FACE TEN

WEDNESDAY: APRIL - 15

I’. M.—Cubo—-Social Hall. I‘. M.—Mid-week Service, Spec- lal W. M. S. Program-

r

2%

r; Ileartz Ball. no 1». i\I.—0II|:ilal poml—udics’ _ Parlor.

‘A riiiitp Ilriifzli Chart!) Bu d:-yge t S

_(Contiu_u_eVd from__Pag_

account. If we look at it from an- other aspect. we find growlneiy in-

creased expenditures on capitatio- ccunt. whicii have grown to such a proportion that in the lazt year particularly we got to the situation where we were borrowing money .1100 only for payment of these so- Icalled capital expenditures. but for

tralifluartiian

__...~_

_§.l’.he Gen

‘Ibis t-ulurnn II rcurvea for now-

that it was actually received by the Province in full in the year 1935: and the but quenu: is that for that year it is already swallowed up in the expenditures. If that additioli- al subsidy of $150,000 hacl not been available last year, the liabilities would have been increased by over eleven hundred thousand dollars; so that although we are glad to have this 3150.300. we cannot put

- at Io-al ininrent nul ntlvctrllulll "1 1‘; net ay nature may bu luau-led al I unto I uortl -r,m-uy pnylbln In udvrnu-c.

CONFEDERATION LII’-‘B INSUR- ANGIE. L-ma-1-in-312

REF!’ IN MIN!) the Pageant- “Tile Romance of tile \.'c:rr" April 37111 and 23th. 1. 0. O. 1-‘. Hall. L-3684-4-i3-31.

‘IKE ‘Il{\'l-I YOIJR TICKETS now for "'l‘lic ltorirtilicc of the Year.’ P1‘i(‘(‘ litii cents. A limited numb- er tuliy for each rizghi. L-3684-4-13-31.

I) r r if 1' ll E_l;A I'R0'I‘ECTION (‘I.!.‘~'l('.s‘ lit 3 p.ni. on 'I‘liur5dtiy at Rociiiortl Square ltlld Friday at West Kent School. L-3740

S LE—Socia1 Hall. Saturday. April L-3739

Ill'.\Il\I:\(}l-J Tl‘ilil'._\' Cliurch. 18th, 7 pin. i\l'.‘\'ll.l.\ll\’ .VIEETING—The Eitciztiig Auxlli-.rr'_v of Trinity Un- tied C.‘:itr'cii held its monthly meet- ing Ins: night. After some time tievctcti to a sliltiy of the early Chrisiitrii Church. the meeting coil- iinued HS >lllC:y of the activities of our Chiirt-ll in Angola, Africa.

Y. P. I’. MEE'l'ING—Th.e Bap- tist. Y1 inn Peopl:-‘s Union held lar meeting last night. titioii Pt-riod was led by .\-rv...- t Campbell. The address w alie mt-irilisz was given by Miss

the payment of the interest on our capital expenditures, present and

past, and for the payment of sink- [illg funds,--whether not I am not going to discuss—but 1for such sinking .unds as were an- ;nually set it idc to l\?(l8f.'l11 the bor- irowiugs. I think it has already been .'made sufficiently clear to the bes- jislature and to the public that witll .such a policy of drifting. it is only ti question of time before it, leads to bankruptcy.

“This situation impressed itsclf immediately on the incoming gov- ernment. The principles of sound financing demanded immediate and drastic retrenchment, which was at once 'undcrt-alien by the present government. And it will be seen frcnli‘ an examination of the Estimates which are to be submit- fed for the consideration of the House that we pilrpoc to rcdilce last year's ordinary deficit of $370,- 000 10 an ordinary deficit for thc current year of $70,330. aftter riiak- ing provision :or all interest and sinking funds. If we were to ex- clude provision for interest and sinking funds our present estiuiatcti budget would provide a surplus of $72,625.

“We might look at the matter in still linot-her way. by cornpiiring the expenditures with tliose of 1932. I find in that year that the neces- sary prov'i»ion for interest linrl sink- ing funds arirouiitcd to $220,000. In 1936 the rict'cssz\l'_v 051111121105 to pro-

li1'l"ll (‘..i‘ilict'k. Miss C1\l11)(’t.'i{ took .I_<, her sttliicct. “Thé Appreciation if Mil.=lc." l

Il().\'. .\lll. .Vlt‘If\"I‘\'RE IN lIOS-

I'l'l‘.\I.—Htiii. J. P. McIntyre.‘ Prince vtlrd Island's Minister of r , “TL; in hospital here sirffeliiig a severe attack . lie was admitted

mili.slel' not lls colidliioii and ll(\s-‘ p: ;r. . ' repol'ted he ivtis. ‘irli'~‘.i li“i‘i' last. night. 'l‘lic_v said he \\'f“.lifl only." rcliialn a few days.

l'l'.\'lIl{ \l. .\‘lCRV'l( lS—The flin- f".’.‘i til I 1 Reid was held from i 1' Iain ‘ll1'f‘. ..v '.llLEl'l‘iC‘0l‘i. The ll "rl*L‘ and the grave ‘fl bf.’ the Rev. Dr.‘ ‘ :.».rcd by the . Ja es’ Church f.r\ouritc 1i_vmlls.| re Messl‘.-'. Mau- - y. . Austin. William- \‘/:2‘ Ir. J. '. Cllilafzllall. Percy. \‘5|'i ‘.\ll(1 ()$f‘;Il' iVI‘:ll"~ilIlli. ~"l'—'"l‘i\n llllt‘l'lll{‘lli.\ lock l‘t‘ii'.l~l C."rii?l.t‘l'_v last‘ trir-.tl.i_v. that of Mr.s.i '. }3l*l‘c River. biiti ' lllulllllx lllncssf

BEL !‘.‘i

10 Riclinloiitl s

vide for iiiicz-est and sinking funds had incretiscci from $220,000 to $413,000. 'I‘lii.s menus. Mr. Speaker. that due clliircly to the ilici'eit.sctl debt of the province timing the past four years. we were faced with the necessity of providing d year 1936. for $193,000

interest and sinking funds over tutti gb3\'c wlirrt the Lf‘gl.\1£|'.lll'(‘ \\'fl-'4 asked to vote in the _\'C’dl.' 193;’. S!‘

Ithat if we could go bark 1'1 1032.

if we had onlv to deal with Llw Proviiiees debt as it then cxislcrl. orlr present Budget. with the reori- omies and savings which we f\l‘(‘ cf- fecting. would show it .siu‘l11\1> 01 122.000; and the fact that \v.- are obliged to show a deficit of 570.330 is due entirely to the 1ll(‘1‘Cfl5f‘ in the public debt of the pl'0\'lll':C dur- ing the past four years.

Cu pilal Expenditures

far as capital cxpt-riditilres are coliccrilcd. the i?.s:illi-ate. for the present year‘ are cpliirarativcly tmall. And the g3ver'rinicril, wishes to warn the pcopfe of this Province that fill)’ petitions or requests which are uiticle to this ;zoi'ei'n- iiieni in i'uiui'c for iricre:i.scd ex- i).‘ll(1llill‘(‘. ozthcr by \v;i_v of cxp-.iu-

sufficient or

ui'iiit=_ the | additional 3

gr are of ai,,s2oil of public scriiccs or_l:t_v “"01" lot the e:ilst:'ilclioil of pilbllc wo-.'k.s.‘. ‘nlusr have another side to it—flici'; must show the }I0\'(‘lllllI’.‘l1i. soiiie ‘peat rble pl\'ipositl\".ii fol‘ l11‘0Cll1‘111§, lfhc iiicuey r-eqilrrcd to carry them‘ ’into effect.

"Willi our debt men as if sl.lll(lS

son. Roseberiw‘. R. H. Stavcrt, .ls'.:‘rl by Rev. D. (‘lf"fi the sCl".'1C‘.‘ :‘El ..i i\D‘.‘.l‘.‘. and at the 0.1 I-‘l".tl.r_\‘. that of Mrs.’

it this year .into the class of new subsidy or new revenue.

‘In this connection I would like to rectify an omission which I think has. been made in this House and throughout the Province. Last year lwhcn the Hon. Premier MacMll1tm ; and the cttcrricy General. l‘.'e lion.

Mr. McPl:ee. retilrrled from Ottawa after presenting the Islands claims before the White Commission, Mr. MacPhce accord-:*d great praise in tlic Preluier i'..~r the undoubtedly

L ‘_ cHAlu.o'r'rE'r0vyist <j..i_i_A l_2_l2lAN For Deficit Of An Unknown Amount

am going to give the other side of the account and show just how those amounts were appropzfatgd, It is not going to balance exactly because at the and of the year there was an overdraft of $249,000. That 81,200,000 was used up in appmxim. ately the following way:

"Bunk overdraft when we came iiitc power, $782,000. which was augmented by the provision of sink. ing fund amounting to $130,000. Accrued interest on debentures. 826.000. Unpaid bills, 381.000. Li- abilities on portions of contracts completed by the late Government. $89,000. Other liabilities, 38,000. Paid off treasury deposits to the public. 523.000. And finally the amount which we paid on the four projects which I specified at the beginning. $352,000. If these amounts are added up. they will fully ac- count for the $l.200,000 which we bovroived. \

"As I said. there was an addition- al amount of borrowing which we have recently r-mnpleted in the sum of 5500000. which is all readv and pren.'tred to part nfl‘ the debentures

' able uisuincr zu wliit-l.i he had pre- .~cntcd the -‘.(l'S claims at Oi-.' tawa; mid fir: Hon. Premier Mac-, Millan accorrictl great praise to the ‘ Horl. Mr. M:tcPh:‘c 1'or t.‘ic cxccl-I lencc of the brief which he had p:'c- ' scnted at Ottawa in connection willi ‘ the Island's claims. Members on , botii sides of the I-louse joined with i these gentlemen in supporting that 1 -well-lneritcd praise. Biff. accitleri- tally or ollierwise. a little tiinis-ioii “as made. and ptrssibly it woultl never have been f1l.xCf)\'(‘l'(.‘d if the Public Accounts of li"!5 had full

been [)l'il1lC(i. At p. - 42 of the 1935 Accounts appear ' this item: ‘David L. Mathis ii. preparing‘.

brief of Isliin:l claims. $400.‘ Now.,1 willie we are all glad to accortl to

‘Hon. Premier l\‘liicMil1.ali compli-

Kmeiits on the excellence of ill.) pre-

seiiffitiou of the Island's case. and

to Hon. Ml‘. MlicPhec compliments

on the excellence of the brief which

he presented. I think it was all

(‘.ll‘il.<~l01l or this H(lll.\(‘ not in join

in l.ilf‘$l‘ i'(illl|)ilill(‘il1.\ the 11111111‘ 01 i the y0llllg1lHlt2'lli‘\- of this t‘l'.\‘ “ilfi; plr-iyetl such illl llll}l’)l'l'.illl p.irl Eu

Dl‘(‘l)‘.-il‘llli: tliose i)l'l:‘l and I iv::.ll

, to 1fft‘llli0l‘i tlii. iii:~l'.<\' fll tll;~ pro»-

i(‘ili. lilnt‘ in (i!‘(i.'l‘ flriil Ml‘ M:l‘.lilc-

‘..soii‘s name may be jDill("('i in that

1 connection.

“I wisli bi-it-fiv to fllllllilf‘ the manner in which otir zieee.ittil.~: arcl prepared flu.» yciir.

“The nrdrii-try l'f‘\'I‘fll!" of the Prnvlriee for l.'l."..’i was fil7|3l'3.\lll“l'(‘- it one illlii it half uiillinii ti 1i1‘i|!"'~ The e.»lrnl:lit‘ri m'r‘til1:il'\ reicnile 1411' 1936 1:1 $l.ti‘:9.0l‘.0. an lllL'l'(‘El:‘.“ of some $1l~l.l.'00

The ordlliary e.\;peilrliLitrc:; for 1035 amounted to $i.S)00000. The (‘:lllll3l.E‘(i €XDf‘llfiilll1'f'S for 1930 are $1.709.000—:i decrease of ortilliitry e.\'nelfdltili'e.~: anlcttlit.li_: to $101.0 ‘-0: this liot\\'ith:t.1li(liriL' the fact liiill \\'I‘ have to provide llll atltiitiolizil auioilnt of interest and striking funds owing to the iilci-ease of lia- bilities of S 000. For sltiilcc in, 1113' the in .. lllld siiikilrt: lli‘."»\i>’iflll .l'll()ll11l€(i in f:'i'l:l.000.l The l‘i€f’f‘.\'s'2<l|',V irrtercsi. triid sinlrilig fund provision for 7036 litis. in- creased to $-113.000. an increase of over 540.000, so that when I say that the proposed experidililrc on ordiiiar_v aceaulit :-lmivs ti decrease inf 5191000 and : that is in spite of .’l llf‘i‘(‘.“tSf1l')' lll(‘I‘{‘." c of S/i00‘0 iii illi(‘1‘1’.s't and Hllkllli! funds. the iiatural eoiic1iis;oii i'rt‘rir illnsc two prcmise.s is that the budget of flir- ciirreiit year esiiiiiiltcs st l‘f‘(i1lCt'..0ll of (‘lll‘l'(‘lll ¢"\l)f‘llfl1!lll‘(‘ on the or- dill’! public .*‘l‘\‘l(‘CS niiloilniilig

_.l.O00. .‘

‘ :;m'_\' for

'vzrrying from 3.05 to 3.28.

".1'5“11' “'11-5’ $75 000. a soiircc of rev-

\"ili(’il l11flillV'I‘ on Hie is‘ of June of this \'f‘i1l'. Thai $500000 was bor- ""‘\\'l’fi at all tictiral interest cost of 3.15.

“So you will see. Mr. Speaker. that by cxeiclsiligz judicious care in the borrowings which it was neces- us to make. by placing these bonds on the market ill grad- ual, easy installriicnts. by watching the market and selliiig the bonds at times when coildlticiis were most favorable. we were able to refund this 51.700000 debt at very advan- tageous interest rates over a period of tcli years at actual interest costs I am confident that if we had plunged on the market with that whole amount at any one time. the inter- est rate which we could have secur- ed would have been much less fav- orable. and I am also confident that it required very judicious handling and very careful watching of mar- ket conditions. with the co-opcrn- li"ll of the vttrrolis bonding agencies l!l this Proilnce as iicll as in Mon- treal mid '1‘oroiiio. to obtain such furor-.iblc lll'iEl‘('Si rates on these 1)Ol‘l‘O\\'llli:S as we have made.

Rcvcuue Increases

To analyze very briefly the pro- rinsed revenue increases, which as I said are estimated at $114,000, I may sill‘ that this increase is chiefly lnudc up as follows:

'f':rxc.s. 337.000: not by the imposi- tion of new taxes bill by a fresh en- i|i‘:i\'our to collect a substantial por- firm of the outstanding arrears of ftixeso which have been piling up .\‘cal' after year. For that purpose life have armoiiited a special Taxa- tion Ciflccr whose duty it will be to study the details of those arrears 01 taxes and to work out some sys- tem of cliforcliig payment without. cl-eaiinlz undue hardship.

Dtiiniciled (‘ompz1nje5_ $17000 of tin inci'etl.se. The estimated revenue from this source (luring the past

H1111‘. Mi‘. Sr)ea.'<cl'. which I need not ”‘1“11‘d .\‘0ll was first obtained for the Province by the Liberal Gov- ernnicnt in 1930-31. and ever since has b_ee_n ll. gr-osviiigly important nnd beneficial .sourcc cl’ revenue to this Pi-ovliice.

Sriccc.<..sioii Ditties.

, an estimated lll(‘l'i‘il.“(‘ of 511.000.

manner. We did not embIrk‘on any reckless orgy of expenditure, and I

The estimated exponditum for this year is 8100.000. 5 reduction on that account of 010.000.

In the coat of Legislation we are ‘ making a modest caving. If,‘ u we hope. we are able to reduce the length of the session from five or six weeks to two weeks. we shall effect a saving on that account of approximately 81.600. It is not I very large amount but every pos- sible saving helps.

Public Work: Dept.

"In the Department of Public Works there is an estimated de- crease of expenditure on the ordin- ary maintenance of roads. from $358,000 to 8300.000. I just wish to point out the alarming amount which was spent last year on the public lilgways of the Province. It was said when hard surface high- ways were mooted that they would reduce the neces aiy expenditure on ordilrary highways. But last. year there was no ordinary expenditure on the road from Charlottetown to Sumnicrslcle; that was all capital expclicliture, and in spite 0.‘ that fact the ordinary expenditure on the rnaintenance of public roads in the Province increased to the huge sum of $353,000. Thu year we pro- pose to cut that almost in two—a decrease of $158,000.

On other ordinary public works of the l’l‘CVillf.".’. repairs to bridges, etc.. there is a further decrease of $44,000. making a total decrease in this account, lo $202,000.

Be-ides these proposed savings l.ll(‘l'C are general savings all along‘ the line effected by such rueasures as the abolition of government cars. reduction In number of offic- izrls. and the ,.‘_1ustment of salar- ies to meet ill.‘ present striligen: economic muditlons.‘

Prohibition Enforcement

"'I‘here is one litt'e item which concerns one of my own depart- ments which I think I might men- tioii--the abolition of the Prohibit- ion Conimlsioii. By this measure and the can eqitent taking of the Prohibition law enforcement under the direct supervision of the gov- ernment, we have effected a saving in salaries alone amounting to $5,- 250. And there are other substan- tial savings in rental, etc.. of $2.750 for a total estimated saving in the enforcement of the Prohibition Act of $8.000.

"we should not have boasted of this saving if we felt that it was tirade .-it the expense of efficient cnfcrccnient. but we feel that the eficiency of the enforcement of tlic l5rohi‘bitioii Act has been greatly increased by the transfer of that branch to the direct super- vision of the Attorney General‘s (iepal'llllcllt. of the zoveiiiment. And just ill this colinectlon I must ex- press my personal appreciation of the attitude which the honourable nieinbers of this House have taken ill connection with the enforce- ment or the Prohibition Act. I may say that I have yet to have occa- sion to complain of any interfer- ence by any hon. member. or of any effort on the part of any hon. meinber. to procure any political or other iiitcrfercuce in the enforce- ment 0.’ the Prohibition Act.

. i expenditure in 1930 was 0110.000.

U.'i.\Dillll" l1lXDs_ .q Cl'€llFl‘ of $13,000,

the prnic ipal

("nrnegie Library Grant

(‘(‘Oll0nliE>, I

“There are a great many things that I might say in connection with -the enforcement of the Prohibition Act. We have read a great mam’ ‘items in the iiewsli1Ii><*i's: letters in

il (‘.<'.llllfll£‘('l in-

Before going into details or do. lthe ircwspapers. editorials in the crcasc(l c.\‘pcliriiiiire an

d outlining {iieivspai-.er‘: lectures by Tr'mDeI'- must .-ance educators. and a great deal of

_-mil. 81. l:rlc of Glazh-L :11 C'::al'lo‘.tct:.‘\vli. ‘ i :.t1ying the !

funeral ser- |

ived by train» (‘\‘i‘lllllg. Rev. p.t.sior'. conducted the two filliertils were

f~itt.r~ci for 1)<)Cil of the ii-lrl-cly known and Please Copy».

R -\. R1-1l‘!<'.\'f‘ l’I£RI-‘0Rl\lANCE

I.i;t~ of J(‘S1.l\ '_ portrayed by ' . . \*‘~nv pltrycrs on Good

.-‘.-it.l.rv iii; ‘. a capacity house lit 1 illi'(31t.l(1.tI. ix.-.. repeated Ef1Sl(‘l'1 .\l4‘:'u ~'. lll‘.'lll D(’$l)lif‘ the inclem- '.\('1\'il‘if’i‘ there was a fair audi-

i.. Rev Hugh Miller of C‘.iur:li led in rhc opening '1 beautiful scenery for u.is painted by Mr. George rig. f\’x°lSii‘i1 by .\Ir. Jack r~‘.tl It depicted the City of it-ni with the open country in ‘wrtililid. Mr. Harry Foster pianlst til both presenta- ~ '=lll'l',.} the Army in the ab- sence of the regular pianist. Mrs. R'.i‘pli Crockett.

Personal"

Mr. Ci()l’(iOll Dingwell. Marsh-

: .'I'l'.‘ illi‘ pt‘l'iUl‘lll8llCC Mon- i ii

tit we are fncsd with the

1l[iOll to mcct lniercst Cllfl1‘g(‘s of $270000. \\'‘.'.h an truiiiiril appropri- rtlioii to provide a in':(ic.st sinking fluid cf $142,000---ti proviiicc with

' otir limited rercliircs for this year.

Mr. SpcllkCl'—i\ll(i zriirliially here- after faced with the necessity of appropriating for llltl‘l‘C5i. and sink- in; funds alone on the (101>1- 115 11- ncw stands. over 3413.000 1>?f0Fe 1‘ single cent, is available for £‘Xl3(‘l‘-‘ diliirc on public S(‘I‘VlCCS of any kind. _ --In View or that situation I cori- sider that no extensive capital ex- lpcnditiircs can be made until '3 substmitial ilicrcas-2 of revenue is ‘iivailublc. For ili.siaiit:c. we are P1111 .to dcludc 0lll'St‘l\'t':s into thinking ‘-,t1i:ri the Dominion Governiiiemz lhas paid for the so-called National :Hm,w..y between Charlottetowii ilalld Bordcri. 1 may point out that 'tiu ill‘ Borden liighwcty projtct alone this Pi'ovint:c‘s share of the lcost tip to last December amounted 1w the sum of 5495.000. exclusive 01 anything which the Dominion gov- crnnicnt paid. To provide interest and striking fttnds alone for this Icxpeiiditure will cost this Province ‘about 535.000 a year for the MR1- itwcnty years. I wonder will the lilgliwriy last as long as tnat?-—or

Oi (Ill llllllufli 8l)Dl‘ODl'1-1

Held. was in the city Monday on tan annual expenditure for interest nuslncss. and sinking fund alone of approxi- i iiiaielv s7o0 per mile. without mak-

l-xperrditurcs on the oi-diriar_v pub- ‘.lic services of the Province by huze . amounts. find we hope that next "5" town. W110 5110119 1-116 E05191 11011‘ year by further economics and still “’-lays in Souris. the guest of her lmorc careful fostering of rc\'cnuo's, Qrandmcther. Mrs. Angus Mccor-‘we Snail be able to obtain a com- mack. returned to Charlottetown pretely balanced budget. wsterday. , “As you are aware, ::)mEB ————— :posed amendments to ie I‘ S

. Miss Dorothy Black left yester- North America Act are being dc- tiav momlng on return to the Liid- signed with a. view to nix‘-‘I111!!! lea’ College. Sackv,i‘lle1,dN. B.,1{i}tlIv:‘ng new _’|e]d5 or revenge to provinciaé spent the Easter o avs w er governments. But c gcvemmcn

parents, Mr. and Mrs. C. 1!. Black, 01 gm, Provlncg nu decided that Street. for the present year it 18 1391-19*‘ 11°13 to invade these new fleldlof revenue

cr ..\€ad been taken suddenly :11. --Miss Marjorie Doyle. Charlotte-

» {

i. R g u ‘r.

ya:

. and Mrs. Roy Whitehead and air con. Bruce. of Quebec. and grit Marlon Whitehead. of Chur-

tatown, P. E. I., spent -the Ens-

holldazzrvtth Mrs. Whitebudb Ml. um

iiminary considerations and ditiona are more fully _clarified.

Ottawa SIIIIIHI and Mrs. Andrew Ibo

' rfnooke.-Jloatrul um]. m flflg province oftcn , - hear or must use of the cheering

.. V thorsght. thlt during the present

I lllllll . ,.yg'¢ have an additional

Mm Pm“ Mmmy ,0” yesm-duyiing my provision whatever for ernor-in-Council was autliorizctl at tnorniug for Boston in rcspclise to upkeep and iiiaiiitenalicc and rc- that time to borrow for Plllpfl-‘"5 01

~ 1 nicssctiac from Boston stating that pairs. sinking fund rind o‘vt‘.rdi‘ni'i.‘ for niofhcr. Mrs. Charles Dalton. "we have already reduced the Com-l>19l11ltZ 1110"‘ 111113-10 ‘V0715 -“"1

until constitutional and other 111'!!- con-

" the r r 1“ imam rm.

1 Bowl Borrowings

"\‘."iliit‘ I am Sl‘."l‘.i(!l‘.£ of 1ll(‘l‘(‘.’!:.f‘(l intrrest and irlci'c:r.<ecl slrikint: fllll(1.~. I l‘il'l'.' a:».~ili‘c the lnciubcrzs of this l;(“!lSifl5lll‘f‘ and the public flint so far as iiilcrest llzis (‘O'.ll(' tinder C3lll!‘01. (llIl‘ill'.{ our rnontils or‘ office to date. we ll1\\'(‘ excrciscrl it Colltitllnt and jiitlicioirs care. We have not borrowed 2lli\' irlsncy Fit 0.12 or 6.14 pcrccllt. When we came into power we found '.h.it tli(‘1‘C was on overdraft of $7112 000 with a great amount of i.ill)iiiliCS and till- finished CCllLl“i1Cl..\. On this over- draft fhe G0\'(‘l‘lllllf‘1ll was paying the bank an intt-i'c~t rate of four and one-qu.irte:' p:irccn1. We cut- ered iiitn tit~c:ri‘.itltit»ii:. \vi:li the bank and in a sliort time we had the intere.s‘. rate l‘(‘(1llt‘€‘fl in four percent. Bu’. we did llnl i(‘f‘i like paying one cent of iiliiicctisstiiy in- terest. We f0l'll‘.(I that the Govern- ment at that lime .had -.ril:ll'n'lty to borrow only the surn of $300.0-'10.] Just think of it. Mr. Speaker". the outgoing governinenl. criibtirkiritz on an ordinary and capital programme which increased the public liabil- lties by 3952.000. and gnillfi out of power liavllig lllilfii‘ pi'ovl.stnn for only $200,030 refuiidiiig. with these facts in view. and corisidcrliig the necessity of saving every possible cent of interest. the (‘lovcmment called a special session of the Les!- islature which was held in the month of September. and the Gov-