PAGE TEN

Revenue Estimate By Finance Minister Ilsley

The following estimate of Federal revenue for the fiscal your 1045- I in comparison with the revenues of 1944-45 was given by Finance Minister Ilsley in lllS budget speech in the House of Commons last

night: 1945-40 1044-45 ouuom Duties o 120,000,000 0 110,000,000 niche Dulles 115,000,000 152,000,000 Bliﬂ Tax (Net) 225,000,000 210,000,000 Wei,‘ Exchange Tax 15,000,000 00,000,000 O Excise Taxes 250,000,000 236,000,000 In e Taxes: _ sonal. Corporate dz Excess 725,000,000 768,000,000 ta Tax 710,000,000 742,000,000

Iljierest and Dividends . 20,000,000 20,000,000 Quagesslon Duties . 20,000,000 17,000,000 Miiheilaiieous . . 0.000.000 11,000,000 T ‘ Tax Revenue . 2,337,000,000 2,374,000,000

lbs Refundable TGXE! 72,000,000 219,000,000 NIKFTSX Revenue 2,265,000,000 2,155,000,000 NoIgTax Revenue 150,000,000 145,000,000 Total Ordinary Revenue . 2,415,000,000 2,300,000,000 Spqﬂial Receipts l00,000,000—x 387,000,000 Total Revenue 2,515,000,000 2,687,000,000

I-Arbitrary 0511111311.‘. ‘It, h indicated in the - 1 Personals

. _ Friends are glad t0 learn that thﬂilﬂfl » Mrs. Horus: Provenchcr is much l Oilﬁfi by lllf‘ 11111119111111 0i T!" improved aftcr a serious opera.

on purchases for othai’ tion in the P E I I-losfﬂtal. governments." Mr. Iisley said.

"We anticipate . me increase in Major D A, MacDonald oi revlhues from ex se' duties ant‘. Monctontand Charlotietown, arriv- from excise taxis cn tobicco. We ed in the Province yesterday to likewise anticiiv tl-.1' there will ntlrnrl the unvciliiil: ceremony at be moderat: i1 1111's in the rev- Vli1Cl\ll£‘_\' River Sunday. enues from (‘XUSP taxes on ‘irtilll —— purchases. gasoline, amusements Friends will regret, to learn that and similar taxes. Vincen’. Docherty, infant son of

“Personal income tax would be L Cill. 811d Ml’! Eﬂfl DQ011611)’

expected to decline somewhat were it not for the chonnellne back through this tax of l‘t‘l)Ii_\‘ll1‘Pl‘ll5 of the portion of family zillrtxvani-cs which duplicates the tux credits allowed to taxpayers in respect 01 dependent children.

“We lock fir some subvziniirl‘. decline in the combined rrvenue from the corp.) "' '1 ‘ncomc tax 1nd excess pron. .11x."

Produce

(Iy The Canadian Pressl ION'I'REAL, Oct. l2 - Produce E1000 today reported by the Dom- ion Department of Agriculture follow:- llgs: Ont. and Que. A Large 50 H: A Medium 4s 1.2; A Pullets H 1~2-2 B 43 to 4.5 1~2; C 35 to 36. Receipts 4329 cases. Butter: Wholesale Que, Jobbing urized No, 1 35 3-4; No 2 35 <2: current receipts Que. N0, 1 steurized 35 1-2; del. Montreal: 0. 2 34 1-3 del.’ Montreal; f1l'\[ IfI-de Creamery Dflflls job price sli 1-3 to 3'7; first grade solids, job Rice 36 to 37. Receipts: 6 boxes. eeae: Current white and west- 0m 30 F‘ O. B. F, S P.; Wholesale Ihlte [or loclal and export trade vest-em w 11-16 to 21; Que. 21 1-4 l! M. Receipts 7927 boxes. Potatoes: 75 lb, bags, Q1111, N.B, P. l. 1.. 1.75.

Reﬁeve

Headache Quhdd

1.1. ASPlRlN; It's ready for, ' go I0 work in

2 seconds

To prove how fast Aspirin is ready 0o go to work, just drop one in a [luau of water, "Clock" its disintegrat- ing action with a stopwatch. Within two seconds, you'll are it start to disintegrate. It docs the aamc in your utomach. That’: why ic stops head- ache: no quickly. Get Aspirin todayl The "Bayer" cross on each tablet is your [ulrantee -

NUW-New low Prices!

facile! box o! '12: . . . . only I8: Ieenomy imﬂll oi 24 . . only 290 Punllly c110 of 101') I - I only 790

__..___.________ ___

l’lCKLED CURED CODFISH

shipment 1111a will ‘deliver 8i

;, We have now ready for 10hr nearest station (within illffifty pound lots or more

CHOICE LARGE CODFISH

Kingston is at present a patient in the P E 1 Hospital.

Gouli/tyﬂlllvlitas For 9th Victory Loan-Announced

A quota of $1,700,000 for Queen's County in the 9th Victory Loan which opens October 22, was an- nounced last night by Lhe Pro- vincial Committee of the Na-

tional War Finance Committee. The quotas announced at the same time for the ocher two counties are: Prince County, $1,- 113,000; King's County. $425,000. These quotas rcprcsentaslight increase over those for the 8th 1408.11, but with the coming loan allowing purchasers l2 months to pay instead of only six months 11s formerly each Victory Bond buyer will be able to add to his .'ss1vlngs through inking twice a5

h as before. This “two-in- one" feature is considered the most attractive selling point 0f the new loan. The 9th Victory Loan, because it represents the borrowing for un entire year razliei- than for just. six months, is a double loan in that it per- miis each person to buy double their usual allotment of bonds with only the same monthly de-

duction from savings or payroll as in past loans/

Many people who formed a definite savings plan t0 enable

them to buy or build a home, 0r purchaserneeded articles, in the future. will find their last chance to add to their Victory Bonds their greatest opportunity t0 as- sure their own future. Since it may be the last time people will have the chance to purchg5g this safest of investments it is hoped that early purchnggg W111 give this province its quota first.

Stock Markets At A Glance

WINNIPEG, Oct, ' _

Ric futures priccs onntlie T (110111 Exchange today ralliecl ilgeh “ml” declines oil uommlssiziii 0911511. buying 11nd other demand 01 a modest character which found oficiings llﬁlll. Trading “'35 m,“ and ‘there _.i.i little outside 111.0; 95km the "lﬂfkutin view of tile holiday in the United States

'1ORON'I‘O, Oct. 12 310.1, Slltliered strength .15 today'5 session advanced and the close was mound m? WP Drive rinse for the day Heavy trading marked a group 01 the Junior golds and they sweleii the aggregate turnover to 2,933,000 $1M“ 3W1 111111018 groups had small index gains and the western oils weakened slightly.

Hasagu stood out. in the gofd share list with i1 price advance o1 4o cents 10 2.10 and it. traded in volume of 811,000 snares. Goidcresl traded 277,000 shares and gained l8 cents to i 10.

MONTREAL, Oct. 12 — 1GP) — Papers and indimtrizﬂs worked their ivay through a cautious phase to close on an upswing 1n trading to- day on the Stoci: Enz-henee and

Curb Market Bo i1 i-inns we}; to new eight-year i ¢ in the 1n- dices Papers own; resiliency to announcement ti... wartime re-

strictions on nevvsprin: were to be lifted Dec 3i, Constructions were featured in lndustrials. The balance of the key groups persisted in earlv hcsitancy till the bell.

Trading box score: Total sales. 1.79100 shares: lndustrials, 67,600" mines, 171.500; stocks higher 69;

lower 42, unchanged 71

the province). Freight paid at following prices:

16 cents per lb.

w‘ CHOICE MEDIUM CODFISH l4 cents per lb.

CHOICE SMALL (TODFISH

_ Send Money Order for will receive prompt delivery.

,. 11 cents per lh.

quantity required and you

MATTHEW & MGLEAN Limited

Souris, l’. E, l.

021111111 00111011111.

Thin column in reserved for new: of local interest, but mover-Hung ll a newly nature may be lulu-tau at five some a word, strictly pay. able in advance

COME T0 BAZAAR 'l‘0i\'lGHT, P181111! of meiciiunuisc 1111c prise. on hand in Qihtfftﬂi booms.

ST. PETEIH; CATHEDRAL. Thanksgiving acrvices 1111.1 Le llelzi on Sunday at ll A. M. Eunsoii, will be said lit 0PM. A1 l 1'. . , the Sacrament of Coiillrmailt... will be administered by the bold BIAIIOD of Nova scotia. All will te welcome at this service.

CHARTERED ACCOUNTANTS MEET — A special meeting of the Institute of chartered accounznnts of Prince Edward Island was held at the office of HR, Donne and Company on Wednesday evening, October 10th. Two members o! the Institute _whio had jus; returned from service in the Armed Forces were welcomed home, S. Ldr. Will. lam E Massey and Wing CmcLr. Donald P‘. Archibald. A number of matters of importance to the profession were passed upon, in- cluding provision for awarding Fﬂllﬂwﬁhllis 1n the Institute to members for meritorious service. The report of the delegates to the annual convention oi the, Dominion Association, held at Winnlpeﬂ. was received and approved A number of recently discharged men, now employed by practising members, were admitted 11s registered stud. ems for the Chartered Accountant's 1168198 If was noted that the meet- ing was the most largely attended in the Instlfutec history, and that membership was also at its peak.

MEMORIAL SERVICE-The Odd Fellows and Rebeloihs o! Char- lottetown are holding their annual Memorial Day service at their hall on Monday evening, 8.30 p.m., the 15th inst. Within the past year i1 members of the city lodges have passed on, and ance the establishment of the Order 1n Charlottetown over 200 of its members have answered the silent ozll. The service will be of the usual pattern with appropriate ud~ dresses and a suitable decoration ceremony to remember the mem- bers who have gone. It is the d9- sire 0f the members of the Order in the city, that anv person who may desire attend this service, and visiting members especially are in- vited to join in the remembrance service with the city brethren.

TRINITY Y. P. llZ-The mem- bers of ‘Trinity Y. RU, met in the Social Hall for their regular week- ly meeting Friday evening at cieht o'clock. The meeting opened with the business period conducted by the president. A series of classes were begun which will continue for several weeks. During the series Rev. Mr. McLennan will lend a group in a discussion on the

ible, Lt. 01. W. W. Reid v1ill discuss the subject 0f "Physical Fitness and Christian Living." An- other group under the leadership of Mr. L. W. Show will study "Education and Christian Living," and a fourth group will discuss

“Politics and Christian Living’ under the supervision of Mr. W.E. Bentley. A period of lively recre- ation followed. The worship ser- vice, which brought the meeting t0 a close, was conducted by the Citizenship Convenors Don McLen- nan and Vcrnon Clnrl-tc assisted by Fred Norton, who took as their

| l I I l

‘man laid to me

, on it. I've covered m house

Ahead

thi Bohaker

"I believe in Insurance," a th th d . ~11...“ fine”, I .213. $12.51. ‘everyone were like you." "Yes," he went on, "I'm gold

against ﬁre for $4, 0; I've

- “Wired my car for $1.000; I've , cIovered my furniture for $2,000; ' 1 -I ve got some nice antique stuff,

i you know."

linow carry. Think it over -

"Do you reckon you'll be able , ‘to replace the damage 1f you lbnve a. ﬁre," I asked. ,

"Just about," he said. "And, by the way. I've got a life assur- ance policy, too".

fsplendid." I said. "And, i! ' its not being impertinant, how, much life assurance have you f" l

“Five thousand bucks," he said proudly, grinning all over , his face.

"And you reckon that will re- flace the damage if you die?" ; asked, perhaps a. little grimly.

Of course, my friend had lmade a common mistake. When ‘thinking of his house, his car, hia furniture, he quite properly ﬁgured their value before he linaured. But when it came to his fown life, he just thought, that |$5,000 looked nice on paper. It lwaa better than nothing, of course, but it didn't take him long to realize that he was ‘worth more than "rive thousand i bucks." l

You too, are probably worth lmore life assurance than you

ithen give me a call. I will gladly discuss —- in confidence —~ any problems concerning your life assurance arrangements.

H. C. BOHAKIIR Unit Manager 148 Richmond Street Phone 835 Ohorloﬂohwn, l'.l.l.

UNVEILING AT WHEATLEY-

topic “The Meaning of Christian Citizenship."

Wood pulp white sheets whioh. Bftel‘

I0-6-lit-0i.

RIVER-Eight. servicemen from Wheatley River and vicinity who made the supreme sacriﬁce during the Second Great War will be hon- ored ut a ceremony Sunday after- noon. Their names have been add- ed to a monument at the village, erected to the dead of ,the First Great War. and will be unvei ‘"1: ":1 Governor J.A. B nard at 2 p.n. Sunday, Tile n-11 . c‘—.slliz'il 1:1 action: Pie, A1 H. Galnester, Aug. ‘l3, 1941: Frederick L. Bulmiin, April 1944; Cpl, Lorne A. Cildmore. Se 15, 194-4; Pte. P. Rudolph Gallant, March 30, 1945. Died of wcunth: 17~~.!, “Vcslcv G. Ross, April B, 1942, Pic, J. Alfred Blanchard, Jilly 24. 1944' Gnr Wilfred C. Watts, O.t. . 1004' Pie. Donny WhitlOck (dat unavailablel. Speakers at. the ser- vice, which will be held in the hall. will include in addition to the Lieutenant Governor, Dr, W. J P, MacMillnn and Rev. Neil Herman, The Whoatley Rivet “""“ uurler the direction of Mr, Hamid Chandler, will assist.

‘UM JR“. >1

mill, the pulp will become

10$

an acid bath and drying, are

1m by this 111101111111 1m vim the um n11: mm-

16 PER-CENT- (Contlnucd from Page 1) ductlve equipment, up lying as it does to imports u we as domes- tic production.

"We should. wherever possible, remove taxes which result in lilﬂh‘ er lproductionl costs. Particularly, we should remove those taxes which, imposed far back 1n the productive process, increase 00st: out of proportion to the contribu- tion they make to revenue.

“It is especially important that if such reductions in taxation are to be lnade they should be made now 5o that industries should not face the future with inflated costs of construction and equipment."

The sales tax exemption will be on that machinery and apparatus which the Revenue Minister deems necessary to production and manufacture and will be effective from midnight tonight.

The Minister hiul saan good new! for the women. no changed the in on furs u to reduce the general ‘ pool- sllghtly nad substantially lower the cost, of fur used in trim- ming wearing apparel.

At present the excise tax of I6 per cent is imposed on all furs at the point of dressing and dyeing. There was no sales tax on furs as such.

Now the tax on furs Ll reduced to 10 per cent 11nd the sales tax of eight per cent also is imposed on all furs as well as fur-iﬂmmed garments.

Help For Tourists

The bothersome and often in- efficient collection 0f the sale: tax on articles brought in from the United States by tourists 0x- ercialng their privilege of enter- ing 0100 worth of purchases free of duty, is ended by removing such articles from the tax list

Of the excess profits tax the Minister said it was a war meas- ure "which has commanded over- whelming support." But, he add- ed, “in this period of reconstruc- tion, it is becoming a banter to expanding employment."

He said the tax had been Dar- ticularly severe on sole proprietor- ships and partnerships where ahe principals paid income tax as well as the heavy business taxa- lion.

Re announced removal of the l5 per cent general tax on total profits of such businesses but leaving them, "for the time be- ing," subject to the excess rate. All businesses, whether incorp- orated or not. will enjoy an 1n- crease in the standard 11111111111 profits permitted them as- sessing excesa profits tax.

The minimum at present is $5,000 a year. That will be 1n- crensed to $15,000 and those whose standard profits were in excess of $5.000 will be increased by half the difference between the exist- ing minimum and $25,000. Those which were in excess 0f $25,000 will be undisturbed.

This will mean, the Minister said, that more than 12,000 busi- nesses will be relieved entirely of excess profits taxation.

To Encourage Businuu

Mr. Ibley said the Government believed that the 100 per cent rate of excess profits tax could not be justified in a period when it was desirable to encourage business and employment.

As an “interim step toward the ultimate abolition of the excess

profit: tax." he announced n- duction of the rate t0 60 per cont and abolition of the 20 per cent refundable portion. 4

Thane changes. in the ex plants tax will b0 effective rom Jan. 1, i946.

They will cont the Government $72,000,000 in a full year and the abolition of the refundable nor- tion will mean the loss of a alm- ilar amount u a borrowln" source. The change in standarﬁ profits bases and nmoval of the 15 per cent tax 0n total profits of unincorporated firms, will cost $122,000,000 in revenue.

Other changes in administra- tion of the excess rofiLs tux re- mues the admin rative control on the amount a firm can chart: to novel-tiring.

The existing exemp" of fits on new bane metal mines

of opera-

Of-‘ll kl

Dro- for

the first three years tion expires at the end of this year. It now hu been extended as from Jan. 1, 1040 and new gold mines ducing curtain strategic miner: will be similar- ly exempt for the first three years.

It, is proposed also to extend for another year the tax credits allowed mining and oil companies for off-property expenditures on esr-ploratioui and deep-test wells. The income tax, which provides about one-third of the total Fed- eral revenue, must remain a malor element in the taxation system, said Mr. Ilsley, "There are clear and reasons for as izatlon and simplification of this tax as is practicable."

This was not the time, however, for that reorganization particu- larly when negotiations with the Provinces an pending, on plro- posala made by the Federal Gov- eminent.

"If they (there proposals) accepted the government bring forward legislation for ex- tended social security measures involving a contribution which, whatever its form, will have an important bearing on the equit- able distribution of income tax rates." '

The cut of 16 per cent was “an interim measure of prompt and unquestionable relief," to be ap- plied to the current tax reduc- tions at the source as soon u trio necelury changes can be made. It will apply as from Oct. l, 1045, and thus will cut the income tax of the current calendar year by fuur per cent.

There were additional changes involved in administration of the Family Allowance A01. and other alterations arising from accept- ance of the report of the com- mission on taxation of annuitiu and family corporations headed by Mr. Justice Ives.

In brief these changes exempt.

obvloul

extent they are paid out of in- come. Contribullonl to pensions funds are to be tax exempt up t0 a year a person both from 0m- pioyers ano employees, from the pnomt exemption. The collection of seven per cent at the source on payment of divi- dends, royalties and registered interest ia abolished but the dis- nurser must continua t0 M9011 such payments to the income tax branch.

1010 present deduction from taxable income for major health

early a reorganﬂ

W111 estimated expenditure of 04.000.-

uxpaycr. i

The exemption slanted larvioc personnel engaged in 11°11!" i.il°'ti "ii. Y I W 9 ‘ Transport. common , in abolish-i

ed- . To forestall fit-making in speculation on berta bonds dur- ing the period 0f nelotiat-ionl for t eir redemption at. full value, a l0 per cent tax is 1m 0n profits from such opeculntionl between Jan. 31. 1045. and Au . 7,‘ 194-5, the period during w i011 negotiations were carried on. The Minilier lllll uniden- tiohlvolltl‘ be given requaﬂl for a revision of the tux ll up- plied to farmer: and lichen-nan no that 0h ‘income to! rate might in band on the n e 0f a rind ofyau, clue to e val-lab ty of their in Mr. Illley offered little hope that the refundable portion of in- come taxes collected during the war yearn up to lut year when it was abolished, could be paid be- fore the time fixed in the act. Th0 nrovilon was that these refunds would be made not later than the end 0f the second fiscal year 00m- 111181101111 aft/er the end of hostil- it ea.

Uuoooalloa Duly Act

Two simple changes were mule in the Succession Duties Act. N0 duty will be collected on the value of a pension receivable n taxable income.

A percentage reduction will b0 allowed in the aucoeaaion duties where the same property passes again as the result of a second death within a period of five years from the first death.

Mr. Ilsley appealed for support of the forthcoming Victory Loan from which he hopes to make up much of the deficit between an

000,000 and estimated revenue of 010001100900.

There will be no other Victory Loan in the next 12 months. he

said. "There is still a at na- tional need for systemai saving and prudent spending Hostilitles

have ended but men have still to be brought home and re-intro- duced to civilian employment."

NEW QUININI BOUIOI

Cinchona plants in the Belgian Congo are expected to begin pm. ducing quinine this year.

OIIICIAL FILM! IIVIIWID

IONDON - (OP) — Film 0m. aorship officials of the ministry of information have reviewed 15,000,. 000 feet of film since July. 1M0. Altogether 36,264 films were exam. lned, including operational pictures

all but the interest element in t n u, b m "mm The“.

contractual annuities and on- mm ' ° ' e ' m_ .551, g mm Applabpum» nual payments under will: or ﬁgzleigt varied 1mm w h" M ' in m; Nlgw You-k 11mg, trusts are taxable orriy to the '

Not like the rumble of the distant

WhegruemMun tum: inward on him.

Ila future from the put. Not 111a the sun’:

Oonvulaicna, roaring in tho oomati t!‘ . .

Not like the tidal tyranny 010i throws

‘me sea far up the choral Not like the soun

0f dynamite, or anything that‘

inﬁll“ of death and ruin ia

‘rhls is a peaceful thunder ihat v0- stiirringa in the upper A: if some 7011M- llultant god» To prod the drummer: ti"! hi! To spread the Andofsiglgmnthe earth hi: rinpoody

VVITH

GENERAL ELECTRIC

LAMPS

Ml\'tl 1N (IINADA

\.\lil»\\ 1 lllclalcl-i

THUNDER.

self and hacks

tlhe ground.

hear -

were there

11 ht 1 . g n“ ‘pehteavelu with hi: glad refrain,

expenses is enlarged to cover the costs incurred through death M I

Felled in 0.10mi thehljominioiiis"extensive; forestlands, viscose, basic material from which rayon is made. 'I1he these spruce logs are bound for a paper mill to become woodpulp. Sent on to a silk

rayon yarn is woven into cloth for a wide variety of articles including gowns, upholstery, gloves, hosiery.

' ' a 1i u, vi. . 1 l .1 111 ru iii, comes to the rayon manufacturer in gleaming becoiiijes rayiicnuyfariibltaiiiiogduzgdpilizcsli; ‘girl lriaffliiiﬁ phioto towuvoclotiitoboleattogarnuotfirms,

i‘

glwemnkera.

duccrs millions 0f dollars annually. shown on the left with the nodular wo

Rayon DoFFs Battle Dress to Serve Canadias in ariety 0F Pzacetime Roles

Gossamer Artiﬁciaiysilic Made iromwoodpuip Used in Tires, Parachutes, Uniforms In War

Like so many other Canadian products, rayon played an important part in the promotion of the Dommiona war. program and now has turned to the more pleasant ‘.1101: of providing beauty and comfort for}: nation at 1 A unique feature of rayon is its origin 1_n the forest. 1.11 -r~ ally, rayon is made from wood. The fine, shimmery 111i- terial is roduced, however, only after a long. Wmillllf-iryd series o processes. These are always kept under tne strictest control and are constantly checked and tested by highly-trained laboratory staffs. Fine quality, high ten- sile strength and necessary dyeing properties are demand- ed in the rayon yarn by the makers of articles ranging from trim gloves and full-fashionedhosiery to glamorous gowns and upholstery that keeps it: beauty for years.

Each of these shiny, neat cones contains of rayon yarn. Rayon is also produced in hold from three to forty thousand yards of the yarn-

111111111 u vina livestock rm- A new worm remedy 0111M Dhinlglr gm?‘ u re hum“, 1am,“

The limitless variety of designs that 000°", l garments, gloves, upholstery, are PrQdllced "i "a?" ways. This design ll lPPlwd by the silk-screen me -

an rum iv

ran-infected animal on the rill“,-

."e.,

120,000 yards ' lkeins whiohl

0% an MyOB

Chris M114)