CANADIAN BUDGET

Dominion, Volume 21, Issue 120, 18 February 1928, Page 6

CANADIAN BUDGET

DEBT REDUCTION AND TAXATION RELIEF BRITISH PREFERENCE WIDENED Ottawa, February 16. Delivering the Canadian Budget on Thursday, the Minister of Finance, Mr. J. A. Robb, announced a net debt reduction of the fiscal year 1927-28 of 38,800,000 dolars. Regarding Umpire trade, he stated that imports to secure the advantage of the British preferential tariff must now be 50 per cent. Empire labour and materials, instead of ‘25. Similar increases were required for goods entering under treaty rate.s and the intermediate tariff. Tax reductions would total 19,000,000 dollars, includin - 10 per cent., on income tax. Tariff charges include a material reduction on a large range of household cottons. British preference was widened.—A P.A. and “Sun.” The -revenue is estimated at 419 million dollars and the expenditure at 364 millions, leaving an estimated surplus of approximately 55 millions, from which approximately 39 millions was applied to debt reduction in 1927-28. Mr. Robb stated that international trade had been well maintained. He had an important announcement to make regarding Empire trade. Imports to secure the advantage of the British preferential tariff must now be 25 per cent. Empire labour; he proposed to double this percentage. There will be a similar increase in the percentage required regarding goods entering under treaty rates and the intermediate tariff. Tax cuts amount to 19 millions. The surplus last year was 49 millions, and the debt ‘reduction 42 millions. ’