CANADIAN BUDGET.

Manawatu Standard, Volume LVI, Issue 130, 4 May 1936, Page 7

CANADIAN BUDGET.

RECURRING DEFICITS. OTTAWA, May 1. In unnuoncing an over-all deficit of 102,000,000 dollars for the past year, with a Budjget calling for- increased taxation, the Minister of Finance (Mr C. Dunning; stated that the magnitude of the recurring deficits must impress the House of Commons. The stage had been reached when the Government must make a determined attempt to balance the Budget. The whole keystone of British recovery was the balancing of the Budget. Income tax on corporations is to bo increased to 17 per cent, and the sales tax from 6 per cent to S per cent. LOANS TO SASKATCHEWAN. OTTAWA, May 1. The Premier of Saskatchewan (Mr W. J. Patterson) announced that the negotiation of a loan with the Dominion Government of 2,000,000 dollars, to meet liabilities maturing to-day, and a further loan of 1,000,000 dollars to meet a loan maturing on June 1, has been agreed to by the Loan Council, with a proviso for withdrawal when the obligations to the Dominion and the Council are fulfilled^ The Premier of British Columbia (Mr T. D. Pattullo) wishes to correct an impression that British Columbia met the loan of 3,500,000 dollars that matured on April 15 by raidin/; the sinking fund, and states that the obligations wore met from surplus revenue.