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'rata o elure, a 1 32X Maps, plates, charts, etc., may be filmed at different reduction ratios. Those too large to be entirely included in one exposure are filmed beginning in the upper left hand corner, left to right and top to bottom, as many frames as required. The following diagrams illustrate the method: 1 2 3 Les cartes, planches, tableaux, etc., peuvent Atre filmte 6 des taux de reduction diffirents. Lorsque le document est trop grand pour dtre reproduit r -; un seul clichA, il est filmA 6 partir de Tangle supArieur gauche, de gauche 6 droite, et de haut en bas, en prenant le nombre d'images nAcessaire. Les diagrammes suivants illustren: la miftthode. 1 2 3 4 5 6 kut.- ' m IM '< M "# ' ' '■ fi ^ w 1 2 'M"'' * ■ k>< 1)^ SPEECH OF THE HON. ADAM CROOKS, TRBASFRER OF THE PROVINCE OF ONTARIO. DELIVERED ON THE ISth NOVEMBER ■, 1874, XN THE ^0««I«nb. IsscmHi, of #ntarb, 01» MOVING THE HOUSE INTO OOMMI TTEE OP SUPPLY. Bimrai- m „. hsloch. PRINTED BY HUNTER po^"?"!" ' ; AVV,-i '"is"* '* '"'^ "* ^™ ^^KEEl'- ''I ► \ " m .^'f iJLk» s «'4 ■V' J FI]^A]vrCIAL STATEIVIEISTT 01" THB HOK ADAM CROOKS. Legislative Assembly, Toronto, Friday, 19th November, 1874. Mr. Crooks said:— Mr Speak-fr ,'« w,^ • ., .hair that this House may Zive 1 ; „™f o' '""f; """ "'"" "" the supply to be grantedto Her M jL' L ,h ""t *" ''"'^'"" Province for 1875 I „rono» Tf n f ''"''''" ''"•™* °f "i" »« in charge o he T n"" "" """' """'""■ "^ "^ P^'dece,- ment from which I tlth? T"'' ""' '" ^^' ^"^'^ ^ ^""- «na„cial affair, »; tl'^l^c 'orotar Vt'^ ""^— ">» •aryonthe present occasion that I tZ 1^TZ^:'"\^^ been entered ^ ::::;^^:Z^ ^^^^^ ^-« those expenditures, in colequence of d ff °°""'°"™ '""^ this House, the very obiect T v ! ' """*""■'' '"^^^'' ^J belonging to the P vil The prlf ' T '" """""^ ">» '"P'"' relation to granting aid ' .^IZZT "" "■" ^"' '" distribution of a large portion of I 1^ "' ""*' "^^ ^<" 'h* amongst the different'^- S,! ^^::t '' ''l f'''"- Municipal Loan Fund, or beole debtor tctheGen:^"'^ " "" These expenditures were deliberately entered unon '^<"'^™"""''- ^^r::;;:::ir^^^^^^ -utili^edasfarrpIrrafdriXt; tt'^" '''' ^^""'^ country on the one hand, and „. ».. ..1' 7 ^ "" ''™"'^'^' "^ 'he tent, the municipalities whrch had rott: owed""?"''; '." ""' ^" "orrowed, as against those which l4 ,1? y.:ff... I! ^"^ i 4 FINANCIAL STA'^.EMKNT OF had borrowed, and which were relieved by the measure of 1873, The result, then, of our financial position as set forth in the statement furnished to this H«juse by the Treasury Department up to the 30th September of the present year, leads me to state unequivocally the prosj)erous position of this Province ir relation to its resources. Statements^ have ajjpeared which have been near the figures I intend to give to the House now, but I have not yet seen any statement which assumes to place before the country the correct figures at which the assets of this Province can be truly placed as on the 30th September, 1874. Now Mr. Speaker, these assets comprise, firstly, investments. The investments consist of $500,000 in Dominion 6 per cent, bonds, which were purchased on June 5, ly68; $350,000 in Dominion G per cent, stock, purchased on October 28, 1868 ; £150,000 sterling in Dominion 5 per cent, debentures, purchased March 2, 18G9, at from 95 to 97 per $100 costing $705,471 ; also £250,000 in 5 per cent. Domin- ion debentures purchased on July 19th, 1871, at 98, costing $1,192,;]33. The total amount investled iu the securities of the Dominion then is $2,747,805. In addition to that amount we have invested at special de- posit in different banks, at a rate of interest of five per cent., a gross total of $1,593,348. The pr^rticular amounts at the different banks are set forth in the Public^ Accounts now in the hands of hon. members. That aniount^is divided among ten banks, showing that almost all the banking institutions doing business in the Province are participators in this large reserve. We have besides a balance in cash on 30th Septem- ber of $185,670. We have municipal five per cent, debentures for drain- age works, which were purchased up to 30th September, 1874, amounting to $89,448. We have rent-charges on municipalities for drainage works, under the.Act 33^ Vic. c. 2, called Carling's Act, for works that are com- pleted, $77,287, and fur works in progress but not completed, $82,626, making a total of $159,913. Under the second Act, 36 Vic. c. 38, Mr. McKellar's, there were debts so secured amounting to $30,370, making the total amount so expended and to beretunied to the Provinceby the dif- ferent municipalities, $190,284. Then they had the results of the Act passed for decreasing the Municipal Loan Fund debts, and establishing a reduce I indebtedness, or rather new debts, by the municipalities. The Province came into possession of new debentures amounting to £364,400 sterling, the gross amount of the reduced debts being ire of 1873. he statement to the 30th li vocally the s resources, res I intend ement which t which the September, investments, cent, bunds, linion G per sterling in , at from 95 ent. Domin- 11,192,333. lion then is t special de- snt., a gross it banks are I. members, nost all the icipators in th Septem- es for drain- , amounting nage works, lat are com- ;d, $82,626, ;. c. 38, Mr. 70, making jebythedif- of the Act tablishing a iities. The junting to cijto wclug THE HON. ADAM CROOKS. « 11TI\ '" f,^;'"'^''' *« """' .■"no«„t of the new deb<,„l„,es given by the nulehted ra>,n,o,palities amounte.1 to £364 400 sterlin,. w ,0 ™h the balance of the „e.v „,.bt not ineh..,ed in th'ell^; fha't , tbtTf , " '"'"' "" '° ^'''■"' ''''^'■""- ^- '■- ™l"e o »i 30 481 \:\rr rr "" '"' "''•■'""""™ '^ «i-™>™' '» ^873 an' ' r V ' ''"™" "' *" "''• ''*'« *- f" P^y-n'3 in 873 and reqn.ro,. „ be pa.d to the Province *39,.8,, the total amount to be denved from these debentures and from the oU Municipal Lcn Fund debt reaches $,,583,808, VVe next come to asset, re^T 2 which there appears to have been some misapprehend ! Th" , are the special or trust funds with the Dominion of Canada amounting m gross to $2,099,407. It may be „eces«arv to stlT: that these trust funds have always been our'properr There h been no question as to the title of the Province of Ontario to this amoun o these special or trust fund. The question as to our right to them nan V The' p"" « ^ ^t '' " '"'" '"^^ '" ^»=-^ '° <- f-" namely the Common School Fund, a proportion of the common amoun has to be set led with the Province of Quebec ; but so far as regards the UpperCanadaGrammarSchoolFundandtheUpperCanadaBuildingPund there ,s no question at all as to our title to them. We are joint owne,^ $1 645,644, and if we take as the basis of our proportion the one wlfich the Abitrators settled, and .he sum on which, at the present time be entitled to five-n.nths of it, or $914,246. As I have said Funds" The'T 'm "7 '"'""°" " '° °" "«•" '-> "'-^ Trus^ Funds, -nie only other Government that can question our title would of course be the Dominion of Canada. It is quite cle.ar that up to the' T 1 n tT" "'"'' """' 'P^"'"' '■"'"'« '"^M ^y C^'«>I«. and under the Briteh North America Act of 1867, they either passed to the ' Dommion of Canada or remained the property of the old Province o Canad. The effect of the clauses of that Act upon these Special or Trust Funds was so clear that there could be no doubt aa to their destination. There was some question as to certain assets contained in the fourth Schedule of the Act as between the Provinces of O„ebeo and Ontario. A long discussion arose before the Arbitrators as \o the ii»y ■ t - ? K*' -1 6 FINANCIAL STATEMKNT OF it. ^.. ;. I share wliich each of the Provinces were entitled to in those joint assets, just as tliere was a long and very elaborate argument in connection with tlie excess of debt which Ontario and Quebec were jointlj liable to pay as to the proportion in which each should stand in- d it, and as e entitled n with the se Special [uestion as a copy of 11 be seen ntario, the Fund and ion School lie of the views in th section, ! and the respecting y declared Ontario," ing Fund Common the large between he Parlia- portion of the two : financial ti each oc- lese three 3 reported 1871, and THR HON. ADAM CROOKS. 7 in them all I find that Mr. Wood clnims the right of the i wince to these funds to be unquestionable, and that in his estimate of the revenue for each year he includes the sums of money to be received from the Dominion Government as interest on these funds. He mentions It, for instance, in his statement of 18G8, at pag«i8 7 and 11. He men- tions it also in his statement of 1869 in the strongest possible terms " With regard to the special funds in the hands of the Dominion," says Mr. Wood, " consisting of the Upper Canada Grammar School Fund, "6312,769; Upper Canada Building Fund, $1,472,391; five-ninths of " the Common School Fund, $914,246 (^he whole fund being$l,645,644,) " interest is payable at 6 per cent., with the exception of the Upper " Canada Building Fund, on which, as I before stated, we are entitled " to 6 per cent. I think these may be looked upon as a permanent " source of revenue ; for if the Dominion do not choose to pay us the " mterest they must pay the principal, and we, I think, shall be able to " invest the money at least at 6 per cent." Mr. Wood spoke of them as yielding then interest, two of them at five per cent, and the Upper Canada Building Fund at six per cent. But further, these views of the Treasurer were adopted by this Legislature, for in 1869 an Act was passed in which these very funds were made portions of the Consolidated Revenue Fund of Ontario. That Act is 35 Vic- toria, chapter 9, section 5, and it placed at rest the title of this Province to these funds, because that legislation was acquiesced in by the other party which alone could contest our right. I mean the Do- minion Government. The 5th section of this Act provides that " The " Upper Canada Grammar School Income Fund, and all moneys arising " from divestments made on account thereof, and the income and revenue '' derived from the Upper Canada Grammar School Fund, and from the " Upper Canada Grammar School Lands, and from the Upper Canada - Building Fund and Marriage Licenses belonging thereto, and from the « Common School Fund and the Common School lands, shall form part "of the Consolidated Revenue Fund of the Province of Ontario." Mr. Lauder— That portion of it which belongs to us. Mr. CROOKS-That portion which belongs to us. There can there- fore be no room for question that from the beginning of the administra- tion of Mr. Sandfield Macdonald until its close, these special funds were always considered as part of the assets of the Province of Ontario. Such j.^tti O FINANCIAL STATEMKNT OP was the determination of the Arbitrators ; the course of the Legislation and the admissions of the Dominion Government have been in accord ance with that position ; the very payments we are now receiving from the Dominion Government yearly involve by way of interest on these three funds the sum of |13r,,696, so that there is no room for doubt that the Province of Ontario can rely upon these special funds as as. sets just us much as it could rely upon the debentures of the Dominion in which it had invested a portion of the surplus of the Province. % Mr. Lauder— e these funds subject to any increase 1 Mr. Crooks- x hese funds are specific. If my lion, friend will consid- er the origin of these funds he will see that they are in the hands of the Province of Ontario as trustees. For instance, if he woidd refer to tha origin of the Grammar School Fund he would see that it is the result of what was derived from the sale of Grammar School lands. Two him- dred and fifty thousand acres were set apart in order to constitute a fund for Grammar School purposes under an Act of the lat.. Province of Upper Canada, and from time to time as these lanUs were realized, the results were paid into the Provincial Treasury in order to form this special fund, and when Confederation took place the amount of that fund had reached $312,769, and it pacsed to this Province subject to the trusts for which it was responsible. Then the Upper Canada Build- ing Fund was a special or local fund, of which the former Province of Canada was Trustee for the Province of Upper Canada. Treasurer Wood in his argument before the Arbitrators gave the history of that fund, showing the origin of it, and the different conditions under which it reached a fund of $1,472,391 on the 1st July, 1867. Mr. Wood's calculations were acquiesced in by Mr. Langtou on behalf of the Finance Minister of the Dominion. The largest^ sum out of which that fund arose was given to Upper Canada, under the Act of 1854, as an equi- valent for certain funds applied to the benefit of Lower Canada for indemnity for seignorial lands— in other words handed over to Upper Canada for local improvements as an equivalent for certain local ad van tages which Lower Canada was obtaining as the basis for indemnifying the seigniors in connection with the change of tenure of seignorial lands in Lower Canada. The Common School Fund arose as we all know from the legislation by which the former Province of Canada set apart public lands lying mostly in Huron, Bruce and Grey, in order to form a fund which would realize an income of |400,000 per annum. legislation in accord iving from t on these for doubt nds as as- Dominion ce. % ^ill consid- ids of the 'fer to ths e result of Two hun- ustitute a rovince of ilized, the Porro this lit of that subject to ida Build- ovince of Freasurer y of that ler which •• Wood's ! Finance ihat fund an equi- nada for ;o Upper il ad van tnnifying ial lands ill know et apart form a THE HON. ADAM CROOKS. <) Mr. LAUPRR-Are we interfering with that 1 : w. be seen that this .s satisfactorily explained. For in.stanee we ire now paying out of the Consolidated Revenue of Gntari i r. zirF :: oTf^^^'^ '^^"^' '--''''^ -'- ^- ^^^^ ™nooi fniid, or from any iiivestmeiits nf it at .1 than #50 nnn ™,i 1 u ' """"^f'ts o( it. At the mo«t, not more than «50,00C could be yearly ,leri,,,i fr,,„ ^.i^ f,,,,,, „, . pay".g annually «24C,,.00 out of the C„nsoli,late,l Revenue ZZrZ P^^rposes of meefng the chjects for which these land, were set a id Act of 1809 was passed. I think that if .,:11 the charges which were formerly laul upon these tmst fun.ls hav., oeen assumed hy the Pn.Ie of Ontano then ,t would follow that all returns to these special f^d should go .nto the C„„soli,lated Revenue Fund, 000. I v'Tp oled ng ^ ment,.n that -ve have another asset yet to be paid for, th vaht tooZ!!\n ' "' "^ '"™" ''™"™^ °f Canada belo;g'l to Quebec and Onta„o as joint assets, but that as it was not desirable that t e Domu„o„ should pay to Ontario |I0,5,541 as its proportion of of the ..ovmce the .ncrease in the value of the securities we hold in ^he shape of marketable bond,, *c. For instance, we have $850,000 in Dominion 6 per cent, stock and debentures, which, as now quoted at 8* alsoTloOO tT'n'*"""""' ™''" '"""^' '" «"'^'=°- There il also £100,000 sterling Dominion five per cent, debentures held by the tw'r' 7^ '' ""T '- '"™""" "f '* "" -'■• •■""• »l-h would therefore include an advance to us in value of $194,863. This com P letes then the list of assets, ,ut of which the Province of 0,1^1 ca^ at any time, meet any liability whirl, now or at any future time it ma^ .mpose upon Itself. The sum total of all these assets is $9,462,486 Ihe next point is to ascertain what are the liabilities of the Pro- vince ; or, in other, words, what is the amount at which the assets stand when properly reduce,!, before we can arrive at the amount of surplus or reserve or the amount of our assets over liabilities on 30th Sept., 1874 Of he Kaiway Fund there is a balance still unpaid of $1,100,672. Of tnc Railway Subsidy Fund, the half-yearly payments up to and )!!■< i f'-M fHr i m f$, ' ii 1 v^i 1 '•i ^ 'T i i \'-\ \ 'f\ I: '■;<. ''A '1? • !V 1- w - i ■■>v •s;-^ "^■s- •"i 10 FfNANCIAL STATEMENT OF .^^ inclusive of 30th June, 1874, amounted to |250,000, but deducting pay- ments of $35,499, the balance unpaid stands at |214,500. Next we have the surplus distribution i)ayments which are being made from time to time. We commenced with 13,115,733 as the total amount to be distributed amongst the municipahties, and we are going on distributing as diffwent municipalities pass their by-laws. This work has been going on rapidly for the last six months, and vvith great rapidity during the montli of October. The amount paid to Sept. 30, is $724,673, leaving a 1)alance still i)ayable on account of surplus distribution of |2,391,060- Thus the accounts show our liabdities to be $3,700,133, as against $9,- 462,486 of assets. (Cheers.) In other words our surplus of assets or resources over liabilities on Sept. 30, 1874, amounts to the considerable s\im of $5,756,352, or over five millions more than our friends of the opposition give us credit for having. (Hear, hear.) Mr. Meiiuick— Are there no obligations to be set against that sum ? Mr. ( LOOKS— There may be matters in the future which will have to be considered before we can d^jcisively say tliat we can rest content with the conclusion which I have drawn, that we have this large amount of surplus assets over liabilities. (Opposition cries of " hejir, hear.") I pro- pose to mention these, and will gi.ve hon. members the information they desire in regavd to all obligations which are ye. to be considered. One may be called an open question. As I mentioned last year there is an unsettled account with Quebec in regard to the sums we have received from the Common School lands. These lands are our joint property, and we are accountable to the Province of Quebec for it« interest in the proceeds of those lands. That amount in the same rela- tive proportion as the Arbitrators adopted would give four-ninths to Quebec and five-ninths to Ontario. This would result in our being lia- ble to account to Quebec for $406,331, being four-ninths of the sum standing to the credit of this Common School fund, viz., $914,246. We have to settle with Quebec with reference to such portion of the land as remains unsold, and they have an interest in the lands sold and not paid for. Other questions remain open for settlement, and no doubt this is one of those on which some discussion will arise, A settlement is to be arrived at with Quebec, but we may express our confidence that it will be en- tirely satisfactory to the House. The annual paym^. its yet ide THE HON. ADAM CROOKS. Jj in connection with the Eailway Subsidy Fund, which run over twenty years from 1st January, 1872, amount to $1,750,000. There are some payments to be made to Counties under the Gaol Inspection Act, but thev w. 1 not exceed «60,000. Some claims have not yet been preferred, and otl^ra are under the consideration of the Government, but that amount wdl cover all the demands to be made under that Act. Further obli-a- «.ns have been imposed for furnishing funds fordrainage purposes, a^d *ou d be mentioned. But these amounts are in the nature of invest- ments. They involve only a change of investment, and cause no dimi- nufou m our assets. I may mention the position of the Province in Xfo ".,""-ru'^''' ™''""' '" ''■■'''"''S'' '■^^'"''^ y^' to be invested «U0,551. The amount remaining to be invested in drainage works on the security of rent-charges is «1 43,795, making the total sum yet J254 346. In regard to the Acts which provided for them : the first Act for settmg aside the sum of «200,000 for expenditure by the Department of Public Works for drainage purposes was repealed by the second Act, so that the two Acts made the Province liable only for the supply of funds expended under the first Act, and fhe amount r/, I'ot ^'^ ''°°'"' ^"'- '^^' ""■"""' '" ''« thus called for is now f 143,795. These are all the open matters or obligations of the Province yet to be consulered in addition to the actual liabilities I have mentioned And with the exception of the settlement of our accounts with the Pro- rmce of Quebec, the other items can be readily met, out of the annual income of the Province. This is ample to meet our current expenditures and at the same time leave a margin amply sufficient to meet those dif- ferent claims as they arise. The annual income is sufficient to meet the payments yet to be made semi-annually on account of the Mway Subsidy Fund, and also the payments to Counties under the Gaol In- spection Act. The other obligation mentioned, is merely a change in investment from one security to another. There was an apprehension abroad, which perhaps had extended to some oiembers of the House, as to what our actual cash position really is ; in other words, whether the Provincial EvcVn„er is in a position to meet from day to day as accounts are presented all de- mands upon It. It is extraordinary to note that after the large drafts that have been made upon the Exchequer in connection with * 4 I fx y-» :6 ;^^ k 1 i' ^■*-^.i ■(. .■f 12 FINANCIAL STATEMENT OF the Surplus distribution, Railway grants, and other purposes connected with the. expenditure authorised in the appropriations for the year, the cash surplus remains intact. (Hear, hear.) That surplus, indeed, has not been reduced, but, on the contrary, was larger on the 30th Sep- tember, 1874, by a considerable sum than it was on the last day in December, 1871, at the close of Mr. Sand field Macdonald's Adminis- tration. (Hear, hear.) I am speaking now of investments in securities equal to cash, such as Dominion securities, v/hich can bo realized any day, and special deposits at different banks, and cash at our credit. In this way we hold now neaily three-quarters of a million more of actual cash to meet the demands on the Treasury, than the amount which was in the Treasury at the end of 1871. On the 31st December 1871, there was invested $3,637,979, and cash balance, 1172,985, making a total of $3,810,965. On 30th September, 1874, there was invested in Dominion Securities and special deposits in the different Banks $4,341,153, and in Bank a cash balance $185,670, making a total of $4,526,823, as compared with $3,810,965, in 1871, or a difference of $715,858 in favour of September 1874. (Hear, hear.) Mh. Lauder — But there is the interest going to municipalities to be deducted. Mr. Crooks — I will take care to refer to the interest and to explain what the Government intend to do with the income. The total amount of assets which are equivalent to cash, and may be realized in twenty-four hours, was on 30th September, 1874, nearly three-quarters of a million in excess of those on 30th December, 1871 ; and notwith- standing the heavy demands made for purposes which were expressly intended by this Legislature and approved of by the country to diminish our surplus, we stand in as favourable a position as we did at the close of last year. On the 3lst December, 1873, we had $4,448,483, in the shape of cash resources exclusive of the current balance to our credit in the bank. Now, we have $4,341,153, a diminution only of a little over $100,000. We have besides been paying, without any difficulty at all, every draft on these special accounts. Whether railways entitled to large amounts in respect of the Railway Funds, or Municipalities entitled to their share of tiie surplus drew upon us, all demands were met, and the result has been in no way to diminish or sensibly affect the general balance of our cash resources. \ THE HON. ADMl CBOOKS. . jo An l,on friend opposite has anticipated in a ,„ery he has put the next po,„t to which 1 was about to call the attention of the H„se hat .s what .s on.- available income, what amount can we expect to recetve each year i„ order that we may meet the expendifl wh,ch each year calls for. The expenditures of each comingTe I estimated upon the ordinary expenditures connected with the c rreni year, an such public works as we may enter into in the Ig year The large habd.ties we are under chiefly arise from obiect! wh.ch w.re intended to have the effect of diminishing our h.veset sources such as the Railway Funds and Surplus distribution and e we are m a pos.t.on to amply meet all these charges. It is equally Jl hat,sofarasregar,l. the or,liuary expenditure of any yea'we hr'n large marg,n of .ncon-c. We have an ordinary reliable incoml w thlt many way assuming to a,ld to it fron, exceptional sources, of nl^Jtl m. hons and a half; while the ordinary proper expenditurl of each y I" unless the Legislature thinks fit to enter upon exceptional exp ditu e wdl be cousulerably under that sum. On the first oLsion S ^d t ..s House as Treasurer of the Province. I endeavoured to arr e a a result winch I have been able to do more satirfactorily on the present^ occa.on because of the developments of the two interv n „, years, was then to son.e extent guided by a reference to my I Zs ors, Mr. Wood and Mr. Mackenzie. I took as a basis ma ^"f t^l %«res found n. Mr. Wood's financial statements, and on that oc s 1 was unab e to state as the result of my conclusion that there wl a larger rel.able amount in the shape of ordinary income than two miCt and a half and the result of further investigation has convinced me Z" t "^ P '" '"' ™' "'''"'' '"'" "'^ -•""■■-tration of the affair, of the Provmce to assume that we shall have a larger income cuMon M.. Wood arrived at m 1869 was that we conld depend upon three ualhons yearly for twenty-five years to come. These figures are to be taken with qu.alificatious, and one mode of arriving at a^, per eol FoTrsH :eT'r T r ™' r"^ -' "'» ^i-^erent^yearslrb: lor mstauee, ,t J,ey look at the actual receipts from 1868 down to winch I lave referred. In 18C9 the estimate of receipts was .^2 6,59 461 but Mr. Wood appears to have omitted to deduct c. sh on 1 a d w ch amounted to |192,94o, and he also forgot to diminish the receip st m ■rp: I- 1^ l1. \* 14 FINANCIAL STATEMENT OF '■,♦1)1 i' t^'s ,: I- the Dominion by interest chargeable against Ontario for its share of the excess of debt over sixty two and a half millions, $264,447. In other words the estimate in 1869, correctly speaking, should represent the re- ceipts to be $2,202,068. So again tor 1870 the estimated receipts were $3,002,185, and should have been $2,487,891. So in 1871, the esti- mate was $2,660,538, and should have been $2,236,432. In 1872 the estimate, $2,796,999, instead of $2,624,064. In regard to 1873 the estimate was $3,090,391, but properly should have been $2,737,400, deducting only the cash in the bank. Now the actual receipts for those years, as compared with the estimated receipts, establish pretty clearly my proposition ; in 1868, the actual receipts were $2,260,1 76 ; in 1869, $2,625,179 ; in 1870, $2,500,695 ; in 1871, $2,333,179 ; in 1872, $3,- 060,747, but there was a large addition that year on account of woods and forests ; and in 1873, $2,962,315. In coming to the conclusion that two millions and a half would be our annual reliable income, I have taken into consideration the deductions in the receipts from Crown and Grammar School lands, in consequence of the reduction in prices and the pa} ments that are now coming in, $100,000 ; Municipal Loan Fund receipts, on ac- count of the payment of old debts $50,000. In interest on investments $50,000. Our investments now realize $250,000; but supposing our invested funds are reduced to $3,000,000, and allowing $1,000,000 to meet surplus payments, there will be $150,000 still of interest to be re- ceived each year from investments. For marriage license fees which have been removed $35,000, so that there is $235,000 of revenue which had been estimated for in previous years, which could not be estimated for in the future. As a set-off to these reductions we have an addition to our re pts of the amount of interest formerly payable by us on the ex- cess of debt with which we were chargeable jointly with Quebec, on which we were paying not less than $291,666 yearly, so that our resources are increased to that extent, or, in other words, the amount received annually from Canada is not diminished by that sum. We can also bring in from stamps, licenses to taverns, shops, &c,. and casual revenue $50,000 more than we have been in the habit of receiving in past years. So that the diminution is set-off by the increased revenue of $341,666 which we can look tn. TbAn ac a nh^yr,^ ,,«^^ ^.,_ ,„i normal income, it will be interesting to hon. members to see what our proper annual 'xpenditure should be,^and I have collected the figures THE HON. ADAM CROOKS. jg House. The difference between the appropriations and actual ex- penditures, or otherwise the actual unexpended amounts would be the than ^h ■ 7 "'"! P"^"'"'' "" ^' * '""«' satisfactory test han he votes passed by this House. The actual expenditure «!«/«77 ,!;, L "'"^ *^''*'''^* • •'''2, $1,847,956, leaving «464 677; 1873, 12,460,212, leaving $483,849. The largl increas! .n 1873 can be explained, because in that year a portion of the appropriations of .871 and 1872 which had not been' expended in hose years was expended in 1873, so that the normal expend!- ture charged to 1873 would be arrived at by considering how much of the expenditure of that year was applicable to the unexpend- Ir b : ''"■ '"'' """"'"'^ *"" "»-P»<>^'' --hed to mor than a mil . on of dollars. In 1871 the amount unexpended was he large sum of $764,694, and in 1872, $464,677, so that the expend!- tures which were contemplated by the appropriations were consumed by can-ying down the appropriations of 1871 and 1872 into the re-votes of 1873. That appears clearly when one has reference to the appro- priations made for Public Buildings and Works, because it was chiefly in regard to that service that pon-expenditures have arisen. For instance, in the year 1871, $348,991 were not expended in connec- " «,°oVo n "PP^P"""™ <■- Public Works and Buildings, and in 1872, $306,930, making two-thirds of a million unexpended of the appropria- tions in those years, which fell upon 1873. But if hon. members W.U refer, in addition to the figures I have given, to the Estimates of the current year and the Estimates of 1875, it will appear quite clear that the ordinary current expenditure can be kept within a hmit of $1,800,000. Last year the estimate was $1,792,013 The estimates of 1875 require a current expenditure of $1,807,594 for the «ame purpose. to tte. ^'"^''^-'^^''' '' *" O'OO'OOO f<" railway grants to be added MR. CROOKS- It is desirable to draw a distinction between expendi. ture m any year and its ordinary normal expenditure. Some of oux recent expenditures have been with a view of diminishing our sur- .Jt M hI 16 FINANCIAL STATEMENT OF ■>-T ■t.^:t plus funds, and are properly payable out of our surplus funds to the extent of more than tliree millions. I estimated the revenue of 1874 to amount to $2,672,805, but then it must be remembered that in that estimate of receipts there was included a cash balance in the bank of $277,948, in other words leaving the estimated receipts of 1874, $2,394,857. Now as against that, what in fact has been received up to 30th September, 1874? The figures show that we have received on current income for nine months $2,413,228, which is in excess of the amount to be received for the whole year. One month has made a considerable addition. In the ten months to 1st Noveml^er, the grosb total amounted to $2,725,822. I can explain how that large sum of $300,000 has arisen. A portion of it has come from the sale of Municipal Loan Fund debentures on account of the new debt, $220,957, which is not to be considered normal income, because it is payment on capital account. I will give the figures, showing from what sources this $2,413,228 has proceeded. ,1 estimated that I would receive for in- terest on investments $150,000. Up to 30th September, 1874, there has been received as interest on investments $217,591, and if I add to that $2,603 interest on drainage debentures I have an excess for interest on investments of $70,254 over my estimate. Mr. Rykert.— How much belongs to municipalities ? Mr. Crooks. -No portion of it. The Crown Lands Department shows a decrease of $80,614, for the nine months, compared with ray estimates for the year. (Hear, hear.) For the nine months, recollect. I have yet to receive the income for the two best months for Crown Lands collections. My estimate was $684,288, of which I have received for nine months a sum of $556,423, leaving yet to' be made up $86,614. My estimate of last year included receipts from Clergy Lands and Com- mon School Lands. I have since had a statement for the month of October, and that month has brought up ihe amount to a total of $597,674. From casual revenue, $11,775, has been received for the nine months, leaving $10,225. For licenses to taverns, shops, &c., $1 10,298 has been received, being $30,298 in excess of my estimate'. In' Algoma taxes there is a slight deficiency of $ 1 ,42 1 to be made up. Law stamps show the receipts for the nine months to be $25,064 in excess. From the Education Department nearly the total amount estimated has ■. H,. THE HON. ADAM CROOKS. 17 been received. Public institutions show only a difference of $4,326 out of an esfma te of .130.000. The annual subsidy has been received and amounts to 11,333,539. Then con,e receipts from the Municipal uL Fundold debt which I did not estimate for, amounting to »92 267 and receipts from the Mimico Farm lots, at $1,592, sho Jng altoge her ^ receipts fr<,„ ,,,. ..^^^„„^^ ^^^^^^^^^^^ ^ S^ J^^,^ 857, the amount I estimated for. I have added to the nine mjnths z:To:\:T''"'''r^T '"""^ "- -dptof aconsidiw sum rom the Crown Land .Department. But taking only the results or he nine months of the present year I have reached more th „ 1 Ota sum estimated, the amount being 12,413,000, while my estimate for the whole year waa $2,394,000. (Cheers.) Our position is how ever stronger because there must be added the amount of cash in' hand I .rr^o. '*;*'"-''"■ ""' ■■'"^"P'^ f™"> 'h« Municipal Loan Funddebt, $2 0,957; unexpended, $200,000, making together $698,905 So there wil be between $600,000 a„d $700,000 of receipts in excess Sar,Zr") ""' '"' ''" '"'' ''''' '" ^ "''^'' '" """"P'- f""" The next point for the attention of the House is a comparison of the appropriations for 1874 with the actual expenditures, and which will be found i„ the statement now in the hands of hon. members Tha statement shows with reference to the appropriations for this year an unexpended balance of $912,077, and over-expended $42,023 Th" diiference is to be largely explained by the fact that onequar er's curren expenditure IS yet unexpended, amounting to $450,000 There wil be public woiks, $47,000 on colonizalion roads, and about $200,000 exnend 1 tures for various services. I can rely upon the actual explnditures for this year being something like $200,000 under the estimates. (Chee^ J have now, Mr. Speaker, to bring before the House the estimates fo the year 1875. It will he seen fr,>m th. , '^'■"mates tor ■ 11 win be seen from the summary that the estimate on current account for ima ia «l sot nat , ""oie on for 1874 • J;o7ft nnV '' *,''^''^'5^*' ■»' compared with $1,792,413 874 «n!o6?f ""T" """"""• "" """P'^'^'l "'"• «"8.298 for 874. $110,063 for other purposes, as compared with $188,587 for 1874, In other words, the estimates for 1875, covering the same sub- je ts of expenditure, are four hundred thousand dollar! less than the estimates for 1874, the amounts being respectively for 1874, $2,599 296 w m i\.U $ i ■ *i ■ House comes to the discussion of the different votes. Having regard, Mr. Speaker, to the estimates for 1875, and the pro- posed sources from which I intend to derive revenue, there need not be the slightest uneasiness on the part either of hon. members or of the public as to the financial position of 'he Province. (Cheers.) 1 propose to draw from reliable ^sources, without assuming to rely on receipts on capital account ; and will lay before the House a statement of the sources on which I can properly rely for income, as a means of meeting the expenditures of the year. The item of interest has been referred to. 1 only propose to take $150,000 for 1875 as interest ac- cruing from our invested funds, inasmuch as they may be diminished by one million of dollars. This is a large allowance to make, and if we take interest at the rate of five per cent, on the reduced investments, we will have a safe margin. The drainage debentures, $95,000, at five per cent., will realize $4,750, and there are rent-charges amounting to $6,872, for drainage works. The income then from interest will be $161,622. As to the Crown Lands Department, I have been furnished . with an estimate showing anticipated receipts from all sources for that Department to be $752,000. The items are :— Crown Lands $100,000, Grammar School 12,000, Woods and Forests $490,000, Clergy Lands $60,000, Common School Lands $90,000. The Department has given no estimate of receipts from Mining Lands. Other items are — Casual Revenue $15,000, Licenses $80,000, Algoma Taxes $5,000, Law Stamps $60,000, Education $51,100, Public Institutions $30,000, Municipal Loan Fund, arrears of old debt, $30,000. The Dominion of Canad*a will give us the usual subsidy, which, according to the population of 1861, will amount to $1,116,872. We shall also receive an allowance for Government of $80,000 ; interest on Trust Funds, being Upper Canada Grammar School and Budding funds, $89,258 ; interest on five- iiiutlis of Commcn >3chool ilunu (ip4«,4uo, making a tola; oi i,ul»c>,5G9. A cheque for one-half this amount is paid over to the Treasury Depart- ment each half year, under the arrangement made after the Act of 1873 THE HON. ADAM cnOOKS. 19 was passed, un.ler which the Bomi„i„„ assumed the excess of the d.,bt paid by the Dominion, the interest on the Special Trust Fund, o„r wriintt"'"'""" '-'-' '-'' -' ^"^ -"^'•'^ -o- ""or Mr. Lauder asked for a statem.mt to be produced 1801, $1,1 6,872 80 ; allowanc, for Government, $80,000 00 ■ inter.,t Z W S: t^'T ^'7"%'^-™- «"-'. Upper Cana.:Bun : »47,438 62, making a total of $1,333,569 42. The payment each half year will amount to $666,784 71. (Signed) John T.Lgton " A payments have since been made in accordance with that statement A present we are content to receive i„terest on the Trust Funds 1 take ese amounts as the probable receipts for 1875, without refereuc^ all r'b*:, o'o 'T; :"'^ P7P"'" '" '^'"^ appropriations which will al«orb $.,200,000 ol that sum. leaving the probable excess or surplus of receipts over expenditure for the year 1875 of $300 000 Mr. UuD..-VV,li the h.m. gentleman give the autement of the amount to be received from Clown Lands 1 Mr. Crooks— It is $732,000. Mr. Lauder—Is not that a large amount? ItMnkUrr^T""'"'"'""'"''''""™ "' "'» '"■»''- trade, but h hi '" " 1"": '""" ""^ *'" '■" "'"^ '" """S-'-l^'e ourselves th,it thi, l,as completely passed away. The sale in Quebec of deals and square timber has increase.l during the past two mouths In connection with these nnancial statements, it is well to show that there are many items of expenditure which may be said not to be who ly ost to the country. We have public institutions and pnbli work from which the country is deriving advantage, and the ex penditure made o„ them is not thrown awav. hot „.„+,"- - - beneht. 1 he amount absorbed in these objects has gradually increased Each year we have been expen.ling a large portion of our revenue upon permanent improvements, which includes public works, public bu Id 20 FINANCIAL STATEMENT OF I'-'ji', ings, and colonization roaUs, and the expenditure at the end of 1873 amounted to $2,445,256. The expenditure for this year, 1874, will in- crease the expenditure under this head by $460,000, and will bring up the amount to $2,905,256. There has been an increase in different years of expenditure, the most noticeable being the expenditure of 1873 as compared with 1871 and 1872. But a small proportion of that in- crease is to be assigned to salaries and contingencies so often referred to as the reason for the difference in expenditure. Only $24,734 of the increased expenditure of 1873 as compared with 1871, can be assigned to the difference in salaries connected with the departments of Civil Government. I also find that $13,000 only can be assigned to the differ- ence in the expenditures in connection with contingencies tor these de- partments. (Hear, hear.) In other words, in the large difference between $2,460,212 in 1873 as compared with $1,816,866 in 1871, there is only an excess of $24,734 in the amount expended in the salaries of the Civil Government, and of $13,000 in the contingencies in the different de- partments of the Civil Govern'ment. But if the true cause of the increase for 1873 over 1871 is investigated, it vvill be found attributable to ex- penditures in the public service upon which tliere should be no difference of opinion in our community. For example, the expenditure for 1873 on public buildings shows an excess of $176,783 over 1871, on education of $106,847, on asylum v.iaintenance of $51,688, on immigration of $129,466, on colonization roads of $90,541, on municipalities fund of $45,881 ; making a gross difference between 1871 and 1873 of $643,345. Perhaps hon. members may wisli to understand how the large surplus of cash resources and invested funds has arisen. I have a statement to show this. For instance, at the beginning of 1868 the surplus was $126,229; at the end of 1868 it was $1,067,819; in 1869 $1,180,570; in 1870, $920,032; in 1871, $516,312; in 1872, $1,212,791 ; in 1873, $502,103 ; making a total excess of re- ceipts over expenditures of $5,525,859, which has been disposed of in •this way. The sum of $4,394,534 was invested up to the end of 1873 ; $372,786 was paid away on account of the Railway Fund in 1872, and $426,642 in 1873; for drainage debentures, $53,949; and there was in the bank on Ist January, 1874, $277,048. From these figures -.on. gentlemen will see how the surplus has resulted, and which of the different years has contributed to it. THE HON. ADAM CROOKS. 21 m St have safficently exhaustcl the patience of Hon. mombe« -.1 ule thus en,leav„„r,n« to g.ve them a correct ..no>vledge of the fi„,„. o.al pos,t,o„ of the Province, from so. ces which are authoritative t conch,s,vely appears that it is idle to assert that, in „„r time at least, any farmer or ratepayer in the community will ever be cnlle,! upon by a taxgatherer on account of the Province of Ontario. (Hear hear.) This ,s the third occasion on which I have been rec|ui ed to ulfi the auty of laying before the House and the country an el h b, of the fiuaucal affairs of the Province. I can say tha' as far as the Government of Mr. Blake, or the present Government, is con- cerned, there ,s not room for asserting that the expenditures of the Province have been „, any way governed by extravagance. (Hear hear.) Vhde the records of the country show the contrary ; while any impartial person investigating these results must come to the conolu s.o„ that the affairs of the Province have been conducted with all due economy, and without extravagance, I do not mean that either of these Governments can be charged with the opposite vice of parsimony. With our large resources we would be shortsighted indeed, the Government would be unworthy of the confi.lence of the people, if we did not endeavour to act with that cautious and wise liberality which would involve expenditure, but expenditure which would be productive of manifold benefits to the community. (Hear, hear.) Mr. Treasurer Wood in one of his financial statements, at a time when he began to see that there would be an accumulation „. resources as compared wi h our normal and necessary expenditure, was .anguine enough to in. dulge lu the hope that at least a million of dollars might safely be spared for the development of railway enterprises, but it remained for Mr. Blake to inaugurate a policy in respect of which he ha.1 a sound basis to go upon, and that was a policy which involved a larger measure of liberality in aiding railways, and some measure of justice to the non-bor- rowing Municipalities. But it would be impossible to carry out a policy so wise, so necessary, and so desired by the community vitho.it ab sorbmg a very large amount of the accumulated resources of the'coun try. That policy involved nearly two millions of dollars for railway purposes, and three millions for distribution amongst the munici- palities, or m other words to carry out that policy which this Govern ment hasliad the opportunity of doing, and for which everything has "(■ MU m I! 'i ■M'l 22 FINANCIAL STATEMENT OF frJ "i boen pt'rfoctod, whorein nothiii*^ n'miiiiis to be done but to pay to the iliffcrt'iit railways and niunicipaliticft tbcir hharo of the accumulated ro sources as provided by the ditleieut schemes, when nothing remains but to honour the drafts nia(U> upon tlie Treasury by the railways and niuidci- palities, when after all this tlu-re remains in our Exchequer a larger surplus than was anticipated, the position of Ontario i« n(tt one which can be alluded to otherwise than as of the soundest charact.r. Wo will reipiire an extravagant Government, one which will be unworthy of the trust committed to them, if the time comes in the j)resent gener- ation, when by reason of 'uiy policy inaugurated, or expenditure in- volve«l, it will become necessary to make an appeal to direct tixation. I propose to offer further proofs of financial pro.^perity and soundnesfe ; Mr. Wood drew a contrast between the position of the Province of Ontario in 18<)7 as compared with that of 1840, in regard to th^' bank capital or available cash resources for canying on the trade operations of the country, and I wish to present to the House some further figures. While Treasurer Wood showjed that in 1810 the banking capital of Ontario was only two millions of dollars, and that it amounted to thirteen millions of dollars in 1867, we find that on the 30th Septem- ber, 1874, it amounted to $16,197, 250; and again in the matter of de- posits which, as well as capital, serve to give life to the business energies of banking institutions, there was cash on deposit in 1840, ^798,000; in 1867, 114,000,000 ; and in September, 1874, it amounted to |20,- 442,570. (Hear, hear.) There are, besides, huge accumulations of capital with other societies which are doing service in developing the resources of the country, such as Building and Loan Societies, Fire and Life Insurance Companies. The deposits in the Post Office Savings Banks exceed three millions and a half, and Ontario has contributed the larger propor- tion. There are some banks whose head-quarters are in the Province of Quebec, but whose transactions extend to Ontario, and we find ♦^hat the subscribed capital of the banks of the two Pr. vinces auiount to $61,983, 816, while the deposits are $83,409,027. Portions of these deposits are payable on demand, while a portion are payable on notice or after a fixed date. A certain amount is derived from Government sources, but from the amounts deposited by private persons, it appears there is a large t;Taount of surplus capital which represents the savings of the people, and a supply of cash over their wants. • m u ly to the I luted ro imiii.sbut 1 iiiuiiici- a larger HI which r. Wo nworthy it goner- it ure in- xation. uidnesb ; vince of the biirik ^'rations " figures, ipital of lilted to Septem- ;r of de- energies '98,000 ; to 120,- )f capital jiirces of isurance 1 exceed propor- vince of ^li{7, reaches ,110 miles, built at a cost of .$20,282,709. There have been completed i»J'..%i The larger proportion of the debentures £249,400 mature in 1893, aid would net less than six and a half per cent. In my financial statement for 1874, referring: to these debentures as part of our assets, I deducted fifteen per cent, from their face and it makes all the difference whether securities are six or five per cent, as to the question of deduction. For instance if you take six per cent, twenty years' debentures at 90, they would realize 6|; in other words a six per cent, debenture would be a better investment at 90 to a pur- chaser, than any debentures such as these. I have taken t' figuies from a correct and authorised work entitled " Stock sales and financial operations in New York, by Wm. Price." Mr. Rykert, — Who fixed the prices for our debentures ? Mr. Crooks. — I will inform hon. members what the prices are. On another occasion, if it becomes necessary, I shall be very glad to furnish the House with information more in detail than on the present occasion. First, as Treasurer, having this large sum of |1, 800, 000 to realize, and to obtain cash to meet the neciessities of the distribution scheme, I had to consider how these debentures could be best converted, that municipa- lities should receive in money the amounts accruing to them. Under the Act, almost every advantage that an indebted municipality could claim was accorded to them. It v/as provided that on the new debt only five per cent, interest should be exacted. So I had to deal with securities bearing interest at only five per cent. In the next place the Act required that the debentures should not run for a longer period than twenty years, and that the amount should be payable at difi'erent times during the period ending 1893. I have stated the difference between the price of a six per cent, and a five per cent, debenture, having regard to the rate which the purchaser will have returned to him. Eighty-four per hundred pounds payable in 19^ years, at five per cent is about the same in point of return as ninety-seven for 20 years debentures, at six per cent. There has been much misconception in regard to this matter with private individuals and in the newspapers. Thirty year five per cent, debentures if purchased at 104 would return 4| per cent., which would be the result of thirty year debentures at four per cent, if pur- chased at eighty-eight. Hon. members will see that the dissimilarity of the debentures greatly interfered with the price to be realized. Another element of success was wanting, that in regard to £249,400 of it there THE HON. /.DAM CllOOKS. 27 1 893, a: (1 tures iis e and it cent, as per cent. jr words > to a pur- figuies financial are. On furnish occasion, ilize, and ne, I had nunicipa- nder the lid claim only five securities required ity years, uring the ;he price egard to i^lity-four is about itures, at is matter five per t., which t. if pur- lilarity of Another it there was no provision for a sinking fund. In t! e next place we had sixteen or seventeen different municipalities to deal with. The exhibit I pub- lished in London showed that the position of one municipality •>" com- pared with another was different. In other words, a large County like Northumberland and Durham had a first charge against it of only £45,800, while its resources amounted to nine or ten millions pounds isterling ; Perth, with a debt of £28,800, has resources of ten millions ; while the town of Chatham and some of the other towns were in a much less favorable position. Mr. Rykert.— How about Brantford ? Mr. Crooks.— Brantford shows pretty well, having resources of up- wards of two millions. Mr. Hardy.— And St. Catharines 1 Mr. Crooks — St. Catharines also shows well — better even in regard to its resources than Brantford. The different securities were obliged to be treated as of the like value. The security of course was ample to satisfy any person who desired to invest in these debentures. I do not suppose that any one fully informed on the subject, or with the same knowledge as ourselves, could refer to the securities as other than the highest order. The circular which accompanied these documents place s that beyond question. This circular was not published in the news- papers, but was placed in the hands of every broker who made enquiries. It states the special advantages possessed by these debentures, and ou^ht to have its intended effect upon purchasers. The circular is dated 30th June, 1874. Whether it was good policy to recommend to my colleagues that these debentures should be in sterling rather than in currency, my reason was that there is in Canada a small market only for municipal debentures; that a few hundred thousand dollars would suffice to supply the whole market ; and if the debentures had been offered here the effect would have been to depress every municipal security in the country. Where then was as a market to be got ? The larger proportion of municipal debentures sold in Canada seek their market in Britain, and therefoie it became necessary that they should be in the form approved of in the British market. To meet the wants of British investors these securities had to be in a form that is known to them, that is in sterling. With reference to the denominations it was considered convenient that the 11' I '■■' ^- rl In 28 FINANCIAL STATEMENT OF .■;iv denominations should be in hundred pounds, equivalent to five hundred dollars. The municipalities having smaller debts gave in their debentures in hundreds, and those having larger debts gave debentures of the denomination of two hundred. The next question was how to dispose of them. Having arranged that they should be sterling, and shoujd be disposed of in London, the commission was given to me that I might make the arrangements which were necessary in that city for their disposal. I took introductory letters from the Finance Minister and from the Premier to Messrs. Baring and Messrs. Glyn & Co. I arrived in London shortly before the beginning of June, and saw Mr. Currie, the managing partner of Glyn, Mills, Currie & Co. He appointed a day or two later for discussing business. Li the meantime he mentioned that I might retain my letters to Messrs. Baring until he became con- versant with the financial matters which had brought me over. To make the subject intelligible I placed it in the form of a document. At our next meeting I produced a draft which shows what first was my mind on the subject. It was to be submitted to the public by Glyn, Mills, & Company, if they approved of it, and related to the sale of Dominion and Municipal Debentures. My proposed advertisement was this : — " Messrs. & Company are authorised by the Treasurer of the Province of Ontario (Dominion of Canada,) to receive tenders for the purchase of the under-mentioned Debentures, part of the surplus assets of the Province, amounting in all to the sum of £417,600 sterling, consist- ing of £104,400 sterling of the Dominion of Canada five per cent. Deben- tures, and £313,300 sterling of the Debentures of Municipal Corporations in Ontario,'" itc. , &c. I thought that by off"ering sterling debentures of the Dominion and certain municipal debentures of Ontario together, a larger price would be given for the municipal five per cents ; in other words, that the high character of the Dominion five per cents would, to some extent, reflect upon the unknown municipal debentures and render them more valuable in the eyes of purchasers. There would not have been so much dif- ficulty in inducing Mr. Currie to acquiesce if the municipal securities had been all payable at a specific time so many years hence, rather than at various periods ; nor if there had been any provision under Government control by which a Sinking Fund could have been estab- lished, available to pay the principal when it became due. Mr. Currie 11 THE HON. ADAM CROOKS. 29 advanced reasons against my proposition to combine the two classes of aecurities. He said, in assuming to place on the market a combination of municipal debentures unsecured, and securities of the Dominion, it would be a financial mistake. That such a proceeding would deprecilte the value of the Domi- ^"on five per cents. As to the municipal deben- tures, he said his experience had not been a satisfactory one, and he wished to be careful in the matter. He proceeded to discuss the question, whether or notthe municipal debentures could be guaranteed by the Pro- vince. My instructions, I said, did not go that far. I pointed out that while financially the Province was strong enough to take up the deben- tures itself, the policy to which the Government was committed, and Which had been adopted by the Legislature, wast hat the debentures should be sold in open market, and that the Province once and forever should free itself from all further complications in respect to the Municip- pal Loan Fund. 1 meiitioned to Mr. Currie that it was not the necessities of the Province which required us to go to find funds in London and that It would be financially to our advantage to retain the securi- ties J but for political and other reasons the Province wished to have nothing more to do with them after they had been placed in the hands of purchasers. 1 mentioned that a guarantee would in effect result in a payment by the Province, and as such would be contrary to the Act of 1873, and further that if we had to guarantee the debentures we might as well keep them in the Treasury and from time to time collect the amounts due, thus saving any loss on the sale. While admitting the truth of this, Mr. Carrie, for a banking house and financial firn?, Ut that it would li^quire the debentures to be guaranteed by the Province before his firm could come forward and with Messrs. Baring undertake to sell them. Mr. LAUDER-Did you tell Mr. Currie that the surplus funds were £800,000 sterling? Mr. CROOKS-Four million of dollars. I had gone thus far with Mr. Currie when Mr. Cartwright appeared, and during ten days was occu- pied with Mr. Currie. It was very desirable that the Dominion securi- ties should be placed on the London market without delay, as the time was opportune, and as our amount was small compared with the sum required by the Dominion, I acquiesced in Mr. Carrie's advice not to al- low it to interfere with the larger loan. This brought me to the middle ■ n it: ' *•' n m ! 4!i 1-: ' I '■*■., I'; ^'^J 30 FINANCIAL STAT.iMENT OF of June before I had another opportunity u onsalt with Mr. Currie as to whether his firm and Msssrs. Baring would not act in the sale of our debentures. I knew that if Messrs. Glyii, Mills & Co., would offer tlie securities they would at once be taken up from the confidence of the public in the standing of the House. Mr. Currie adhered to his previous decision, that his firm could not deal with the securities unless they were guaranteed by the Province. At the same time he kindly undertook to see the Chairman of the Kailway Debenture Trust Company about the securities. The Chairman of that Company is Mr. Laing, a gentleman well known in financial circles. The inducements I was prepared to off«^r were not sufficient for him or his Company to deal with us. There was an advantage in offering these debentures to a TrustjCompany, for being per se unmarketable they might be placed upon the market and obtain a stock exchange quotation if they were introduced as part of the se- curities of the Trust Company. But the price was not sufficient to tempt this Company, and the amount required was larger than the Com- pany could invest in under its constitution. There was nothing in the l)rice or character of the security to tempt Mr. Laing to enter upon a negotiation on behalf of his Company. Failing in this Mr. Currie was good enough to place me in communication with the leading firm of ])rokers in London, Messrs. Cazenove & Son. I saw two of the members of the firm, and was met with the difficulty^^that the debentures them- selves could not be made the subject of quotation on the Stock Exchange — a circumstance injurious to the sale of any security. It must be sus- ceptible of a Stock Exchange quotation. I proposed several schemes to Cazenove & Son, and they took pains in informing themselves thoroughly of the debentures, but the conclusion was, that the only way in which they could be disposed of was by personal efforts amongst investors who were prepared to take them as safe investments although they had an unmarketable quality. I had already discussed with Mr. Currie that these securities mighi be made the basis of a de- benture trust, and so overcome this radical difficulty. Mr. Cazenove also considered the debentures with tliat view, but thought it would result ill failure. I was thus placed in the difficulty of finding an agency which would take the personal trouble of finding that class of persons who were prepared to invest in an unmarketable security like these. That brought me nearly to the end of June. At this time other THE HON. AD AM CROOKS. 31 ill loans were about to be brougbt forward. At the time Mr. Cartwri.^ht offered the securities of the Governm..ut of Canada, the money market was to a great extent free from foreign and domestic loans, but 1 learned that in July there wouhl be a great demand on the money market for investments. Under all these circumstances. I came to the conclusion to insert m the newspapers an advertisement which would clearly set forth what there was in these debentures, and to publish it to such an exte.it that anyone who ha.l money to invest would have an op- portunity of judging for himself To effect this I had recourse to a Company which of all others was the one which was best fitted to answer my purpose-the Colonial Trusts Corporation. Personally 1 have known the Corporation for years, and they have invested a rndiion of dollars on mortgages in Ontario. I knew that it had ob- tained a high reputation in London ; that it had a large borJy of clients who had confidence in tiie security which lands in this Pro- vince offered them ; that it happetied to be the only Company in London which undertook to act as financial agents for different colonies • that It had negotiated a loan for the Province of liritisii Columbia, alsJ a loan for Natal; it had a respectable directorate and body of clients It occupied rooms on the ground floor of one of the largest buildin..s m London devoted to financial companies. 1 knew tiiat the Directo^rs understood the questions connected with these debentures, and that as to commission the terms would be the lowest possible. On the 30th June I inserted an advertisement in all the leading papers. The state- ments were full, and material reasons were given for persons to invest- 111 these securities. The comments in the money articles in these papers were to the point, and showed that these debentures were the first charge on property of ample value, and aI«o the exte.it of responsibility of the Government of the Province of Ontario, who were assuming to dispose of them, and the reasons for their disposal. The result was what I had anticipated. The attention of the whole of the leading brokers and solicitors and others in London w. s directed to my advertisement Applications for prospectuses came in from the brokers of Drummond & Co., Coutts & Co., and other leading bankers, and enquiries were made from every quarter. These enquiries had to be met with the usual response that the Province of Ontario did not guarantee the debentures in any way. I saw the solicitor of the Company, Mr. Freshfield, (also one of the Solicitors of the Bank of England), who took a warm '0 32 FINANCIAL STATEMEJNT OF y W' .[:*: interest in the object I had in view, and had a good knowledge of the kind of securities I had to dispose of, and he introduced me to those who would be likely to invest. Subsequently I proceeded to Scot- land, and succeeded in inducing the Manager of the Scottish American Investment Company, in Edinburgh, to undertake the sale of the de- bentures for Scotland at a reasonable commission. It was then the middle of July, late in the season, and everybody was closing up his tran- sactions, and it was thought that after the holidays, about the beginning of October, my object could be carried out. I lately received a letter from him to the effect that he would be able to sell the entire undis- posed of remainder of the debentures. I have again had a letter from him to-day, repeating the same thing. If, however, any further in- formation is required, the Public Accounts' Committee will be able to look into the matter, and will have before them all the papers and in- formation relating to the subject. The practical result of whfit has been done so. far is, that I have secured |430,000 cash for the debentures which have been sold. I found in the course of my negotiations that it was an unsurmountable objection among brokers that they could not have a Stock Exchange quotation so as to be sold ^t any moment. I have ■ statements to show that six per cent, debentures of the city of St. Louis — one of the largest and most important cities in the Union — for permanent improvements were offered at 93, and that Russian five per cent, freehold securities were offered as low as 81, although both of these could be bought or sold on Change at any time. I can place the House in possession of the most complete information on all these points in the Public Accounts Committee or elsewhere. I may also state in conclusion that I have been influenced in these transactions solely by a sense of duty, by a desire to realize at^ the lowest cost the highest price for these securities. My expenses have only been in part defrayed by the Province, but in no way — and I court the fullest in- vestigation with regard to any point of that kind — have I endeavoured to do anything but my whole duty to the Province. (Hear, hear.) There is no one possessed of the slightest knowledgi^ of securities of this sort who, when he comes to know all the facts, can say that in any particular I have been guilty of either indiscretion or neglect. And I can assure hon. members that I am prepared to answer fully any enquiry they may desire to put to me, as a member of the Government, with regard to this matter. (Applause.) THE HON. ADAM CROOKS. 33 Statement of the Assets and Liabilities of the Province of Ontario on 30th September, 1874. I. Investments. .€ir>0,0(K, «t.. do t III ^:j}::&^''^^rSS^'iJr2 '''''"^ ^ £250,000 St,, do 5 per c^. Be^ri::J^, V^^^eaJuiyW:^! ''''''' "^ 1,192,3.'« 33 -c. 98. ft. Special Deposits in Rank at 5 per cent— OntariirkuTk'' "^ ^'""'^^'"'^^ 8300,000 00 DoSionBinK •:::::•:::::;:••; ^S?-??; «« Bank of Tor..nto [ SSI S Koyal Canadian Bank Z] E^'f*'J $J Montreal Bank ^Ko ; ^ Quebec Bank . -. ^Mn S Hamilton Bank . ^J^.OOO 00 St. Lawrence Bank ....." KS S Merch-ints Hnnt 00,000 00 xueruiants Bank ^^^ ^ c. Balance of cash accounts in Banks to credit of ProviwT d. Municipal 5 per cent. Debentures for Draina<^e purchaHed tip to January Ist. 1874 Hs «2, 747,805 01 , ....January Ist, 1874 (18 Municipal ( Orporations) .... to 30th SeiJtember, 1874 lunicipal ( 'orporations) ' (il Q40 99 Do to 30th Senf.Mnbpr 1fi7d -ii-'^ao or e. Rent charges on Municipalities for Drainage Works- 1. Under Act 3.1 V., c. 2, c.r pleted ...^. $77,287 58 uncompleted 82,026 39 2,lI„de,Act.%V..„,,^ »^|| 1,593,348 09 185,070 89,4-18 47 /. Municipal Loan Fund debts 5 per cent, sterlin? Debentures, value at 30th September, 1874, with balance of new debt not included in 190,284 07 Arrears of old debt for pajmaents due 11x1873.' 14,205 04 39,181 54 1,583,868 56 as 2,699,407 08 g. Special or Trast funds with Dominion of Canada, follows : — ' 2 U C SlXfp '^"''^ ^""'^ ^ 312,769 04 i- ,V' ^- ^"VdingFund 1 47'> •{•n 41 3. Common School Fund, 5-9ths of $1,645,644.42 '914,'246 63 (Interest paid annually by Canada on (1) ^^"^(^) ^89,258 00 ^^^ w 47,438 62 $136,696 62) *■ ^^ifli"^ Library assigned by Arbitrators to Ontario (and declared payable by Dominion) ..„..*. 105,64100 !■ 34 FINANCIAX STATEMENT OF t. Value of fWW.OOO at 8* premium Cy., Stock 172 250 00 922,250 $72,250 And Debentures of Canada, in exceoH of amount charged fop purchaHe — £150,000 purchased for » 705,471 68 Do £250,000 *' 1,192,3;« 33 11,897,805 01 £400,000 Stg. Debentures, at 7i prem 2,092,668 10 194,863 09 19,402,486 02 Liabilities. 1. Railway Fund— balance unpaid 81,100,572 00 2. Railway Subsidy Fund— balance unpaid on half-yearly paymentn, inclusive of 30th June, 1874 $250,000 00 Less paid Can. S. Railway 35,499 25 214,500 75 3. Surplus diHtributifin payments — Amouiit under revised schedides $3,115,733 66 Amount paid to 30th September, 1874 724,673 30 Still payable 2,391,060 36 Total liabilities $3,706,133 11 Sdmmart. Assets $9,462,486 02 Liabilities 3,706. i:« 11 Surplus or excess of assets over liabilities .':?5,756,352 91 :3: THE HON. ADAM CROOKS. 35 Statement of the Estimated Normal Income and Expenditure of th. Province of Ontario for the Year 1875^ ^^^ tNcoMK (estimated). 1. Interest. 1. Investments say J|3,000,000,. at 6 per cent 8150 000 00 Crown Lands Department- 1. 6,872 00 161,022 00 2. |:rm„';''Sl„i:::r.:;;. »'»2r ."S I S^/A;--"" :.•.•.•.■:::.:::::.■::::■::; ,U:Z SS 5. comm.m achooido";.';.;..;:;::;;;;;;;;.;;;;;;;;;;;; ^-JJJ jjj 3. Casual Revenue " 4. LicenHes 5. Algoma Taxes .^............ 6. Law Stamps 7. Education 8. Public Institutioni«V.... 9. JIunicipal Loan ^und-A^rears'oroid'debt;.''."."'.".".;.;.;.;; 10. Dovr :,.n of Canada— 1. Subsidy by population of 1861 *i n^ 07^ o^ 2. Allowance for (Jovernmpnf ' woV.nn ^ oU,(JUU 00 89,258 00 47,4;W 62 752,000 00 15,000 00 80,000 00 5,000 00 60,000 00 51,100 00 30,000 00 30,000 00 i<^r » government 3. Interest on Trust Funds 4. Do on U. C. Grammar School and Building on 5-9ths Common School On capital acccnmt. For other purposes. 1,333,569 42 Probable receipts for 1875 $^1^;^;^^ Expenditure (estimated)— For current rii-t ri ^ expenditure. Civil Government $152.0.54 00 JiCgisJation 105 200 00 Administration of Justice 211870 00 Education 51o'875 00 Public Institutions maintenance.. 3(J7'(i85 00 lmmigrati(.n 121 810 00 Agriculture, Arts, Literary and ' Scientific Institutions 91600 00 Hospitals and Charities So'oOO 00 Miscellaneous expenditure 51300 00 Cnf oreseen and unprovided 50,'000 00 Public Buildings— (1) Repairs and maintenance... (2) Capital Account .... Public Works— (1) Repairs and maintenance .. (2) Capital Account Colonization Roads ......' Charges on Crown Cands ........ 86 700 00 Kef und Account ' 4,300 00 4,200 00 $120,030 00 51,670 00 98,300 00 SUMMABY :— 110,063 14 $1,807,594 00 270,000 00 110,063 14 Probable Receipts for 1875 Probable Expenditure for 1875 ^o'fif"^^ ^2 ^187,6o7 14 Probable Receipts over Expenditure ^^^q 634 28 I '1 I I If', I" i I ' lit r> Sti FINANCIAL STATEMENT OF J 1 ■'■ * 41 1 il . ■:/. 00 CZ5 O § O Ch O) p 1=; o H »— I (1. C/2 •A'wp poxjl •puwtwp Ui> ^ 5 s 8 '4 11 .-' I- o 'jfr~w 41 a «- SO •Xop paxy u uo jo 'iw,v)ii I •piiBiiwp no oi((ii.Vii(I 'si!so 'o.i]\i>» ■JUOUllUOAoy UOJUllUOQ •puBuiap ur. oiqBAtl 's)!KO(lo(| 'iff'" 8" « 71 ■>»• O S3 CI 0> 1? I 8: I- < <5 Cfi g m to 3 ss -•h I 1 O O rf «^ a o ■a 3 p, 5 3 c — o ■♦-* o § ■S I bo o s 1 n ,9 a. td g to :-3 o .a 2 f ^ * a 3 o So H THE HON. ADAM CROOKS. •» Taui.^ (1, or MaKAUK of all Complotod K.il„„y. i„ o„,„ri„, i„ ,^74, fV No. 1. Grand Trunk Railway, Main Li ^» " •* If. .XI' I u 2. " >i 3. «' •> 4. «' u ft. Great Wr.,t 6. <> 7. <« ti 8. « «t 0. «» « 10. " <> 11. " >> 12. <» >i Naino of llailway. ' no l-'J. Wollanrl Kailway I^enifth iu Mil»>8. JJutful.,& Laku HnronBmnch"": ??J Gait & I)( .on Branch -•* y, Main Line 4i Toronto liranch 229 Williii;<*. foT...""^ -^ "'"'""'' w to Ottawa ••• "' 1». Wh.m lUilway -T„r„„t„ tf. Meatora.. * 21) ilni., 1 1, '■'!' MMk.to iiraiich lis |: vp^SS^:::^X\-^' ^ ""^^^ -J0'"ua-:::::.::.:.:,:.:..::. ■:::;: x^' 2». Ditto rfn ^vJrl'J'''l"'"=^.''»'tot'ourtriyht:;!!!!;; .lo TotaL j^ortErietoj^;a::::::r" is T. N. !IMOLESWCRTH, 2,445 (?/ito?' •w. Table (3) of Mileage of Rdlways in Course of CoDstructioa in Ontario, m I874. ^°-WeUi„,n.„, Grey * Bruce n.^^l^L^rik.r. ■ ''™^'-'' 7. Montreal & City of Ottawa J uucti.m^ i^mgaton 46 ». trraiid Junction liailway— Belleville to I.inX'.Vr ^^ 9. Credit Valley Kailway "^^^^^^ *" Lmdaay ^^.. 10. Norfolk Ivailway-BrantfordtoPortBu'rw'eii ^**« ' U. Port Dover & Lake Huron liailway-Port Dover-to Stratford-!!!!!!!!!!!;;;-- 6? Total .,.., The mileage under construction on N"a ] 9 -^ ^ «r,^ r • .- , , giveu m Table a) aa comiJeted on the same railways '^ "" included iu the mileage T. N. MoLESWORTH, Enyineer, Public Worku, Ontario. :iH UNANCIAL STATKMKNT OF Tabular Statement (3) Showing Mileage on Railways in ^'1 ! > H ir 1 Canada Southern Ry., St. Clair Branch, Completion of BallastinL' &c. 2 Midland Ry. Extension, Orillia & Wabasbfne ;{ Toronto, G-rey & Bruce Ry.. Harriston to Tees water, also i mile extension at Owen -^ound 4 Hamilton & Lake Erie Ry., City Station, Hamilton, to LandsWiiarf 5 Northern Extension Ry., Muskoka Branch, Washaifo to Severn Bridge () Wellin;,'t()n, Grey & Bruce Ry., Southern Branch, Ballasting, &c 7 Cobourg, Peterboro' & Marmora Ry. Co., Bridge across Rice Lai 8 Kinj^ston & Pembroke Railway 9 Montreal& City of Ottawa Junction Railway 10 Grand .runction Railway— Belleville to Lindsay .... 11 ('redit Valley Railway..' ' 12 Norfolk Railway— Brantford to Fort Burwell ........ 13 Victoria Railway— Lindsay to Kinmount 14 Port Dover & Lake Huron Railway "]^ 15 Toronto, Grey & Bruce Railway— Weston to Toronto ""..! jake. 62.9 26 1.10 2 92.00 On the Kmgston and Pembroke Railway ^..e tof^al Expenditure to the close of 1874 On the G-rand Junction Hailwdy the total Exp i Uture to the close of 1874 will be Fromwantof returns the expenditures on the Hamilton and Lake Eri. Cobour", toria Railways are assumed. The other Hgures are approximate, obtained from per- estimated cost of completion m each case must also be taken approximate, as derived Mileage ilways in 62.9 26 1.10 2 92.00 me of 1874 74 will be , Cobouri^, from per- as derived THE HON. ADAM CROOKS. and Approximate Cost of Construction Ontario m 1874, 39 $ cts. 110000 00 62883 11 Estimated Amount re- ^ 5S O C -- -"" ^y^ ^ £. quired to finish to a Works. REMARKS. 34 23.5000 25000 76960 444836 20000 330319 30000 356380 90000 20000 27000 101194 120000 00 00 28 22 00 00 00 00 00 00 00 00 00 2049572 61 12 66i 13 46 66 86i 186 50 33 60 9 $ cts, 39450 00 277117 00 19535 00 198040 'oo' 170000 00 1332(;81 00 1323400 00 941250 00 3601000 00 620000 00 699000 00 757148 00 15000 00 On 12 miles between Orillia & Wabashene. On 25 miles Harriston to -eeswater, 1 mile at Expenditure to end of September ^^^^"^ ^""°''- Includes expenditure in 187? & i874 Harvyood to Ashburnham ' 46 miles graded, 38 miles rails laid. I '• Streetsville to OmnVevilfe ^"^ ^^^ ^^ ^l"' |h miles graded, 31m^TaS.^« "feaT^l^ 662 . 9993621 00 will be $771,107.00. »6o9.000, including $105,000 for iron. irom the same sources of infomation. ^'''''^'''^ ^""""^ **>« Railway Companies. The h i'P S3 'mi T. N. MOLESWORTH, Engineer of Public Works, Cntario. ^i 40 FINANCIAL STATEMENT OF THE HON. ADAM CROOKS. Table (4) of Railways in Ontario Commenced and Completed since Ist July, 1867. \' 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 Canafla Central— Ottawa to Carleton Place Ditto Sand Point to Pembroke Port Whitby & Port Perry Midland Railway — LindHay to Orillia Ditto Peterboro' to Lakefield Toronto, Grey A Bruce Railway — Toronto to Teeswater Ditto ditto Orange ville .Junction to Owen Sound Toronto & Nipissing Railway Northern Extension — North Grey Railway Ditto Barrie to Sievern Bridge Canada Southern Main Line and Branch Canada Air Line— G. W. R Hamilton and Lake Erie Railway Harrisburg and Brantford— G. W. R St. Lawrence A Ottawa Railway — Chaudiere Branch Gait & Doon Railway Wellington, Grey & Bruce Railway— Main Line Ditto ditto Palmerston to Kincardine Total miley of railway completed since 1st July, 18 7 .... ^f5 Estimated gS Cost. h4fl • rH $ CtH. 28^ 68.5000 00 13 312000 00 20 508000 00 4;^ oMOOO 00 9 100000 00 122 1*550437 00 09 1088000 00 88 1275852 00 20i 350000 00 39 790000 00 290 11600000 00 146 3650000 00 34 563835 00 8 150000 00 51 110000 00 60000 00 103 1884085 00 66^ 971500 00 1110 $26282709 00 With regard to the Midland Railway, Lindsay to Beaverton and Peterboro' to Lake- field, and St. Lawrence & Ottawa Railway, (Chaudiere Branch, the estimated costs are assumed by me. All the other railways have the estimated cost as per published state-, ment. T. N. MOLESWORTH, Engineer, FuUic Works, Ontario. :i s. :ed since mated ost. $ CtH. >000 00 •000 00 000 00 000 00 1000 00 )437 00 iOOO 00 )852 00 mo 00 )()0() 00 )000 00 )000 00 t835 00 )000 00 )000 00 )000 00 l08:-> 00 L500 00 2709 00 5' to Lake- l costs are ihed state- ntario.