PROGRESSIVE DOMINION

Poverty Bay Herald, Volume LV, Issue 17233, 12 April 1930, Page 9

PROGRESSIVE DOMINION

THE YEAR IN CANADA INDUSTRIAL EXPANSION VANCOUVER, Feb. 19. Continuing the changeover from an agricultural to a manufacturing country, Canada in 1929 witnessed industrial production 14 per cent, higher than the previous year, which in its turn was a record. What is known as the dollar volume of general business, as measured by banking transactions, was 8 per cent, higher. '1 be general lev •! of employment was higher in every month than in the preceding yeary. Even allowing for tho readjustments necessary after the stock market debacle of October, no previous period in Canada lias seen the economic activities expand more rapidly. The decline in the crop yield from 500,(XX),(XX) bushels in 1928 to less than 303,CC0,C00 bushels in 1929, has many compensating attendant circumstances. The crop was higher than the 1916-20 cycle, the quality of the. yield was the best in n any years, and prices have shown a. firmer tendency which, with higher quality and more “orderly” marketing, will enable it. to bo marketed on a, better basis than for some time. The considered judgment of expert observers of the stock relapse, ill whicll a bull market of years’ standing. subsided, is that prices will remain higher than when the movement began, and that deflation has released capital for use in non-specula live fields to a very ameliorating degree IRON AND STEEL INDUSTRIES. During the past four years, the iron and steel industries have been producing m greater volume than in any preceding field. Notwithstanding the high level of 1928, the output in 1929 was 10 per cent, higher. Imports of raw material in iron and steel showed a gain of 28 per cent. These gains were passed down to subsidiary industries, which were more actively employed than in any other peace-time period of similar duration, i The Beauharuois project on the St. 1 Lawrence, contemplating an expenditure of £16,000,000, was the chief new hydroelectric development of the year. Jbo output of electric energy was 11 per | cent, higher than in the previous year. Its value is host seen in the fact that every dollar expended on the development and transmission of electric energy' involves the expenditure of. six dollars in applying the power to its ultimate uses. . . ... Though the Canadian mining industry attained new progressive records in each of the years 1926,:i927 and 1928 still heavier yields wore reported in 19-9. For the first time the value of the output was over £60,000.000,. new records being established for 13 minerals. Cop‘per, nickel, lead, zinc, petroleum, asbestos, and structural materials showed big gains. Of even greater promise was Hie activity in prospecting and in the opening up of now ore bodies. l’UM’ AND PAPERIn the last nine years the pulp and paper industry has acquired first rank among the manufactures of Canada heading the list also for distribution of salaries and wages Newsprint output, which was 800,000 tons in 1921. was 2.900.000 tons in 1929. The value of building Contracts was £110,000.000, two and a,-half times greater than in IJ2J. Current loans in chartered banks were £50.000.000 greater than in 1928. Owing to the strong banking position, there was no currency panic in the stock crash, and no marked difficulty has ensued since in obtaining credit for industrial or business operations, and interest rates have showed a decline in the principal money markets. There has been no inflation of commodity prices.. The wages of labor and the cost of living ha\e iomnincil steadily firm. There was a set-back in the trade balance. Imports were up by £20.000,000, exports down by £14,000,000. A favorable balance of £64.000,000 at the end of 1996 became an unfavorable one in 1909 "of £12.000,000. Movements of capital into Canada, mvhr expansion conditions explained much of the import side of this equation. ■ . The decline in exports accumulated in the last half-year with the falling-off in tho movement of grain pavllv nttributable to lower viehls. but reflecting, as well, the policy of the Canadian wheat pool fully endorsed bv its 140,000 members! oP’ withholding’ shipments for a more equitable price. There was, on the other hand, an increase in revenue from taxation limber than in 1928. in spite of reductions in taxation in tho last BudP<'t ■