Winnipeg Free Press

Winnipeg Free Press (Newspaper) - June 2, 1931, Winnipeg, Manitoba Manitoba free Sttne 1931 this Vercen Lacfi was in ave liked that there should Havel Tiftic and 1 published in the Active comprising Cash d specie accounts Loans Ces realizable or and other Mascel Harbor commission sat Chi John an three elvers have since been added to the the amount which had been so loaned is carried Asah and reached the figure of Nomarch this Quebec which is carried As a Otts an the Gross of Tho Drc minion in a Rev balance net sew out no Active assets of considered As an offset As they aces that c on government owned pro Active As Rich in Hanks under finance act housing Loans to foreign pm Ern Menis Greece com Chi Coutil Montreal John Vancouver three Rivers Canadian Board so farm land Vurr Ticino settlement Geed Gaiti ant Relief acl advances Lor working capital and Mascel Laneous advances to Boyal Canadian government railways and stores a Canadian farm loan Board the financial requirements of the parm loan Board have been met from Federal Treasury and the Board so received is made up of of initial capital and advances subscriptions capital Stock in Purchase of earm loan sold Lerand settlement act of 1919provided for the granting financial assistance Loans to returned soldiers who de Sirous of settling the up to the 31st of tothe amount of w6re against has been Ashe major portion of these advances were mad eat a period of Irini Ted values i became to afford measures of in 1927 and the Soldier Settle Tient act was amended w pro vide Tor reduction in the amounts of Voaris outstanding to As a result of these amendments ii Arlieen written off to consolidated sub Stantlay loss shave been experienced in Stock and the to provide for is been transferred to there s is left As an Active asset out of Anet capital seed and advances font Earl 1vi a w a to obligations the Dommon indirect obligations of the having dealt with the balance Sheet position of the its direct liabilities the liquid and income producing assets offsetting these in there remain for consideration the contingent or indirect As at March these indirect As represented by securities guaranteed by in the the amounted to if to this figure there be added that part the funded debt of the Canadian National ways which does not Bear a Dominion a total of is Tor As follows a a guaranteed by the do minion government Harbor commis accounted Sions Montreal Harbor Bridge new Westminster elevator 7001000 John Harbor improvements Canadian National indies steamships Canadian total securities guaranteed by Canadian National railway debt Nob guaranteed by Dominion guaranteed by provinces a guaranteed debt perpetual debenture Stock venture Stock other miscellaneous indebtedness equipment Trust notes an certificates this percentage was in per on March Trust and special each year the Dominioni governor ment derives a amount f receipts from Trust and special these funds Are not ear marked in any but Are de a jolted in the general Cash fund and Are used to meet the current Nanlal of the gov these deposits create a ability which government will do required to meet by future Dos during the past year Treasury received a net amount f from these sources amount standing the credit f 1931 Ere Ank circulation redemption government insurance superannuation funds Trust funds amt Prigent and special funds Ost Money postal out for Grain and re discount on 4 percent 1930 cast balance in Banks balance in Banks is the amount of Cash at the credit of in the several Banks at the close of the fiscal of was out on retire the5 per Public service which specie be score Reserve is the Gold held department of finance Asse Lief made from time to to needy advances re payable with on March Par ried in the account As As at March accounts car ried a for in presented natured Jionda and matured coupons outstand a matured funded debt a matured funded debt on March was shows an increase 000 compare with debt March in the Issue that was floated in new York provision was i ride f retirement of the per Public service loan which matured on april allowance is made Lor this retirement the increase re Duce to staking provision is1 Rivade for a sinking fun contribution of on half of one per cent per annul on of Sterling debt payable in the annual contribution wit the interest de to fam b a Yurt of Manoe car Ltd for Dominion notes in Circle Bonds and stocks lat Oriand Post office savings Are by the Detour athe end of the year Bank of As Stos an increase of Iner thers is rior sinking fund provision re Naining Ster Fiig debt the investments on funds on March was was Pur chased during vat writhe Domestic were issued years 1915 one half of per Cente Peren num authorized by the governo Rincon certain investments i were made on account of but the Bond sold no ing1 made for nor t6tal of is Canadian National debt to the operation since 1923 the operation of the Canadian National railways As an amalgamate to unit dates from january of that former administration by order in declared the preference and common Stock of the grand trunk railway company of Canada Tobe the property of the finance in Trust fur majesty and thereupon the Amalga mation of 3rand trunk with tin Canadian National took i May be Well for use to examine briefly the results of these High years of having particularly association with and reflex upon the dominions Fin Aricia the period has been one in which Large sum of Money has been made available to the system for capita and there has been corresponding increase the debt o the company ineight1 years torn 400 millions of dollars have been added to the Canadian Natrona National railway investment account for the and acquisition of for be this increase debt has resulted in an addition t the annual interest charges on the system of almost 20 millions of Dol Lars or about 55 per Soba whence consider the result of of for the advances to Banks under the nuance act Banks under the amounting to Are made by Issue of notes against approved de posited by the Bank with the de Psi Meh Lyhs to provinces Tor erection Houes under authority of appropriations 1919 advances we remade to the provincial joints1 the erection of throughout 20 Erat Lons Over tier period we mus Havein on the one the accrue from the Assumption Ofa obligation As an offsetting the annual carrying charge Law icons a Etc vet Sand carried interest i ratevof5 percent per and new received reduce Lithia to 1931v made tip As British be Olymbia me Una Ticu few new1 Brunswick Prince Edward Island after presenting gtd evil Premier payable in Canada and new f i York Prince Edward new Zurit a Sevec in i b8r to Wjk hands of the above standing province accounts in the Dori Winlon a liable in of is carried represent no the capital debt assumed by when the provinces in ered confederation in respect of the bets taken the obligation is discharged by annual interest pay ments forming part of the sub Post office savings Bank deposits in the Post office Sav nos Banks have continued to de the reduction for the year leaving de posits of on March Advance Money to to buy precious Metal balance Sheet of the National railways the balance of the can Adlar National through the profi arid loss account indicates loss in he Lightyear period of 346 millions of the first and largest item making up this loss consists of 25 millions of dollars charged in Thi railway accounts but paid was interest on sum of 604 millions of dollars of direct assistance by a of Cash the government Aas Given the As be Ween the government sys is Only a Bookie prig Burden of this liability Thedo Bee carried taxpayers of the balance of the totalling is made up of being the actual deficiency of earn rigs in the Lightyear period after charging interest due by aside f the the government and repro debit of adjustment profit loss account these of consideration the operations of the Eastern lines since the passing of the Marl Bates actin fro which Date government has contributed directly to operating losses of these apart from the 20 per reduction in tits sum of additional capital liability the is tha since 1923 an additional capital Lla 400 millions of dollars has been assumed in respect of the rail ways involving an increase in the an Nual interest charge of 20 million of the system has failed t earn its interest charges during the period by a round Sui i of in a Complete revision of the Tariff i indicated at the session Ould take Circum Wanees and conditions Over which e had no control made such impossible at the pre Sentmo in we have undertaken revision of Only such Ems As there was a striking Neces to for us to undertake to with a ensure ipos Slbil the maximum f employment by reason of their a similar result was of lined by our action during the last i pause at this tune to ask Hon members opposite what the Condl on of this country would have been and been do session i list put that question to my number of items with hich we have dealt Dea 1th rate making included in the Resolution number about two Hun the feature of the amendment a provision for the collection of Uty by which we follow the modern practice adapted in other countries a hereby containers Are treated As Antenta for duty that applies to soup and he in almost every with Rily or three f rates Are confined tothe inter mediate general in other British preference has been left untouched food products in agricultural and food Here Are increases under the inter mediate or general or in aspect to numerous commodities a More noticeable items 3n this lass Are live fresh Indian Root and seeds canned fruit and Heese hops powdered milk shelled vegetables another item which has involved Reat discussion that concerning he automobile honorable members will recall that a few weeks mite foreign governments the the great was the Dominion government made available Ito certain foreign gov Purchase a the took advantage of Toliese credit shave already repaid amounts still owing the government of Greece and the govt eminent made with of we Sejm 1924which Proy Jed sealant dual payments account so that the retired by interest at 5 per and redemption payments have when the was funded i 1922 on a 4 less Bonds of the above Loans held As sinking fund per of the funded debt is payable in London per in new York 333per in either new York Ocanada and in the full Wirig sum Mary sets out the amount of debt outstanding at the different interest the assets is Active total under the general head inept forking capital and the chief items category Are amounts to mint for open accounts of the Canadian government railways now entrusted to the Canadian National railways for operation and the in Rel sgd discount on the 4v per 193060 Iran sold at Stantial which will absorbed Over the loan annual charges to liabilities liabilities of the As May be summarized As follows Dpi Ripin out and the government born be carrying charges in respect of 60 millions of dollars o the As Well since 192 of o Stern is Well known arid fully realize lat the difficulties of transport ions sterile Are not Litique to can a orto the Canadia Noyreed sys pm to realize that in 1930 the Ross revenues of the system wer Ess than in the notwithstanding the addition of 400 millions o pillars to investment in the serves Only to Imp Refe the of the the following is a statement e hese indirect obligations at 3 at at at Bank circulation redemption fund insurance and superannuation government annuities insurance civil insurance soldiers liabilities of do Iii Ion on March were to was on before the due commissioners prior to 1021 the policy had been to provide of necessary Harbor pm proverb fonts by direct government sex except at the Montreal and to which the funds required were loaned by the in 1921 the Harbor Monlai referred to As the net but is really the net debit balance in the is briefly accounted for c Adf Vances enterprises furies Trust full Der indians funds common school funds contractors securities deposits other Trust 90 ate Bate Issue per 1954 Canadian Northern 4 1935 Canadian 1936 grand trunk 6 1940 grand 7 1940 Canadian Northern 7 Ruly 1946 Canadian 6a 194sv new Westminster Harbor 4 augrlv1952 Jphn Harbor 5 july 1 1954 Canadian Canadian National mar Al 1955 Canadian National indies june Canadian National 1958 Canadian july 1967 Canadian National july 1958canadian Northern May 1960 Canadian May 1961 1962 Gran trunk Pacific 1962 grand trunk 1968 Caf Lacuna National Post office postal outstanding province accounts Post office savings keeps Teeth White which Are not return treas arid in r the preset station of the accounts retreated As these total of which Are Canadian tothe National Harbor com Mission and Soldier land Settle Matt the second division atthe aggregate of capital pipe nil Tures made on Public buildings and Harbor and which Tottel of is shown As railway Adios tits which refers to railway capt a expenditures Lii the Early history of the of which by legis lation to certain rail Way then there is the balance of at debt fund Nomarch this is the accumulated deficits since the commencement of the All Bank Deposit funded a matured matured but not pre for interest coupons matured but not pre for a Merit total liabilities outstanding the close of year Dominion notes in circulation amounted to this is reduction of in the amount of notes outstanding at the commencement of the Thede crease is More than accounted for b the reduced demands of the Banks for notes under the finance act which dropped from a the commencement of t on March durin the same period the held purity for the redemption of the notes increased from t represented per of the total notes in to Tariff changes affecting Iron and include increases on steel wire safes and miscellaneous manufactures of Iron and with decreases on Green saw hot rolled stripped steel for cold various kinds of wires and Bessemer steel Billits in connection with raw r on of the items that i mentioned in september last about there has been much discus Sion in this country is f last summer i had an Opportunity to see Many of the furniture fac tories this and to find that they were working on very limited but making quite As Good furniture As is made in any part 01 the if not but they were subject to dump ing Competition that certainly was interfering their we pro pose to make some slight change in Chat regard with respect to Lurnis particularly furniture deluding Metal veneers ply clothes Golf Tennis Are the changes i think the significant being increases on desire to go certain changes were made in he automobile schedule by reason f an order in Council stating that he discount Given to dealers should not exceed 20 per for duty Pur As is the duties upon Utomi mobiles at the present time Are divided into two those that Are valued up to and the Ond class ranging from that figure we propose to duties upon Autori mobiles into three first up to in secondly from to and thirdly above in connection with the first named there Are no changes in in connection with the second general aril is increased from 27a per p 30 per on the third he intermediate and general raters increased to 30 and 40 per re the automobiles in this Atter group Are what Are termed by Riby friends to be luxury question of drawbacks now i come to the question of it will be recalled he member for Macleod pointed on Shore than one occasion that the drawbacks of 99 per cent on All the imported com Modlies which went into the production of an automobile operated if at All unfairly Canadian what we propose to do is this the drawback shall riot in any event exceed 60pcr and secondly the drawback shall not apply com which i shall to the extent to this country Nas made Progress in the Way of devel Oping its industries i should like the House to consider this Bennett then read a Long list of automobile parts arid the list i have Given comprises items made in Canada and which it is proposed shall hereafter be cars which Are manufactured Liing not receive any and with respect to the other items which to be uses to produce cars Inthis country the drawback1 shall 60 per in stead5 of 99 per cent closely associated with the question of Auto mobiles i that endeavours a tune into this country have been Vety notice Able the last few we propose to place used automobiles on the prohibited no used automobiles will be imported into Canada except effects or travellers we come new another Altim stat changes on farm implements and so Are s and containers building rough i Muzik ground will rates than Wocet changes Are madae Tilou respect in covering repair parts is higher to farm will be somewhat but it is thought desirable that the rate should Start at one with another one per added with each additional of income until the maximum rate per in other words on the larger income 25 cents out of each Dollar will be paid state it May amaze the House to and perhaps it will be interesting to Hon As it was to information i obtained when i asked the of Iri Coine tax which had been collected in this country since the put the1 statute the business profits i find that collected during at a Cost of the i have mentioned is a not very greater than the rate prevail ing in the United there the exemption is for unmarried persons and for married Pek on the first of income is per cent on the the rate is 3 per the balance the rate is 5 per with a surtax of 20 Ori incomes in excess of Noti neilds exempt in addition it is proposed that up shall be exempt tothe extent of on half the income of tax payer that income from Canadian other if a of from Canadian corporation she will riot pay the second because he has already Pandit the tax paid by the thit waste Law at one time still vis the flaw in most the is and the exemption claimed shall not in any Cas exceed half of the total income of the tax if Ai taxpayer Lias an income of will be Able to obtain credit for or Canadian Power May i ask when these changes will come into effect on the 1stof july i was just coming to the first the two per which corporations will be Between a bar fad Pecelj with and the other items will become effective on the 1st Day of july the new set will be introduced for dealing with Jaet years willbe no change the present it will remain for the current to come in under theold Tariff another Glass i should think there would Gass be a noise on the other Ethe Tea schedule radically re the former free entry of bulk Leav under the British preferential Tariff being cancelled ported irom due and rates of 10 10 cents and Bonds guaranteed by Dominion government As at March a of 3 5 4 3 3 4 Lili f i j to Lieut of continued of Itterl the rates on the so called e Given the r Nava govern the application x s St by the f f table House j 1970 Canadian National by tenders or drawings Canadian National 193254 1 193138 perpetual of City of Saint John assumed by Saint Harbor various Canadian National Baqui Menet g grand trunk debenture great wee Terji debenture grand trunk debenture Northern of Canada Stock 5 t 5 6 4 4 commencement of the a notes increased irom expenditures arising out of the so while 01 world War have1 been absorbed in Gold reserves rep this per of a tabulation of assets 3 on March 1931 Canadian National Niff Lonal steamships Harbor commissioners7 Luloh Realand three Rivers i Soldier and Central tand settlement Mischel Nebus aft counts everybody Bright pudding accounts and bluer and stores j military territorial accounts accounts dealing with the methods by which the government planned to meet the expenditures of the coming pre Mier Bennett said to indicate now to the House the methods to be adopted for the purpose of raising necessary Revenue to meet these sex believe that it the revenues show any appreciable expansion the budget will be balanced at the end or the at the the expenditures which will be called upon to be Macle by Short Date Treasury Bill transactions will be less than f new come to ways and Means by which we propose to make Good this two principles have to be borne in the first is however tempting the Field May that in a period of great depression departure from known Practised methods of taxation should Beas Light As pos in other there should be As Little As possible dislocation of business the taxes applied should be taxes with which the people Are the second is Jiwat the taxes be As Light As possible having regard to conditions which of the paradoxes of a situation such As when Money is most of the people Are least capable of paying it in the form of that is the Condi Tion found under periods uni Versal customs duties applying these rules first of net Deb March f we take up the question of custom or the by this govern by this shall i pointed out a Jno ment that the Post of flee department had a substantial we pro pose to meet that of by adding one cent to the postage that the tax is one cent As it was and is on drop the rate being twp postage and one we propose to make that of Versal and put Back the one cent tax where it was before it was taken off a few years it win be that the govern great Britain decline to reduce the Post in a Puri try from cents because the Revenue was the prime minister of Australia told me this rate required also Australia in order to postal so we propose to obtain Revenue by adding one cent is now Only to drop letters making rate three the one Case cents i the we also propose the office year has lost millions of the transportation of newspaper Sand be reimbursed far As it Spos Sibeto do by the payment firs of air of a cent and half per Pound instead of one cent per Pound on All news papers and periodicals1 having a net circulation in excess of ten thou the first ten thousand will carry the present rate of one and the weekly newspapers will be carried it the rate in Force the new rate will be one and half subject to the exception of scientific and educational papers and by we believe we will make nearly adjustment of the budget of the Post office special excise tax we have then added Tbs additional one per special excise tax on All imports that pass through the customs of the free that is a special excise tax of one per on the invoice Price passed by the Isa further excise additional three per the sales tax put Witback where it was some As tiers will last year it was reduced one per reductions have been made in we Are putting it Back four per adding three per to the present we believe with one add must be made on or before the thirtieth Day of in the succeeding Calendar year t income by Way of rentals royalties other like income not disclosed t the taxpayer in his return of in come shall be added to the income of the taxpayer ind ubi amount and the whole Taco under the prowl Olbris of the net dividends from Adian companies liable to Corpora Teloh the extent of on hair of the taxable income of a Shae be exempt from tax up to ten dollars that the exemption shall be in calculating five Hundred dollars t each successive tax rate As in the first schedule tothe act Comeri pricing the lowest rates arid bracket of income of one per centum Urill like successive tins of this dividend or have Edthe dividend exemption provided for a tax of two per centum recollected atthe source on dial deride payable to Rion resident such deduction to be Fec Jed by the companies paying the dividend or trustees receiving Day Lind for Andon behalf of non resident the tax shall be the time of the paying dividend by the company or on receipt of the dividend the trustee arid within thirty Days thereafter paid to the receiver Gen eral of failure to remit the tax deducted shall Render the pomp Ariy 6r trustee personally liable to interest thereon fro the Date when it should have been paid the of payment at the of six per centum per failure to deduct the tax shall Render the company or receiving trustee pers Nauy liable for the tax which should have been deduct together with7 interest therion at six per cerium per annul until when the assets or of a having on distributed income As at the end of one thousand nine Hundred ant Are sold directly or through an intermediary to a com which company issues notes or other like Docu ments As fully paid up by capital in in the said undistributed then in the redemption of pc ments the company redeeming Lall pay a tax of four per centum n the amount documents individual tax schedule in respect of the or the year one thousand nine Uri dred and thirty one and each ear thereafter the rates of tax at resent imposed on individuals be repealed and the following substituted in on the first or any ppr on 1 per centum on the amount in excess of but not n excess of 2 per x next pass income then it or in Means that we have and by methods m the protected countries we we will make nearly countries of the we propose Riise additional which will greatly interest the i am is it is a opposed to imposed duty of 40 eats ton on Anthracite Coal and la on under the general t is proposed that the rites on but a Myrious Coal and Coal screenings shall be raised to 75 cents per id that the general Tariff rates on charcoal to per leather schedule the leather schedule secures in creased rates under All the alterations affecting kid upper Leath East India delt Rig leather and Glove leathers and leather we come now another matter which has Given much Atten Tion by legislators during the last Twentyfive namely the importation of magazines and period i was told theother Day at one there were 350 differ ent magazines and newspapers on As very Large number of certainly some people would better off if they did not read we my you will recall the Law now provides that for an amount of less than no while cheques Over pay two Many people who receive their embossed Cheque books hive been in the habit of not differentiating Between cheques for ires than and More than that it is How pro posed that All de ques shall pay two As it is in that the embossed will enable everyone supplied Cheque books Banks to j on their arid this will add greatly to of to o an member All Bennett All we therefore propose that magazines ind periodicals shall be Madesh to a specific duty of cents per the general except in the Case of As placed an exempted list by order in at the the censor undertakes to exercise some control Over these control that at been More or less that provision of the Tariff will remain it under the Durec Hwy under existing As somewhat than that the nationals of other coun tries will receive credit against their n me tax the same thus paid so that those who pay on their Cank Dlan income 3 per flu revive credit in their referring sales tax for a course that tax is subject to the a ramp which Are scribed As compared to those we i think it will be that the record of the per of the Canadian people world of Aulo r1 to be a proper tax rate in that this in or the by this govern we remain it Jib it Tuc hatae to known trial it has Ever had in peace tint the Tariff is used for the Pur turn of the Las done and the does not poses i have i should magazines for tie Naa Usu t1 4171 to Amend income tax i May add that it is proposed also during the present Sessi Onjo ent tog Amend the income tax Camuy corporations will be abolished it is admit addition to that we to new schedule of rates based upon the the commissioner of Walters was asked to with the Aid of his what he con during the last Flat is such As to command the Prue of most people we now face a worldwide and it for us to face wha get ahead with wife Erml nation and sure there is no Canadian Here we he not sufficient Faith in his spun iry to believe that we cannot fall in building a great i am sure there Caria ulan who does not realize that to do so have not Only Faith but courage persistence and Tav by we Murt have that thought and which if so tall at a the like differences of political can ready but ther is a Side to the lives of of u which is not j purely w Are citizens of a great and to that extent i Ca with and i Trust Wito great Deal of Appeal t an canadians regardless of the political to unite in the common purpose seeing to and so Forth on the amount in excess of 2i per resolutions shall be pal Cable to the income of the in Atin period one thousand Ninaj Uri dred and with exception of Resolution numbered which shall come into n the first Day of one thou Sand nine Hundred and Bates of tax applicable to persons than corporations and joint lock companies on the first or any por Ion thereof 1 on the amount in excess of out1 riot Iri excess of 3 on the amount in of excess of 3 on the amount in excess of it not in excess of Amo Virit in excess of a not in excess or 5 month amount in excess of it Notin excess of on the amount in excess of it not in excess of 7 Orihue amount in excess of it not in excess of 8 on the Amouri in excess of it riot jul excess of 9 on the amount in excess of it not in excess of on the amount in excess of it not in excess of 11 on the Ari Iduria in excess of it riot1 in excess of on the amount in excess of it not in excess of on the amount in excess of but riot in excess of 14 pit on the amount in excess of it riot in excess of 15 on the amount in excess of it not of writhe Ari punt in excess of in excess of 17 on the amount Iri excess of lit Init in excess of 18 on amount in excess it not in excess of on the amount in excess it riot m excess of 20 in Uriot in excess of 2f on the amount in excess of riot in excess of on la amount in of i of the amount iut not in excess of 24 on the amount in excess of 25 convicted of theft of about Tel Worth of Wear tag apparel from Avenue to one month in jail y magistrate Graham sales tax notice Hurlbut prices and Quality Are the sane in spite of 4 demanded by the greatest volume in hurl but history makes this there is no substitute for the Hue but him Are the Only manufacturers of Hurlbut sub but sold by the childrens shoe shop 208 Kennedy 493 Eaton limited Hudson Bay company Winnipeg and Jour ;