Wednesday, March 13, 1968 the interests of the many for the special interests of the few. Therefore, we can truthfully say that in our Leader we have a man whose character is clean and with¬ out blemish. Honest and without fear. One who can pierce through to the kernel of his subject. One who does not falter because of other thoughts and pressures being placed upon him. He is reasonable in his views and grants to all men the right to their viewpoint. Such a man was needed. Such a man was sought and such a man was found. In times of crisis a man to meet and conquer always arises. (Applause) In 1066 we were in a crisis. Never before in the political history of this Province had any Government, either Liberal or Conservative, gone on such a binge of spending, ballyhoo, ribbon cutting cocktail parties, gushing statements and super-duper phantasies. Get the money out. Start the project. Never mind the secur¬ ity. We'll hope to get that later. Spend it, boys. There is an election coming and we must win, so show the people that there is nothing small about us. We win and then we'll have five years to straighten out all matters. That seemed to be the thinking of the Tory Government. It was the thinking of the greatest group of political philanthropists disbursing the monies belong to others that our Province has ever seen in operation. When the Liberal Government assumed office on July 28th, 1966, the money in the till was sufficient to carry the day to day expenditures for a very short period of time. Within a few days of taking over we had to seek short term money and at that moment something happened which had never occur¬ red before within this Province either under a Liberal or a Conservative regime. The bankers refused to loan any money. When asked why, they stated that they had been instructed not to send any more good money after bad. Their head office had so instructed. When it was explained to them we were only in office two or three weeks and were not responsible for the financial situation then confronting us, we asked why such an attitude had been adopted and the answer was to the effect that the Shaw Government possibly had us on the run. We knew the axe would have to fall but we did not know when or where. When the election was called that proved to be the time the axe fell and you people inherited the mistakes which had been accumulating over a period of seven years. Then we had to go to the bond market and once again we were confronted with what amounted to almost open hostility. Never before in the history of Provincial Government borrowing, either under a Tory or a Liberal Administration, were the offered bonds of this Province looked upon with such grave doubts. In fact, they were not looked upon at all. Weeks went by before a fiscal agent could find eighteen dealers to join together and take our small issue off the market. Then a happening took place which I am sure was unique in the political history of this Province. Our banking agents from Montreal phoned asking for the opportunity to meet with the Premier and Cabinet to discuss our grave financial situation. They stated they would pay their own ex¬ penses. They wanted to place before us the very serious financial situation we were facing. They came and discussed our financial troubles and told us in no uncertain terms, either retrench, cut your spending to the very bone cr face a commission Gov¬ ernment within six months. Mr. Speaker , when the Matheson Government went out of power in 1959 the total debt of the Province was placed, according to the figures of our Conservative opponents, at $32,000,000. That $32,000,000 was accumulated over a period of eighty-six years. During the period of the Shaw Government, which lasted for nearly seven years, the debt multiplied more than three times. Mr. Speak ¬ er, the gross debt at March 31st, 1966, was $65,393,286. Between that time of March 31st of 1966 and July 28th of the same year when they handed over to their suc¬ cessors the largest package of IOUs in the history of this Province, the debt had increased to $73,559,579. Mr. Speaker , an increase of $8,166,292, an increase in a period of four months. I might recall or bring to your attention, Mr. Speaker , that this was during an election period and after we got through caring for their many commitments undertaken just prior to the election and the by-election wherein so many commitments were made which we had to honor, the debt was $84,570,470. Yet that is not all, Mr. Speaker , when all the guarantees which has been given by the Shaw Government and, Mr. Speaker , they sure passed them out and we shall have to pay for them should the principals fail to do so, our debt stands at the colossal figure of about $99,000,000. L. George Dewar : Mr. Speaker , I would like to ask the Honorable Member if he would permit a question. Hon . Cecil A. Miller : When I'm finished, Sir, you can ask the question. L. George Dewar : Thank you, Sir. —255-