May 8, 1919 (13th Parliament, 2nd Session)

*Sir THOMAS WHITE:

I merely used
that as an illustration. I do not know what amount was over-borrowed last year- at least, I have not accurate information. I stated to my hon. friend that if we raised, as we did, $670,000,000 by the Victory Loan of last year, and had a war appropriation of only $500,000,000, and if we had a surplus from the previous year, and had not borrowed the amount we were authorized to borrow the previous year, that unused borrowing power would apply in respect of the surplus expenditure. I will look at this section, but I do not think it should pass because it was settled, as I say, with that in view.