CANADA’S BUDGET

Hokitika Guardian, 22 March 1933, Page 6

CANADA’S BUDGET

SUBSTANTIAL DEFICIT,

INCREASED TAXATION OUTLINED

(United Press Association— By Electric

Telegraph—Copyright.)

(Received March 22 at 10.15 a,m.) ■OTTAWA, March 21.

lii his ;budget Mr "Rhodes, Minister of .finance, said Canada’s deficit in respect to the ordinary account for the year was 53,6U8,0CG dollars, the ordinary revenue having totalled 310,817,003 .and ordinary expenditure 364,42-5,000. The.'total additions to the debt, both for Government operations and for deficits of Canadian national railways, amounted to 156,122,000.

The Minister announced the intention of the Government to float another conversion loan, to appoint' a i.oyal commission on banking, and to co-operate in lowering interest rates by reducing the rate of postal savings deposits. He 'said that while triade had fallen off generally, Canada’s favourable trade balance had been increased, and there had been an advance in'the proportion of inter-Empire trade.

The budget is estimated on the basis of present business conditions to produce in 1933-34 a surplus of ordinary revenue over ordinary expenditure-of two million dollars. •

/ Revenues under present taxation are estimated at 237 million dollars and ordinary expenditures are estimated at 369 millions. The deficiency will be met by further reductions of contUollable. ependituro (amounting to fourteen million dollars land new taxation amounting to. seventy millions. Australian preference of four cents per pound on, raisins is extended for one year.