THE PROSPERITY OF CANADA.

Otago Daily Times, Issue 18656, 11 September 1922, Page 4

THE PROSPERITY OF CANADA.

A remarkable item of news in our cable messages this morning is that which records the f|fct that American dollars were quoted at a discount—certainly at the narrowest possible margin of discount—in Montreal on Thursday last. A factor which has necessarily coutritubed to this condition is the industrial and financial situation in the United States. American trade is . greatly affected at the present time by the existence of industrial unrest and by the strikes that hare disorganised the coalmining operations and the transport system in that country. This has undoubtedly led American capitalists to look across the frontier for avenues for investment. But investments of Ameri can capital in Canadian industries and Canadian securities are no recent development. The movement of capital across, the international line has, in fact, been described as "probably the most pronounced and outstanding feature in the financial and development phases of Canadian existence.” A few months ago it was estimated by Sir Lomer Gouin, Minister of Justice in the Dominion Government, that the investments by Great Britain in Canada amounted to two and a-half billions of dollars and the investments by the United States to two billions of dollars. These investments are founded, of course, upon a faith in the future of Canada. It is impossible for anyone who is acquainted with the wealth and variety of the resources of the country to hold that that faith is not abundantly justified. The latest of the informative monthly reviews issued by

the Canadian Pacific Eailway contains in a few compact paragraphs a statement of the considerations upon which is based the hope that Canada will yet become one of the leading countries of the world: Canada’s coast-line totals in length nearly one-half of the circumference of the globe, with 12,(XXV miles of sea coast and 220,000 square miles of fresh water - fisheries; she possesses most expansive and potentially wealthy fishing ’grounds, and in Lake Superior shares with the United States the largest body of fresh water in the world and its most extensive inland fishery. Her forest resources are second to none and she is the world’s first fur producer. She is surpassed by only one country in the production of pulp and paper and by one only in her wealth of water powers Canada has a great reserve of virgin agricultural land with more than 200,0Cf1,000 acres of arable land in the Western provinces as yet untouched by the plough and many attractive fertile farms available for immediate settlement in the East. _ Yet, with what she has under cultivation, she has already assumed second place amongst the wheat-growing' countries of the world, with a 1921 production of over 300,000,000 bushels of such quality that uninterruptedly for ten years (he dominion Las carried off the world’s first honours for that crop. • This country has a virtual mononoly of certain valuable mineral deposits. With but one-half of 1 per cent, of the world’s population, she produces 90 per cent, of its cobalt, 88 per cent, of its asbestos, 85 per cent, of its nickel, 12 per cent. of its silver, and 4 per pent.- of its gold. She possesses 17 per cent, of the coal . resources of the globe and 71 per cent. of those of the British Empire. The two things of which Canada is most greatly in need are population and capital. There has lately been a marked increase of immigration from the United States, but the best public opinion in Canada favours the attraction of immigration from the British Isles and it may be expected that under the scheme of overseas settlement, which. the Home Government has introduced, there will be a steady stream of desirable immigrants from the United Kingdom to the Canadian ports. And, as the encouragement of immigration from Great Britain is held by responsible people in Canada to be most desirable, so also is the investment of British capital specially desired. Great Britain has in present circumstances less capital available for employment abroad than the United States has, but there can he no doubt that the prospects of Canada render that dominion • an exceedingly favourable field of investment.