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807-6524_ Memo HST Brussels
16 — THE BRUSSELS POST, APRIL 25, 1979
BY MURRAY GAUNT,
M.P.P.
Opposition -parties have
called for a provincial foreign
investment review agency,
after Liberal MPP Jack
Riddell (Huron-Middlesex)
revealed that a West German
family had enough money
deposited in Huron County
banks to buy the equivalent
of two townships of
farmland. The Minister of
Agriculture said he would
need facts and figures before
anything could he done, and
that a study of land owner-
ship in Huron County was in
progress.
Mr. Riddell noted that four
other provinces have laws
restricting foreign ownership
of land.
Ontario Hydro will
complete the first half of the
third heavy water plant at the
Bruce nuclear generating
station, but it won't go into
operation until the extra
power is needed, according
to an announcement by
Hydro chairman Robert
Taylor. He said the decision
to mothball the plant is based
on lower forecasts of
electrical demand growth, as
well as continued
uncertainties about the
future of heavy water sales in
Canada and abroad.
During the Liberal Party's
formal response to the new
Provincial Budget, Financial
Critic David Peterson, MPP
(London Centre) referred to
the Government's latest
commitment to balancing the
budget by 1984 as a "sham".
He pointed out that if the
Government's own pro-
jections are correct and if the
current rate of decline of the
deficit (2.2%) continues, it
would take some forty-three
years before revenue
matched expenditures. In
addition, this year's forecast
doesn't even include an
estimate of revenue loss from
uptake of the proposed Small
Business Development
program.
"The fastest growing
budgetary item is the
interest on the provincial
debt: the Davis years have
added $11.1 billion to this
debt: which is now costing us
$3.8 million a day in interest
- and this is probably a low
estimate. This amounts to
$1.388 billion a year, 9.2% of
the current budget, and an
increase of 12.6% over last
year. A decade ago, the
funded debt stood at $4.2
billion. It is now projected to
be $15.3 billion by the end of
the fiscal year, an increase of
263%. This represents an
increase from $551 per
capita in 1970 - 71 to a pro-
jection of $1,791 per capita
for this fiscal year."
Mr. Peterson criticized the
proposed Employment
Development Fund, des-
cribing it as "little more than
a $200 million slush fund,
with no provision for
legislative scrutiny or ac-
countability. If the Treasurer
considered it anything other
than a political pork-barrel,
he would be willing to intro-
duce legislation setting out
the criteria by which loans
and grants will be con-
"Moreover, if we don't
soon start creating new
wealth in Ontario, we shall,
necessarily be committing
ourselves to ever higher
levels of taxation in the years
ahead," Mr. Peterson said.
"There is no way around the ,
inevitability.
"Ontario's deficits have,
in some part, in the past
been financed by loans taken
out in German Deutsche-
mark. These loans were
taken out at a much lower
exchange rate, and when one
of the loans became due and
payable in 1975, it produced
an actual loss for the
province of $9.55 million.
The Province still has out-
standing two loans in DM
and we face even more
severe losses due to the
continuing rise in the value
of the DM.
and ownership
has missed the mark on both chance of success than its
Government's proposal is too ,
counts.. We fear that the previous attempt two years
ago. (the ill-fated Venture'
restrictive, and will result in Investment Corporations
program) which attracted not a complicated, bureaucratic a single registrant."
nightmare, with no more
BUSINESS DIRECTORY
David
Mon-Fri.
COMPLETE
87
9 -
OPTOMETRIST
OPHTHAMOLOGIST'S
Prescriptions
Longstaff
Optician
Main St., South,
Filled
5:30 p.m. Wednesday
Saturday 9 - 12:00
OPTICAL
5 2 7-1 3 0 3
'S
Promptly
SERVICE
SEAFORTH
AND
Ltd.
— Closed
-
Home
Siding
Aluminum
FREE
Awnings,
MacLean
527-0032
-Aluminum
Improvements
ESTIMATES
Windows,
&
Railings
Vinyl
Doors
BRUSSELS
Mill St. West
PELLA AND
Insulated
RESIDENTIAL
H.J.
WE SELL
HUNT
Entrance
CONSTRUCTION
BUILDERS
Since
TEN
—
AND
1956
Windows
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COMMERCIAL
INSTALL
887-6408
NOG 1H0
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41c,
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- I nsul. Glass
170
74004-4-1440
"1"rics2
Wallace
I *0
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Avenue N., Flower Phone 291-2040
f, 1711 tO WEE 9 71.11
ED VAN GEEST
LISTOWEL, ONT. tom.
YOUR PERSONAL FLORIST t.,...o*'
WITH WORLDWIDE CONNECTIONS
Ltd..
o
For Feed
Universal
BRUSSELS
887-6453
&
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Milker
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BELGRAVE
Fertilizer —
and
Equipment
CO-OP
Petroleum
Appliances
and Cleaners
WINGHAM
357-2711
Products We specialize-in
FARM
Sales
Brussels ,
887-6365
McGavin'sFarmEquipment
a Complete
EQUIPMENT
and Service
Walton
Line
Seaford]
527-0245
of
Elma
R.R. 3 Brussels,
Mrs.
Insurance
Yvonne
Agent for
Farmers Mutual
Company
Kn
i
ght
Fire
887-6476
Anstett
B U LOVA
SEAFORTH
Watch
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Jewellers
and
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Jewellery
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Repairs
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— WALKERTON
Ltd.
2
24
Fast
PITS
HRS.
Fleming
Bulk
A.
Unloading
OPEN
DAY
Pelleted
Feed Mill
Feed .
Elevator
Clinton
482-3438 .
Boost
BUY
Call
TO
your
THIS
887-6641
-DAY
Income
SPACE
!
If
Wingham
Bray
no Answer
Phone
357-1224
Below
Phone
J&
Chiropractic
BRUSSELS
K Shoes &
[Toll Free
887-9512
Jeans
From Brussels]
Office . Merwood
R.R. 2 Listowel
TV
,
Appliance
Refrigeration
&
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Service
2 91-3 8
Ltd
1 0
Livestock
George
Local
BRUSSELS
and
Trucking
887-6122
Long
Jutzi,
and
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TRANSPORT
Shipping
Brussels
Phone
Service
.
(Evenings)
Sales Service
887 -6694
'
.....„,
•
-
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att7rizate.'
Dairy
.
Modern
Bowman
Motors
Brussels
of
Huron
Mill Feed
Feed Tanks
SALES
Grain
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81-`
and
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Feed
Bernard
Weststeel Grain
Sweet Elevators
Vertec Dryers
Systems
Seili 887-6289
Systems
887-6544
'
Bins
Pardys
MILKERS
Brussels
Supplies
Discuss foreign
sidered."
The Liberal Financial
Critic condemned the Small
Business Development
program as' "at best a tax
dodge for the rich. Money.
will
-
not go where it is
needed- to assist new Cana-
dian ventures. Like the Ern-
ployment Development Fund
it is a misdirected subsidy
scheme. The Government