Progress Report

On a speaking trip to the U.S. last week, Canada's Finance Minister Douglas Abbott had a confession to make. "Our public men [have failed] to tell our story in your country," he told a convention of bankers at Whitefield, N.H. "Today [I intend] to cast aside any restraining influence of that modesty which I hope is a Canadian virtue, and talk to you . . . unblushingly . . . of the virtual transformation which has been wrought in the Canadian economy within the past ten years."

The story Abbott had to tell was a tale of rapid expansion and booming prosperity. A few of the transformations:

P: Population rose from some 11 million in 1939 to nearly 14 million, a gain of almost 25%.

P: Gross national production climbed from $5 1/2 billion in 1939 to nearly $17 billion.

P: Investment was up 400% to an estimated $3.7 billion for this year.

P: Exports were up 200%, including a $1 1/2 billion increase in sales to the U.S.

These striking changes, Abbott pointed out, were only the most obvious signs of a far-reaching expansion. Just as important was the fact that Canada is no longer almost fully dependent on exports of raw materials and imports of manufactured goods as she was in the '30s and the years before.

Primary iron & steel production has more than doubled since 1939, electrical equipment manufacturing has tripled, aluminum production has increased fivefold. Canada has become an exporter instead of a consistent importer of such hard goods as machine tools and aircraft. Said Abbott: "We are in fact now selling some of the products of our manufacturing industry in the markets of the most highly industrialized countries of the world."

While developing her industry, Canada has also strengthened her position as a leading world supplier of raw materials. The vast oil exploration program in Alberta ("Second only to that of Texas") and the 350-million-ton Ungava-Labrador iron ore deposits ("Only a fraction of what the field will eventually yield") are prime examples of new riches uncovered during the '40s.

Through the ten years of growth, Abbott pointed out, Canada has stayed financially sound. Each year since the end of World War II, the national treasury has shown a comfortable surplus. It has also boosted its foreign investments. In 1939, Canada had $1.8 billion invested abroad v. $7.3 billion of foreign capital invested in Canada; since then Canada has upped its foreign investments to $4.7 billion v. $8.5 billion of foreign capital in Canada.

And Canadians were financing their own future. While British and U.S. capital, which helped develop Canada in earlier days, is still welcomed, the Dominion is no longer dependent upon it. Canadians themselves are now plowing back more than 20% of their earnings into expansion and new developments.

This file is automatically generated by a robot program, so reader's discretion is required.