RECORD SURPLUS
CANADA’S BUDGET PRESENTED
MINISTER JUSTIFIES REVENUE INCREASE
Rec. 9 p.m. OTTAWA, May 18. The Finance Minister, Mr Douglas Abbott, reported a record -surplus of 670,000,000 dollars for the year ended March 31, 1948, when he presented the Canadian Budget to the House of Commons to-night. That compares with the 1946-47 surplus—the first recorded in 17 years—of 373,000,000 dollars which was greater than the total of all previous surpluses since the federation. Revenue for 1947-48 totalled 2,869,000,000 dollars and expenditure 2,199,000,000 dollars. Mr Abbott contended that the practice of budgeting for a huge surplus in times of prosperity was justifiable. This Budget’s surplus,, which was considerably larger than the largest prewar total Budget, would not be good financial' policy of it were not for the need to check inflationary forces at this time and redeem the national debt as quickly as possible in the financial circumstances which had been favourable, he said. “There will never be a better time to reduce the burden of our national debt. We can do it now without hardship,” said Mr Abbott.
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Bibliographic details
Otago Daily Times, Issue 26776, 20 May 1948, Page 5
Word Count
178RECORD SURPLUS Otago Daily Times, Issue 26776, 20 May 1948, Page 5
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