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f 2ib . . ~ i a | _ Mr. Elliot--Surely you aren't com-- paring Ontario with New York? a' O On l ence "Local municipalities, manufactur-- 'ers, merchants, farmers--in fact, all the working classes of this Province---- a have been handicapped recently by | | 'lack of funds," he continued; "and | Ove ' era S what chance has any one to secure | ' necessary funds at a reasonable rate | + when our Government goes on the + B * 4 » market and deliberately cffers one-- half per cent. more for money than Ssa I I " l n IS r the regular current rate?" Where Subscription Went. nsc es e oo crreeireirena es on uce mc ces The charge that the bulk of the f A B $25,000,000 loan had been bought by Amendment Condemns Henry Government "for the |large institutions, and not by indi-- | s . o viduals who needed the income, was Alarming Increase in the Public Debt and Its "34t Tas informes by . MF. Dubid s * o f | e was in . p Failure to Place the Financial Statement of On-- | that about 20 per cent.. or $3,710.000, & 55 was subscribed by institutions; about tario Properly Before the People"--Budget De-- |# Plhe Tefince ds ove? gh0.000 400 on f * & s an e .I'CSIQUG of over y 4 Y bate Opens Under Fire From Elliott and Hipel | ths publc. . Asked if the insurance companies $ were included among the institutions RECENT DOMESTIC LOANS ATTACKED' the Provincial Treasurer stated that 9 they were. a Mr. Elliott--That is ver iff AIISO QUEEN S PARK FISCAL POLICY from what I hav":: rlx'::ardlydo%ngvev?ltj t wnieim en verrimieirrnioe n oomeere ie nearevan tiotes cce ; but maybe you are correct. s p s Mr. Elliott added that he "hap-- A Liberal want--of--confidence amendment, moved by |pened to know a number of bond Fred W. Elliott, North Bruce, and seconded by Norman Pormation idok'lr}tf"'l'.'t- o n¢ an wen 0. Hipel, South Waterloo, committing the House to con-- [1o insthutions." 2 | _ "== ysd demnation of the Henry Government "for the alarming | _ He considered the whole deal a increase in the public debt, and its failure to place the lg'r'l';'ggn:"j} uiiy _ °* ues financial statement of Ontario properly before the "Pecutiar Tactics." people," featured the inauguration of the Budget debate i i e it it Nes in the Legislature yesterday. your?" sskea 'Air. minoun L ols The amendment came at the end of a lengthy ad-- | * "Let us look further," he added, "at dress from Mr. Elliott, in which, as the Liberals' new [ ordinary necounté for tgni. The Pros inancial critic, he raked the Queen's Park Administra-- vincial Treasurer -- announces the, tion fore and aft on its financial policy--past, present, deficit at $456,901.91, but in order to and future--and targeted the recent domestic loan, in {'Salzilolgta}?ffierr Sgeiffif';i 'Qgcfii'; 5 particular, as a move of which the Government had little |_ "When it looked like a victory for reason to be proud. The main object of this loan, he L tiiston becsisction. the *Preasuper io # " 1 +s lington by--election, the Treasurer, no charged,; had been to demonstrate ability to sell bonds, | doubt thinking it would help the Gov-- and its rapid oversubscription was ample proof, he con-- lemmm.t.car}didm' rimipngy u0900c tended, that the interest yield had been too high. Its [ 900. ane, of soursy. foond: 4s pevees mas s bil}, f '00, and, of course, found it neces-- main result had been to nullify the chances of municipali-- 'sary to issue a statement accordingly. ties securing reasonable rates in future on their own 192 over §61 4009000 or . non revenio. moneys. | ns dept. q s producing debt, and a total increase Spcakers Follow Mction. ; "The Treasurer in his address last | Of nearly $47,000,000. m i mant a «iy || Friday made a most amazing state-- "But let us see if all payments C"']'j}"ipggfls lifford Case -- (Con-- || MeDt: 'Today, knowing as I do of the | properly chargeable to ordinafy ao: servative, North York), D. J. Taylor] tremendous and prompt oversubscrip-- Counts are so charged. We find the| mesive Karlth rea) han | tion of this issue, if I had to again 54 /s Progressive, Nort y), a C s f 0 ag « ts \'fau(;%mnsW(Ccnxs.e?va(t?;((\: g v{\,fi,':gl{;)n 'fix the rate of interest of this loan, isgmmof .34'35195909 lxxa., paid in gtails Jir "Hipet. T. P. Lancacter cnser. || if I were making any change, I would | }lrn'lcxpa 1 1es' ast year, and, Mr. Mr. Hipel, T. P. Lancaster (Conser--| A | Speaker, the Government has not tive, Peterboro' County), W. J. Mac--| DOt fix the issue price lower than | dollar of assets to show for thq Rrse kay (Liberal, South Bruce) and Frank 5.85 per cent., or 1--20 of 1 per cent. lpex{diture and yet this is all p ied Spence (Censervative, Fort William), |lower than the rate at which it was |;, capital account. Tl;islsitgm C%}rrl'i § who carried the cross--Chamber argu-- | issued.'" | 250,000 is ordinary expenditure, every | ment to the late hour of 11.40 pm.!| Mr. Dunlop----I would make that) |ront of it -- ~ = _ revetd ! and who so doing touch>d upon prac--| statement again today. § o | tically every angle of aciivity within Mr. Elliott--All right, thank you. | Retirement Policy Criticized. | the purview of the Henry Ministry. |__ "And this in spite of the fact that ditininimg +1 fernment's | _ The only pointed reference to Hydro the public were clamoring for the mg:,li}&fnl},%';s 9&.'%%?;&"3\ debtt- | and tihe Hydro battlfe of the Throne bonds on the day after they were is-; | saia: eA Sn ts » in Partk, Speech debate was fuinished by Mr. sued at a price that would have yield--| | "1; y IninaIita las |Taylor, the North Grey member, who ed the Province some $600,000 to 'iustzllmtéifr, lSu(:] nc}}fmci't'g'""d'flb{','ifiu,i's' |took the Power Commission severely $700,000 more than the amount re--| |and is unable to moet it AIhat will to task for its improvident purchases ceived, and, 4s the Treasurer said, the| | be listsd as a na,biiji,v énd 'addnd of th';'n*\fipl'v'd.*gli' }'m}t Sa';bb"*;fug price has steadily increased ever since,| | to the deficit for the then current | sites s district--sites for whic i | vear infraanntinee ing t};fx Commibs icn }]ad paid hana'some unhl t()day th(' bid pricf,' fOl' thci 3}0?1.1' M E".C'" since tl?e' lX.]t-XO&uctlml of | sums, but which, in his cpinion, had $25,000,000 is closs to $1,500,000 more | | ltli,lf ii?{'? (dt (llfl)'.u-letillem'{llt pas: \never amounted to anything, and than the amount realized. ':md O;Eiz?;,xll'qyenli'xk)li}?bx'bc:ixllldtl%atgd tl?l§ | which had been scrapped almost im-- ; «piq for Campaign Funds." +1 funds been on hand. it \\"oul;cil have mediately after they had been taken | 1 been paid out of current revenues i | over. "This statement is simply a notics | fgg]_ prfihm why 'Jggfifi, éfi}f"r','gt' 11)2 _ The entire day's debating perform-- | to the financial institutions that when | included in the deficit? We claim ance was a dull, drab, unintsresting | the Treasurer again goes on the mar-- | that it should." ' 'see affair eniivened only by Mr. Elliott's| ket (as he will have to bofore the | "I think it was good financing," wharp, incisive attack; by Mr. Case's| season is over) the institutions | said Clifford Case Conservative mem-- vigorcus defense of the Government's| may rest assured the next issue will | ber for North York approving the financial }'CCC:TTi:h and by the occa-- i be given them at least a half--million | iwenty--five--million--dollar' loan. . _ "I sicnal c'x;ois-b\nc es tiffs in which | dollars less than the public are willing | think that the Government did the Mr. Taylor and Horn. J. R. COOK6, | t pay, I can only think of one rea-- | right thing. The rapid oversubscrip-- Hydro Chairman, engaged over the| son for such a startling statement | tion s'wwga t tlp tloe sopl 2« power situation and power rates gen-- | anq that is that it was a straight bid | C 'd' be t n% o of "Iho . 0 e'té | erally. ! for campaign funds for the West York c?nd is well. thar tns Bean Ufn%}fis | Russell Nesbitt (Conservative, To--| Dy--elsction~' T on & States as well, that the people of | ronto--Bracondale) adjourned the de--. yM'. Filiolt stated thc present mid [ ul *nu® had unbounded faith and [bate and will likely go on tinis after= | nemsl ino inis manent ul oib t| | confidence in the fulure" ts (¥e«-- ' hoon. j OP(')'BCn{:" 'htlf o ghe IS(\;UC' was $1,470.-- | minded his listeners that of the thir« | ofe Wiil w!° Uovernment C--! |ty--nine milllon dollars which it 3s | Notes "Amazing Statement." | coived six weeks ago, 5e j enough to? _' proposed to spend next year, possibly | _ Considering the domestic loan offer-- ive ;'l;gn;';gcs of over 22,000 men fo" | _ | cighteen. or nineteen | millions . are |ed by the Government on Jan. 26 of _ y Dunlop--Exactly the same statutery expenditure. He felt cer-- | this year, Mr. Elliott said: position has existed in Dominion | t&in that the members of: t'he,qofi | _ The Treasurer says bond prites bonds in the last six weeks as in On-- | "TDment benches, at any rate, would | fell steadily until the Ontario issue tario bonds. | not weicome the idea of cutting, eV | was placed on the market. Of course _ Mr. Elliot--The fact of the knowl-- | in hard times, such serzx':':esuas'those: they did. Bond salesmen were going edgo that the Ontario bonds were; | Of education, the mothers aNE}haggse all over the Province advising people coming cut lowered bond values. After 'and the old--age pensions. & ied that an Ontario loan to yield around the Ontario issue they all found their thought that the Gaver_nmenh 6 per cent. would soon be on the mar-- levels again. | acted properly on applying the CO{' ket; and why would not the people _ Mr. Dunlop--The same happened in | poration tax to those best able 10 wait for it when they could not buy New York. : afford it, for, he said, "it is placing any other security in the same class 3 t #~a the responsibilities of the tax on the to yvield 5% per cent.? | shoulders of those best able to bear it." He found himself "unable to