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 PKOVINOE OF ONTARIO. 
 
 FINANCIAL STATEMENT 
 
 OF THS 
 
 HON. ADAM CROOKS, 
 
 PROVINCIAL TBEASUREB, 
 
 TO THB 
 
 LEGISLATIVE ASSEMBLY, JAN. 16, 1877. 
 
 TORONTO : 
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 1877. 
 
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 I>JROVINOE OF OJSTT^HTO. 
 
 FINANCIAL STATEMENT 
 
 ,-i 
 
 OF THE f ' 
 
 I- 
 
 HON. ADAM CROOKS, 
 
 i't.. ■. < ■>,«?: ,'. l'- 
 
 PROVINCIAL TREASURER, 
 
 • .*■: I? 
 
 TO THE 
 
 LEGISLATIVE ASSE:>IBLY, JAN. 16, 1877. 
 
 •'•! ■'' 
 
 Mr. Speaker, — I rise to make the formal motion that you do now 
 leave the chair, in order that I may take the opportunity of placing 
 before the House the financial position of th« Province of Ontario as it 
 stood on the last day of 1876. I am fortunate on this occasion, in 
 being able to refer to our financial position as of the last day of the 
 calendar y';ar just closed. I shall not be able to place the formal state- 
 ment of the receipts and expenditures for 1870, before the House, 
 until after the lapse of a few days, but, in connection with any ex- 
 planatory observations of mine on the estimates now before the House, 
 I propos'3, firstly, to explain to the House, and through the House to 
 the couijtry, what the position of the Province of Ontario was in re- 
 spect of what may be termed the surplus of assets over liabilities at 
 the close of the year 1876. A reference to the statement which I pre- 
 sented last session, will show what have been the operations of 1876, 
 with reference to this question of the surplus (- assets over liabilities. In 
 the statement which I presented last session the gross surplus, having 
 regard to our then assets over liabilities, as of the 30th September, 1875, 
 was shown to be $5,096,376.84 of an excess of assets over liabilities. Hon. 
 
 /'./ 
 
2 
 
 FINANCIAL STATEMENT OF 
 
 members will be glad to understand that, notwithstanding the legislation 
 of last session, in the direction of making further grants to railways, which 
 added nearly half a million of dollars to our liabilities over and above 
 the liabilities (.s they appeared in my statement of last session, the 
 surplus remains almost at as large an amount as it was on the 30tk Sep- 
 tember, 1875. (Hear, hear.) They will find that, notwithstanding 
 this large additional charge for liabilities imposed by the railway 
 legislation of last session, on the Slst December, 1876, this Province 
 occupied the proud position of being able to rejoice in the possessi<m of 
 a surplus of $4,873,203.25. If hon. members will look into 
 the particulars of my former statement, they will find the gross 
 assets on the 30th September, 1875, amounted to $7,790,578.37, . 
 while our total assets as of the 31st December, 1876, are $6,858,811.30 ; 
 and our liabilities have been reduced in a corresponding proportion. Our 
 liabilities, as they stand on the 31st December, 1876, are $1,985,608.05, 
 while on the 30th September, 1875, they amounted to $2,694,201.53. 
 We have been, in other words, improving our position by a sum of 
 nearly $300,000 : for while our assets have been reduced by $900,000, 
 and our liabilities by $700,000, half a million has been added to the 
 latter. Subsequent to my statement in reference to the position of the 
 Province on the 30th September, 1875, 1 entered with much detail into 
 an explanation of our diflferent assets, and of the per contra of our 
 liabilities, not only when I last addressed the House, but also in intro- 
 ducing the estimates for the previous year (1875). Those explanations 
 of mine are permanently on record, and I do not propose on this occa- 
 sion to cover the same ground. It became necessary on the two occa- 
 sions to which I have referred, to be extremely explicit in these expla- 
 nations, as it did not appear that either hon. members or the country 
 were in possession of detailed information on these points ; but there 
 can be no question that on the 31st December, 1876, the true position 
 of the Province of Ontario, assuming that one was to consider its posi- 
 tion as if one were examining into the affairs of any private society, was 
 of this favourable character, and that the Province was in possession of 
 a surplus of assets amounting to very little under five millions of dollars. 
 I may mention in connection with this, that there has been a very large 
 reduction in connection with that legislation, the direct object of which 
 was to reduce our surplus. When Mr. Blake proposed an addition 
 
THE HON. ADAM CROOKS. 
 
 to the Railway Fund and also created the Railway Subsidy Fund, 
 in 1872, and when the present leader of the Government proposed his 
 very large scheme for the distribution of the surplus fund of the Pro- 
 vince among the municipalities, it was thought the effect would have 
 been to force the country to disturb some portion of its invested surplus ; 
 but I am happy to say that not a single dollar of our securities invested 
 it Dominion Stock and Debentures bearing interest, has in any way 
 been t-aalt yith. They have remained in the same tranquil position 
 ever since T have been Treasurer of the Province, and there has been no 
 necessity for disturbing them, and I feel sure there will be none until 
 the day when the principal becomes due and we are called upon to rea- 
 lize it. We have had more than $500,000 standing to our credit since 
 December, at interest in the different banks, and immediately afterwards 
 the large sum of nearly two-thirds of a million dollars comes to us semi- 
 annually from Dominion payments. So that hon. members and the 
 country can be satisfied that not a single dollar of what represents the se- 
 curities of this Province has been disturbed, and I am in hopes that, when 
 my tenure of this office ceases, I may be able to hand over these invest- 
 ments in the Dominion of Canada securities intact to my successor. (Ap- 
 plause.) I may at once show hon. members what has been done in using 
 the funds which were available as special deposits and on current account 
 in different banks. I will at the same time show how very rapidly we 
 have been enabled to discharge all the additional liabilities I have men- 
 tioned, because when we turn to the statement of the 30th September, 
 1875 we find that the amount still unpaid upon the Railway Aid Fund 
 was $941,258, while what now remains to be paid is $498,762.35— 
 about half the amount. We have discharged the different grants up( a 
 the Railway Subsidy Fund, so that on the 3l3t December last, only 
 $198,356.10 of the yearly credits to that fund remained, and we have 
 almost discharged our obligations to the municipalties in connection 
 with the distribution of the surplus, so that, out of $3,115,733.66 of 
 principal money, we have paid up to the 31st December no less than 
 $2,672,050.46 leaving the moderate amount of $443,683.20 to be paid 
 over to those municipalities who have not yet drawn their share of the 
 surplus. Hon. Members will find that, in connection with the opera 
 tions of the year 1876, 1 am able also to submit a satisfactory statement. 
 If the Public Accounts were before hon. members, they would, of course, 
 
FINANCIAL STATEMENT OF 
 
 be able to see the details, but I propose now to give the gross results of 
 the operations of the Treasury Department for 1876 — first the actua^ 
 receipts, and then the actual expenditures. The returns of the receipts 
 of 1876 show the large amount of $2,679,980.38, while the amount 
 which I ventured to estimate would be received was $2,350,000, so that 
 the excess of the actual receipts over my estimated receipts amounted 
 to $229,980 38 ; while, in connection with the expenditure it will be 
 seen that the actual expenditure was under the appropriations authorised 
 by the House. Tiie actual expenditure for 1876 was $2,237,145, whereas 
 I had estimated for an expenditure of $2,360,317. If we take these 
 two differences — the amount of actual receipts over estimated receipts 
 and of actual expenditures under estimated expenditures — we have a 
 surplus representing the operations of 1876 of $353,152.38. (Hear, 
 hear ) It may be worth while to refer to some particulars in connec 
 tion with both these heads. So far as the actual receipts are concerned, 
 there is an item here which I did not take into account in making my 
 estimates. In estimating the receipts at $2,350,000, 1 based the amount 
 on the ordinary sources from which we derive our revenue, but the actua^ 
 receipts comprise a sum of $113,444 received from municipalities, in con- 
 nection with the new debt. The other items of receipts also exceed the 
 estimates I made. In the Crown Lands Department, for instance, which 
 represents of course a very large figure of our receipts, over and above 
 what is derived from Dominion payments, I find that the actual receipts 
 under all the different heads — Crown Lands and Woods and Forests — 
 were $640,000, while my estimate was only $588,000. I have a state- 
 ment,from the Department, which on another occasion it may be interest- 
 ing to refer to, which shows how very closely indeed the estimate sof the 
 Department have been followed by the actual results in the receipts of 
 the different years. I refer to this for the purpose of letting hon. mem- 
 bers understand that these Crown Lands estimates are not conjectural, 
 or at all likely to be wide of the mark, but based upon a very careful 
 calculation on the part of the Department. The statement I refer to is a 
 summary, showing the receipts of the Department of Crown Lands for 
 the year 1872 to 1876, inclusive, covering both Crown Lands and Woods 
 and Forests. Taking these two different heads of receipts, one finds that 
 this is the average result — the estimated receipts from Lands for the 
 five years averaged ^272,400, while^he actual collections amounted on 
 
THE HON. ADAM CROOKS. 
 
 an average to $255,600. So, from Woods and Forests the average esti- 
 mate for five years was $542,800, and the average collections reached 
 $555,000. The total estimated receipts averaged $S 15, 200, and the total 
 actual receipts $810,000. As to Lauds, the yearly deficiency in collec- 
 tions as compared with estimates averaged $3,360; and, as to Woods and 
 Forests, the average yearly excess in collections over estimates amounted 
 to $2,440. I have endeavoured therefore to estimate the receipts from 
 Crown Lands Department by such information as has been furnished me 
 by the Departtuent, which, as this summary shows, has in the past 
 been found to be nearly identical with the actual receipts. Com- 
 ing then to some of the items of Expenditure for 1876, hon. mem- 
 bers will find, when the detailed statement is before them, that the 
 principal difference between the appropriations and the amount 
 actually expended is made up of small sums in connection with the 
 different appropriations. There is but one item in which the difference 
 is larger than would be represented by ten thousand dollars, and that 
 is the item for the Immigration service, where there ha^i been a consi- 
 derable saving on the amount appropriated last Session. The amount 
 is sufficiently large to justify me in particularising it. The chief saving 
 has been upon the item of advances in reduction of the cost of the pas- . 
 sages of immigrants. For this purpose $25,000 was appropriated, and 
 only $2,160 was expended. The other items in which there has been 
 an under expenditure are items which are within ten thousand dollars, 
 and most of them are very insignificant, but the total result is, as I have 
 mentioned, a saving of actual expenditures as against the appropriations 
 of $123,1 72. 
 
 Mr. Meredith. — Is it a matter for congratulation that there are so 
 few immigrants coming to the country 1 
 
 Hon. Mr. Crooks. — The subject, sir, is rather a large one, and per- 
 haps the hon. gentleman will excuse my discussing it at present, as I am 
 anxious to discharge my duty in as concise terms as possible. (Applause.) 
 The next point is, what is asked of the House in the Estimates for 1877, 
 and what ordinary revenue I propose to rely upon. The Estimates show 
 that a gross total of $2,540,223.10 is asked for the service of 1877, but 
 that amount represents three diflV^rent classes of items : firstly, expen- 
 diture on current account for carrying on the ordinary services of the 
 country ; next, expenditure on capital account for new erections and ad- 
 
6 
 
 FINANCIAL STATEMENT OF 
 
 ditions to those institutions which now exist j and the other, cross en- 
 tries in the Public Accounts. The amount asked on current account 
 is under that voted for the year 1876 for the like puqjose. The 
 Estimates for 1876 authorised an expenditure on current ac- 
 count amounting to $2,024,876.91, while what is now proposed is 
 $1,983,752.82. A difference, however, arises en capital account, for 
 which an expenditure of $284,130.94 was voted for 1876, while wo 
 ask for 1877 an amount of $432,927.14, and it is chiefly in that particu- 
 lar, and that alone, that the Estimates for 1877 exceed those of 1876. 
 If one looks at the different heads of service which will absorb the cur- 
 rent expenditure, it will be seen that the difference is not very great in 
 reference to any Department. There is a slight pjtcess in 1877 in the 
 Department of Civil Government — something like $4,000. In Educa- 
 tion, there is an increase this Session, the particular causes of which 
 will be explained when the items are before the Committee. For Pub- 
 lic Institutions there is a larger amount by $4,000, the sum asked for 
 Immigration is less, and in regard to Agriculture and Arts the amount 
 is almost identical. For Hospitals and Charities and Miscellaneous 
 Expenditure, the amounts are less. When we come to the other items, 
 involving expenditure on capital account in the Public Works Depart- 
 ment, and expenditures for Colonization Roads, we find the total repre- 
 sents a considerable increase, although the appropriation for 18T6 for 
 Colonization Eoads exceeds that proposed to be asked during this 
 Session. 
 
 Having, then, this amount of $2,540,000 for which to ask appropri- 
 ations, I do not propose to enter upon any minute estimate of t.te re- 
 ceipts for the present year. These receipts are, as I have often said, 
 chiefly fixed. It is not my duty, and I hope it may never be *he duty 
 of any future Treasurer, to propose a scheme in the shape of a budget. 
 The duty of the Treasurer here is simply tc lay information as to the 
 trausactions of one year before the House, and to make provision for 
 the coming year ; but the funds for that purpose have hitherto been 
 more than ample, and we have been able to raise a surplus equal 
 to nearly five million dollars out of our receipts. The resources 
 on which the receipts for 1877 are based, are the old sources from which 
 we have in past years derived a large portion of our income. The only 
 item subject to much fluctuation from on*) year to another — though not 
 
 / 
 
THE HON. ADAM CROOKS. • 7 
 
 if we take the average of the five years mentioned — is that arising from 
 Crown Lands, or, rather, that p-^rt of it involved in the Woods and 
 Forests Branch. But, having reference tu the Estimates of 1877 fur- 
 nished to me by that Department, I find that we can rely upon upwards 
 of $540,000 as the receipts for 1877, and 1 am confident this estimate 
 has been very accurately and carefully framed, and, although it presents 
 a smaller estimate than that furnished for 1876, this diCFerence is not so 
 great as to cause any alarm that the Crown Lands Department, or 
 especially th« Woods and Forests Branch of it, will not in future years 
 be enabled to return to the Consolidated Revenue Fund a large amount 
 of money annually, so as to enable us to satisfactorily carry on the oper- 
 ations of the Province. My estimate then for this coming year is $540,- 
 000 froi ' this source as against $588,000 on which I based the estimates 
 for 1876. There is a number of different items which come in and 
 probably will swell this amount I ^syond the estimated sum of $2,370,000, 
 but it is not a matter of very much importance exceptip^ when 
 we come to consider our necessitiea for current expenditure as 
 compared with our revenue, properly so called, from year to year. 
 It would never be desirable to find that the current expenditure 
 for one year would exceed the current revenue for that year. It is 
 desirable in the management <. ' . he finances of the Province that there 
 should be a considerable margin '«ft as between the amount reqairod to 
 meet 1-he current exigencies of the public service year by year, and the 
 sources of that revenue which, as I have said, are fixed, and from which 
 we cannot expect to gain more than from $2,300,000 to $2,5^0,000 each 
 year as we go on. My next statement is one which I can Jilso refer to 
 with considerable satisfaction, the more especially as I was a member of 
 Mr. Blake's Government, which undertook to deal with the formidable 
 que tion of how properly to distribute in the interests of the country 
 that very large sum of money which had been set apart by Mr. Sandfield 
 Macdonald for railway purposes. Mr. Blake's Government undertook 
 the iesponsibility not only of dealing with that large sum of $1,600,000, 
 less the small amount which had been paid out to the Northern Railway 
 Extensions to Orillia and Meaford, but of adding to that sum, without 
 ' assuming to recognise any other principle than the duty of the Province 
 
 to aid to a limited extent those efforts which were put forward by local- 
 ities in order to obtain greater railway facilities. Mr. Blake, in the 
 
IHHH 
 
 8 
 
 FINANCIAL STATEMENT OF 
 
 principle laid down for the distribution of the Bailway Fund, had re- 
 ference chiefly to the one great fact as to how far the local necessities of 
 any particular locaKty required additional railway facilities. He did 
 not assume to lay down a general scheme under which certain railways 
 should be allowed to be constructed and certain proposed railways pre vent- 
 el, but he recognised simply the one duty on the part of the Province to 
 offer that moderate amount of aid which, as supplementary to these local 
 efforts, would result in the construction of the different aided Railways. 
 It would have been quite open for the Government of the day to have 
 settled ur ^n a plan under which this Province might have bc^n mapped 
 out into areas to be traversed by new railways, and the question as to 
 how far those new railways might or might not be competitive to existing 
 railways would then have had to be considered ; but the policy of the 
 former Administration of Mr. Sandfield Macdonald in setting apart 
 this fund, was not in any way to undertake any such comprehensive 
 scheme as would undertake cut of Provincial moneys to supply all those 
 , deficiencies in railway matters which this Province was no doubt suffer- 
 ing under. The policy which has been pursued since Ontario has been 
 managing its own aflfairs, has been to discharge from Provincial funds 
 the measure of duty imposed upon it from a Provincial point of view, 
 and to eL courage, as far as this duty extended, and was possible, those 
 local efforts, the necessity of which the localities b ;t express by their 
 own local contributions. The principle upon which the Railway Fund 
 has been distributed, cannot be said in any way to be one which origin- 
 ated a single mile of railway in the Province. The policy of the Pro- 
 vince, under the Government of Mr. Sandfield Macdonald, and that 
 which followed it, was not the cause. This was not possible, because, 
 upon the very small Provincial contribution, no projector of a railway 
 would have entered upon the construction of a single mile. The high- 
 est amount which the Statute authorized was $4,000 a mile, while the 
 largest amount which was provided for by the Orders in Council, 
 introduced by Mr. Blake, did not exceed $8,000 per mile, and one 
 can see very clearly that that policy was othing more than 
 to make successful those local efforts which were evidenced by the lo- 
 calities providing the larger portions of the funds necessary to construct 
 these new lines. By the discriminating rates of the existing railways, 
 the progress of certain towns, arid the general well being of large areas 
 
THE HON. ADAM CSOOKS. 
 
 9 
 
 "r * 
 
 of the Province had been very much retarded. It was from the desiie 
 of 8>uch localities, in their own interest to protect themselves against 
 other localities which had more favourable railway advantages, that 
 this system of local railways was first called into existence. [Mr. Mac- 
 dougall — hear, hear.]^and in no sense can any critic, who assumes to 
 deal with this question of railway communication in the Province of 
 Ontario, and to characterize this action of the Government as indiscreet 
 or unwise, pretend to have any foundation whatever for such a state- 
 ment. Thf true origin I have said, of local railways, has >^een mainly 
 the action of existing railways themselves, especially in the matter of 
 discrimin?ting rates, by which they have almost crushed out the in- 
 terests of one locality, while another with better railway facilities was 
 making rapid strides of progress. Without going into details I may 
 give the result of the Provincial action in granting aid to railways. 
 Twenty-two railways have received grants of aid from the Ontario 
 Legislature. Of that number, eleven have completed the total mileage 
 aided, and received the Provincial grants. Just one half, therefore, 
 have been finished to the full extent. Four have completed portions 
 of their railways and received the grant for such portions. Six are 
 now in course of construction, and only one has not yet made a com- 
 mencement. Of these twenty-two railways, we find that ten were 
 aided under Orders in Council, brought, down by Mr. Blake in the ses- 
 sion of 1872. Of these ten, seven have fully completed their works 
 and received the Provincial grants, while two have received aid for 
 the respective portions completed, and one only remains which has 
 not yet entered upon construction. During the year 1876, we 
 find that railway progress has still been continuing, and as 
 Provincial Legislation provided only a very small proportion of 
 the cost of completing this large number of miles of railway since 
 Ontario became a separate Province, hon. members will, I am sure, feel 
 that if there ever has been a wi e policy of expenditure of public 
 moneys it has been the railway policy which, upon an invitation so 
 slight as not to demand more than $3,000,000, resulted in the ex- 
 penditure of ten times that amount, or more than 638,000,000. I have 
 in previous statements given information derived from the Engineer of 
 the Public Work* Department as to railway construction in the Pro- 
 vince since 1867. A large portion represents mileage not receiving 
 
10 
 
 FINANCIAL STATEMENT OF 
 
 'Provincial aid, such as the Great Western Air Line and the Main Line 
 of the Canada Southern, and parts|of other railways, such as the Toronto, 
 Grey and Bruce, also, Wellington, Grey and Bruce, and the Toronto 
 and Nipissing, which have not received Provincial aid. But the result 
 shows a total expenditure of 133,067,935 upon all railways constructed 
 between 1867 and the end of the year 1876. During 1876, 165 miles 
 of railway were completed, at a cost of $2,979,064 ; in 1875, 186 miles; 
 in 1874, 92 miles, and from 1867 to 1873, inclusive, 1,018 miles. In 
 the first place, therefore, this statement confirms the wisdom of the 
 policy of the different Governments which have been assuming to ad 
 vance Provincial funds in aid of raiVay enterprises, in the most satis- 
 factory manner, and clearly shows tha,t there was a pressing local 
 necessity, when from other sources nearly 30 millions of dollars were 
 raised, while the Government of Ontario was only called upon to advance 
 one tithe of the amount. Another mode of showing that this increase in our 
 railway system has had its origin in the local wants which I have men- 
 tioned, is by a reference to the statement which appears upon the returns 
 of the House, showing that the municipalities have voluntarily added to 
 their debt for railway purposes a sum nearly eq^^al to $7,000,000. All 
 of this has had a most important bearing upon the position of the 
 Province of Ontario at the present time. There are times when works 
 -of a permanent character can be advantageously undertaken, where the 
 iiD^ans for constructing these works are readily obtainable, where secur- 
 ities are convertible in the market, and, although prices may be high, 
 yet, at the same time, if these undertakings were entered upon at a 
 proper financial juncture, there is every probability of their reaching 
 completion. My statement shows a complete justification for such action 
 as the Government and I^egislature of Ontario is responsible for, when 
 in so many. railways projected, so large a mileage has been finished, and 
 expenditures have not yet ceased. During 1877 railway works will 
 still continue in progress. All this means additional strength given to 
 the business interests of the country which, if taken away, would have 
 rendered those interests much less prosperous than they now are. I 
 have felt that it was oieing to the general feeling prevalent among the 
 people of Ontario for further railway facilities, which, in a very useful, 
 . prudent manner, was responded to by the Legislature, that our position 
 % such as it is at present ; and that the great progress which has been 
 
 \) 
 
THE HON. ADAM CROOKS. 
 
 11 
 
 made by the people of Ontario since 1867 is, to a large extent, to be at- 
 tributed to the distribution of moneys throughout the length and breadth 
 of Ontario, not only over miles of railway which were being called into 
 existence, but in the policy of this Government in assuming to distribute 
 three millions of dollars among the municipalities, mainly for works 
 of permanent character, which has added to the business resources of our 
 people during the last few years. This large sum of neariy $3,000,000 
 which has been expended for various purposes in the local municipalities 
 has been of the greatest advantag :, and, in my belief, no better disposition 
 <;ould have been made of this large provincial fund. The distril .tion has 
 been made judiciously, and the result has given the highest satisfaction. 
 In my judgment, it will be a long time before it will become necessary, 
 it; carrying on the ordinary operations of the Ontario Government, and 
 discharging fully all its duties efficiently, to go beyond those fixed sources 
 of revenue upon which we have been relying in the past. (Cheers.) 
 I thank hon. members for their attention, but I am afraid my remarks 
 have not been as clear and comprehensive as they might have been, as 
 I have had little opportunity since my illness of considering the matters 
 which it has been my duty to lay before the House. (Loud applause.) 
 
 r» 
 
 X 
 
12 
 
 FINANCIAL STATEMENT OF 
 
 DOCUMENTS REFERRED TO IN SPEECH. 
 
 No. l.-STATEMENT OF THE ASSETS AND LIABILITIES OF Tl^E 
 PROVINCE OF ONTARIO, ON 31bt DECEMBER, 187Q. 
 
 I. ASSETS. 
 
 1. Investments — 
 
 (a) Dominion 6 per cent, in Stock and Bonds ... .$ 860,000 00 
 
 Do. 5 per cent. Debentures, £400,000 
 
 Sterling cost 1,897,805 01 
 
 $2,747,805 01 
 
 (5) Special Deposits in Banks at 5 per cent, interest 508,208 76 
 
 (c) Balance to credit on current cash accounts 40,601 86 
 
 (d) Drainage 5 per cent. Municipal Debentures : 
 
 Amount purchased to Ist January 1877 173,069 49 
 
 (c) Drainage, Municipal Rent : 
 
 Charges for works completed and now in course 
 
 of assessment $186,492 62 
 
 Charges for works now under construction 130,572 12 
 
 317,064 74 
 
 2. Special or Trust Funds with Dominion of Canada— 
 
 (a) Upper Canada Grammar School Fund— Estab- 
 Ushed 2 Vic, cap. 10, and 250,000 acres al- 
 loitedtoit $ 312,76904 
 
 (0) Upper Canada Building Fund (under 18 sec. 
 Act of 1854, Seignorial Tenure, set apart for 
 local purposes in Upper Canada) 1,472,391 41 
 
 (r) Common School Fund feee Consolidated 
 Statutes, cap. 26, 1,000,000 acres set apart), 
 5-9ths of proceedH realized to Ist July, 1867, 
 
 $1,645,644.42..... 914,246 90 
 
 2,699,407 35 
 
 By Act (Ont.), aS Vic, cap. 9, sec. 5 (1869), these special 
 Funds aie made part of the Consolidated Revenue Fund 
 of Ontariij. 
 Annual Interest paid half yearly by Dominion on Funds : 
 
 (o)and(6).. $89,258 00 
 
 (c) 47,4.3862 
 
 Total $1.36,696 62 
 
 3. Value of Library— share assigned to Ontario by Arbitrators .... 105,541 00 
 
 4. Premiums over cost at market value of Dominion 5 and 6 per 
 
 cent. Securities, held by Ontario 267,113 09 
 
 Total Assets $6,858,811 30 
 
v.. 
 
 THE HON. ADAM CKOOKS. *^ 
 
 II. LIABILITIES, on Slat December, 1876. 
 
 • 1. Railway Aid Fund. Amount of grant $1,900,000 W 
 
 Less amount paid to 3lBt December, 1876 1.401,237 65 ^^^_^^^ ^ 
 
 '■ nSittJeSt sitt'D^mtr^'^e T': m^moo 
 
 Le.8 amount paid to 3l8t December, 1876 J01^3W ^^^^ ^^ 
 
 3. Railway Grants, under Statute 38 Vic. , c. 22 • • • • -^ 
 
 4. Surplus distribution to MunicipaUties-amount. . . .$3,115,7oc 06 
 Less amount paid to 316t December, 1876, for prin- ^^^^^^^^ ^^ 
 
 cipal _[ 443,693 20 
 
 5. Quebec's share of " Com^n School Fund," coltec 
 
 tions since 1st July, 1»67. „.„ ^„. .^ 
 
 ^ 1. T „w„ ia77 .9 818,564 44 
 
 Total collected to 1st January, lau 363 goe 40 
 
 4-9th8 of ' ■ 
 
 , X . u-.-.. . . .»1,985,608 05 
 Total Liabihties ____1_ 
 
 $6,858,81130 
 
 TotalAssets 1,98P,60805 
 
 Total Liabilities 
 
 ...$4,873,203 25 
 Surplus 
 
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THE HON. ADAM CROOKS. 
 
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