Marked improvement of the economic condition of Canada is shown by: the Budget introduced in the House' of Commons to-day.
Revenue is estimated at $372,000,- 000 and expenditure at $534,000,000,, of which $374,000,000 will be ordinary' and the" remainder extraordinary' expenditure, including relief and raile way deftelts, Canada is now ranking sixth in-toad of eighth among nations in world trade, Imports during the seal year ending March 31 totalled 563,000,000 compared with—$522,000,000 during, the previous year, while exports reached a total of '$765,000,000 compared with $660,000,000 during 1034.
Gold exports from the country aggregated—$119,000,000, while the balance from tourist trade amounted:
The surplus for the working year was $45,000,000, Tndividual income tax under the new budget remains unchanged, but the Corporation Income Tax is Increased from 13% to 15 per cent, The tax on the consolidated income of @ company and its subsidiaries is increased from 15 to 17 per cent, trid the sales tax ig raised from 6 10)
8 per cent, Under the British preference agree~ ment, all iron, sled and machinery not. "made In Canada and a number of other goods are listed free.
Existing specific duties on all yarns: or fabrics. wholly cotton or urtiicial silk, have been removed.
Duties on a number of goods imported under the British preference or. Intermediate tariff have been Ottawa, May 1.
'The Government's seal' program= me calls for higher corporation income tuxes, coupled with reductions in the Canadian tart to comply with the Canadian-American trade agreement.
The new. taxes are designed, produce "an immediate approach" to a balanced budgel—United Press,
Text read from the printed page and cleaned; old type leaves the occasional error.