Tuesday, April 25, 1967

Accrued Interest Payable ................. , .................................. . ........... . 889,978. Mortgages Payable ................................................................................. 682,395. $65,393,286.

Against this debt there are some $15,722,917 of realizable assets which leave the net debt of some $49,670,369. These realizable assets are shown in detail on page 8 of the Public Accounts. I should like to emphasize that the Balance Sheet of the Province includes the assets and liabilities of the Consolidated Fund and those of the following government branches, enterprises, and Crown Corporations in addition to those accounts detailed on the schedule of trust and retirement fund assets—

Fishermen's Loan Board

Farm Establishment Board

School Supply Branch

Liquor Control Commission

Crown Building Corporation

Senior Citizens Housing Commission Laboratory Council

The net profit of the Liquor Control Commission is included in the statement of revenue and expenditure, while the net profits or losses of the others are shown in unappropriated surplus.

In addition to the direct liabilities indicated above, the Province has guar- anteed certain bank credits and debenture issues for the development projects, towns and villages, school districts and others, amounting to $15,882,309. In addition to these guarantees there are other contingent liabilities totalling $4,287,176 and a

contingent liability of undetermined amount for the guarantee of the solvency of the Teachers' and Civil Service Superannuation Funds.

A synopsis of these guarantees and other contingent liabilities is as follows. A detailed listing is shown in the Public Accounts beginning on page 111:

Guaranteed bank loans and debentures Development Projects

Bank loans ................................................................................... 8 4,616,650. Debentures .................................................................................. 90,000. 3 4,706,650. Town and Village Improvements Bank loans .................................................................................... 8 893,269. Debentures . ................................................................................ 1,797,767. — 8 2,191,036. School Districts Bank loans ............................................................................... 8 835,009. Debentures .................................................................................... 6,148,472. —— 9 6,988,481. Other Guarantees Bank loans ........................................................................................................ 8 2,001,142. $15,882,309. Other Contingent Liabilities Uncompleted Contracts New Provincial Office Building .................................................... . 8 454,291. Roads (after deducting estimated recoveries from Canada) .................... 771,475. 9 1,225,766. Grants to schools for payment of debt charges ($163,081. due within one year) ...................................................... 3,011,410. 8 4,237,176.

Before passing on to the finances of the Province for the fiscal year ended March 31, 1967, I would like to refer Honourable Members to the funded debt opera-

tions during the fiscal r 1965-66. In this period the Province redeemed $2,950,000. of bonds which matu as follows:

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