Canada.

Waikato Times, Volume 116, Issue 19463, 31 December 1934, Page 3

Canada.

Despite a few modiest adventures in currency expansion, Canada, probably influenced by Britain, has been financing her way through the depression in a conservative fashion. Her greatest burdens, unemployment relief and high interest charges on indebtedness, have not yet been lifted by the improvement in business an'd government revenue. The total Federal deficits for tiie last four fiscal years amounted to approximately £1,000,000.

The domestic 'Situation .was somewhat 'complicated 'by uncertainty in financial ci idles pending the establishment of the Bank of Canada. Meanwhile lire underlying economic situation remained relatively stable. The chief discouraging factor, apart from the prospect of bad crops, was the failure of the 'capital goods industries lo show any expansion except as stimulated by public works.

Attack on “ Big Business."

Owing'to the renewed drought wheat held the centre of the Canadian stage in July. Prices and prospects for export engaged wide public interest and complicated politics in much the same way as the dairying industry does in New Zealand. During July, in response to a world shortage, the price for near 'futures rose about JO cent's to S 7 cents a bushel. Nevertheless during 49 weeks of the crop season ending July 111 Canada exported only 145.000,000 bushels instead of her quota of 200,000,000 bushels.

Probably the most sensational news of tlie year was the scathing indictment of “big business" diclalion and unscrupulous finance by Mr 11. H. Stevens, Minister of Trade and Commerce. His frank crilicism of friends and business associates of Hie Premier, Mr Bennett, and other business men opened, a wide gulf between him and some of Iho members of tho Government. Mr Slovens’ outburst earlier in Hie year resulted in Hie appointment of a Commission lo investigate business methods and Hie revelations resulted in much public indignation and a promise of remedial 'control by the Government. In Canada's disturbed politics Ihc effect of economic experiments in Hie United States can bo traced.