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'on a 980.02.10
НА, К 1
GUARANTY TRUST COMPANY OF NEW YORK
Economic Position and Plans
for Development OP those portions of the globe to which its in
habitants are now turning to obtain, through development of natural resources and expansion of economic life, reparation for the damages of war, and restoration of world-wide prosperity, none holds larger promise than Canada. It is a land of tremendous possibilities, not only for those who live there and the people of the Western Hemisphere generally, but also for the world at large, stricken in many quarters as it is and oppressed everywhere by the magnitude of burdens accumulated during the
last four years.
Canada enters upon the period of readjustment to a peace basis with the consciousness of having accomplished extraordinary things during the war, not the least of which was a swift passage to that stage of economic life where the basic industry of agriculture is enlarged by intensive effort, and manufactures have advanced to an extent indicative of ability to provide beyond domestic needs. Such a result was obtained under the pressure of a demand calculated to enlist to the uttermost the skill and energy of the Dominion. With equal enthusiasm her people are turning now to the exercise of those qualities in their problem of holding to the benefits that have accrued to them and realizing the implications of their achievements.
There is ample justification for their belief that they have not set themselves an impossible task. Sparse as is the Canadian population just now in comparison with the extent of territory; inadequate as is their industrial organization compared with that of the United States, or Great Britain, or France, or Japan; difficult as it may be under the conditions likely to prevail for some years to come to finance the multifarious operations incident to a general and simultaneous development of agriculture, mining, manufacturing, and commerce, both domestic and foreign; the attitude of the Canadians themselves and the estimation in which they are held by the United Kingdom and the United States give assurance that their aspirations will be encouraged in a very substantial way both at home and abroad. Already there are under consideration plans by which Canada will conserve her labor supply and, by her intelligent treatment of the immigrant, foster its increase. Every effort is being made to readjust the industrial organization, which war conditions called forth, to a peace basis, without loss of time or efficiency. As for the problems of finance the Canadian banks are establishing additional branches in sections where their services are likely to be required, foreign offices are being set up to handle export and import transactions, and foreign institutions are establishing branches in Canada. Altogether there is well under way the construction of the necessary machinery for business on such a scale as Canada contemplates.
AGRICULTURAL PRODUCTIONS The natural resources which it is proposed to develop are immense in extent and variety. Agriculture is, and will long continue to be, the chief industry of the country, whatever progress may be made in manufactures. It has been greatly stimulated during the war both in the direction of a diversity of crops and in the manner of their cultivation. As the labor supply diminished with the continuance of the war, intensive methods of farming became necessary. During the year 1918 there was a marked tendency toward mixed farming, which was reflected in a reduced production of wheat and oats. The estimated yield in bushels of crops for 1918 as compared with 1917 is as follows:
2,690,370 (tons) 4,776,000
262,400 (tons) 446,400 The production of crops is likely to be stimulated by the plans now being made to settle soldiers returning from Europe and war workers at home as farmers on the vast stretches of land hitherto undeveloped. A census taken at the front in 1917 showed that of 230,000 Canadian soldiers interviewed, 105,000 expressed a desire to become farmers after the war. Of these, 78,000 had had previous experience. Canada feels that the returning soldiers have a special claim upon her and that by treating them liberally in the matter of land grants she will not only meet an obligation, but also will contribute to the general prosperity, on the theory that when agriculture is prosperous the other industries will be also.
FOREST RESOURCES The forest products of Canada rank next to those of agriculture in value of production, the total for the last year being estimated at $175,000,000. In value of forest resources Canada is surpassed only by Russia and the United States. The forest belt extends across the country a distance of nearly 4,000 miles, with an average breadth of about 700 miles,