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Tous laa autras axamplairas originaux sont filmOs an commancant par la pramiAra paga qui comporta una amprainta d'impraaaion ou d'illustration at an tarminant par la darni«ra paga qui comporta una talia amprainta. Un daa symboloa suivants apparaitra sur la darni*ra imaga da chaqua microficha, salon la cas: la symbola -^ signif la "A SUIVR6'. la symbola ▼ signifia "FIN". Las cartas, planchas. tablaaux. ate. pauvant «tro filmte * daa taux da reduction diffOranis. Lortqua la documant ast trop g<^and pour itra raproduit an un saul clich*. il ast film* A partir da I'angia supOriaur gaucha. da gaucha A droita. •t da haut an bas. an pranant la nombra d'imagas nOcassaira. Las diagrammas suivants illustrant te mOthoda. 1 6 MKROCOPV mOlUTION THT OMIT (ANSI and ISO TEST CHART No. 2) A A /APPLIED IIVMGE Inc 1653 East Mam Street Rochester, Ne« York U609 USA (716) 482 - 0500 - Phone (716) 286- ■i989 - Foi. 1 QCl CANADA BUDGET SPEECH 'jmUCD .JT HON. WILLIAM 8. FIELDING. M.P. . IN TBI HOUSE OF COMMONS TUESDAY, MARCH IT 1908 OTTAWA fwwrro »r ■. fe> dawsok, I'siirm to tri tnra's Mon sxckxhit vaart 190S •"■ f~ -rV-'"~ '^-"t^" i C .xVADA BUDGET SPEECH DELIVERED DY HON. WILLIAM S. FIELDING. M.P. IN TUB HOUSE OF COMMONS TUS8DAT, MARCH IT 1908 1 OTTAWA rMNnn bt ■. a. OAWsoir, pbiiitib to thb KiHo'k mmt txcuLmr muam 1908 li'ittMr ^ ^-i3y^jai i i3 CONTENTS Fag*. risc»l Pariod, 19i«.7 5 Hevenua, expcnditui*, 4r 5 Pott IHfiv f Intrrrolnnial Kailwnjr 7 8umm«ry j Pnblio Debt— IVbt per capita g Fiscal year 1907-8— K»ti inn ta of raanlts 9 National TranMoiitiiixiital Kailwajr H Subaidias to I'roTinre.i ^ Trade of 1907-8 12 Fiscal year tMN-9 13 Loans H Matnred liabilities H Temporary borrowing Ig Early maturing liabilities j; The Qnebee Bridge |- Ststistics of Cnnada's progress 20 Gorerniiient aid in moving wrstarn grain crop 21 Chartered banks and emergency circulation ag Changes in Excise La ars— Tobacco 28 Memorandum on tobacco duties — azcisa 2t No tariff changes jq Conclusion jl Diagrama. 139.1G-U r.. if — "" -4-3-^.- ^.^x^BL^^irra CANADA BUDviET SPEECH DIUTIUD IT HON. WILLIAM S. FIELDING, N.P. MINI8TKR or FINANCE IN THI HOUSE OF COMMONS f OTTAWA, TUESDAY, MARCH 17. 1008 WAYS AND MEANS— THE BUDGET Hon. W. 8. FIELDING (Minister of Finance) moved tiiat the House go into Committpe to (vnsider of the Wav& and Means for raising the Supply to bt> granted to His Majesty. He said : Mr. Si)eaker, the lasit volume of Public Accounts in the poi^scssion of tho House is for the fiscal period of nine muntht) ended Slst March last. Perhaps it is worthy of note — though we here generally understand it — that the broken period was mado necessary by the change in our fiscal yean Of course, it is difficult to make comparisons between a period of nine months and a period of twelve months: but, after the passing of the p'^sent year, we hall come to conditionb under which comparisons nay be ma' 9 usual. FISCAL PERIOD 1908-7-Bl VENUE, «,iCPENDITUEE AND SURPLUS. The outturn of the fi.an'.ial period to which I have referred proved som: Hat more . vi.nrahle than the anticipations which I ventured ' , resunt to tl 9 House in the budget speech of the previous November. I had estimated a revenue of $65,000,- 000 ; the actual revenue for the nine months wa^ $67,969,- 328.2!», nn excess over the estimate of $2,069,328.29. I estimated an expenditure chargeable to Consolidated Fund of $.52,000,000; the exp nditure proved to be $51,- 542,161.00, which was less than the estimate to the extent of $457,838.91. I estimated a surplus of $13,000,000; the actual surplus for the nine months was $16,427,lu7.20. That is, the surplus for the nine months was larger than the surplus of any fiscal ^ ar in the history of confederation. It S • may be well to note, in pawing, though the figure. a« in the posseseion of the House already, that the main «,urce, of ou, revenue were as follows : — Customt .... Kxciw ... $39.™,m!a PostOfflce.. .; ■.; n.805.413 21 Dominion Lands 5.061,7M 4S Railways . M43.632 OS Mi«»ll.„,ou. ■ ■; 6;^j» 2 »67,969,8S8 29 The customs revenue during the nine months proved very of S'« T^ " '""^ '"«" proportionate increase over that 01 1B06-6. The same may be said of e.xcise. POST OFFICK. The post office revenue contiunes to increase and that service may now be regarded as being firmly established on a paying basis. In the nine months of the financial period 1907 Me received from this source $5,0fil,728.45. The expenditure' for that penod was $3,979,.557.34, leaving a surplus of $1,082,- 171.11. The opcM-ations of the Post Office Department up to and including 902 resulted in deficits year by year. In 1903 we had a su.all surplus of $292,654. Each succeeding vear has shown a surplus, and so well has the administration of' this branch of the service prospered that in the n;,.e months of 1J07 we actually netted a surplus of $1,082 171 11 The statement of post office revenue and expenditure for a series of years is so interesting that the House will pardon me If I spend a moment in calling attention to it. The state-^ ment from 189(5 to 1907 is as follows-— |!25 2,964,014 1897 .'So' »,202,9;« 1899. 1900. 1901 . 1902 1903. 1904. 1905 1906. 1907. 3,527,809 ."», 193,777 3,205,635 3,441,504 3.918,415 4,. POBUC DEBT AND DEBT PER CAPITA. ««,/ 1 T'f ^ ' ""^""^ **"* *^^™ » «° ^^^^^ Of total revenue account and nlanp/l «« ♦!.„ !l , ^ °* ""^ we should have frequent reductions of the public debt. Indeed ifrx;ri-rr:;t,:Ti-^^ t;.ns .ands to .he credit of^Sir Erfnl Hilt' Ta/tl ; 882" Tb "'' r *'" "^''' "^ «- Leonard Tillv in 1882 Thn remaming four have occurred in recent vlZ and can be c aimed by the present administration. Tloder at. mcroase .„ the public debt from time to timers to t 'tX'' W • f ""'^ ^''^^^^^ ^'""''^ "- the'stro„,er^^ lav.3hy. Wo have provided for our capital and «r, • i expon itu.. We have expended $127,O0oS p L ^ he ord.nary charges, on what is called the c^pit 1 and spSa" connt. ^ et notwithstanding all thc.e IH.ral allowanl":^ all the public sennces, notwithstanding , e large canit!^ a sponal expenditure, notwithstanding tifo iJZuv tT\ u a branohes of the public service h'ave b^rmlai' ^^ot w.U standing the energy carried into the development of T pubhc works, we find ourselves at the end of h "L vZ $0,174,427. If u were not for the special item of the Nation^ '■'^—'•^ Transcontinental Railway, which every hon. gentleman will admit is of exceptional character, we would lind that during the lOf years we have had no increase of the public debt what- ever, but a very considerable aurplna over expenditures of every kind. If we look into the question of the debt in its relation to the population of the country, which is a very fair way to look at it, we find reason for believing that Canada is very modest in the matter of incurring public debt. As the country increases its population, we, of course, increase in ability to bear the burden. If the increase of the public debt should simply keep pace with the increase of population and the development of our resources, there would be nothing to com- plain of. But when we are able to show that from the point of view of the debt per head there has been no increase, but in reality an actual decrease of the public debt per head, I think it will be admitted that we are making a very gratifying statement Beginning at the year 1891 and taking the figures of the population as furnished from time to time by our census department, we find that the net debt of Canada per head stands as follows: — NET trsT peh capita. June 30, 1891 $49 09 1892 49 15 1893 IS -96 1894 49 40 1895 50-57 1896 50-82 1897 50-87 1898 50-77 1899 50-12 1900 49-88 1901 49-8* 1902 49-59 1903 46-84 1901 45-74 190) 45-03 190G 44-63 March 31, 1907 42-84 I take as tlie estimate of population for the last date men- tioned, 31st ilarch, the figures furnished by our Census Department as 6,153,789. FISCAL YEAR 1907-8. The fiscal year for 1907-8 will close within a few days, on .the 31st of March, according to the new system. In England the fiscal year is closed on the same date ; and they are able to close up the business of the year very quickly. In fact I think it is the practice there to take the accounts as they actually stand on that date and declare the result immediately. That can be done in a country like England, with a comparatively small area and with nearly perfect means of communication. But with na in p.n.j. -.l .„j • ' "* t/anada, with a vast territorr It .xr„:.^sL^t.*Jsr'''°™J° for ,1,. „.»„ „,„ „, „„ a,,, n<„„i„,. ,.^ „,TdtZ^ 1.: »: , . ritrn :t; '"o"" * ^ "* »" «■«• 01 tobniary for th, current ye.r .mounted to «87,e01,2f)9 For th. r„™.,„der of the je.r w. m.ke . o„.„„..iv, «,i„.te for wo .re .„.,» a., .t the pt^n. time ,he» i. «,rc"S f..nd npto the .th :^?£:;, r s,?^„i3-Sf;i ro:.»nable .llowuce for the e.penditu™ to 4e clo«, ol^h! !« reali^d, with a revenue of $9«,UCand „ e" ndC S I it „ r T'^''"* '"'■P'"^ «^ '^19'0«0,000. That ^ .11 be a larger surplus than in any previous Uar Conung now to our capital and special expenditure w- have to estimate that on a pretty Hberarscale. "rwt a" 'no " engaged m the construction of large works \vT7r ? revenue of .96,500,000 and thet^ rti^ZtTo^ <'00, .naking $08,500,000, we shall L that het Ifl '?;' balance at the end of the year to be added to the puW tu of probably $12,000,000. In this present year inlT^ -hich bring about this result of a ^ssiblerd nl„h, ^^^ tion to the public debt of $12,000 0^^! sh«/ ^ ,^" ^^^^^^0^0 on the L'on:{":;:::sr^^^^^^^ If we d.d not have to make provision for that particuS large and exceptional item, we could close the year, not wUh an addition to the public debt, but with a rednct on ofTht public debt to the extent of $5,750,000 I gave the House a few minutes' ago the figure, of the debt SB 11 per hoad up to the Slat of March last, at which time then was a reduction of the public debt. At the end of the current year there will be a considerable addition to the public debt, and therefore it might be thought that would affect advers- ely the figures 1 have given of the debt per hejd. But I believe it is not so. During the past year we have had a particularljr large immigration; I believe the population of Canada has increased during the past year very much more than in any previous year in our history, and I have no doubt that if a careful account be taken, it will be found that the increase in population will more than bulance this increase in the public debt, and the net result will be that the debt per head at the close of this fiscal year will be no higher than it was in the figures I gave some little while ago. NATIONAL TRANSCONTINENTAL RAILWAY. I hnve spoken of the "cpenditure on the IJfational Trans- continental Railway. W have for several years been spend- ing money on that great work. At the beginning of tl ^ work the demands upon the public treasury were not great, but we are now reaching a {)oint when the expenditures for that service is and must continue to be large. I find we have expended i.p to date on the National Transcontinental Railway, that is on tlie eastern division which the government are constructing, ' le following sums: — Year. Amount. J9M $ C,249 40 1W5 778,49128 1906 1,841.269 95 1?07 5,537,367 50 Making a total up to the date of the last public accounts, of $8,163,878.13. If to this we add \c "stimate for the current year, of $17,748,600, we find that at tiie close of the present fiscal year on the 31st of Marth we shall have spent within a few dollars of $26^000,000 on tlie Xational Transcon- tinental Railway. Mr. TAYLOR. I thought my hon. friend was goi '"o build it for $13,000,000. Mr. FIELDING. That was one of my hon friend's dreams ; if I wished to be more accurate and more just I would use a harsher word. The total expenditure on the Transcon- tinental Railway up to the Slst of March, tn he exact, of^corHino' to tlie actual outlay at the end of last March, and the estimated outlay this year, will be $25,912,478.13. SUBSIDIES TO ProviNCES JJorth AmenTArwe .« *^^ th, amendn.„t of the British British j^orTh r: L irt:''' ""':"^ 7^"^-"* ^ ^^-e call for $9 03->77rr^ ♦»'^«« P'-vm. ,al subsidies now $2,287 641 Tlia V "'''"'^ ^°'" *''"* 't^"» «'"nc of .Int of elj 1^/ -'" ^t"-' in the general stato- at all but turns over fl ^ government does not expend countr, to Z .^ ^^tirtrw^'^^'^r^- '' *^« --, .r the ^^^^^...::J^iJ^^:^^::;t^ - TRADE OF 1907-8 months to Febru.rv 2S lon^ ! '"''^"■^^ ^"'' ^'^ven I" xeoru.iry J8, li)07, were $308,264 30fi- fn, *u ex,«>*'f„,,k„ ■ ■^r "™ ""'»"' ™P"«- The .01,1 Miort, f„, the okven „,„,„h, „f ,907 .ere »206 076 (lo! f he eleven ,„„„„„ „f ,,,„, ,,, „ ,.„, /j/f,, '"" ' '° .■■« ««e ,he :^:„. .Xe ,tl l' * *™"'' ^»' »" b. n, „«„ „i„„„„,i„^, .1.1..* I ' ;. e 1^2':™ " FISCAL YEAR 1908-9. Turning now to tho fiscal vear lOOS ior>o shall so.,n enter 7 tl.inl- t 1-'"'^-19'^», upon which we 13 took over its afPain and its busineM went on without the slightest hitch so far as the publj? interests were eouccrned. One of the conditions which aorentuateil the difficnlties in ths neighbouring republic waa, fortunntely , unknown here. I refer to what is CHlled the hoarding of money. In the United States men lost faith in financial institutions and withdrew their money and locked ii up. Happily nothing of the kind o'"!urred in Canada. There was a justifiable CMifid^nce in our banking institutior . Where money was withdrawn it u.i-* not 'o be hoarde*', but to be applied to iuv-jstiuent or other useful purposes. T'.ic curtaihucut of ere lit narurally produced some eiubtrrassments. But even out <>f this condition gowl may come. Tliere was danger that the rapid expansion mipht lead to ovortrad' ig and imprudent ventures. It Is as well, perhaps, that all concerned should be warned against such things. Busiiicis has received a check but I do not look for a continued period of depression. Conditions should improve in the early summer, and if we are blessed with a s" -^on of good crojis confidence will be fully restored. On the part o' the government it is a time for caution, and yet a time for courage. Large new enterprises, which would call for great OHtI;iy, may well be laid a!*ide for a little while. But the works which we already have in hand, and perhayis oth r works not callini for heavy outhiy, must not be neglected. Pnrticularly must we not fail td push forward the great enterprise of the Transcontinental Railway. We have reached a stage in that enterprise which calls for heavy expenditure, yet we feel it our duty to urge upon the commis- sioners the vigorous pr(8ecution of the work so that the new road may be completed at the earliest possible date. The main estimates for the year, already in the possession of the Hou3e, propose to appropriate on account of consoli- dated fund $76,871,471, and for capital account, $4-2,365,(?20. Supplementary estimates will come in due coursse and add considerably to these appropriations. It nmst be remembered, however, that the estimates do not usually by any means repre- sent the actual expenditure. A considerable portion of the ap- propriations of every year remains unexpended and the works concerned are provided for in the following year. As to the probable revenue for the coming year I would w^ish to speak with caution. The monetary stringency is pro- ducing a curtailment of imports. Some of my hearers will not regard that as a misfortune. I anticipate a falling off in our 14 I .» -..».M^ r^i"",j sr. rr,;;; '^r "■•"*''^- to cl<»e. I do not feel iu«tifi«^ • »W,000, for the year soon for the coming ir pt^Sw V'T^''^ ~ ^'"«« * "^«»« l«W l90,00d in that way. It became a m-nt to the jtovcnim-t thiit wi- woiiM r.roJ)al>!.v have to ako over the bridp.. Although no Act to tJi It cff.Ht lia* ever pfl^^cd we have the iK.wcr in our Icgin- intion t.. take over the hridRc providcl parliament «.hall nnthorize it. That is to r.iy. m Wtween the g..veriinient and the hrulge company we hnve the right to uke OTer the bridge, l.tit we can nnly take it over when authorized by parliament, i think the general tendency of dincuMion has 'been toward* the taking over of the bridge. Xow, it appenre.1 to um in that view, if the«o bondH hnd to be wld in an unfavourable money mnrket at a Hncrifice we might be obliged to buy them back in n few ycar« at par, and wc thougJi' that in view of the fihnpe the bridge qucMion wan taking it was better that these bondi fhonld not be issued and tlint the company should arrange in «ome other way. Accordingly at tiie last session of parliament wc obtained nutliority to advance to the bridge eonipinv the amount required, in the same wiy hat we advance it to tfie ^rontroal Harbour Oomniission, taking o-, the 1>..nds of the corporation and holding them as against the loans. We were proceeding to take action under that authority with a view of advancing the money to the company, and thus enabling them to close their transactions with the bank, when just at that particnii.r stage the bridge disaster occurred, and for the time being further action was 8U8pend;>d. However, the" rea- sons which pr pted the presnnting of the legislation last session still contiime. We all recognize the fact thut the Vidgo has to be completed and the general indications are that the government will have to take the enterprise over. How they may manage it atid handle it is a question that has yet to t>e dealt with. At all events, with the fair presumption that the govprnnuiit will have to take the bridge over, it seems to mc that the rca-nns still hold pood that we should not allow these bonds to l)e sold in the market at a sacrifice. We have, tliere- * fore, determined to carry out the legislation of last session. We have recently advanced $2,000,000 to the bridge company to enable it to pay a part of its indebtedness to the bank. We an- arranging to carry out the Act of last year to the fullest extent by giving them as soon as it can be arranged the balance of Uw moiiDv rrqiiirad. 11m bonds will than b* entirely ra- kniwd; the bank will nnt any lunger here any elaim upon them; ihcy will rent in thv vanltR of the foTernment end the d'-bt will brottme e debt to the guvernment just •• the debt of tiie Montreiil Harbour CommiMion. Iff. FOSTER. What is the okim of the benk? Mr. FIELDINO. The amount adranoed by the bank was $.*>,06 1,453, to which some interest of course has to be added. Wo huvo recently mivaiiocd to the company $2,000,./ Mi and vc tthiill in a short time arrange to pay them the balance. Mr. II. L. liOHDEN. Will the hon. gentleman be good enough to sny how • \uch the country will have put into the bridge when that transaction will have been consummate*) in the way he has just mentioned! Mr. FIELD] NCi. I am afraid I cannot give a definite answer. We ajjpropriated a subnidy, a part of which was pnid, but when the (Suurantoe Act was passed, if I recollect aright, wo cancelled the balance. Tlie money actually paid in, as I have dc!*cribed the trunHaction, will be $5,016,000, with interest, plus that portion of the subsidy which waa originally paid, but the amount rf which I cannot state. Mr. MILLER. $374,353. Mr. FIELDING. I know there was $1,000,000 voted, a portion of which was paid, and the rest was cancelled by the guarantee. I think my hon. friend asked about, the rate of interest. The rate of interest arranged by the bridge company with the bank, I understood, ^as 4} per cent. Mr. BRISTOL. \7as there not some agreement between the Bank of Montreal, tb»^ government and the bridge eoi, pany whereby 5 per cent was to be paid ? Mr. FIELDING. I do not think so. It may be that the bridge company agreed to pay that rate, and if so I do not think the government objected. I do not recollect any special agreement about it. Mr. FOSTER. Does the Minister know whether the bridge company has any outstanding debts other than the bank advan- ces? Mr. FIELDING. I have not given the matter close atten- tion lately and am not able to answer definitely, but I under- HWS-2J so •tand that all the funds for the purpose of the bridge have been obtained from the Bank of Montreal and are included in this debt There may be amounts of which I have no knowledge. Mr. AMES. In the amount of $30,000,000 which the minister says will be required for the Transcontinental Rail- way for the coming year, does he include the amount required for the bridge ? Mr. FIELDING. No. The Quebec bridge, while it has a relation to the Transcontinental Railway, is for this purpose treated separately. Mr. R. L. BORDEN. Has the government any estimate of the ndditional expenditure required to complete the Quebec bridge ? Mr. FIELDING. No, that is a branch of the subject to which I havo not give.i my attention. I am only explaining our financial transactions. That will come under the Depart ment of Railways and Canals. STATISTICS OF CANADA'S PROGRESS. On one or two occasions in previous years I have presented to the House diagrams illustrative of the progress of Canada. I have had similar dia ks, the Bairk of Montreal acting as our agent. They were to arrange matters with the banks and collect a rate of interest not less than 4 per cent. That was ultimately agreed upon as meaning 4 per cent for sixty days; 5 per cent for a second sixty days, and 6 per cent if payment was delayed longer. The object was to get quick returns, as this was an exceptional transaction. I am inclined to think that if we had done nothing more than announce the intention to grant this aid much help would have b;en given, by that simple act, to the West. I have the opinion of eminent bankers who have told me that, as soon as it was announced that the government intended to provide relief for the situation, confidence in the west was restored, that bankers who had been curtailing their credits took a more generous view of the situation, and things began to improve. It has been stated in the public press that nothing was done under this arrangement, that the government did not give any money to the banks, or the banks to the peopk; that the wliole thing was a misunderstanding— and I am afraid that some- times even harder words were used. But I am glad to be able to say to the House that much was done under the arrange- ment. We found, after we had reduced the rates of interest in the manner I have described, that the banks did take the funds tlius offered to them by the government to the extent of $5,315,000. Nearly all of this money has now been returned. At this moment about $905,000 rema. ^s oufctanding, and there can be no question that the balance will be promptly paid. What threatened to be a serious crisis in the financial situation of the west was averted, confidence was restored, the stiuation was improved, and the interests of the government were pro eotcd at every point. Now came the question how we could provide this money. We do not have $10,000,000 always lying idle in the treasury of Canada ; and, at a moment when th.- ank of Eng- land rate was 7 per cent, it was not easy to Imrrow money quickly — and this was a transaction which required prompt handling. Mr. FOSTER. When did the Bank of England raise its rate to 7 ? Mr. FIELDING. Early in November. It was 7 per cent when this transaction occurred. I am sure of that, for it was the basis of our procoedings. It was raised to 7 in N vem- ber, and continued unMl January, if my recollection serves me well. There had been no moh banking rate for thirty-four years, that is, die last experience of such a rate had been in the year 1873. It was obvious that, if the government attempted to borrow^ this money hurriodly in England, it might not bo able to borrow it at- all, for, in the existing state of the market, it was not a question of credit but of being able to soer.n- the money on any tcrm«^. And, ovon though we could borrow, t!ie borrowing might have a bad effect upon the general credit of Cnnada for a long time. It seemed a case where the government might be justified in impairing to a small extent the reserves held against tlic redemption of Dominion notes. Any part of the $10,000,000 required could be furnished in" the shape of Dominion notes, which we should issue in the nraal wav ; but the iwue of that airount of notes wonld carry Qi to a figure beyond our gold reserve. Though I speak of our golJ reserve, it is not, in Canada, entirely gold, but is in part imperial guaranteed debentures; but I treat the two as m We found that it was necessary, if we would provide this money promptly, in some degree to affect the position of our reserve. We decided to accept from the borrowing barks tlic securities they were able to give us, plus the guarantee of the Bank of Montreal— that is, the Bank of Monlreal not only acted as our agent, but we required them to guarantee the whole transaction — so as I say, we agreed to accept these secur- ities, plus the guarantee of the Bank of Montreal as equivalent to the guaranteed debentures which we hold in our reserve fund and against which our notes are issued. It was a technical departure from our' Dominion Notes Act which will require the ratification and approval of this parliament. But I think 1 will be justified in saying that if ever there was an occasion wlien the government might put a strain upon that question of their reserve, it was in the condition of affsirs then existing and for the purpose which I have indicated. The highest point reached by the circnlaticm was on December 31, when it was $62,623,628. This included the extra issue. But for this extra issue, the circulation would have been $57,- 500,000 and the reserve of gold and guaranteed debentures held against this would have been equal to 61 ner cent. The effect of the issue was to reduce our percentage of reserve to 56 per cent, a difference of 5 per cent. For this 5 per cent reduction in our reserve we had the securities put up by all the brinks to which the money was advanced, and we had, in addition to that, the gup'-antee of tlie Bank of Montreal. Thus I think it will Ix; foimd that while there was a technical departure from (^ law governing ouv Dominion notes, which calls for rati' by the parliaineut of Canada if parlia- ment shall so : ve, still the occasion was a very exceptional one and one upo i which we wei-e justified in adopting excep- tional methods. Even putting aside the securities to which I have referred, we still had, at the wor«* point, a reserve of 56 per cent of our total issue, which most financiers will say is a very strong position. Mr. FOSTER. What is the date of those advances, when the loans were made ? Mr. FIELDTXG. The order in cuuntll was- passed on November 12, and the advances followed on towards the latter t6 part of NovoinlKT. I e,»M not givo the datoi but I uliall am that, in the |>a|N>rs hroupht down the dates are given. (II.\HTEKi:i) HANKS ANU KMEBQENCT CIRCrLATION. The oxiR.ri,M.o.. that we liave had, tJie difficulties of the past 6eaM.n. nuist snppe^t t,» ,.s „ll. pt.rticnlarly to fh,.«o from tho "est, that there is s„iim. ir.,.,! of ^:reator elasticity of our cur- rency so thut Ave may 1h> able to meet a difficulty of this kind in the future., without .v,,, « tcdmical violation of our currency laws. I think the Ik-v ,..,.,„ i„ „.hich we can do thPt is by extending the j^wcrs of the banks with rrsi^ct to the issue of their circulation. I think if well to state nt once my view ni that matt.T, and this statement will lie followrd. in due .ourso by a Hill amending the IJank Act. It seems to .ne to be the part of wisdom for the government to authorize the banks to issue what, for convenience, may Ih' called an 'emcr- pcncy currency,' (usina; an expression frequently employed in the United States) to allow the banks to issue' for a limited time, during the crop movement, the season of emergency currency to the extent of 15 per cent of their cmbined paid- up capital and rest or reserve, these taken together measuring the strength .nnd stability of a bank. I propose in a Bill which It i-' my intention to introduce to authorize the banks dtiring the emergency period of crop movement, which would be defined, Ijcginning probably in October and ending after the turn of the year, to issue circulation to the extent of 15 per cent of their combined reserve and paid-up capital. Mr. PRINGLE. Will the minister then increase the deposit which the bank will be required to i>ut up to protect I lie note holder? Mr. FIELDIXG. Oh, yes, certainly. For every note a bank issues, it must put up proper dejwsit in the guarantee liind. It may be thought that we would get the necessary addi- tional currency by an increase of the bank capital. That is a very desirable form of increase, and if we could r«lv upon the increase of the bank capital perhaps the other method would not b<. called for. Our bank capital has increased to a consid- erable extent, as will be seen by these figures for five year periods: Vear. 1895 190(1 1905 IWW (January 31). Bank Capital. . ..$61,701,007 .. t>4,7S.i.liS .. 82.199,900 ■ ■ 9«,0ft7,255 87 Thij4 indicates a very considerable increase in the banking capital of the country ; but in proportion to the increase in the trade of Canada the increase of the banking capital has not been large. Our home trade has largely incrersed as we know, but we have not statistics which will acciirataly mcnsuro that trade. Our foreign trado, for which we have accnnto statis- tics, has enormously incrcaHcd. In ISS.'i our foreign trade wa=( $224,000,000 and in 1907 it was $017,000,000. Tims the trade of the country has enormously increased while the banking capital has, relatively, increased in a less degree. The explanation of that of course is that the savings of the people in the way of deposits have fumifhed the money that has enabled the banks to handle this very large business. But the savings of the people, large and generous as they have been, are proving insufficient now to handle the business, and I think, in view of the fact that the banking capital has increas- ed so slowly, we must look for help in the form which I have suggested. It is well to remember that the increase of bank capital may bring with it embarrassment as well as aid. Our banking capital is owned in Canada, very largely. Mr. W. F. MACLEAN. Why should it not be owned very largely abroad ? Mr. FIELDING. That is another question. Mr. W. F. MACLEAN. That should b, the object of legislation. Mr. FIELDING. Our banking capital is largely owned in Canada, a small percentage being owned abroad. The people in Canada who own the banking capital will probably find their surplus moneys locked up at the present time in various forms, they may be in bank deposits or in business enterprises; to call upon them to put up new capital Tuigbt simply mean the transferring of money from one form of investment to another and this might bo a cause of embarrass- ment to the shareholders, who might not be able to comply with the demand for increased capital. Of course if wo could sell the bank shares abroad, as has been done in some eases, and bring in new capital, that would he the better condition, but then we have no guarantee that that can be done. Whih? we have something to hope from the enlargctnent of the bank capital, because some large banks have already made appii^a tion foT tlio necessary authority and will uiidoubtedly increase their capital, I do not think we are justified in the belief that evnn ^itl, this incrca«Hl capital wo .l.all g^t enough money to handle tlio inniiensly increasing bneine«8 of Canada W« therefore proiKwe na n reserve fund, if I may ao call it, to allow the banki to have this power of isaning a special circul- ation to the extent and on the ba^is I have mentioned. Mr. W. F. MACLEAN. How much would that be on the pretcut enpitol of the banks? Mr. FIKLDING. The total paid-up capital is 196,057,256 The total rest or nserve is $71,071,984. These two items c 6< 129.2J9. fifteen per cent of this would amount to )!ii..,009,385. It is fair to say, however, that all the banks would not avail themselves of that privilege. Some of the banks nre engaged in linns of business which move regularly and smoothly and probably they would not desire to engage in this crop movement business which calls for expansion How- ever that may be, it will be seen that the addition to the circul- ation L-^st autumn of five or six million dollars was a great help and enabled us to tide over what would otherwise have been perhaps a serious difficulty in the west. We think that If we give the banks the power to issue this circulation we shall be doing something to meet a difficultv which has existed and which we may expect to exist in a less degree in the future I do not expect that such a severe condition as that of last fall will occur veiy soon again. Our object in this is not to give the banks additional privileges, but a.lditional means of meet- ing the country's demands, and we propose that on this extra circulation which they ire to be allowed to issue thev shall pay a tax to the government not to exceed 5 ,ier cent." If banks are to handle the business-banks as a rnic are not benevolent cnterpn.'.c^— they will expect a reasonable profit. They could aflonl to pny the government 5 pcM- cent, in some conditions 4 per cent, if the market is favourable, and then lend the mom-y to their customers at ordinary business rates. However we do not feel that we should grant them this privilege for noth- ing, and we require them to pay a tax to the government not to exceed 5 i^er cent upon the circulation which is thus to be issned. CHANGES IN EXCISE LAWS-TOBACCO. We propose to make some imp.irtant changes in the excise laws, but thcv .ire not intended to nifcct the revenue We propose to readjust the taxation on tobacco. There is a well known expression: Readjustment without iuorMse. Tliis, I think, is entirely a case of that kind. At all events, we do not aim at increase; we aim to so readjust the tobacco duties as to meet the conditions which have arisen, but without adding anything to the burden of taxation. The first object of the change will be to establish a uniform rate of licenses for tobacco manufacturers ini^ceud of thf varyinp rates which now exist. The second object will be to carry a larger part of the burden of taxation on the raw leaf as it is introduced into the mannfucture of tubacco; and the third purpose is to establish a uniform stamp for cigars. The resolutions bearing on that subject will be introduced by my hon. friend the Minister of Inland Revenue, and I shall lay them on the table at the conclusion of my remarks. But I may present at once a summary of the changes proposed. It will be observed that some of them seem to be very important, but they work out so as to leave the burden of taxation substantially as it is to-day: MEMORANDUM ON TOBACCO DUTIES— EXCISE. Prefient Proponed Rates. Rates. I Ct9. $ Cts. ChewinK and smoking tobacco from im- ported leaf per lb. 2S 5 Manufactured tobacco from native leaf, per lb. 5 S Snufl containinR not more tban 40 per cent of moixture per lb. 25 5 Moist snuff containing over 40 per cent moisture, in packages of less than five pounds per lb. 25 5 The same, in packages of five pounds and over per lb. 18 5 Cigars from imported leaf.. per thousand 6 00 2 00 Cigai-s from native tobacco.. per thousand .3 00 2 00 Cigars in packages of less than ten each, per thousand 7 00 3 00 Cigarettes from domestic leaf weighing not more than three pounds per thou- sand per thousand 150 2 40 Cigarettes from foreign leaf, weighing not more than three pounds per thousand, per thousand 3 00 2 40 Cigarettes from either foreipn or native leaf, weighing more than three pounds per thousand per thousand 8 00 7 00 Foreign loaf tobacco, unstemmed..per lb. 10 28 Foreign leaf tobacco, stemmed per lb. 14 42 It is not intended that this change of rates shall take effect immediately. It will be necessary for the department to eqvip itself with a quantity of new stamps to meet the new conditions ; and in the resolutions I shall present it will be propuspj that these rates shall take effect and go into operation by proclam- ation of the Governor in Council. As it is not intended that the burden of taxation shall be in any respect varied, it is thought that there will be no disadvantage in pursuing that course. la there any ohanje in the tptrit Mr. W. F. MACLEAN. duti«fl? Mr. FIELDING. No. Mr. FOSTER. The ininistor ha« read iia what he propowa 08 the rates, but he has not Riven m any reason for the changes. Mr. FIELDING. I said the reasons were, first, a desire to have a uniform license instead of a varving license; in the Kooond pliioe, a desire to have a uniform sUmp rather than tilt! varving stamps they now use in the cigar trade; in the third pliicp, the .losire is to have the tix on the raw leaf rather thnn on tlie mnnjifactured article. The taxation will be •-..liectcd on the raw leaf to a larger extent than it is at present Tliis, we think, will be a convenience to the department, and it is in accordance with the wish of a large proportion of tho ji' opie interested in the tobacco trade. However, I will put tlie resolutions in full on the table, they will appear on the Order Papor, and m,v hon. friend the Minister of Inland licvenne will deal with them at a later jtnge. NO TARIFF 'JHANOF.S. Coining now, in conclusion, to the question of the enstoma tariff, I have to say that we do not propone to make any changes in it at present. We made a revision of the tariff a year ago and while I do not imagine that it is a perfect instrnment, wo think that on the whole it has worked well and is well adapted to the requirements of the country. Some industries have made representations that things are not quite as well in their line as they would like to have tliem, and they would be glad to have some change. I do not suppose that we shall ever reach a time when there will not be some persons who think that there should be a change, that present conditions are not all they wish. There is always a disposition to feel that when any business difficulty arises the proper remedy is to be found in a higher tariff. One would think that what is occurring across the line to the south of us would go far to dispel that old-time heresy. Over there they have the benefit, if it be a bi-nefit, of a much !Mgher tariff than we have in Canada. We know that *he conditions of business over there during the past few months have been very much worse than they have been with us. However that may be, we think that tl- Canadian tariff is in a pretty fair condition, and we think that those who ha\e made representations to us with a view to a change— in •1 mnw n>ii|iecti, |K)«!iibly not in all — will find that ni* g>ncrul b*isiiu-H» iiiiproveii, aa wn think i( will in a shurt tinip, tlirir diiiailvanta.'jc* will (lii>a|i|N-ar and their induatry will have nil the encourngPiiHMit that it reaxonably n>quirps. Onn (Ipptitntion caine to ns at the eleventh hour. Ve«it««r- day we were waited n|)<*n by a deputation of quite a number of f^ntlenien larp-ly iiitcri'Htod in the produetion of p>rk, who complained to \\* tliiil the |H'ciiliar eonilitionn existing at the )>re^ent time in relation to their tr.tde placed them at a disiid- vniitnm'. They w'eiiH'il to thin!" that to tumw extent at leist, thiit diKiulvniitage an xi- from an evaoion of the ciiatoms lnws n* re'*jHH'ts the im]Mirtution of foreiiin )H>rk; and they seemed to think that if the rti«tiinis laws wen- iik re rijiidly earriifl out in re-t|K'ct t'> the dumping einuse, tlu-y would jjet sitmc metiHiire of relief. Whether tliey are eorrect in their impn'ssion tm to thn cause of the evil it* n matter to Im- inquired into. My hon. fi'end the Minister of Curttoms has taken tlint mutter up with a view to looking fnto it very carefully, iind if there hu* bnen any failure on the psirt of the custonui to ndminist-r tin- law properly, I am sure the Mini'^ter of Ciistoma will Ik^ glad to find a remedy. Tlie protluetion of pork, j)articnlarly of bnefm and hams, ha.^ lx>conie in Canada a very large and imfjortant trade, and we should be very careful to sne tlint everything poa^^ible is done to encourage it. I am hopefid that the result of the investigation by the Minister of Customs and of the appHention of the law, if nccssury, in a stricter form, will give these gentlemen the relief that they desire. Mr. \\. F. MACLKAX. Does the minister mean by that that the Chiengo article is now flooding the Caniulian market? Mr. FIELDING. The complaint made is that a consid- erable quantity is coming in and sold at i)rico8 that they can- not fiiiily ciimpete with; they 8Ugge-*ted that there was some- thing illegitimate in the prices. Jlr. TJRODER. Was the deputation composed of peo]ile out-ide the trade? ^Fr. FIELDING. They were chiefly representing the farming interests, I believe, and I think some of the gentle- men were more or less connected with the packing trade, too. However, these representations came to us only yesterday, and I do not now sBy more than that they are receiving the careful consideration and attention of the government. Ifr. C00K8HUTT. Dom the bpw Fnneh tmtj hav* any effect oa this trade f Mr. FIELDING. No; the new French treaty ii not jet in o|>crntion. But if I had any oocngion to mention it, I •hould recall the fact that my hon. friend condemned the treaty and voted for it. Mr. BKXNETT. la the II..uw to understand that this was tt reprt'Hfintation of the faruicre or of the pork packers that met tlie hon. miniiiter yctitcniay ? iMr. FIELDING. I iintlerstiml that the dcputnfion was chii'tly representing the fanning interest. Although there were one or twa gi'nilcincn having some interest in the pack- ing trade ilie farmers' inten-at wo* the one most strongly repre- sented to 118. Mr. W. F. MACLEAN. Does the hon. the Minister think that Canadian packern Wdiild i)rofer to soil American products aa Cunutliau products if they could bring them in here cheaply! Air. FIELDING. I think that the Canadian packers would not prefer to bring in Aniericiin pork to sell as Canadian and to cend it across the water and get the lienefit of the great reputation that Canadian pork han. If that has been done I trust that between my h«in. friend the Miniiiter of Agricul- ture (Mr. Fislier) and my hon. friend the Minister of Customs (Mr. Patersm) there is 8;)m.' machinery to prevent it. CONCLUSION. Mr. Speaker, I think th:it the tendency in late years has bcoirt'i le' the }Iou*e h? content with a biidpet .«|)eech not so long fls some of us have, in time? past, imposed upon it and I thoii<;ht th It I would ho content with a somcwliat concise state- ment of the financial position of the country, and not having any tariff chnnires as respects custoTiis i, nropoae there is no reason why I should continue my remarks. Tho ft-^cal perio.l 190ft-07 coveml the nine months ended March 31, 1907. In the following tables, numbered 1, 2, 3, 4, :,, G and 10, for the purposes of comparison, the figures for l!)0fi-07 have been extended to a twelve-month perio cniiteiit with a budget s|ieoch not so long as some of us have, in times past, imjiosed upon it and I thoiif;lit that I wnuld bo content with a somewhat concise state- ment of the financial position of the country, and not having any tariff chnnses as respects customs to propose there is no reason why I should continue my remarks. ill A DOMINION ( TOTAL IMPOR PIAORAM M CONNKCTWN WITH BUOOKT SPeeci • SKSSION ( '^ CO — n o -f 05 OO 2J OS o o ■0" o ■g 1^ 00 5 - 2 S S !^ ;:£ •^' o= 2 =«' •*■ t^' -■ »' -i I-' CO Oi f~ o r." — :;: 51! 00 CJ CO o ^' ^. CO r^ o (T o 'O OS T .000.000 0^, DOMINION T fALEXPOF IMAONAM M CONNKCTIOM WITH ■UDOKT SmiB SiiiSiatSiiis^SjfSittiiijSiiissssasE! £4 00 oa in N Si r>. rt o> 0> 0> ^ 5 8 2 i>. ^ « ^ CO CO Oi o> ** t» l>- l>" CO 00' U5 ^_ 1/9 1-1 » t~ CO " CO ^' e>J oi" a. M t- « OC 00 s f^ 8 ro t» w 00 o> to tn ui CO * M f » • - • lO CO i"^ »-^ r- M 0> rM 00 CO ^ OS U5 oT »«" t»" o t^ r» i^ 00 o i i g •» 3 CO o t>. lO to nr ,_ o CO C/0 o CO •o *'H "^ o -r C>J c^ C^ X <-p' O lO c O 05 05 UO 00 0< Ho. 2 BACH SQUARE RCF Vo. s UNION OP CANADA k.PORTS ^O" YEARS ENOeO 30TH JUNE BOBT SMKCH OF HON. W. 9. FICLOINa. MIMSTKR OF FMANCB. •UaWN OP 1«971Ma *. ^. ?? Si c -. :: S s S 5 g s S i g S S .o ;2 5 g ? i: s s s s" 2 s s s" •r w (N o r. -. ^ ^ § Jg g 2 S g 2 g . O to C; 05 aO 00 J5 9 to go M X en 05 CJ to ■* ., "5 0> OS 00 — 00 00 - r. CO to -r X IN o* o> IQUARC RCPRESCNTS SIO.000.000 roaot>.fo-Hi>.^oo--tD" rf to -. 1(5 •O IN CO !>. M oj w c{5 o « S CO CO to CS CM IN } OOMINIO TOTAL TRA oiaoham m conncction with buookt w h. o nT »- e>- l: ^- ?i 5^ « T ® e5 ^ S S S S- 5 S ? f- -- s. * =5 s s 2 S ? g s If e: g s "5 IN CO o M 1 i o" CO CO 55 o" nT TO O "■I ?» — < «D 00 o" d 00 o ui" oc" Ho. 3 SACH SQUARE NCPF >MINION OF CANADA TRADE rOR YEARS ENOeo 30TH JUNK Ho. 8 1 1 iTlsiifiiiii^?^^^^^ ? S K? £ C: '»• r>- V a S 5 ^- ."- ?S ^- ^ <^i v ? S § S ,^ ? t~ i^ c 5 — ;d C; ■* r^ ■«." 3 = P * ^ e<3 00 f.; csf JJ 5? a 2S ;« -" t>." n 1 1 i i i 1 1 1 ! § i s: I in CI OS j o §■ ^ 5 3 - 2 ;; vj = -^ o . - - - . .^ rj 5>, p,, iUAPte NCPRESCNTS 920.000.000 ?^ 2s i" i ^" g" 5? iC CO in K S o> O t-. - S a " S g t: ^ o o -; DOMINION O TRADE WITH G Vo. 4 s 5" i £• I g -■ § -- s S i ^- - ^ ^ > "ON OP CANADA rn GREAT BRITAIN ^"O** OtWAT amTAIN PON YBAIi. -^« Vo. 4 S S 2 S g !S S a =■ «- " S 2- ::- I ?- -. 5 S S ® ^ f: 2 •^ - W M 5 ?■ g ?j- 5- -- -- s- ?- ^' *- 1 i i ^. t i s§iis§s WWeSBNTS «S.000«90 © s' s' <^' <>?■ S S ;s £ 2§ S S g S8 > DOMINION TRADE WITH KXWJW-S <«««« o, CAH«A) T., OtAOWAM M CONNKCnON S^ "iv ^^ ^ « O r. — "". ~ o to — s. * § s .__ „ ^ ^ ^ i i 2 s 13 §- i i p 5 r- ^- p- S- 1:- s- °- ^- -: H ^ « 5! 8 n r^ 00 S <£ X CO 00 "5 C5 d n CO X © © c:" In. cc" s TO oc Vo. 5 KACH aQUAHe RePBrs INION OF CANADA ITH GREAT BRITAIN Vo. • DOMINION O TOTAL TRAIDE WIT IMPORTS (HOMB CONMiMFnOM) mOM OMBAT Wm OfWAT ■RfTAIN worn Yl ■^V^^^PH^^^V ^N ^^^^^^^P^J^Si^^^^w ^WfT^^ ^^^v^v^Mv ■■CM OP HON. E]L3GfcafeariaEafc2SES:atESSEEEi -0 n to OO OS o> $ ^4 •C £1 Oi •* o »iH a,4 s v^ OS cs *iN m lO 00 U5 t^ o S S «7 S e 00 OS OS ^ mn »-■ — o t^ o OS (N JO ■* CO o 00 a> I- o US S r- cC r^ •* T ■# *A '^ . OS •fl -^ fS lO rs-. us t^ CO CI CS o> r» r- t» O «,■ 00 OS o> t^ r^ t^ w No. e EACH SQUARE MEPf «o.« HON OP CANADA WITH GREAT BRITAIN fIBAT •RITAIN and exports (mOOUCB OF CANADA) TO I worn YKARS KNOKD SOth JUNK AMD aULUON ■XCUMMOI « or HON. W. Iw WLOWIB, KMNTBIt Of PMANCB. aiMieM Or MAy-MM !EC]ESS:i2aGSSaSiiaSSEiaS2023E]'i3L3 r« 00 N tC C:_ ■♦ -- l~. tN. o C> 00 •»)•_ O -f 0_ 00 lO O O ot. f^r^M©o>09»ioc. I— ooo lUARC MKPRESeNTS $5,000,000 DOMINION SHIP TONS ReoiSTeR of all vessels arrived ami DuRiNo Years l.-J.-i °'jL°!!^^ "«CO»'>IEeTtON VWTH ■UDOrT .W«CH OT H O. o r- CO o 31 05 c I S Vo. 7 ■ACM SOUANE REPRESei INION OF CANADA SHIPPING Ho. 7 c» e-i oc ^ ,_ ^ I i I s S § s § g g o * c w o •* 35 5 S Jg _ „, 2 w - "5 « 00 00 00 on* o oT _■ W »«BPHESeNTS1.00aOOOTON« o ^ •« o' IN N N :> DOMINION COASTir TONS Recisrn op au. vcsmls aiwivko am OumNOYKARS DIAOWAM M eONNKCnON ■uoocT ancKCH or Ko. 8 «ACH SQUANB Mmu UNION OF CANADA vSTING TRADE «IV«0 AND DePAHTB>. KMPL0r«O IN W YBAH. KNOeo 30TH JUNB 'CM or HON. W. «. PIKLAMO. MINWTKN iro. 8 THE COASTINO Tl^AOC "»*A»fCK. StSStON OF tM7-tMa ?. T '-. i? n 5 S 2 g S S g 8" »• » CO ui S S S § 2 E5 2 « >^ X o> m" V u» i- «,■ .T- - »« MmucNTa MOOMO TON* M S? ^ ,9 = ^^^»fr^ M T I- o? o5 V t-:' g s jij 2 g se i i' i I i i fc' i" CO CO 3! "5 t" i DOMINION RAILWAYS «»A<«.AM n, eONH.CTKH. 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