DEPRESSION ENDING

Taranaki Daily News, 19 December 1931, Page 15

DEPRESSION ENDING

' CANADA’S BELIEF. ; BUSINESS ON UP GRADE. , Ottawa, Nov. 10. There are. many reasons, and in the, opinion of experts there is considerable justification, for the wave of which has spread'over Canada in recent weeks and for the development of con-; fidence that-so far as this country-is' concerned the depression has seen its W-orst days. The improvement in wheat prices and; prospects meant many millions of dol-' lars to producers and brightened many; lines of business. Other' important interests benefited equally by the advance in silver! Retail' trade has/made gains, car loadings are ' but of the depths, wholesale prices shpw improvement; mine production is higher, factories are; re-opening or operating on a higher scale, newsprint production is better, building. construction is gaining. There is a general impression that the tide has turned. There will be no cessation this winter, however, in the efforts of the Federal Government in association with provineial and municipal authorities to assure work for every able-bodied Canadian, or direct relief if useful labour cannot be provided. It is estimated that the cost of such measures to the Federal Treasury will be not less than £10,009,000, and a domestic loan is being issued to 'finance it, the unfavourable exchange rate on the Canadian dollar in the United States practically having closed the New York market to new financing. The Government is advancing about £1,000,000 for the relief of an area in southern Saskatchewan where crops were destroyed by drought, and it is a notable expression of confidence in the immediate future of that great wheatproducing province that in most cases farmers have insisted upon the relief being in the nature of a loan repayable at a convenient date- In recent weeks this area has had heavy rains and the soil is in excellent condition for next year’s crops.