The Report of the Alberta Bondholders' Committee contains the most detailed application of Canadian national income figures yet published for purposes of argument. Owing to the difficulty of breaking down national figures for provincial purposes, and the important effect of small errors in the total income upon the residual “margin of income”, the corrections presented below are of interest. Certain deductions from Alberta's income are made to avoid double counting (table I) while the value of “necessary expenses” is estimated with more care (table II).

A detailed explanation and justification of the revised estimates of income in table I is given below in section B, and of table II within the table, and in section C. It is only fair to add that there is more room for difference of opinion in the interpretation of necessary expenses than in correcting estimates of income. More than statistical technique is involved, as there must also be some value judgments.