Record Business In Canadian Boom

Press, Volume CIII, Issue 30480, 30 June 1964, Page 19

Record Business In Canadian Boom

(N.Z.P.A.-Reuter—Copyright) OTTAWA. For the first time since the mid-1950’5, the word “boom” is being used to describe economic conditions in Canada.

Stock markets have broken previous records. National production has outstripped Government estimates made as recently as March. Unemployment is down to a level unmatched since 1957. And, a sign of the times, many jet flights to Europe are booked up well into August To add to the sense of mounting excitement in business circles, a deposit of zinc, copper, and silver discovered near the town of Timmins, a gold mining area which has been steadily declining for many years, is said to be worth about 850 million dollars (about £283 million). On the same day as the discovery of this deposit was announced, the Government’s Bureau of Statistics announced that the gross national product, had increased by 6.6 per cent in 1963, representing a volume increase of 4.6 per cent after allowing for price increases. After optimistic “first quarter” reports for 1964, the “Financial Post” of Toronto predicted that “production, sales, incomes, and employment will continue to rise firmly through into 1965 at least.” The “Post” added that the outlook was brighter than at any time for nearly 10 years.

Unemployment, a chronic Canadian problem for the last seven years, is falling. Between February and March, a period when employment normally declines slightly, the number of Canadians at work rose by 50,000. Employment was up by 5.2 per cent compared with the same period in 1963. Reduced fares on transAtlantic air routes, which went into effect on April 1, have combined with rising incomes to produce what airline and travel agents describe as an “unbelievable” spate of bookings. British Overseas Airways Corporation

and Trans-Canada Air Lines are carrying. the heaviest loads, but Air France booked more than twice as many passengers in April this year as in the same month a year ago. Forecasts are that, southward travel to the United States Will also set up new records this year.

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