Excerpt from Financial Statement of the Hon. A. J. Matheson, Treasurer of the Province of Ontario: Delivered on the 19th March, 1908, in the Legislative Assembly of Ontario on Moving the House Into Committee of Supply

Will you increase this financial depression by compelling men to sacrifice their property to pay their debts when they are per fectly solvent, or will you wait until they have money, and under our terms we will pay six per cent. For this money. Can you allow part of this debt to stand over for at least three months Accordingly on of debts the Government allowed this credit, on which amount six per cent. Interest was or will be paid. (cheers) That money will all be paid during this spring. That added to the cash surplus would have given a surplus of if the Government had in sisted on its full dues. In addition to that we find among the disbursements the payment of the interest on the Canadian loan of The receipts from the earnings of the Temis kaming and Northern Ontario Railway, the Government rail way, were more than enough to pay the interest on the English loan amounting to (cheers), and practically pay the interest and sinking fund on the cost of that part of the road which is being operated. The usual practice in all railroad construction is to charge interest on the capital invested, during construction, to Capital Account, and that interest on the Canadian loan, used for the construction of the part of the road that is not being operated, might, reasonably, have been charged up to the cost of the road, and added to the other amounts it makes more than was received from the sale of the minerals under Cobalt and Kerr Lakes. But that was charged to the Consolidated Fund. It had to appear as a disbursement, We could not credit the amount that we would require to take from the T. And N. O. As earnings. We would have had to take it from the amount advanced for Capital Account. It was a mere matter of book-keeping, so we simply charged the interest on the Canadian Loan as an ordin ary disbursement, but strictly speaking that payment was on Capital Account for the construction of the railway.

One of the honorable gentlemen opposite asked, if there was a surplus of during the past three years, Where is the Money? We can easily get at that in the following way. On the Slst December, 1904, the cash on hand amounted to and the three years' surplus added to that.

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