CONDITIONS IN CANADA

Poverty Bay Herald, Volume LIX, Issue 17948, 28 November 1932, Page 10

CONDITIONS IN CANADA

UNEMPLOYMENT PROBLEM HUGE RAILWAY LOSSES “I have visited Canada mi many occasions,” remarked Sir Harold Beauchamp, on his return to Wellington this week, “but never did I find her people in sncli a depressed condition as they were on my last visit.” The papers were stating that 35 per cent, of the country’s workers were unemployed. There were wonderful opportunities, for those with money available, to buy gilt-edged investments returning very handsome results. He had noted some indications ot a return of confidence. “But,” said Sir Harold, “I am still of opinion that we cannot look for a real revival in worldwide trade until some definite arrangement is made for the wiping out of the heavy international indebtedness which is strangling trade in all parts of the world. That, of course, cannot bo done unless America falls in with the proposals.” Canada had suffered stupendous losses in tiie running of its railways, but the Federal Minister of Railways, the Hon. R. J. Manion, publicly denied that adverse criticism was justified. He stated that Canada paid in interest and other Guarantees some 16%000,000 dollars on account of the Canadian Isational Bailwavs last year. That railway had become the biggest problem in Canada today and was in a sense Canada s_ second national debt. Not only did it consume 57,000,000 dollars annually m interest alone, but it owed a billion dollars to the nation. .