Mr. G. H. CASTLEDEN (Yorkton):
Mr. Speaker, my speech will be somewhat shortened by what has been said this afternoon by the hon. member for Vegreville (Mr. Hlynka). I want to congratulate him and his compatriot in our group, the hon. member for Dauphin (Mr. Zaplitny) upon their contributions to this house. They are a credit to themselves and an evidence of the real greatness of the Canadian people.
The 1947 budget was presented to us as one granting great relief to the income taxpayers of Canada. But reviewing the budget in its entirety and analysing its figures, I find that the greatest relief has not been in the income tax field at all but in the granting of exemptions from the excess profits tax as af December 31, 1947. It has been evident to the Canadian people and to us here for many, many months that monopoly enterprise as we know it in Canada has been putting pressure on this government to give it relief from the excess profits tax, along with its demands for the removal of price controls. Price controls were removed during the first few months of this year in spite of the tremendous increase in company profits which were being made in almost every field of Canadian industry. Attention has already been drawn to the tremendous increase that has taken place in company profits for 1946 in most of the industrial firms in Canada, and with the removal of price controls we shall find that these prices will rise abnormally. What justification the government had for removing price controls when profits were climbing as they were is best known to them. But the Canadian people are alert and are watching these things.
Subtopic: DEBATE ON ANNUAL FINANCIAL STATEMENT OF THE MINISTER OF FINANCE