CANADA'S BUDGET

Horowhenua Chronicle, 25 April 1916, Page 2

CANADA'S BUDGET

DRASTIC CHARGES ON WAR. PROFITS. Ottawa, February 15 Concluding hiß Budget speech to-day the Minister of Finance saidfthat fast autumn Canada arranged a loan from the Imperial Treasury ot £30,000,(X)u • available at the rate of two andi a half millions monthly. This generous policy on the part of the Treasury would, the Minister said, obviate the necessity of making large exports or gold to Great Briiain and the United. States. A large portion of future requirements would be met by' loans. Continuing, the Minister said that the new taxation would involve no /".m- . port ant changes in Customs beyond an increased luty of 90 cent® per gallon on petroleum. He proposed to tax all incorporated companies—industrial, railway, mining, etc.—one-fourth of the net profit over 7 per cent on- paid-up capital since the outbreak of the war. An exception would be made in the case of insur- 1 ance companies and tarinera. individual enterprise with a capital of loO.OOOdol (£30,000) would bo taxed one-fourth of its war profits over 10 per cent for every accounting period since the outbreak of the war. This limitation as regards capital wquld not be applicable to concerns or persons supplying war material'. The Minister estimated that this taxation would yieldi twenty-five or thirty million dollars (five to six million pounds) up to August, 1917.