Friday, May 12, 1967

Honourable George J. Ferguson: That may have been so, Sir, I don't know, I know at the time. . . .

M. Alban Farmer: I wasn’t given one this year, but the Leader was given one, :and I got it, and you could have done the same thing last year.

. Honourable J. Ferguson: Well, I am not concerned about that, I am just saying ithat at that time I got up and I followed. . . .

Walter R. Shaw: You said there was over eighty million last year.

Honourable George J. Ferguson: That is just what I said, that is what I said, over eighty million.

Walter R. Shaw: And I believe I asked you the question and you said it was likely a hundred.

Honourable George J. Ferguson: It wouldn’t have surprised me.

Walter R. Shaw: You are getting sore at me now. Pardon me Mr. Minister f Public Works, for interrupting you, you have enough trouble in explaining what on are going to explain, or try to explain, without my asking you any questions.

Honourable George J. Ferguson: Very good Sir, now let us take a look at the ebt for the year ending March 3lst, 1967. Last year when the Provincial Treasurer resented his Budget stated that he was budgeting for surplus of $481,898.00. At but time, I remarked that in order to have a surplus, it was necessary to solve omething. This of course took place back in 1962. You were going to sell the new vincial Administration Building to the P.E.I. Industrial Corporation for $5,300,000. magine, Mr. Speaker, in order to have additional revenue, why? This was the elec- ion year. but what happens? We will go back to the election of 1962. For the year nding March 31st, 1968 the former government budgeted for a surplus of $18,363.00.

e debt turned out to be $3,136,926.00. Last year I went out on a limb when I was peaking and I predicted that the debt of the Province for this year would be ,618,000.00. Do you realize what it is, Mr. Speaker? $4,986,000.00. Not too far out. stated at the same time that if it were not for the sale of this building to the El. Industrial Co oration that the debt would be $11,000,000.00 and I think here gain I was close to ing correct.

Now in order to show a sound financial picture for the election, the former vernment decided to sell this building to the P.E.I. Industrial Co ration in order show a surplus of $481,898.00 which turned out to be a debt 0 ,986,000.00.

Walter R. Shaw: It was sold to the Crown Building Corporation.

Honourable George J. Ferguson: Crown Building Corporation. Now, there is at any question in my mind, Mr. Speaker, whatsoever, that the registry control of ccounts was lost from April of 1961, the beginning of a continued series of heavy ebts, to July 28th, 1966. Amount lost is shown in the Budget where March 31, 1962 deficit of $514,000.00, March 31st, 1963 a deficit, another one, $3,136,000.00, 1964 deficit $8,116,000.00, 1965 a deficit of $4,942,000.00, and this year we have a deficit f $4,936,000.00. Now this is the record.

Some Member: Next year what will it be.

Honourable George J. Ferguson: Now, Mr. Speaker, this is serious. In this Province of 109,000 to have the least per capita investments of any Province of Can- ada, I think it is something like over $500.00 per capita. I claim it is a must. Govern- ment is big business and I appreciate the fact that the present Provincial Treasurer recognizes that it is such. am very pleased that he is endeavouring to get this Province back on a sound financial basis. (Applause)

When we think back to the statements of the former Provincial Treasurer in 1960, The Honourable Mr. McQuaid stated; “It can be readily seen that a suc- cession of such increases in debt would eventually lead to complete starvation of the public services, further and more complete dependence on Federal subsidies and grants to supplement our revenues.” He went on to say that “things should not and cannot be allowed to continue unless we are prepared to sacrifice completely our

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