Legislative Assembly

Friday, May 12, 1967

Honourable George J. Ferguson: Mr. Speaker, in continuing where I left off the other evening speaking on the Bud et Debate, I remarked that you not to take to heart the words of the previous spea er, that at times he was wrong in his state- ments. Now this I tried to tell him last year; however, he would not listen to me. I find, Mr. Speaker, when I check the Budget of the present Provincial Treasurer, what I stated last year was correct. I intend to bring that out to the Members of this House and show them exactly what I mean. I do not wish to embarrass the Honour- able Member from Sixth Queens, because I am sure he will agree.

M. Alban Farmer: You will not embarrass me if you stick to the facts.

Honourable George J. Ferguson: You will agree that he is a very nice man, possibly a little stubborn at times, but a pretty nice fellow.

Some Member: When he does not say anything, how can you embarrass him?

Honourable George J. Ferguson: Last year when speaking on the Budget, I stated that the direct debt of the Province was on March 81st, 1966, $2,162,198.00. Now I find, when we see from the public accounts the debt is $65,393,000.00. The former Provincial Treasurer stated that that was “8,900,000.00. Imagine, Mr. Speak- er, this was the man who was in charge of “Purse Strings” of this Province and he

was out twenty-two million dollars. Some Member: That is not right, that is not right.

Honourable George J. Ferguson: It was bad enough for me to be out three million, but nevertheless I was giving them the benefit of the doubt. Do you realize, Mr. Speaker, the indirect debt for the year ending March, 1966 was ”0,119,000.00, now when you add this to the direct debt, we find a total debt of $85,512,000.00.

Some Member: Terrible; terrible; terrible.

Honourable George J. Ferguson: Now. I told the former Provincial Treasurer last year the total debt would be eighty million or more.

M. Alban Farmer: A hundred I think you said.

Honourable George J. Ferguson: No, eighty, if you look up the records. But what did surprise me in going over the speeches of last year was the statement made by the Honourable Member from Second Prince.

Some Member: That was last year, wait till you hear about this year.

Honourable George J. Ferguson: He said that the debt of the province was eight million dollars, imagine, Mr. Speaker, eight million. He stated I was on]: out seventy-two million dollars. Now, Mr. Speaker, can you explain to me if e is correct, why in the “sam hill” are we paying debt charges of $4,268,000.00? I am very surprised at the Honourable Member from Second Prince, because he knows better; I am sure of that. It is so ridiculous when you think of it, Mr. Speaker, when they claim that the debt of the Province when they took office in 1959 was 882,985,- 000.00. Now they tell us they only increased it by ten million dollars and yet the debt charges increased $1,848,000.00. This just means that we would be paying 18% of revenue to service our debt.

Walter R. Shaw: May I ask my Honourable friend a question? Honourable George J. Ferguson: Yes Sir.

Walter R. Shaw: I see from the records of this House, that of March 81st, 1965, the debt of the Province was seventy-five million, perhaps he can explain that.

Honourable George J. Ferguson: Yes, yes I think I can explain that. Sir. As I remember it, I followed the Provincial Treasurer when he delivered his Budget. I was not given a copy of it, and I had to follow him.

M. Alban Farmer: Your Leader was given one. —406-—