Legislative Assembly

as of July 28th, 1966, which is $2,067,977 and this gives us a figure of $2,230,648. This totals, Sir, to $13,480,861. However, we must take from that the increase, less the increase in sinking funds and other adjustments of $1.705,613, and we get a figure of 9113775248 which. I suggest, Sir, the former administration was respon- sible for. I can recall very vividly the remarks of the Hon. A. W. Matheson in re- ferring, on March 24th, 1966, the date of the last Budget delivered by the former Provincial Treasurer, Mr. Farmer. He stated, “the blackest Thursday in the Prov- ince’s history.” How true he was. Now, Mr. Speaker, the total gross debt of the Province as of March 31st, 1967, is $84,570,470. In 1959, when the former adminis— tration took office, the debt was $32,985,000 and some odd dollars so there’s an increase in debt in a little over seven years of $51,585,238.

Hon. Robert E. Campbell: Isn't that terrible.

Hon. George J. Ferguson: We find the indirect liabilities in 1959 totalled $1,466,000. As of March 3lst, 1967. they totalled $15,455,546 or an increase in the indirect liab- ilities in seven years of $13.989,000. The total debt. direct and indirect liabilities, as of March 31st, 1967, $100,026.016. An increase in direct and indirect liabilities in the period the former administration was in office of $65,574,784. Quite a record, Mr. Speaker. When you realize they knew what would happen if more financial control wasn’t practised. No wonder, Mr. Speaker, we are on the verge of bank— ruptcy. I would like to congratulate the Provincial Treasurer in coming very close to a balanced budget on ordinary account for the year ending March 31st, 1968. He is budgeting for a deficit of $99,773 instead of a surplus of $270,000. as estimated a year ago. For the current year ending March Blst, 1968, an increase is estimated at $3,045,900. The smallest annual increase in debt since March 31st, 1962. An improvement in the first full year of this Government’s administration of $8.729.348. Mr. Speaker, I feel that the Provincial Treasurer deserves the congratulations of every person in this Province in attempting and reducing the debt of the Province by fifty percent in 1967-68 with the aim of balancing the Budget in a three year period, the first step already having been achieved. In order to develop more effec- tive systems of budgetary control. with the costs of services continuing to increase in health. welfare and education, it was necessary to increase taxation for the year ending March Blst, 1969. As the Provincial Treasurer stated in his Budget address this could have been foreseen and was foreseen. For many years, Provincial Gov- ernments spent more money than they earned. Imagine, Mr. Speaker. over the past seven years the Provincial Government spent $18,000 more a day than it earned. Debt charges cost twice as much as the expenditures in the Departments of Agricul— ture, Industry and Natural Resources, Fisheries and Tourist Development combined, debt charges costing $21,400 a day. I had hoped, Mr. Speaker, that Members of this Assembly would realize the seriousness of the financial position of the Province and assist the Provincial Treasurer in getting the Provinces finances back on a sound basis. The Department of Highways expenditure has been substantially reduced. I would hope all Members would keep this in mind when looking for additional highway construction in their districts. Thank you, Mr. Speaker. (Applause).

Hon. Gordon L. Bennett. Minister of Education & President of Executive Council: Mr. Speaker, before making a few remarks with respect to the Budget that was brought down a week ago Tuesday evening and particularly as it applies to my own Department. I would like to associate myself with the words of welcome extended a little earlier this afternoon by the Leader of the Government and the Leader of the Opposition to the students of Prince of Wales College who are interested in the affairs of this Province and saw fit to visit us this afternoon in large numbers. Having been associated with students of this institution for twenty-seven years I’m certainly always happy to see them and to know that they’re still very interested in affairs of state and affairs relating to education in this Province.

J. David Stewart: Why don’t you take your tongue out of your cheek?

Hon. Gordon L. Bennett: Mr. Speaker, education in Canada is a four to five billion dollar program of top priority involving people of all ages in all communities. The accepted formal training phases of elementary and secondary and university educa- tion, of course, have been greatly extended in recent years. New vistas of educa- tional opportunity are being opened up in all provinces and in a widely varying group of interests and to a widely varying age group throughout this country. nght

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