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LEGISLATIVE ASSEMBLY OF QUEBEC ON TUESDAY, 14th DECEMBER, 1897, I I I c QUEBEC DAILY TKLKCRAI'U • I'RIN"!' 189-; xj^xxx\,x\,N,xN.':«v<^>^:s.'^»'•", ^3^ i-i 4 y 4 ■V I '- H,? « . y, <,i 'C \^ o J*- /** 1 BUDGET SPEECH ItKLIVEREIt RY HONORABLE F. G. MARGHAND Premier and Treasurer of the Provioee IN IIIK LEGISLATIVE ASSEMBLY OF QUEBEC ON TUESDAY, 14th DECEMBER, 1897 QUEBEC ]>MLY TELEGRAPH PRINT 1897 ^ ■ 1 '!'!SU1^/'1 -l^it 1«> 'i D38;' ■ 10 YJ8M388A BViTAJglOlJ 'T ' -"^. '-fvi\ .)(,fi\iis'l i'^ii, i•»^■■v:\ ti' :cif'' :'U 111 :»", j tin iiv-M': I have some hi'sitation in risiiii*- for tho purpose of showing to this Hoiisi' tho financial position of our Trovinco. This situation, I rei>ret to say, is not what it sliould be and in order to put it on a sound basis 1 sliall be obliged to have recourse to extreme measures which I will not hesitate to adopt and for tlie carrying out of which I rely upon the good will and support of the members. For a long period — ever since Confederation — the people of thiij l*ro- vince and it.s (lovernments have act ustomed themselves to look upon its resources as inexhaustible. The consequence has been an era of prodigality during which the I^effislature. with the A'iew of encouraging improvements and local undertakings of all kinds, has profusely voted away the public moneys in subsidies. This policy has rijsulted in annual deficits and the accumulation of a public debt, the payment ol' the interest whereof already absorbs a considerable portion of our ordinary revenues. . ^^ 4 \ Without wishing to riiti(?ize the motives tluit inspired our public men in rarrying out that policy which has greatly - i - OUll FINANCIAL SITUATION. In order to be able to fully understand the difficulty that we have to overcome, it is advisable in the first place, I consider, to deiine the actual j)Osition as clearly as possible. For that purpose I will take the liberty, without any recrimination against previous administrations, of stating the facts exactly as they are. The constant increase of our public debt during the period of the last Legislature has been considerable and here is a proof of it : The excess of the liabilities over the assets on the "JOth June, 1892, according to the Budget Speech of the 31st January, 1893, page 19, was $ 23.64L34t3.28 From this amount must be deducted the railway subsidies then lapsed under existing laws confirmed by the act 69 Victoria, chap. 5, amounting to 2,018,709.22 Eir. Leaving as the , total excess of liabilities over assets ai that date the sum of 21,622,577.06 On the other hand : — il f ^ The excess of liabilities over assets on the 80th June, 1897, as shown in the detailed statement laid before this House was 25,491,658.16 Whence it results that duriujf the inst live years, instead . of diminishing as was pretended, the debt has be«^n * ' *'' '' increased by 3,86!),081.10 ' ' ' ' • This increase has taken place notwithstanding the fact that the new taxes had added an average amount of nearly $500,000 per annum to the revenues of the Province during the same period, yielding for those five years alotal increase in our revenut of $2,202,452.65. ' ' On the other hand the funded debt has during the same period grown to enormous proportions both by the negotiation of permanent loans, des- tined to pay off temporary loans, railway subsidies and various other float- ing debvs and by heavy discounts on some of the permanent loans effected for that ol)ject. ' . - , . On the 30th June last, 1897, the outstanding debentures of the Funded Debt amounted to $ 34,196,654.08 "While on the 30th June, 1892, according to the Budget Speech of the 31st January, 1893, page 19, they amounted only to 2.>,175,320.01 "Which leaves a sum of $ 9,021,334.07 To represent the increase in our funded debt from the 30th June, 1892. The situation has therefore become iigiiTuvatcd to that extent and to improve it we have but an annual revenue decreased by at least |300,000.- 00 in consequence of the abolition of taxe.s by acts of the last two sessions. As the G-overnment intends by every meau.s in its power to avoid imposing new taxes so long as the credit and honor of the Province do not render it imperatively necessary, it can have recourse to but one thing to restore the equilibrium that must exist between our annual expenses and receipts and to arrest the already too large increase in our liabilities, and that is to prac- tise the strictest economy in all the details of the public service and. until the era of surpluses dawns once more, to suspend the granting of new svibsidies and of all gratuities not deemed immediately essential, At the same time we must, of necessity, for that object, press the collection of or- dinary revenues as well as of all arrears of whatever nature they may be that are due to the public treasury. + This is wlii'it' our liisk hoiKuncs a paiurul on*'. I \rnst Unit nuMnltcrs will 1)0 roiiviiiciMl of III'' iiri't'iit iifcd nl'this step and will assist lis iu its iifconiplisliiiM'Mt l»y inakiiii>' (in' deldors ortlic (rov»'r;iiniMit uiulfrslaiul llial this in'cussily prcst'iits itself to us i»s tin; only int'nus ol" avoidiiiu' taxation. T rept'iit it, our fiiumccs arc in n .sorious condition, but not in a dcKperate one. Our undi'Vtdoix'd rcsourcivs ar*? vast and tin' «'ra of [>ro<5r(!ss that Jias hi'yun to make itself fidt and that assumes consideruhle propor- tions throujfhoul our I'rovince, allows us to forest'c for it a prosperous luture that will inspire eonlitlenre in the minds of all and eonvimes our- selves that a few years ol' wise and eetjuoniieal administration will suifice to restore its linanees to a solid hasis and to ."-trenirtheji the important l)osition that it oecupies in the C'aiiadian Confederation. C(IM1»AKI.«<(».\ OK THE INTIMATES KOll THE YEAl! 1S9«J-I«7 Wmi IHK ACTUAl- KKSUI/rs. In his iJudiret Speech of the 26th Novemh »r, 189'>, the Treasurer made the followini"- forecast lor the liscal year 1896-1)7, the same being a synopsis of the estimates submitted to the Iloust; : Ordinary receipts >;4,107,^idies, as follows : Ordinary receipts !|3,874,966.22 Ordinary expenditure 4,685,450.42 .•» S)ji i^-iniii^ri •" it! ■ — Deficit A 810,484.20 These figures show an enormous difference between the forecast made })y my honorable predecessor and the actual result of this year's opera- i tion.s. Instfiid of a suri)lus ()r$l<;(>,8r»4.08 which he liiid oxpci tfd, this year loaves a (loli.it of *Hl(i,4H4.'J0, inakinir a difPon iio(> of !5iH7l,.'l4H.S8 Ix'twooii his foi'i'cast and its roali/ulioii in tlic rocoipts and oxpoiiditure. Hilt tho dilloroM'c is still ^t-roator whon wo contrnst tho result ohtaiiiod' ^vith his ibreoast ibr total roocipts and oxponditiire (loss railway snbsidios) for tho sanio yoar. His osliniato was as Ibllows:— Total oxpendiliiro (h'ss railway sul)sidios) $4.2H;5,ir)9.20 Total roooipts 4,lo7.()!t9.42 Delioit ij 12T,4;i9.7s The tuial n!('eipts and oxpiMiditun? (loss railway subsidios) as shown in the saino publio accounts aro as follows : — ivi.ii Total oxi)on(litiiro (loss railway subsidies) |!.'),288,4tj9.33 Total receipts ;!,92a,288.70 , ', M ,. DoJicii sfi; 1,365,230.;;;; Tho diU'orence is onornious. • " ' ' • ' It will bo n^aombored that the stateniont of tho total rocoipts and expon'dituro Jor tho year 1892-98 established on tho same basis, that is : (loss tho railway subsidies,) gave a deficit of only $24,828.00, and tho Treas- urer at that time led us to hope for constant surpluses in subsequent years. As may bo seen, the: event has far from Justilied his expectations, since tho annual doHcits from that date have gradually increased until on tho 30th Juno last they attained tho enormous amount of |1, 365,230. 63. Deducting from the total expenditure tho amount of railway guaran- tee deposits roi)aid during' tho year, cs well as tho railway subsidios, tlie statement would be: ,; ,*i>;;i.i,r» >iM .;,; i ':(.<,<, ^ ;> ■•-■^.,urr. •f ■ Expenditure ; $ 4,907.281.71 t- Keccipts 3,923.238.70 , Deficit $ 984,043.01 I leave the House to draw from these figures its own conclusions respecting the success of our predecessors in their ofTorts to restore the equilibrium in our finances. ,- i ■ . ■, This enormous difference between the financial forecast of the pre- vious Government and the actual expenses of this year, 1896-9t. requires, I understand, some explanations as to details which the House will allow me 10 give in as few words as possible. (The amounts received and disbursed bj' sheriils for building and jury fund, $14,326.16, and by collectors of Provincial revenue, for licenses, !:^4t,239.61 not having been included in the estimates, are excluded from both receipts and payments in the following comparison.) ORDINARY RECEIPTS 1896-97 The amounts by which the items of receipt fall short of the estimates are as follows : Dominion of Canada $ 20,615.72 This is the year's interest on certain Trust Funds, the i property of this Province, the payment of which has been withheld sint^e January, 1895, on the ground that there may ho a balance owing by the Province on the final settlement of the a(;counts now in arbitration. .. , . ,| Crown Lands 74.106.74 The explanation given by the Crown Lauds Depart- ment of this falling off* is that the estimate contemplated large sales of timber limits which did not take place. Administration of Justice, including law and registration stamps ■ 4,4.')2.83 Under this head the principal shortage was in law ,- ., stamps, the receipts being $7,773.20 less, while registration .^ ; stamps gave 13,875.90 move than the estimate, k» % = . .i.„,.. Licenses, net revenue, ; 36,063.19 Direct taxes on commercial corporations 25, 59"). 97 The shortage in these two sources of revenue was no ' ' doubt in a great measure owing to lack of pressure in col- lection during the period of the elections , ^^ Tax on transfers of property /..!:V..'.'!.'..?.'.. ..'.'.' 125,143.01 'V ■J' M This tax was repealed by an act ot'last session and only $T4,856,.99 of the $200,000 estimated was received. In his Budget Speech last session the Hon. IVir. At water stated that he did not expect to collect more than f 60,000 of this tax during the year. ' ■ -^ r , Maintanance of Insane. Of |y2,600 estimated U be payable by the municipal- ities and paying patients for the service during the year, only $9,342.57 was ,57t5.28 Only ifii92?..72 of the #17,500 estimated was collected during the year from municipalities indebted. Interest on price of Q. M. O. & 0. Railway., - The shortage in the estimate of this interest was lauscd by the reduction of the rate of interest by banks holding part of the price on deposit. Rcirnbur.semeiit Railway Subsidies Tax. The estimate of the amount to be received from tiiis tax was 130,000, !sl63.04 was the amount collected. By a judgment of the Superior Court, the imposition ' of the tax under the act of 1890 was pronoun«'ed illegal, and ■ ; the act was amended in 1895. ■ ^ /i .v u. 8,604.93 29,836.96 Since the passing of the act imposing this tax in 1890, '• ' ' ■'•'•'•-£ the total amount collected from railway companies has been |74,938.68 of which $87,840.93 have been returned to ;, r ..; ,>., the companies under Orders-in-Couucil, and #3.206.80 have .»..,. ,- been paid foi costs in suits for the recovery of the tax There is an amount of .#125 869. 85 now due by rail- way companies for this tax accrued since the act was '•;''<' >' iTTIPTlllPCi ( t » — ... , ,,.,. ..,., :ii.iiiii:^> .^i"^t%i<' iiuMiU'ri ^iii^'i ID The following servii'es also foil short of the tstimates, \i/ : ' Pei'fontage on Foes of Public " Officers !| 1.305.18 Contrihnlions to IViisioiis, Civil .^,:... .4, Service VSt.SO 'm ' ^u ; V ., Provincial Insurance C'om})anies, n/,. Contributioiis 123.67 ' Rents of Public Buildings ' 214.40 - - or a total of $ 386,ti43.05 against which the following service's have yielded more than the estimates : \- ' ,{■ . Duties on Successions | 59.441.72 Interest on Lonns and Deposits.... 15,5.t>.7l '''''^■fu» Legislation - '•'■ Jl9l.i}9 ' "^» v*" ^• Official (iazette , 137.58 Casual Revenue ' 1,570.02 Premium. Discount and Exchange 1,141. 15 ij 7h,2H9.17 (. i' <' t- • ,, to which are to b:; added the loUowing receipts from services )iot included in *»'.•' <■ > .li.'.t 1 >,■ i- " .'' the estimate for amounts due prior to repeal of these taxes : ^*^ in^t^^va; a ' 1 . mo. . , - ,A I _ ,,■ ull '^Cf **''.i-^ * '" • " <' *^'' s -', Manuiacturing and Trading Li<;enses !|10,y93.77 Direct Taxes on Certain Persons... 3.607.74 Kailway Inspection Fees 204.00 jtt.tv.v j. making a otal of 92,344.08 leaving a net dell(;iency of receipts to meet the estimates of my predecessor $ 294,298.97 EXTKAORDIN.XHY KEOEIPTS 1S96-97. The extraordinary receipts during the year have been : — On account of sale of property corner Urande Alice and Claire Fontaine streets, Quebec $ 2,600.00 It And on account of the Aylmer C!ourt House Fund, being the amount payable by the city of Hull under the Act 60 Vic., cap. 1 : this amount boing the balance due on ^,^, ., the debontures issued under the Acts 12 Vic, cap 112, , , and 18 Vic, cap 164, after deducting the amount standing at the credit of the Fund 17,976.14 ■ - ■■ "•■■■"■ i*-*it*M;*i;ii '^^ntKa,.-- A 20 47614 The HouHC will now permit me to give in detail the difference be- tween the forecast of the expenditure for 1896-97 made })y my i)redece8Sor and the actual expenditure as shown by the Public Accounts which have been laid on the table. . ' " ........... ,„_. '' ■• ■ ■■ ■ ' ' J:Mil OHDINAKY KXrENDITURE, 1896-97. fW \' I find that the items of ordinary expenditure show an excess of pay- ments over the estimates as follows : , _ ^ _ ^ Public Debt ...■• 8 27,671.60 This ox^ •-•■ ' ^. .■.■',•.,: ''"'" -^viiiPl.;..f. - '26,003.69 v>^i--'i*i';- ^:, . The increase of salaries has arisen principally from the reorgan- ,,,.*>, ization of the departments un r-r j . ;, Iti; ..,.j; li „,,,;,,, der the act of last session. In- *^ ,, ,<■ s . t - , ; r ^\.v . . ^ ■ (t v/ eluded in the increase is ■, i ;,< ;? < ; f; air $1,000 paid to Kevd.Mr. Rex- "a'. • !>( , ; ^* ;• ; • ford, formerly Secretary of Public Instruction, for arrears > , < -i! due to him. . , The following departments ex- ' - -i. n- » , .«> nh* * ceeded the estimates for their , contingencies, viz : Lieutenant-Governor $ 399.12 Executive Council 400.00 ' j '" Provincial Secretary 3,439.28 i" " ^ Attorney-General " 2,375. 15 Crown Lands, afterwards Lands, : ti ^. Forests and Fisheries . 2,33*7.50 ; ,, Agriculture and Colonization, afterwards Agriculture 100.00 ' ■* ' Colonization and Mines 3,284.08 Public Works 3,825.00 , ; Public Instruction 1,000.00 Treasury *739.4l' 17,899.86 Administration of Justice $ J^96,028.19 Under this head the aiuounts by which the estimates were exceeded are for : Sheriffs' contingencies $ 58,044.90 69 i 19 13 Salaries aud expenses of Sheriffs, Prothonotai'ies, Clerks of the Circuit Court, Crown and Peace, Coroners, District Mag- istrates, etc 28,891.01 Criminal prosecutions 1,805.47 .^i-^' 'Myrj Miscellaneous 7,639.42 Stenographers' salaries 6,296.60 (■'■'•* 97,677.40 V Less unexpended of estimates : Building and Jury Fund 1,649.21 .•"'-■"^■' ""■ ■ • ■ ■,-vv-' ■■•.^^.'.- j| 96,028 19 ••■;-/■'>«' ^U Police :::!.':.: ■ ' iss.st Eeformatory and Industrial Schools 1,518,71 Inspection of Public Offices 400.00 Public Instruction, Arts and Manufactures 80.800.00 This includes $27,000 paid under Act oO Vic, chap. 3 ; 13,300 spent over estimates for Arts and Manufactures and copying archives, and $600 for the Provencher Natural ; History Museum. :. nU^.u.---v Agriculture, Immigration and Colonization 152,895.7^ This excess is made up as follows : "* ' ''^' Farmers' Clubs $ 17,343.92 . .,iir.,. ,i!r,4 Montreal Exhibition Company 28,000.00 Sherbrooke do 7,500,00 Three Rivers do 5,000.00 TJrsulines School at Roberval 2,501.83 Improvements to rural roads 4,000.00 Excess over estimates in Agricul- ture $ 64,345.75 Excess overestimates in Coloniza- tion roads 88,800.00 I 168,145.75 14 Tjess nnexpendocl of estimates for immigration. 250.00 I 152.895.75 Piil)lic AVorks and JUiildings een overpaid on items included in the estimates and $78,144.62 has been paid for items not included in the estimate, while on three of the items the expenditure was $1,208.05 less tlian estimated. ., Tax on Railway Subsidies Fund, During the year $7,942.05 that had been previously collected from the Bale des Chaleurs Ry. Co., was returned to the company under Order-in-Council, and $413.17 was paid for costs in suits to recover this tax. \o provision was made foi' this expenditure in the estimates. Making a total of ordinary expenditure in excess of estimates of If to this excess of ordinary expenditure be added the amount by which the ordinary receipts were less than the estimates 55,923.00 .tr>:ii ;?8,178.52 155,161.90 •' h 8,355.22 677,049.91 i94.298.97 The amount of $ 971,348.88 15 is tho diireronCG botvvoen my piedeceKsor's estimate for 189tj-(*7 iiiid tlu' lutuiil ri'suU of tin; y«'ar's operations. On the other hiind tlu; actual detitit ot ordinary revetiue to meet ordinnrv exju-nditure is $ 810,48420 And if wo add to this the surplus that my predece.s«jor had rlaimed for the sjinie year, v I/. 160,864.68 AVo haA'e the same dillereni-c between his rore<'ast and the actual result , .$ 971,848.88 EXTHAOKDINAIJY EXl'KNDlTUUE, 1896-97. My predecessor's estimates of extraordinary expenditure on public works and buildins^s for the year was ^ 10,228.00 The actual expenditure Avas 176,832.28 Exceeding the estimate by ^ 166,604.28 Of this excess >!l57, 137.31 was ou account of the Montreal Court Hou.so extension and furniture, |8,277.H3 in conueotiou with the gaol, Montreal, and !iture for court hr»uses in Hull and IJryson ; while of the estimates for Parliament Buildings #7235 remained unexpended. .,'j i? A portion of the land situated on (Jrande Alh't*. Quebec, which was l)urvhased by the CJovernment in 1891, having been sold to the Franciscan Nuns, it became necessary to pay the purchase price of the whole property, viz : !i;30,000 and obtain a discharge of the mortgage on the projierty, so that a clear title miglit be given for the part sold. The amount paid during the year as interest on the Aylmer Court House l)el)entures and ciiargecl to the Aylmer Court Hou.se Fund, was $1,.)18.00. being $50 less than the amount estimated. The repayment of Kailway Guarantee Deposits has l)een $104,065.16 ■ more than estimated, owing to the cancellation of the CJovernment guar- antee on a portion of the bonds of the Quebec and Lake Ht. John Kailway Company and the return of the corresponding deposit, but these repay- ments ])eing now made from proceeds of loans, do not affect the difference between receipts and expenditure. I 10 As the repayment of Railway duarantee Deposits has been made duriugr 1896-97 from proct'eds of loans, the «?stimate of the Hon. Mr. Taillon of total expenditure and receipts (less railway subsidies) and his estimated diiFerence of f l27,4r)9.7H, would require to })e modified accordingly, but the Public Accounts shew that, on the same lines as he made his estimate, the result would be a total deficit, exclusive of railway subsidies, of i|l,365.230.6H instead of $127,459.78 as he had foreseen. I think that I have shown beyond a doubt that far from having reduced the liabilities of the Province as it claimed, the Government to whom we succeed has greatly increased them and instead of having restored linancial equilibrium it has exceeded the estimates for the last year of its adminis- tration by the enormous deficit that I have just indicated. It has been asserted that the official figures were inaccurate and of a nature to mislead public opinion by imputing to last year's account expen.ses that should have been paid out of the receipts of the current year, Those who make that assertion base it tipon th«? fact that we have issued special warrants, the amount whereof is chargeable to last year. But it must not be for- gotten that the debts which r«Midered such warrants necessary did not originate with us ; that they had bt^ui contraited and had beco^ne exigible at the time that the prestfnt Gevcrnmeut took oifice, and that at that date the expenditure for the year 1806-07 (cxctlusive of lailway subsidies and the repayment of railway guarantee deposits during the year) had been $741,242.10 in excess of the revenues received to that date. To meet this deficit and the deficit of the previous years mentioned in the Budget Speech of last year, the previous (Jovernment had u.sed a portion of the proceeds of loans which should only have been applied to the payment of railway subsidies. This Government determined not to continue this practice, and therefore borrowed by temporary loan ^:70O,OOO which was deposited in the banks to replace, as far as it Avould go, the amounts diverted from their original destination. The following detailed statements of cash operations for the fiscal year T89t!-97 and for the period between 30th June, 1892, and the 30th June, 1897, will fully coafirm this. Several of the appropriations that had been voted were already ex- hausted. The special warrants issued by our predecessors during the fiscal year before the 26th May amoujited to $303,701.44 of which $297,300,76 were expended. The special warrants issued by ourselves after taking office amounted to $281,628.16 of which were expended $258,586.49 ; and an examination of the purposes for which those warrants were granted as •• 1 .< IT stated in the Public Accounts at pages 880 to 886 vfiW establish what I hare stated above that they were absolutely necessary to meet the obliga- tions for the years 1896-97 existing at the time of the change of govern- ment. The previous Ixovernment had, moreover, by legislation passed in the last weeks of the session, imposed upon the Treasury the payment of heavy sums not provided for by the estimates for the vear. These had to bo paid and there was nothing to justify us to carry over to the current yeiir debts contracted and due in the previous one. To do so would have been to dis- charge the liabilities of one year by means of an irregular and misleading process to the detriment of the following year, and to routinue this over- lapping from year to year, thus concealing the true situation. But to put an end to this deficit and to meet the engagements that had jj:iven rise to it, we required a considerable amount which we could procure only by means of a temporary loan, unless we diverted from its destination as deter- mined by law what remained of the proceeds of the last loan devoted to a .specific object. Wo did not wish to have recourse to this expedient so loudly denounced by our predecessors as culpably irregular, although they practised it themselves later on, and we preferred to have recourse in the regular way to the sole means that remained to us, that of effecting a tem- porary loan until the Legislature should authorize us to consolidate by means of a permanent loan the floating debt accumulated bi'fore our taking office. - , I give, 'without comment, the following statements, the accuracy whereof cannot be contested, leaving to the House to appreciate them at their proper value. ■r.t -I CASH OPERATIONS, 1896-9?. C^sh in Banks on 80th June, 1896, was $ 784,799.49 Less outstanding warrants 173,122.28 !| 611,677.21 There was received from proceeds of loans between Ist July, 1896, and 30th June, 1897 :— Balance of Loan 1896 $ 1,124,200.00 Loan of 1897 1,224,000.00 .:h\ ni'. 2 2,848,200.00 1»^ ' ' Out of which have been paid during same poriod : — *^ 't' Tlaihvay iSubsidiot! ^ 1,889,867.28 Q. M. (). & O. Railway 6,617.78 i;u}uant.'o Deposits 381,187.62 1,727,662 68 620,587.37 •*"'■■ Leaviug a balance of !«( 1.282,214.68 : AVhicli has been disposed of as Jollows ; , -;<* The total expenditure, exclusive of rail- , , ,,. wav .subsidies, Q. M. 0. & 0. Raih iv and repavmeut guarantee deposits, from 1st July ' ^,,. 1896 to 30th June. 1897, was: — Ordinary expenditure $ 4,685,460.42 • • ' - Extraordinary do 206,882.28 '' .'•■ ■• Trust deposits 14,999.01 -• $ 4,907,281.71 The total revenue from 1st July, 1896, to 30th .lune, 1897, was :— Ordinary revenue $ 3,874,966.22 From sales of propert y 2,500.00 Trnst deposits 46,772.48 $ 3,923,288.70 Deficiency $ 984,048.01 Balance on hand $ 248, 171. -J7 Add amount borrowed by tem- porary loan 700,000.00 Balance of cash on hand 30th June, 1897 $ 948,171.57 Viz: Cash in Banks $ 1,391,428.65 Less outstanding warrants 448,257.08 i! 948,171.57 19 CAHII (»1'E1!\T10NS I'llOM JDNK 8ws the cush optTationw durinu llu' ptMlod bjtwH'n the 8<>th.IuiK', 18!>2, mul the 8(>th .Tuiu', 18J>7 : |«t :|#t ■t^-fmtu-.vh fiiii «:;■»} i»»«u The Less outstandi nil' warrants .■»6r).028.10 $ T7t;,827.19 Tlie auumnt received from proceeds (»f ,.'')''• loans was * 18,110,318 72 Out ol' which were paid : 4p>V/ A'*; oH'i H'i A.^fAn Loan of 1801 ^ 8,860,00(1.(1(1 Loan of 1898 Tart of loan of 1800 ^ 2,725,833.38 rreiniura on same 200,52O.;>8 ■l.'M' I <■ i' ■,!/;<<■. ?^l' j.',V \>f\: ' '*, lU0,t0 1."U i >.tt'>h i«* V :| !5; 8.(iir),8o8.S/ •• .■•,)^/nii i-'HM ,,,| ing at 30th June, 1802 ^ 1,550,000 00 ■// a^ -! - ii'l i;!';- i/i \>iun\ nn Railway subsidies 4,208,489.13 •* j,!,.-,,, mv, ; Q. M. (). & O. Railway 68,574.17 '^ H m Railway guarantee deposits ' r ^ :, due in 1896-97 381,187.62 *««•( ^ 6,208,250.02 p-. > Balance of proceeds of loans which should be on hand at 30th June 1897 to meet railway subsidies, Q. M. 0. cV O. Railway, and railway guarantee deposits % 028,752.94 Making with the cash on hand a total of... $ 1,705,580.13 20 Accounted for uh foUowH : Tho deficiency in revenue to meet expondi- . ' " ture, exclusive of railway subsidies *' '-' ' ' '•' and temporary loans, from 30th June, 1892. to 80th June. 1890. was, ns ' , ji m ,! ( staled in the Budget Speech of Oth De- ' " ' ' ' '• cember, 1896 478,3(1/) 65 And the deficiency during the year ending ,. , .,• I aOih June, 1897, exclusive of railways , , and of repayments of railway guaran- tee deposits which, in 1896-97, were m nuide from proceeds of loans, was 984,048.01 ; ! (./. ■»>.,.f!. A total deiiciency, in five years, of l,4r)7,408 56 Leaving a balance of $ 24-^,171 57 ■ " And this deiiciency occurred notwithstandinij; that the receipts from the new taxes exceeded the amount of railway guarantee deposits repaid during the five years by the sum of $862,277.89, and yet it was form- ally stated that the now taxes were lor the purpose of paying off the guarantee deposits, and to relieve the annual revenue by so much. To meet the above defi«.iency of $1,457,408.56 the $776,827.19 of cash on hand at 80th June, 1892, was used up, and the balance of $680,581.37 was taken from the proceeds of loans ; leavingonly a balance of $248,171.57 on hand, $88,087.13 of which can only be employed to pay off certain trust deposits. Under the circumstances, the present Government deemed it neces- sary to borrow $700,000 by temporary loan to restore the balance of pro- ceeds of loans to deposit in banks only to be used for the purposes desig- nated by the laws authorizing them. The cash on hand, therefore, at the 30th June, 1897, con- sisted of the above balance of. $ 248,171.57 And of the amount borrowed by temporary loan 700,000.00 $ 948,171.6T 81 v;z : Oaithinbanks ....f.'.... $ 1,891,428.65 Iv^SH warrants outsi inding , 448,267.08 ^" " ' " • ■•■■ ..■,iiii ,'l'^: Hl'.v 14 __^__ I 948,1'71.67 ' f Of which 1928,752.94 belonged to proceeds of loans. THE CURRRNT YFAR, 1897-98. A revision of the astiinates of receipts and expenditure for the current yttar 1897-98 leads me to think that the estimate of receipts has, in regard to some sources of revenue, been placed higher than was warranted : it also shows me that the expenditure must be considerably in excess of the estimate, owing to the additional burdens imposed by the legislation of lastsession. <.{v/ J .ui- : • mrw ,'»T>.i T In the estimate of receipts, the revejiue from Orown Ltinds " '""*^ "M j is placed at $ 1,067,700.00 The net revenue from licenses at $ 630,000.00 The collections from railway companies of the reimburse- ment of railway subsidies tax, at f 30,000.00 I am of opinion that these estimates are excessive and will be difficult to realize. The Crown Lands and Mines may not produce more than $1,000,000, the net receipts from liconse.s may not be more than $600,000, and, if the past is to be any criterion of the future, as regards the railway .subsidies tax, the collection of $168-04 out of an estimated $30,000 lust year, is not encouraging. ■ • ■ ^"''^".^^ » i'«>n -K-j The Dominion G^overnment may also withhold the $20,615.72 intt-rest on Trust Funds as they did last year, which it detains pending the final award of the Troviucial Arbitrators. On the other hand we shall receive some $15,000 more than the estimate for direct taxes on commercial corporations, and the interest on deposits will bt at least $15,000 more than estimated. There are also arrears of taxes left uncollected by our predecessors from which, by diligence, from $10,000 to $20,000 may be obtained. With every disposition to economize, it is a very difficult task to curtail the expenditure of appropriations that have been voted by the 22 Ijegislatiire and, evfii if the expenditure of ihe present year should, in regard (o those services, bo confined to the amount of the original estimate, the burdens that have been imposed bv statutes passed subsequently to the voting of the supplies last session will add about $150,000 to the expendi- ture of the year, as follows : The interest on the loan ot 1897, to pay the I7i cents per acre o'f railway subsidies, and the interest on the temporary loan necessitated by the deficit, will amount to over... $ 60,000.00 The increase caused by the re-organization of the depart- ' - • ' ' * ments \ •'■ 7,700.00 The salaries of stenographers to courts 7,000.00 The annual contribution to elementary schools 50,000.00 The grants to exhibitions 18,000.00 The revision of the Code "' 6,600.00 The grant to rhe Ursrline school at Roberval ., 2,500 00 In addition, the following items were not included in the ,, .•,11 .1 • 1 ■^'' '■ ■- '*'.'''" rJ"^'* estimates, but have to be paid ; ■ •,-. Premiiim.s of iusnramre on Public Buildings falling due ' H this year 19,050.00 R«nts of houses at Kimouski and Montreal j; ^ 2,000.00 Cost of sequestration, Baie des Chaleurs Railway 7,500.00 Protestant Haspit il for Insane under 59 Vic, cap. 5 8,825.00 Cost of valises purchased for members 2,940.00 Election expenses 2,000.00 The amount to be expended for agriculture has been alao increased t o the extent of $14,600.00 for the items mentioned in the Supplementary Estimates. In extraordinary expenditure, public works and buildings, there will be expended on Court Houses, Montreal and Quebec, and on iron bridges, nearly #24,000.00 additional to estimate, but $16,000, estimated for Par- liament Buildings, vtrill not be spent, leaving a net increase of about |8,000. Thus, through no fault or action uf the present G-overnment, but in oonsequence of the additional liabilities established by their predecessors, the surplus contemplated by the Hon. Treasurer in his Budget Speech of »haSiii d8 9th December, 1896, may disappear, but every eflort will be made to pre- vent such a result, and T hope that with the assistance of the members, by reducing- expenditure to the lowest mark, I shall succeed. ' " _ ESTIMATES FOR THE YEAR 1898-99. I now come to the year .1898-99, of which I give below the estimated receipts and expenditure, which have been prepared with the greatest care and which according* to the minute details obtained from each depart" mont, seem likely to be realized. I -.It jpiif I',.:; If':' ■■' ■IK'v:" ■■ '( (5- !» - ■■-.¥>: >•>!, . ; jii'lhiui 'j J ^ISJ-'i i-.t? i w ? - '^-i *ts1i- !&■*'- I ^JjJiiJp.' -i ■■j -'I- ■■I - ■ STATEMENT E. >..^-H>^ii B3TIMATBD REOB[PTS 1898-99. DoMTNios OF Canada : Su))sidy under B. N. A. Act • • ?95».2o2 80 Interest on Trust Funds 71 ,385 9* Special Subsidy, 47 Vict., ciiap. 4 127,460 08 ' '*< :• Interest on Railway Subsidies under 47 Vict. , f hap. 8 1 19,700 00 1,277,799 42 Intkrkst : Interest on price of sale Q. M. O. & O. Railway 300,000 00 Interest on !..oan9 and Deposits 20,000 00 :v20,o«o 00 Lands, Forest & Fisheries 1,018,000 (X) MlVKS ■' AllMINI.STr.ATIO.N OK .h STIlIF. : Law Stamps l^-'i-OOO 00 Law Foes 14.000 00 Building and Juiy Fund. (Net revenue) . Maintenance of Prisoners Gaol Guards, Montreal and Quebec Fines Montreal Gaol Other Gaols — Prisoners earnings Montreal Court House High Constable's Fees, Quebec 2r).000 00 10.000 00 4.1(00 00 •_'00 00 ■I. (100 00 1(K» 00 :t.(K)o 00 .500 00 Registration Stamps (including fees of Salaried Registrars) Licensus. (Net revenue) Direct Taxes on Connnereial Corporations Duties on .Successions Percentage on Fees of Puldic Oflicers Percentage on renewals cf Mortgages Maintenance of Insane Maintenance of Inmates of Industrial and Reforniutory Scliools . I^egislation Official Gazette Rents of Public Buildings. &c (yasual Revenue Provincial Insurance Companies— Contributions C'ontributions to Pensions, Civil Service Premium Discount and E.xchange 10,0(K) 00 Railway Subsidies Tax. 24.'i,80(t 00 tW^OOO 00 025,000 00 1(50,000 00 22r).(X)0 00 8,000 00 200 00 .55,000 00 29.450 00 8,000 00 21..S50 00 1,000 00 .•-.,500 00 400 00 5,000 00 1,000 00 4.081,099 42 10,000 00 $4,091,099 42 m I ■1 » «'•>,! <.,!>', r m ^i.i!wK-.. STATEMENT; P. ^ ^''" ESTIMATED BXPBND^TUBB 189&9P. ii: I'ublic Debt F>igislation Civil Government Adminiatration of Justice, &o I'liblie Instruction, Ike A/j;riculiure I^mds, Forests & Fisheries Colonization & Mines. Ac Public Works and Unildings Ordinary Charities, including Lunatic Asylums. Misi-ellaneouB Services '5,'. ;m'« ;j Au?'^ t'-iii'i .".t ■■ yiH.'-^i'l '\i'i' d-fid'V^ fti 1,6(»»,»95 72 I9Q,47« r>Q 270.()-2« Ifl 548,710;tK,> 425,010 00 ir>9,«W) 00 124,000 00 122,500 00 90,012 7« ;«4,fi7.') 75 171,200 00 Vublit: Works iiiid Building.s- Kxtraonlinary. 4,047,450 92 4,427 08 4,051.884 m Repayment of Railway (Guarantee Deposits. S 09,630 37 Pailwny Subsidies and Q. M. ( ). i (). Railway- ">1 1 ,942 50 """^''■:'" "■ ,.....:.. ^. .; . ^ fil 1,572 87 ^,663,456 »T « * * * 86 As will be seen by the foregoing tables tho probable receipts of the year 1898-99 will according to my estimate be | 4,091,099 42 On the other hand I estimate the expenditiire at 4,051,884 00 Ijeaving a surplus of... $ 40,11;') 42 To aitain this end, it will be necessary, as may bo seen, to effect <>on- Kiderable reductions i. the expenditure of previous years, and we hope to succeed in this by prudent economy, and a judicious distribution of the public funds, without doing any prejudice to the various services to which such reductions apply. Moreover, it cannot be av >ided owing to the absolute necessity in which our Province is placed of stopping the increase of our liabilities by the accumulation of new deiieits which we have pledged ourselves to abolish. . . / -:i-^i..j^ ^r:/:.';.' {»! ■ ' .IIHIIH III 27 'vo^^i^sfufftf STATEMENTS. Approxiinute stiiteineiit <)f Linbilitie,s and Assets of the Piovinw of ^UBbee iit :«) June, 1807. ' - LIAHILITIES. •:■ ^" " '• ''" "^ Fiindetl Del>t outHtiuuliiig *->l. l»'i,4 (W 'Ceinporary FiOiins 700,000 (K» TruBt DeiKwit^ '287,039 47 Kailway C()iii])uiiy IJepowitH to iiiuet guaranteed interest an bomls 370,174 35 Outatttjuling Wiviianth 443,257 OK KniWivy money subsidies a\ithoi'izefl but not yet earned S4(ti),494 7il Railway land subsidies converted into money subsidies at 52A cents (K^r iu.-i'C, authorized but not yet eai-ned tir)'2,47'2 '■Hi I,I'2I,!XJ7 OS ..;;.'; •25,-2i8,7r» •2(M.\000 00 >m Loss on KxcliMuge liank deposit Quel»(^c Coui't ITousc Ixinds •w,.H Mi^hd tni: A.SSKT.S. . f; ,. i¥:J7,344,3IO 81 ' sA.-> ;'■:<. -'t ; hat, do "•.,1 < >i', I '. ii' ■<. Part of prii«of Q. M, (). & O. Ry., deix>sited in Banks *353,3f>0 00 do do invested in 829,000 Pro- '^ ■'-**• • vince of Quebec Imnds, loan of 187S, bought at 109% 31,610 00 do invested in Quebec Court House bonds -200.000 0(» '"' dh"' do invested in City of Que- bec bonds 15,000 00 Balam* of price Q. M. O. & (). Ry. uupairt 7,000,000 00 7,«0(>,000 00 ff R»ihvay giant under Dominion Act 47 Vic. Cap. H , "2,394,000 00 , , Cash in Banks.... : 1,391.428 65 Cost of Jacques Cartier School, Monti-eal, to be repaid from sale of pro- — perty '>'3«1 "' Claim »w «vH|atc^Honble. Thomas McGreevy 100,000 00 Advances to various parties 161,832 89 QuelH>c Court House t«Tri»nder 45 Vic. Cap. 26, and 48 Vic. Cap. 16 . . . -260,000 00 _ ll,852,(«>-2 65 Kxcem of Liabilities over Assets at 30 June 1897 $25.491,658 IK ! f- -ite ,K :• .;(•« J." m^u '■^WB The ionvuoing statement shows that the excess of liabilities oyer assets }iuK been ini.Teased daring the year by an amount of $8,886,311.86, explained as follows : - ^ ,..,... Funded debt increased by i Temporary loan Trust Deposits increased Liabilities for Railway Subsidies more than last year. The outstanding warrants are more than last year. The advances to Jacques Cartier Normal School and various parties reduced by "While on the other hand, Railway Guar- antee Deposits reduced by 352,87*7.04 And the cash on hand is 606,629.16 more than in 1896. 2,986,871.40 700,000.00 14,815.48 309,608.94, 270,184.80 16,887.49 4,294,818.06 959,506.20 Increase... ^ 3,885,311.86 " ; f i " f M '*f. if* i^'fi , FUNDED DEBT At the 30th June, 1896, the Funded Debt outstanding was as appears in the Public Accounts of that date t 31,211.282.68 At the 30th June, 1897, it stands in the Public Accounts of 1896-97 at 34,196,664.08 !s6 ',*.)' >rM:^ Difference. 2,986,871.40 Of this dilference 113,733 38 is an amount added to the currency value of the loan of 1888 for ie722,000 sterling, to bring it up to par of exchange at which rate all the other loans for sterling are stated, and at which rate of exchange they are to be treated in conversion of debt : the actual amount of the debt which is in sterling not being affected I i.t+.... 18,733.33 c* 29 The actual increase to the Funded Debt during the year being $ Which is accounted for as follows : Balance of the loan of 1896 issued f l,070,666.6t) Loan of Ist April, 1897 1,360,000.00 Inscribed 3 per cent stock issued for con- version of je560,000 (12,725,383.33) of ' ' " •- • the loan of 1896 3,350,984.74 2,971,688.07 I 5,781,651.40 less: Bonds of the loan of 1880 redeemed | 84,680.00 Bonds of tUe loan of 1896 redeemed in conver- sion of debt $ 2,725'333.33 i: »■■ i 2,810,013.33 Or: '" ■ ' ■■ '■•'■' ■■' New loans of 1896 and 1897 % 2,430,666.06 Increase of principal of debt in conversion, to be redeemed by an annual sinking iund 625,651.41 '.'.;' 1 vi \'t >■,'"' $ 2,971,688.07 ■.;...'f/ :' I H"' <\ .. ( M Less bonds of 1880 redeemed. $ 3,056,318.07 84,680.00 ■ ii.j 'lif r ; ? . v, T'' t-,,.r>« . 1 . '.i'Ui J ?. ,; > i : I 2,971,638,0T ■if .'■''. i,'l>' RAILWAY SUBSIDIES. Liabilities for railway subsidies at 30th June, 1896 | 812,858,14 Subsidies payable by the act 60 Vic, cap. 4, 17J cents on 9,414,868 acres 1,647;6()1.90 Lapsed sttbsidies revived by 60 Vic.j cap. 4 2,424.27 Deduct subsidies lapsed by short mileage. % ^,462,884 81 560.00 I 2,46i;824;81 so I'aid duriuji^ the year : — '. -y.i; ;jil,-.'f Oti money subsidies $ 139,409.90 Oil land subsidies at 35 cts. per acre 35,709.00 i ., '^' . do do at I7i cts. per aero 1,164,638 33 $ 1,339,857.23 ■oil ri.tf Liabilities for railway subsidies at 30th June, 1897 $ 1,121,967.08 Included in the assets is the claim against the late Hon. Thomas MoCrreevy for $100,000 advanced to him by the Jacques 'Jartier Kank in connection with his contract for con.struction of the Q. M. O. & 0. Railway and recouped to the Bank under authority of the resolution of the House of Assembly of the 6th May, 1887. A.S there is now no prospect of the Province recovering the amount, I think that this $100,000 should in the future as be removed from the assets. CONVER8I0,\ OF DEliT. Under the authority of the Act 60 Vic, cap. 2, and in the terms of the ^ontract approved by Order in Council of 17tli April, 1807, the Bank of Montreal,' prior to the 80th June, 1897, had converted ^€560,000 of the bonds of the loan of 1st May,1896, maturing Ist May, 1936, and bearing 4 percent, interest, into i;688.551 2. 3 sterling, of inscribed stock maturing 1st April, 1937, bearing 3 per cent, interest. t ; ,, The principal of the debt has thus been increased by jE 128,551, 2. 3= $62.-),651.41. The annual interest at 4 per cent, on i;560,000 0.0. $109,013.33 do do at gpercent. on i:688.551 2.3. $100,528.46 ■'■ The annual sinking fund required i^ ,^ ^.d.-^^t ■■■ vr-f-^i\y: t.;; *; to redeem jei28,551 2 3, increase jiY (>|v Sjj* .'.'j - oldebt, in torty years is £1705 0.0. .,,,,..,..-. I. . 8,297.67 108,826.13 Annual savinir. $ 187.20 Against this annual saving is the amount of commutation of stamp duties on the ^£688,551 2. 3, which, at 5-8 per cent, amounts to $20,943.41. 31 Thus, lo gain u paltry wuiii ofi|187.20 ptM* annum, duriuuf I'orty yeui« the Province luis Ix'eu compelled to pay out i|20,948.41. The interest at 8 per cent on this rush payment represents an annual sum of $628.30 ; so that, instead oCsavinir 1 187.20 wo shall be actually losing f 441. 10 a year during the forty years. This is the praeti<;al result of the first attempt at conA'ortiijji' the debt by my Honorable friends opposite, and, under the <'ir- cumstanees, ii might bi* pertinent to ask what becomes of the brilliant hope which they hold out to us that we would save by the transaction 1200,000 a y^ir in the interest ahme 1 ' '■ . ' In view of the increase which has taken place in the capital of the debt, the House would probably like to kiu)w the amount at which the debt will stand, should tli ; conversion of the sam' take place, as «'ontem. plated in the contract with the Bvnk of Montreal. ' -' ,(•) At the time the contract was miide A)r the conversion of the debt, the outstandinsr di^bentures of the Province amounted at parol' exchange, to ^ 82,2{)5,t!82.')3 Under the contrac-t, the whole of these debentures are subject to (^onversion,except the Paris loan of December, 1894,for. 5,332,97t).0O Making' the tvmount of the outstanding debentures subjeit to conversion f 26,962,706.3 ^...-■Xi s , ._ For these deb'utures, if converted at th" rate specified in the contract, the new issue will be $ 33,483,291.00 To which if be added the Paris loan of ■• December, 1804 § 0,332,970.00 And the loan of 1807 1,36C,00000 vi.< -»•,< -'Ji f - ■■ yiwiri 0,692,976.00 i^.-.' liV i • The amount of the debt would then be $ 40,176,26700 The conversion has not hitherto proceeded very rapidly a.s. since the 30th June last, only $426,386 of the outstanding debentures have been con. verted., 'A: .*.'''' . ARBITRATION. . 1*1 Tin. Sihee the remarks made in the Budget Speech of last 'se.s^i on. the Judi- cial Committee of the Ivordsofthe Privy Council have rendered their judgment dismissiiigthe appeals of the Dominion and of Quebec.and confirm- ing the judgment of the yupreme Court in the case of the claims of tht' Dominion on behalf of the Indians of Lakes Huron and Superior, under tho Robinson Treaty of 1850. It will bo recollectt'd that thu appeal was against the decision of the Supreme Court making Quebec jointly liable with Ontario for any increased annuities that these Indians, under tho terms of the treaty, might be entitled to siixce Confederation. The matter has now gone back to the Arbitrators on a claim of the Dominion against Ontario and Quebec; jointly, representinij thti old Pr'n'inco of Canada, and the case was argued recently at Quebec. It it expected that an award will be made early in the month of January. The appeals of Ontario and of Quebec from the award of arbitrators on the Common School Fa\^d case, were heard by the Supreme Court in Ottawa early in November last. The api)eal of Ontario was on the ground that that Province was not liable in respect of collections from the sales of lands which constituted the fund.s, and Quebec, while maintain'ig the award as regards the liability of Ontario, appealed against the decision that a portion of these collections should bo transferred to the Upper Canada Improvement Fund. No judgments have yet been rendered on these appeals. "When the final judgments and awards in the above matters of the Common School Fund and the Robinson Treaties Indian claims, are ren- dered, there will only remain, as far as this Province is conoerned, the statement of the accounts on the basis of the awards and the determina- tion of the balances to be received or paid. This, however, will take some time, as the details of the accounts from Confederation are very voluminous and work can only be done by those conversant with the accounts and the effeot of the awards as regards them. ,, i I f ■ . -_ . CONCF>USIOi\. I hope, Mr. Speaker that the House will forgive me for having detained it so long on so dry a subject as figures. But I considered that, under the paiticular circumstances in which we are placed, on the coming into office of a new Government, it was necessary to clearly define the financial situa- tion in which our predecessors had left the Province and to point out out the policy that we intend to follow in that respect. That policy was laid down on all the hustings during the last electoral contest. We promised ■there to put an end to the era of deficits ; not to increase the already exces- ^ # t=* si^ie liabilities of our Province and to attain this end by mearisof the' strictest economy. This task is all tho more difficult that our predeces- sors, while reduciujo: our annual revenue, have considerably increased the expenditure. , . ■: ...... 'ir; I> .; is essential for the preservation of our national credit and it will secure by the indispii" usable equilibrium between our revenue and expenditure the definite and permanent return of annual supluses. For that objec> the majority of the people have raised us to power and we are determined to labor conscientiously and faithfully in the accomplishment of that undertaking. But to su«'ceed in this we require the hearty and disinterested support of the members and I appeal to their patriotisia tj strengthen the Government in its work of restoration. • ■ ■ -. ■■•..■ rm^i t'4v V.").. '" 1 :r IVT -i.i ■ '1 ' : ■ . ( > •■ ■."■• r; 11 i'u.,i»/^ -i; ,-.*■'! ■ ' li:.'; ■ s'r sivfl r 1 ('»-; r-. '■}■ ,t s I'' \ i \ STATEMENT A. Yah Year. 1889-1)0. (1) 181K)-»1 , 181)1 92 i 1892 »H 1893-94 1894-95 1895-90 (2) 189097. Puyinents. *4,909,489.08 5, 196, 049. 4H 5,2M0,7(J8.02 4,492,10(5 21 4,550,(529.50 4,500.(5M:{.:{1 4,415,208.52 4,907,281.71 llweipts. >5:i588,920.50 3,750,813.94 3,494,117.00 4.407,278.21 4,320,427.22 4,343,971.05 4,359,594.91 3,923,238.70 Detifit. , !(|| J ! STATEMENT B. .AT^ ■ IH 1889-90. PA YMENTS : Ordinary Expenditure, (including r<>(}2, i'^^'A r::t r:tH- 95 for Bonds of Loan of 1880. r' Hh.»^>iiA>^- deemed) s:i881,672 9o Sjjedal Expenditure 818,583 ol Advances and Payments of Trust Funds. 1 4,1 OB 98 Repayment — Railway Guarantee 1 )ejH)- sits '. •255,009 24 RECEIPTS w.mM^i^- Ordinary Revenue. . . .: Receipts fi'oni sales of pro- perty . . >58O.00O 00 'I'rust Funds. Deposits and , Receipts on advances 1 8, BIB 43 SB. 540, 007 07 48,313 43 ;•..-.( .It'. :■ '': ' $4,909,489 08 3,588,920 50 Deficit.. §1,380,569 18 hfKq^MiflfOftWS ,l:H 1^^.\>.':^h^"y'4 180C-91 u hl^rr^/ n Ordinary Expenditure (including- 804,970 ' '•'••'* ^^. for Bonds of Loan of 1880, redeemed^ *^4,095,o2o 45 ^^pecial Expenditure 820.254 15 Repiiyment— Railway (Tiiarantee Depo- sits ' . 222,097 41 A-.'i^s Advances and Payments of Trust Funds. 57.177 42 •,,.,,.; ' — ; ■ 5,105,049 43 RECEIPTS: . ,a . • Ordinary Revenue SB.4o7.141 32 . Trust FunHfe, Beposite and '-'-'^ - Receipts on advances — 15,149 02 Railway <^nfl,rQ-ntee Deposits 278,5-20 00 *"M ._ 293,669 02 — 5,750,613 34 D^Mt .... $l,444,09fe OV) >• ■s • » • m <> • > • PAYMENTS 1891-92. ,<^v.;>T Oidinarv Plxpenditiire (incliicliuo- ^HS. 121.16 for Bonds of Loan of 1880, re- deemed) ,^4,44(5,639 60 Special Expenditure ool,041 88 Payments of Tnust Fands . 8.017 00 Repayment - -Railway G uarantee Depo- sits ". 231,070 14 85,236,768 (52 RECEIPTS Oi-diniii-y Revenue s3, 4^8, 403 80 Trui^t l<'iind,s, I)eix)sits :md Receipts on Advances '. 10,723 87 Municipal Loan Fund 3,000 00 Refunds on Special Expenditure .■),870 H3 T\ix on Railway Subsidies 5,67;") 50 Refund : Q. M. O. & (). Ry 1,444 00 3,494,117 60 . Deficit ' ._.^iZ4|651J^ 1892-93. ., ... . PAYMENTft : Ordinai-y Expenditure (including §71,053.33 foi- Bonds of Loan of 1880. redt^emed) Extraordinaiy Expenditiuv (Public Buildings; Payments on Trust Deposits Loans to Sull'erers by Wind Storms Kepaymont- -Railway Guarantee Deposiio. . ii'.is- t;' > • • • •>!' RECEIPTS 83,952,258 75 238,264 10 13,147 08 48,030 89 240,405 39 84,492,106 21 Ordinary Revenue 83, ^^91 ,062 73 do * New Taxes.... 493,59175 ReceiT)ts frcni Sales of Property Trust Fund Deposits Receipts on Advances Tax on Railway Subsidies $4,384,654 48 .:,■:■■■•; I 7,116 00 15,770 37 50,000 00 9,737 36 Deficit. 62,623 73 4,467,273 21 $24,828 00 88 1893-94 PAYMENTS: . .j Ordinary Expenditure (including $78,978 88 t'oi' Bonds of Loan of 1880, redeemed) «8,876,990 88 Extraoidinarv Expenditure (Public Buildings) 890,955 24 Payments on^Ti-ust Deposits 18,081 78 Loan — Sisters of Charity, Beauport Asylum 19,895 HO Repayment— Railway Guarantee Deposits. . 350,117 25 Costsof Collection Tax on Railway Subsidies 88 80 RECEIPTS: >^4.550.()29 50 Ord inn ry Revenue »58,740,822 45 ; do ' New Taxes 518,400 11 !S4,258.728 56 Receipts from Sales of Pvo perty 1,805 05 Trust Fund Deposits ... 10.16118 Tax on Railway Subsidies. 49,782 48 61,698 66 4,320,427 2-^ Deficit |i230,202 28 1894-95 PAYMENTS : Ordinaiy Expenditure (including $77,866 66 for Bonds of Loan of 1880, redeemed) Extraoi'dinary Expenditure (Public Buildings) Expenses in. re sale of Chateau Ramezay Property . , . , Payments on Trust Deposits Special Deposit in re Confirmation of Title to Property Q. M. 0. & O. Railway '. Loan - Sisters of Charity. Beauport Asylum ,,.... Repayment — Railway Guarantee Deposits Costs of (collection Tax on Railway Subsidies. RECEIPTS : Ordinary Revenue $8,734,289 39 do New Taxes 487,398 45 $4,048,228 43 i4(lT56 60 it 742 41 l^^iiO 26 6.550 00 25.000 00 26.',228 01 2,742 60 $4,506,683 31 Receipts from Sales of Pro- perty Chateau Ramezay Trust Fund Deposits. . . . Return of Deposit inre Con- firmation of Title to Pro- perty Q. M. O. & O. Ry. Tax on Railway Subsidies.. 4,221,687 84 100,340 28 10.048 85 5,550 00 6,344 68 I 122.283 81 4,343,971 66 Deficit 1162,661 66 m k -U: 1895-98. PAYMENTS: -a-^ ■■ Ordinary Expenditure (including §80,786.67 for Bonds of £oan of 1880, redeemed) 84,041,221 Extraordinary Expenditure (Public Buildings) o8,485 Payments on Trust Deposits ]7,4i!9 'ReY)ayn!eiit Railway CTuarant Refund 27,8{ 9 04 ,:; :^ ' 29,861 66 34 02 39 RECEIPTS: Ordinary Revenue do New Taxes. ... Trust Fund Deposes Tax on Railway Subsidies Redemption of Loan 1876, refund of balance of amount held in London for investment . 11 84,415,268 52 88.888,054 53 444.8{:6 02 27,662 64 8,285 62 786 ]0 4,327,910- 55 81,6t;4 36 Deficit . 1896-97. 4,369,594 91 $ 55,678 61 PAYMENTS: Ordinary Expenditure (including 884,680 foi' Bonds of Loan of 1880, redeemed) 84,677,095 Extraordinary Expenditure (Public Buildings) Purchase of Property Payments on Trust Funds Tax on Railway Subsidies : Costs of Collection 8 418 17 Refunds of Taxes Collected 7,942 05 176,882 80,000 14,999 20 28 00 01 RKCEIi'TS: Ordinary Revenue tlo New Taxes Sale of Property Trust Fund Deposits . . Tnx oi| Railway Subsidies 8,355 2^2 S4. 907. 281 7' 83, 65(5, (502 06 818,200 22 8.874.803 IN 163 04 48,435 52 8,928,238 2,500 00 45,772 48 Delicit 8984.043 Delicit as above 8984,043 01 Repay ment. Railway Guarantee Deposits . 381,187 62 70 01 $1,365,330 63 m STATEMENT C. RECEIPTS. ■ ± PA rc'«;' ; Dominion of ("iiniida Crown Lands Law Stanip-i Rei;istra?iou Slniiii)-'. . . . Building iind Jury Fund Luw !■•. IMunicipnlitics for mointonance of prisoners. . . . Montreal Court House LVIbntreal Gaol : •.•....•..•.. Gaol Guards, Montreal and Quebec Prisoners' earnina:s, Quebec Goal do do Bedford do do do Terrebonne do Goal Farm, Quebec Fines, Justice ]Iigh Constaljle'H fees, Quebec liieenses ,. Direct taxes on Commercial Corporations Tax- on tran-ifers of property Direct Taxes on eort'\in pcr-jons Manufacturinj,' and Trading Licenses Duties on Successions Percontajie on fees of Public Officers " I'erccuLago fi renewals of Mortj^ages Le^islatior! Lunatic Asjlum-i, Municipal Contributions do Paying }'atients. Reformatary and Industrial School.s Qii.hcc Ojllnr.i Oazctte (^iiHiuvl Re -enue Civil Service Contributions for Pensions Provincial Insurance Companies, towards ex- penses of inspection Public Works and Buildings, Rents ' Railway Inspection Fees Interest on Loans and Deposits Premium, Discount and li.xchangs fnt :rest on price of sale, Q. M. O. & O. Ry Registration Fees Rotunds Quebec Fire Loan Dominion of Canada, General Account l,-.'"ii,!)o2 SO !)90.it37 or 174.W0 10 1S.U14 Go 21,77-' 48 10,333 :a 8,175 15 2,037 06 l.!S49 88 i.tiiKJ m 173 97 l.i.'7S.,S70 111 !Klo,lti3 iXi; lSl.;i4j to! 18,00'.) 051 24.5 ;6 4(ii 11,405 70 8,12-.' 71 2.372 28 4,37« y;i io.2'3o oo; m (Jo. ifi 25; . 1,277,79.1 42 hmm-.'. 10 1S7.311 CO' 58,371 UOl 41.579 20 12,l(iO 84. 9,322 (\6\ \:.?m 2.? 4,550 47 2.100 00^ 192 15 1.231. 798 59' 1,015,310 19 1S,),278 .iO, 01.338 .51 23,828 40 11.329 34 11.322 OC 4,381 9i 2,3(4 59 13,ij00 00 42 01 20 00, ^250 70, 433 851 G72,757 90: •138,925 71 292,001 05 15,(i(!7 04 14.5,Gn8 87 40,313 59 9.805 57' 3.57 00' i().2,S7 72 24,758 90' 1.778 91, 77 04 2.>.813 00: 0.059 33 7,348 2G; 430 00' 1,743 17, 43,073 18 1,108 ,521 303,130 05 46.720 96 100 00 1S..1;)7 40 310 40 1,":0 l.«' 0.3G.O52 3;: 142:854 .^0 210.860 nO; 15,213 70; 100, hS 45 149.823 40 14.705 371 180 90! 'i.230 2/ 18,9.V) OOi 407 19' 2,2sy 00 20,774 41 5.870 13 : 7,125 49^ 520 Si' 1,878 6.S, 510 m 20,438 87 7,010 19 .309.022 r>S ii.,'i:;9 oil 10,223 82 .5.80 00 489 40, 130 40' .541 22 0;!5.918 78 10 i,7.)G iO lSo,87'J 70' 17,1:59 29 121.932 90 102,535 50, 7,347 79! 307 79' 0,008 "i9 21,097 I3l m 15! 5,088 51: 21,835 471 0,114 02, 0,07'/ 95; 42-3 16| l,ij(i2 oo: 510 00 ! 23,095 381 3,919 .301 3(i.S.327 96' 5,082 42'. 21,180 38, 220 00 1 4,S9 40| 10 00:, 14f 50 413 41! 0P3,0.:'7 40 1 !8,(U':-! 80 .84,2.Vl 50^ 17,a'7 07 ;9,72_S 52| lr3,305 33 S.l 5 07: 105 44; 11,491 51, 35,005 69i 78 00; i2,3r;; to; 23,182 00 ',,.SSO 85 0.02S y- 400 00' 1.003 00, 492 00 J 17.437 79| 29 00 333,0.57 !)8, Sales of properties in Montreal and Quebec. TRUST FUNDS, REPAYMENTS. &c :- 4,384,054 48' 7,116 OOi 4,2i>8,728 50, 1,805 05l 4.221,087 84 f 100.340 28 21,897 8! . 2J0 oo: . 244 70! . 1 . 4,327,910 55i .3,874,803 18 2,500 00 ■.JO.IKW) 00! . Repayment of Advances .50.0 Teat tiers' I >ension Fund 4,(i91 91 'City of Hull Sinking l''und t^ointe ii Gatineau Sinking Fund ■ Council of Agriculture Heirs and Estate F. E. Roy Mar.iagc License Fund Security Deposits, Public GiHcei-s Deposit, St. Lawrence Fire Ins Co Aylmer Court House Fund Deposit in re Julie Labbe Reimb.irsement Railway Subsidies Fund. 149 40 153 99 7,470 01): 3,4j3 00 7,470 00' 1,991 :«! 5,iJ50 oo! 202 22' 1.58 63; 100 Ojl 286 oo; i,.584 oo; 7,218 00, 500 OOi ',789 57 10:4 40; 100 00 3.9,51 21 107 63 100 00 9.737 36 42 76: 500 00 1 49,732 48; 880 50' 7.221 OOl l,iJ08 ' i 10,011 00 ,l.... 0,.144 68; 3,285 021 884 50 6,69:1 00 1,000 00 15,000 (10 17,976 14 " "16.3 04 Temporary Loans Proceeds Loan of 1893 do 1894, (London) do do (Paris) Redemption Loan 1896, 'Refund) Proceeds Loan 1>*9j — ■ o 1897 Proceeds of Inscribed Stock issued in conver- sion of Debt Cash on liand at 1st July of each year 4,407.278 21' 4,:i20,127 22: 4,. 43,971 65 ' 4,3.-)8,838 Sir .3,1,23,238 70 1,J.50,0(.)0 00' 8.0,000 Oljj 2,4ia),00O OOl 3(.0,(JO0 OOI 700,000 00 . ' .3,80.),073 :W I •■! 2,742,070 73! 2,723 27 4,100,301 52 730 1«. 2,014,000 00; 1,121,200 00 I 1,224,00000 1,331,855 29: 3;5,;«5 91, 510,732 00: I 3.01.5,853 86 643,033 37 784,799 49 6.M9,133 50 12,157.933 20i M.459,818 44! 7A4«,628 28| 10,772.092 05 • 1,257,183 70 879,89 t 26 177,420 80 03,875 90 27,505 83 9,654 38 12,751 96 2,123 88 2,946 91 2,800 00 140 75 246 60 . 540 251 5i:(',176 42 l.'{4,i04 0:4 74,856 99 3.507 74 iO. 93 77 229,441 72 6,07i 83 16:1 04 • S,:«l 39 7,703 59 1,G'{8 98 923 72 21,637 .58 7.C70 02 5,712 61 376 :^3 785 60 201 00 3.5,;>.5() 71 2.141 15 209.3.15 07 41 ± lS0(>-97. ,2->7,183 70 879,b9t 20 177,420 80 C;!,875 90 •JT.ofkj 83 9,(i54 38 12,751 90 I'.U'S 88 •2M0 91 i'.SOO 00 140 75 240 (W . 540 29 5Sr.,17C 42 i;«,404 m 74.850 99 3.507 74 iO. 93 77 2;i9,4U 72 0,071 S3 10;J 04 • S.3!)l 39 7,703 59 l,ff{8 98 923 72 21,037 58 7,i70 02 5,712 81 37C 33 785 CO 201 00 3.5,;>-5(> 71 2,141 15 299,3.15 07 . S74,8a3 18 2,500 00 3.9,il 21 lii7 (B 100 00 "sai'ao 6,ca:< 00 1, :J83,726 45 290,036 02 18i).5-96. 9 _c. 91,497,429 90 195,549 27 253,401 69 5(18,.544 28 .382,759 7() 286,814 09 110,257 32 97,544 (M 152,499 01 I 58,485 34 32.3,047 25 ' 326.078 25 :m,1T2 84 ! 4,195,727 44 I 4;{3.099 09 4,0!>9,707 00 2.50,117 25 19,395 00 13,081 78 88 80 4,550,629 50 975,426 69 5,526,056 19 2,070,000 00 3,860,000 00 11,456,0.56 19 313,811 81 200,223 01 30,5.50 00 17,:«»0 20 268,241 39 17,459 02 2,742 00 j 29,801 11 4,.506,633 31 j 4,415,268 52 8.54,519 92 230,180 .59 .5,301,1.53 23 I 4,665,155 11 I 1,.500,000 00 I l,7(iO,000 00 4,106,461 00 11,769,868 00 158,666 80 11.611.201 20 10,967.614 23 1,58,666 80 11,120.281 03 209,495 9(i 10,916,785 07 0,425,4,55 U 209,495 90 (i,(B4,951 07 173,122 28 6,401,828 79 1G36-97. _« c. 91,5.50,874 16 288.023 41 277,247 91 ti02,66ji 77 410,000 01) 404,6*5 75 ia5,783 76 170,8:12 28 ;i58,010 77 iV>8,527 07 4,8i)3,927 48 ;)0,000 (N) :i81,187 62 14,ri:KI 01 8,3.5i5 22 5,288,409 ;« 1,:M6,475 01 6.6:14,944 :m .3,015,8.53 86 9,6.50,798 20 173,122 28 9,823,920 48 443,257 08 9,.380,663 40