Mr. JEAN LOUIS BARIBEAU (Champlain) (Translation):
I wish to congratulate the hon. Minister of Finance (Mr. Rhodes) of his clear and precise statement on the financial situation of this country. The budget speech of the hon. Minister of Finance, is not an election one; however, the Canadian people, as they did during the great war, must unite and make sacrifices so as to check this depression which prevails not only in Canada but throughout the world.
The balance sheet of the Dominion shows a deficit of 853,000,000 for the present fiscal year; ordinary expenditure was reduced by 819,000,000, notwithstanding this fact there is a gap between expenditures and ordinary revenue. Funds had to be found to meet the deficit, therefore new taxes had to be levied. The Canadian people expected that such measures would be taken, because the late administration had been extravagant during prosperous years, when our administrators of that date should have economized so as to prepare for rainy days, these years of crisis and depression. They were improvident and the people, to-day, are called upon to make sacrifices. We, therefore, note that 40 per cent of our federal budget will be absorbed in meeting the interest on loans contracted in the past.
. All are interested to see that the finances of our government should be placed on a sound basis and to obtain such a result all must contribute their quota.
The burden will, however, not be felt by the ratepayers with little means; the large majority of our people will be affected by only one of the new taxes, namely, that on sugar. The latter has given rise to innumerable criticisms by our opponents; however, if we admit that the government needs further revenue, we must also recongnize that all
The Budget-Mr. Baribeau
Topic: WAYS AND MEANS
Subtopic: THE BUDGET