Canadian Impressions

Manawatu Times, Volume LIV, Issue 7300, 30 October 1933, Page 7

Canadian Impressions

MR. DOWNIE STEWART RETURNS Per Press Association. AUCKLAND, Last Night. On his "way back from two unofficial conferences in Canada, Mr. W. Downic Stewart arrived from Vancouver by the Aorangi, accompanied by his sister, Miss Downie Stewart, and Messrs Walter Nash, M.P., and H. F. von Haast, fellow-delegates to the conference of the Institute of Pacific Relations at Banff, Alberta. Mr. Stewart said the Banff' conference and that of the Royal Institute of International Affairs, held at Toronto, .were extremely interesting, but ho would not comment on the discussions. “Canadian problems are strikingly like those of New Zealand, only on a larger scale,” Mr. Stewart said. Referring to the proposed Central Bank in Canada, Mr. Stewart said that all the Western Provinces were strongly in favour of a Central Bank, but there was a marked difference of opinion in some of the Eastern Provinces. It was generally bclived that the McMillan Commission would recommend the establishment of some form of Central Bank, although most of the commercial banks were using every argument against the necessity for such a bank in Canada. Tho general financial position of Canada reflected the present depression and tho last three years had shown large and growing Budgetry deficits in spite of enormous increases in income tax, sales tax and other sources of revenue. However, recent speeches by Cabinet Ministers were couched in hopeful terms and Mr. R. B. Bennett (the Prime Minister) and others had "expressed the opinion that tho worst of tho depression was over. “Strong pressure is being brought to bear on tho Government by the Labour Party to introduce the N.R.A. system into Canada and the demand was growing steadily more insistent when I left. Mr . Bennett, however, emphatically stated that the system would not work successfully in Canada.’’ Mr. Stewart leaves for Wellington .to-morrow night.