. In 1944 1944. 1945 | | teacher to go to his widow ')Ga\ l-.»:n'\- wmct paid nf.f and total re-- Hamilton City. $132,649 $69é,940. Cutting four years off the years| 2?);1; 1nTT' m;{:li) Ioir\ndamm.mtm'i.to BrantfoOru ..... 38,384 162,686;' of teaching required for full pen--, r'ui.mn'pro(.i 83 p,-,.",f(;\,: tit m%';il'é:é London ....... 134,732 379,055 | sion, Mr. Frost said, will benefit} at the Snd of 194;1 'h"' ;f »elo,040 Olttawa ....... 144816 670,635 | those who have lost years from| had been rt'duv'ed';o 42; rt,. '< ITllnl?)P', Pf_"'!'.\' Sound.. 170,734 261,200 | their careers through war service. _ $119,709 by the end of ';;):;9"1\'"'7 Kr!"gS'OH «++ ++ _ 41,464 157,552| The Government's financial pro-- whereas a year ago 42 applicati i va Niagara Falls. _ 84,040 356,459 | gram for the year beginning Apt.i were heard under the Fapr]n Li'o"f S. Ste. Marie.. _ 83,106 213,699 1, Mr. Frost said, "involves meet--| Adjustment Act, 321 had hm-]n hz?r'l(; Sowe rareedi e pho+ 533212 ing the cost of education, WhiCh'l last year and $181,685 reduction Peterborough . 103.615 283,885 for the war years from 1939 to gt'axm'd in rn'xm"ir)'i'l 'mtore:; l:n? PO-N P H _i# 66,148 212,033| 1944, represented the exoendit}u'el sundries. te't f md Wm.d.:lor-Sand- | of sums ranging from $12dmillxonv ~ 4 s'kane ho WICH . s *« ++rsrs 14,422 26,620 to $15 million annually." Education (-o'\I,?;)Bf(;I ,29?;1):25(;1 \h_(})'ddt lh(?pf] i Windsor -- --Wal-- during the coming year would re-! ing m" Victory bonds axr:ld hm; f"" kerville ..... _ 92,589 652,609 | quire an expenditure of $25,383,168| so to thc"oxt'ont of \inor(- "a( 'c;%'le York East ..... 251,945 681,335| which, he emphasized, is in addi--' million, d('bosih for the ;c":]x'a"' "t}' Y:ork North ... 114,542 409,937 | tion to the advance payment of| _ [ss Province of Ontario Sa\iinl,j O]te York S. and W. 471,603 _ 1,169,585) $8,808,000 which, as soon as autho-- fices showed an increase of :l'n O\; mmorrmwowms _ kmtummmmemecce | rized, "will be received by public $4 million and total deposits 'ag Totals ......$7,611,935 $23,443,246) and separate school authorities of excess of $38 m""aon P\f;;)'l;;'mi'f ,_'pn & this Province, each and every ons ported. Deposits were steadily h+ of them, not latf:r than March 31. ' peeeine Soone Sepeagd ies wouic n eiiet do n eaip ef seeont iuch higher during 1945. i 7 Nee mm boards to economize every reason-- able and practical way, "it is the duty of municipal councils to pass the great reduction in school levies| on to their taxpayers. In so doing| our municipalities will not only be helping themselves and their rate-- payers, but will also be assisting their Government to bring about _ broader tax adjustments which will, remove the inequalities and injus--| ' tices in our tax system, with all of their tragic effects on our de-- velopment." Mr. Frost added that a general l adjustment in the tax load "will provide the stimulation necessary' to encourage agriculture, business' ' and industry to provide for the development of our country 'nfl for * the full employment of oug"people." . NHirrmmmmrrmmemenrnemmmmmmmmmmmmmmace..... I o o niniies R C mt louees |