£14,000,000 SURPLUS

Sun (Auckland), Volume II, Issue 602, 2 March 1929, Page 9

£14,000,000 SURPLUS

CANADA’S BUDGET PRESENTED GOOD TRADE BALANCE (Australian and N.Z. Press Association) (United Service) Reed. 9.5 a.m. OTTAWA, Friday. For the fiscal year ending on March 31 Canada has a net surplus of £13,956,400, so the Hon. J. A. Robb announced on Friday, in presenting his Budget to Parliament. The net debt was also reduced £14,000,000, and there was a favourable trade balance of £30,800,000 for ten months of the fiscal year. It was stated that 42 per cent, of the total expenditures were attributable to war obligations. No direct reference was made to the fiscal policy of the United States, but the Minister referred to Canada’s increasing foreign trade in a way which suggested that Canada has adopted a policy of “watchful waiting.” He declared: “It is our desire to trade freely with any and all who are willing to trade with us; but that, other things being equal, the policy is of favouring those countries which favour our products.” Most of the changes in tariff announced by Mr. Robb were merely matters of adjustment, but the total loss of revenue in tariff reductions and other taxes is estimated at £5,000,000. The sales tax is reduced from three to two per cent., and the tax on railway and steamship tickets, telegrams and cables is removed.