CANADIAN TRADE

Otago Daily Times, Issue 21578, 25 February 1932, Page 10

CANADIAN TRADE

EXTENSION WITHIN THE EMPIRE

A factor which encourages strong hope that the time is ripe for a great development of inter-Empire trade and that progress of momentous consequence will be possible of accomplishment at the Imperial Economic Conference is the steady expansion in recent months of Canada’s business with the United Kingdom and her sister dominions.

During the fiscal year of 1928-1929, according to official figures, Canada’s imports from the United Kingdom amounted to 15.3 per cent, of her total imports and from the whole Empire 20.3 per cent. Figures for the present fiscal year are not available, but the 12 months to the end of October last the percentages had gone up to 17.8 and 24.2 respectively. For the same periods the proportion of Canada’s exports which went to the United Kingdom advanced from 25.2 to 27.9 per cent., and to the Empire from 34 to 36.4 per cent. Experts believe the situation never was more favourable to the continuation of this trend, an important element being the unfavourable exchange rate on the Canadian dollar in the United States which is an effective brake on expenditures by Canadians in that country. As they surveyed the disappointments of last year and prospects for the future, public men, financiers and business leaders expressed high confidence and great optimism. The Prime Minister, Mr Bennett, said he was certain conditions were improving and declared the present year presented “ the greatest possibilities of any in our history.” Mr H. H. Stevens, the Minister of Trade and Commerce, who has been in Honolulu negotiating a trade treaty with New Zealand representatives, believes the price level is stabilising itself and that so far as Canada is concerned the “ storm of depression ” has about blown itself out. Leaders in industry point out that statistics of national production of all kinds, while showing a recession in 1931 as compared to 1930 and 1929 in most cases yet represent an advance over previous years and usually over the ten-year average. Financiers point with pride to the fact that no Canadian bank has failed during the depression, nor has one experienced ft run or come under public suspicion.