The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-07-04
CANADA WILL FLOAT
FINAL VICTORY LOAN
Total of 1856, 100000 for
Current Year Needed, Es-
Inmates Show.
INCOME IS $280,000,0 900
Tariff Must Be Cut II Domin-
ion Completes With U. g.,
Is Belief.
INCOME IS $28O,0OO,0 900
sy q stac co,Y..po.dsns o., Tt. sus.


amounting to s36 .723.12o. bringing the
total for the current year up to S656. oo0.-
600, against which the revenue Is esti-
mated at t2so. 900. 900. To meet the de-
mand Of war finance. the Government
proposes 20 fioat final victory loan,
after which II will be incumbent on the
administration to maintain q close bal
ance between revenue and expenditure.
Criticism OF the Governments fiscal
policy was offered by Michael Clark.
member for Red Deer. Alberta. Reve-
nue from customs in the United States
for 1918 amounted to s1S2,7bs.9Ss, In a
country with over one hundred million
people. For the current year the Gov
eminent Of Canada estimates to collect
s145, OoO, 900 from eight million people in
this country. { Mr.. Clark said the Under
wood tariff OF 1918 had cut the rate on
dutiable goods from 40.12 in 1919 to
2l75 in 1915, and drew a parallel with
peers tariff OF 1S42 and repeal OF the
corn laws in 1916. II would not be pos
sIble for any administration to work
quick change in the present fiscal sys-
tenn OF the United States. If Canada
wanted TO compete with the United
States as a cheap and desirable place 20
live in, the tariff must come down.
II was all right to follow American
example and create a board OF COM
merce. which would have limited value
IN this country. as was the case in the
United States but 1t would be better to
follow American leadership and example
on tariff and finance, to mako Canada
more prosperous and contented.
Reduction in Tariff.
The average rate on dutiable imports
into Canada In 1917 was 23.64. Sub
stantial reductions in the tariff outlined
IN the budget provide for free wheat, po-
tatoes, -four, clothing. boots and shoes !;
about 10 per cent less duty on agricul-
tural implements and other commodities
for farmers. The Government has given
rotice that thorough inquiry will be
made into trade and tariff conditions
with view 10 revision at the autumn
session, in order to put the tariff on
sound economic basis. fair to consumer
as well as to the producer.
II Is estimated that for the current
wear 100000 will be collected from
income taxation $35.000.000 from the
business profits tax and s14, 1000. 900 from
ether war taxes.
The main estimates, as originally pre-
scented by the Minister of Finance. call
for s437,679,071, OF which $106,S47.443
s2l.s43,449 for redemption of the ma
tional debt. To that should be added
S92, 900 for war service gratuity and
$50, 900. 900 for rehabilitation, bringing
the main estimates up to the total OF
$500, 600, 900.
Finahcially Canada is on a war basis
for the current fiscal year. the total
outlay for that purpose being estimated
At S300,0o0,o00. A vision OF the per-
manent war burden Is seen in the in
terest charges given. as compared with
Sl2.S93.000 before the war. The sum
OF S25, 900 Is appropriated for SOL
der land settlement and $50, 100000 for
estimated pensions expenditure. $500
900 for vocational training. and s3,-
S00,0 900 for medical treatment of re-
turned soldiers and sailors, as we'll as
provision for artificial limbs. There are
also two items OF 100000 each to pay
FOR Canada's share OF the imperial war
graves commission and to provide bat
tleheld memorials In France and Bel
GUM.
Sums Asked for Defence.
The modest sum of $3.50, 900 is asked
Tor air service" The permanent
force" or regular army" chiefly en-
gagged on stan and Institutional duty,
men. which calls for an additional vote
ot So, 496.9s6. bringing the total for the
army up to $6,O71.9S6 for the year. ex-
elusive of rehabilitation and overseas
war expenditure. An additional ten mil
lions is asked for the Government ship
building programme. making the years
total $50, 100000. Two interesting les
ter important items are one for sl5,-
100000 for the 1920 Olympic games and
100000 for combating venereal dis
eases IN cooperation with the provinces
AS aid and incentive to readjustmen,
$4,000, 900 was voted by way of loans
to the several provincial Governments
for promoting better housing conditions
and s2o,000,000 to be spent on good
roads in cooperation with the provinces
over a term of five years.
In addition to that the sum OF
s35,000.000 was authorized as a loan
10 the Canadian Northern Railway, a
subsidiary corporation of the Canadian
National Railways Public Service Cor
poration. Parliament also voted $685.
100000 to re spent on railway equip
ment for the National Railways, in
preparation for the increased traffic
which will surely come in the develop
ment Of Canada in the not distant
future.
National Debt OF Canada.
Sir Thomas White estimates the ma
'ional debt Of Canada will stand at
E,s50,000,000 on March 81. end OF
Canada's fiscal year. by which date
direct outlay for war will be at an end
That amounts to about SEQ per capita
Of the population. and is less than the
per capita debt Of the United States, as
mir he
Allies are worth par value.
The national wealth Of Canada Is es.
timated at twenty billions. without al
lowing anything for the vast acreage OF
Wild fertile land, the undeveloped minera
wealth, the great forests and fisherieI
not under exploitation. Hence there arr
great possibilities for increasing the ma.
tional wealth by industry and agricul.
ture.
The International trade OF Canada rost
10 t2.550,OO0, 900 in 1913. with the bal
ance in Canada's favor OF $3.50. 900, O0(
as between imports and exports. For the
current year there will be a decrease
but the figures for April and May show
the balance on the right side. In 1911;
the balance against Canada amounted tc
1900, 900. but the favorable balances
year by year during the war have
amounted TO more than the entire wal
expenditure Of this country.
Savings deposits In Canadian bank
amounted to S1,604,64S.034 on March
81. 1919. as compared with $99S.19l,36i
SIX years ago. Canada Is getting bach
10 gold basis according to the Min,
lister OF Finance. The statutory require
ment calls for 25 per cent. In gold VI
70 nifty millions. on note Issues. anC
dollar for dollar on further Issues.
On this subject Sir Thomas White