CANADA

Hawke's Bay Tribune, Volume XIX, Issue 64, 2 March 1929, Page 5

CANADA

BUDGET PRESENTED GOOD SURPLUS REPORTED FAVOURABLE TRADE BALANCE [United Press Association—By CableCopyright.) [Australian Press Assn.—United Service.) Ottawa, Mar. 1. For the fiscal year ending March Ist, Canada has a net surplus of 69,782,000 dollars. The Hon. J. A. Robb announced when presenting the Budget to Parliament that the net debt had also been reduced 70,000,000 dollars, and there was a favourable trade balance of 154,000,000 dollars for the ten months of the fiscal year. He stated that 42 per cent, of the total expenditures could be attributed to war obligations.

No direct reference was mad- to the fiscal policy in relation to the United States, but the Minister referred to Canada’s increasing foreign trade in a way which suggested that Canada has adopted a policy of “watchful waiting.’’ He declared: “It is our desire to trade freely with any and all who are willing to trade with us but, other things being equal, our policy is of favouring those countries which favour our products. ” CHANGES MERELY ADJUSTMENTS. [Australian Press Assn.—United Service.) (Received 2, 11.20 a.m.) Ottawa, Mar. 1. Most of the changes in the tariff, announced by the Hon. J. A. Robb, are merely adjustments, but the total loss of revenue in the tariff reductions and other taxes are estimated at 25,000,000 dollars. The sales tax has been reduced from three to two per cent., and the tax on railway and steamship tickets, and telegrams and cables, has been removed.