DEFICIT IN CANADA.

Wairarapa Age, 4 May 1936, Page 5

DEFICIT IN CANADA.

determination to balance

BUDGET.

KEYSTONE OF RECOVERY

IN BRITAIN.

OTTAWA, May 1. In announcing an overall deficit of 162,000,000 dollars for the past year, with the Budget calling for increased taxation, the Minister of Finance, hfr. 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 on corporations is to be increased tqSt7 per cent, and the sales tax from 6 per cent, to 8 per cent. The Budget restores the preferential duty on Australian raisins and currants to 4 cents a pound. The excise duty on Canadian brandy is reduced from 4 dollars to 3 dollars a gallon, so as to equalise it with the duty on imports from Australia and South Africa. PROVINCIAL LOANS. OTTAWA, May 1. The Premier of Saskatchewan, Mr. W. J. Patterson, announced that the negotiation of a loan with the Dominion Government of 2,000,600 dollars, to meet liabilities maturing to-day, and a further loan cf 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 raiding the sinking fund, and states that the obligations were met from surplus revenue. ....