New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-26
CANADA READY
FOR WAR LOAN
New York May Not Be
Asked to Participate in
New Offering
:. ROY WEAVER

;. ROY WEAVER
Toronto, February ~
30 ouoyant are the revenues o. IAN
ADA that the Dominion will be able 10
pay from current receipts this year D.
tween $4,000 900 and s6O,OOO,coo of the
principal of its war expenditure in ex-
cess of the estimate made by the Mlh-
ister Of Finance a year ago. Financing
for the fiscal year ending March 81
1917, has been completed, and the ."
domestic war loan, which will be ad-
vertised early next month. will be ap-
piled on next years re- iirements' For
the ten months ended January 81, 1917,
ordinary revenue topslled slSI,sO3,ooo,
a 8 compared with an estimate Of sl7O,-
100000 for the entire fiscal year. Ordl-
nary expenditures, including pensions
and increased interest charges on the
war debt, amounted to Sl0O,51s,4O3,
while the estimated ordinary expendl-
ture for the twelve months ending
March 81. 1917, was s13O,O0O,0OO.
The surplus for the ten months is
more than ss7 900, 900. and during the
remaining two months Of the fiscal year
this is certain to be increased by
several million dollars. Speaking the
other day in the Canadian Parliament
Sir Thomas White, Minister Of Finance,
said;
During the fiscal year our revenues
have been such as well enable US TO pay
all our ordinary and all our capital
expenditure, and, l think, probably $780,
OOO, 900 or 100000 900 on account Of the
principal of our war expenditures
In his budget speech last February,
however, the minister proposed to bor-
row $4,000, 900 for capital expenditures
and estimated that he would have a
surplus of s35, 100000 to apply to war
expenditures. Expenditures on capital
account probably will not exceed $685.
600, 900, and the surplus on current &C
count will not be less than s90,0OO,OOO.
War Expenditures
War expenditure for the ten months
ended January 81, 1917, amounted to
s194,3O4,6s2. Expenditure on this ac-
count for the month OF January was
s24,O74,e33. This means that the esti-
mate of s25O,OOO,OOO for the year will
not be exceeded Neither the esti-
mate nor the actual expenditure in
cludes an obligation on account Of ra-
tons, equipment and munitions sup
piled by the imperial authorities to Ca
madam troops after, and only after,
they leave England.
At the beginning of the war the Do
minion indicated its desire to pay the
entire cost Of maintenance of its own
armies, and an arrangement has re-
Gently been made under which the Brit
ish government will be paid by Canada
at the rate of six shillings per man per
day. The liability has not yet been
ascertained, but from the beginning Of
the war to date il may amount to $780,
600, 900 or s60,000,000. To the general
public, as we'll as to the investor in
Canadian securities, it is proof of the
Dominion's financial strength that this
country is providing by taxation and
economies in public works during the
current fiscal year more than 30 per
cent of the entire cost OF its partici-
patton in the war. in addition to pen
sions and war debt interest charges.
Canadians of to-day are treating pos
terity not ungenerously.
Will Appeal TO Patriotism
On account of the exchange situation,
interest and principal of the third do
nestle war loan issued by the Canadian
government will be made payable in
gold in New York as we'll as in Canada
Use Will again be made of the bond
houses and the $500 branch banks in
the dominion, which, in the case of tho
TWO previous loans in Canada, proved
such efficient agencies in pcttino =
subscriptions. Every effort will be made
10 create a favorable patriotic stmos.
phere and emphasis will be laid uno,
the Importance to the Canadian peonle
=
tnat the national debt should as far &c
possible, be held by Canadian inves-
tors.
The latest dispatches from Ottowa
cast doubt upon the report that the
Dominion government would make
loan in New York this spring, and state
that the proceeds of the third domestic
issue now pending, together with the
excellent revenues of Canada, will pro-
vide for all needs until midsummer. Ii
should be remembered. however, that
two short-date loans, aggregating $780,
600, 900, fall due in April and MAY. An
other loan Of s25 1000 900 natures in
New York on August /. These are the
governments only obligations matur-
ing in the United States during the
present year.
Canada's Biggest Budget
Before the adjournment until after
the imperial conference the Canadian
Parliament passed the biggest money
vote in its history, authorizing war
loans 10 the amount Of 100000, 900