Canadian Budget

Hawke's Bay Tribune, Volume XVII, Issue 57, 18 February 1927, Page 5

Canadian Budget

Finance Minister s Statement TAXATION REDUCTIONS. NO SIGNS OF DEPRESSION. ißr Cable—Press Assn.—Copyright.) (Received 18, 10.50 a.tn.) Ottawa, Feb. 17. “Four years ago, when 1 presented my first Budget, Canada was still suffering from the effect of post-war depression. To-day all traces of that depression have disappeared,” said Mr, Bobb, Finance Minister, in the House of Commons to-day, introducing his Budget for 1927-28. Declaring his aim had been to tighten the burden on every taxpayer rather than afford relief to special groups, provinces or sections ot the country, he announced that taxation reductions were estimated ut 17.000,1)00 dollars. The Government poliiy had been to promote trade relations with other countries, particularly within the Empire. He estimated a favourable trade balance tor the present fiscal year at approximately' 250,000,000 dollars. OUTSTANDING ITEMS, Outstanding points of the Budget are as follows:— Estimated total revenue, 394,000,m uoilars, representing an increase of 12,000,000 dollars. Estimated expenditure, 360,000,JOO dollars, representing an increase >f oU,UOU,UUO dollars. Estimated national debt reduction, 11,000,000 dollars. Income and otuer tax reductions, , .uvO.uuO dollars.

Mr. Robb announced that the oj per cent, loans, totalling 92,000,000 dollars, maturing in November and December next would be redeemed by new flotations at a lower rate, thus saving 1,000,000 dollars of ininterest annually. The tax reductions were effected by cutting the income tax 10 per cent., the all round sales tax from 5 to 4 per cent., and either reducing or abolishing the various stamp and excise taxes. There are no tariff changes.—(A. and NZ. )