CIVILISATION’S FATE

Wairarapa Times-Age, 12 August 1938, Page 5

CIVILISATION’S FATE

SEVERAL VITAL QUALITIES INVOLVED. CONFIDENCE IN CANADIAN PEOPLE. OTTAWA, Canada. “I do not exaggerate when I say that the fate of civilisation today depends on whether the qualities of toleration, of goodwill, of friendly co-operation, of ability to take the far-sighted view and of willingness to sink differences of lesser importance for the sake of the larger interest —whether these triumph in human affairs. If I may say so, these old fashioned qualities are needed not only in international affairs but in the day to day relations between individuals, social groups and political bodies in this country. In spite of all our difficulties, I am confident that the Canadian people possess these qualities to a degree which will ensure continuous and progressive development of a united Canada.” The above statement was made in the Canadian Parliament by the Hon. Charles Dunning, Canadian Minister of Finance, in delivering his annual budget address. He referred to the extent that Canadian trade and Canadian economic conditions were influenced by world conditions and pointed out that “the lag between the downward trend in Canada and that in other important countries is all the more remarkable when we recall that as early as last June or July it became apparent that drought conditions on the western prairies were to produce a wheat crop failure of a magnitude which a few years ago would have rendered our then less diversified economy almost prostrate.” (Canada’s wheat crop last year was barely 50 per cent of the average for the past ten years. Prospects for this year’s crop are excellent).

The over-all deficit for the past fiscal year in Canada, as announced by Mr Dunning in his Budget, amounted to 13,775,000 dollars, as compared with a forecasted deficit of 35,000,000 dollars. The Finance Minister estimated expenditures for the fiscal year of 1938-39 at 524,000,000 dollars and, on the basis of partial returns received to date and of a reasonable forecast of business prospects for the remainder of the year, an aggregate revenue of approximately 501,700,000 dollars. Thus the forecasted deficit for the current year is estimated at approximately 23,000,000 dollars as compared with a forecasted deficit of 35,000,000 dollars a yeai’ ago. Mr Dunning hoped that if the Canadian wheat crop this year was favourable and conditions improved in world markets, the estimated deficit would be greatly reduced. The 1938 budget was the first since 1912 in which no change was made in customs duties. There were no additional taxes imposed and certain reductions were made on sales taxes affecting primary industries.