REDUCTIONS ALL ROUND

New Zealand Times, Volume LIII, Issue 12423, 17 April 1926, Page 5

REDUCTIONS ALL ROUND

CANADIAN FEDERAL TAXES * LIBERALS’ BUDGET PRESENTED PENNY POSTAGE RESTORED By Telegraph.—Press A»n. —Copyright. Australia* and N.Z. Cable Association * (Received April 16, .5.5 p.mj.) OTTAWA, April 15. Mr J. A. Robb, Minister for Finance, in bringing down the Budget to* day, announced tax reductions affecting all clevises, and estimated the amount to 25 million dollars. The reductions are chiefly of income tax. In reviewing the Dominion’s finance, Mr Robb stated that ordinary revenue had increased by 29,965,520 dollars, there was a surplus of ordinary revenue over ordinary expenditure amounting to 55 million dollars, and the National Railways earned i 3 milr Horn. dollars'in excess of operating and income charges, exclusive of interest. RECORD TRADE BALANCE Canada’s trade showed* a favourable balance of 402 million dollars, constituting a record for any year since the war. The income tax exemption limit would be increased froifi 2000 dollars to 3000 dollars for married men without dependants, and from 1000 to 1500 dollars for single men. Penny postage throughout Canada would be resumed on July Ist. MfaTOR DUTIES REDUCED 1 The duty an automobiles \>f the r er tail value of nob more than 1200 dollars, and on motor-trucks would be reduced 20 per cent., the general tariff by 17f per cent., and the intermediate

tariff 12fr per cent. British preference on automobiles valued at more than 1200 dollars on the general tariff would bo reduced to per cent. To encourage tbe Canadian automobile industry a “drawback” of 26 per cent, would be paid oh materials used in manufacture, provided that at least 50 per cent, of the cost of the finished articles was produced in Canada. AND A HANDSOME SURPLUS The Minister ahhounced that there would b© a surplus of 22,353,000 dollars for the reduction of debt, over all services, and also that the British preferential tariff would apply only to goods conveyed. direct, without transhipment, after January Ist hext.