16 The Guardian, Charlottetown, Thurs. April 12, 1948

Continued Help Needed In Recovery, Fleming Says

By ALAN DONNELLY OTTAWA (CP) Finanre Minister Fleming presented an “expansionist’’ budget Tuesday

night and said economic recov- |j

ery needs continued stimulus. He forecast in the Commons @ seven-per-cent rise in gross mational product in 1962 which would push national output to 000,000 from last year's $36,844.000,000 Canada now has rising pros- perity, more jobs, greater op- portunities and rapid economic

growth, Mr. Fleming said in starting his pre-election budget speech

7 yy we must not be compla

ee

a still had unused ca- pacity. The decline in unam- ployment rates “must he car- ried much further.’’ The inter- national balance - of - pay- ments deficit needed to be fur- ther reduced.

*EXPANSIONIST’ BUDGET

The minister sounded an early keynote that budget pol- Icy ‘will continue to be expan- sionist.’’ Later, he added

‘We must be careful to avoid a@ premature dampening down ef the upswing which is under way.

“Fiscal policy must continue to provide stimulus to the eco- nomy and further specific mea- sures must be introduced to im- prove the quality of our indus- trial output, thereby stimuiat- ing employment and income.”

He also announced measures to stimulate technological re- search and development.

Mr. Fleming’s forecast of gain in gross national product was hased on the assumption that this year’s farm harvests will be normal — a question which hinges on whether last year's prairie drought will con- tinue.

The predicted seven-per-cent rise in GNP would be equival ent to the increase in rate of eutput during the last nine months of 1961. Last year's over-all gain in GNP, however, was only 2.5 per cent. REVIEWS EXPANSION

The pre-election flavor of the budget speech was heightened by a lengthy review of the eco- nomic expansion which has oc- eurred and of government mea- sures carried out in recent years.

“The vigor of the expansion that has occurred is due in no smal! measure to the blend of sound, strong policies we have introduced,’’ he said

The government had made significant tax cuts to stimulate ronsumer demand and_ had hoosted woifare payments and transfer payments to provinces and municipalities

Federal payments to individ- nals had risen to $2.014.000,000 fn 1961 from $1,224,000.000 In 1956

The value of total federal Payments and tax ahatements te the provinces would he an estimated $1,794,000,000 in the 1962-43 fiscal year—more than Bir ace the 1956-57 total to 6329

“rag Fleming said these con- tributions to the provinces have resulted in federal budgetary deficits. The cumulative in-

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|erease in them during the last , budget deficits in the five years.

five years exceeded by $376,-| PENSION DEFICIT SEEN 000,000 the $2,192,400,000 total of| He indicated that the recent

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2 67

beast fs cid age pension co payments to $65 a month produce a $64,000,000 deficit in the pension fund in the new 1962-63 fiscal year, compared with the $24,000,000 surplus last ye

The fund, operated separat-

| ely from budgetary accounts, is

financed by specially earmarked taxes,

Mr. Fleming said the govern- ment will give the question fur- ther study in the light of its discussions with the provinces |

SS

~

YORK HALVES

PEACHES

YORK

PEARS

YORK CREAM STYLE

CORN

YORK

TOMATOES

NEW ORLEANS SMALL

SHRIMPS

JERGENS LOTION MILD

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69 ee

Frozen Foods

GET AWAY McCAINS 20 0%. PACKAGE

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eonstiiutiese! emendment! However, he will' that would permit a federal| ment will not hesitate to plan of contributory pensions. ploy ‘ Dealing with the ee funds”

rate on the Canadian dolla

now worth 95% cents in Us, | US. dollars—in order to pre-

|funds—Mr. Fleming said policy | vent budget | ments in our exchange rate.

June 20 did not mean the gov-| HELPED BOOST SALES

statements in his last

ernment had adopted an

gressive policy to drive down) had inhibited import buying and

the exchange rate.

The rate had fallen as a re- sult of the removal of exces-

sive pressures.

HURRY bo wn for the

1

Face ase

g- GRADE

‘nm

F

BABY ROLLS

BOLOGNA

OAST BACON

said the govers- | ada’s trade em- ‘a substantial volume of

through its exchange |fund—either buying or selling

tional transactions. tional balan “sudden or erratic move- | ought to 48-| The reduced exchange rate

boost export sales. — ‘unquestionably”’ the fu

‘had not yet been felt on Can-'on non -

balance, tourist ex- penditures and other interna-

Mr. Fleming said the ant nce - of - pay deficit — is larger than it | in

ents

jHone and the belance-of-pey- eral

te short

ments deficit had been cut to — pe had _ © Serried

$989,000 ,000 Reporting on his management of the public debt, Mr. Flem- | had been

| beneficial” results to the econ-|

in the market ha ate, interest rates had deci:

said the will = policies” promote a

fund, federal

thet wil } a , orderly

vestment mar inves- g said there ee sf omy from the fact that fluctu- | advance re! retirement of senna ations in interest yields of bonds | 999 worth of bends d been moder- |since June, would continue te | operate.

and the spread in Canadian and | Net national debt now conn

"=

noted that his fli ‘cn June to limit

SOUND THE ALARM! THE CO-OP SUPER MARKET has set fire to prices and burned them right down to the HOTTEST BUYS in town. All markets advertise low prices but the bulk of your food order is comprised of UNADVERTISED items. And that's where we are hottest. Our storewide LOW PRICES lower the cost of a big cartful of our favorite foods and leave you with "money to burn". Shop here today. You'll be fired with entus- iasm for our QUALITY ... VARIETY ... ECONOMY!

PORK CHOPS :

“A” ROASTING FRESH GROUND MINCED BEEF

CHICKENS evs: 45¢

214 TO 3 LB. AVERAGE

33¢

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HAMBURG

ROASTING LOIN ENDS

PORK

ROUND

STEAK

WILSIL RINDLESS

PICTURE PAK

47¢ 35¢ 89c 29

39¢

tne.

09.

2 w. 89

Our produce counters are over-flowing with a super selection of SPRING-FRESH vegetables — all low, low priced to give

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MARKET.

19¢ JUICY FLORIDA WHITE OR PINK

43, ORAPEFRUIT 6» 49c

DEL MONTE BM OZ, 48 OZ. > 27¢ | ORANGE JUICE *:« HEALTHO ® OZ. 26 OZ, oe TINS 49¢ NG FOOD ? TINS MAPLE LEAF — BUY 2 GET 1 FREE 2 ‘ww: 43c | Liavid D ms 49C | Liauid Detergent MACARONI & CHEESE 28 OF. ° m™ 49¢ | Arar Dinner Z KRAFT SALAD DRESSING 4% OZ. F 16 OZ. 53¢ | MIRACLE WHIP *: FOR THE CHILDREN REG. cs 25¢ | SPONGE BALLS 25¢ WORTH OF COUPONS PORK LUNCHEON MEAT GIANT 12 OZ, = 77¢ | PIC vs LOSE THOSE UNNEEDED POUNDS BICKS EASILY AND PLEASANTLY WITH 3 ws YOU CAN TASTE see. THE DIFFERENCE JAR PKG. 8

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LISTEN TO NEWS AND VIEWS ON GRUCERIES — CFCY THURSDAY, li A. M.

SUPER

MARKET

TOMES . a

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ALL PURPOSE

LEMONS

6

FOR 29

FLORIDA EATING OR JUICING

ORANGES

. VINE RIPENED

TOMATOES

ASPARAGUS

ATTRACTIVELY PRICED

3

interest rates had nar- | $13 290,000,000—equal to $712 tor metast | onary Canadian compared’ with '$685 a year ago

St

PRICES in town