The Future of Canada's Mineral Development as Reflected in her Mineral Trade

At the Annual General Meeting of the Institute in 1924. I endeavoured to present the position held by the mineral industries in the commercial life of this country. The facts and figures were presented at that time in a detached way. Since then, however, I have made some attempt to analyze them in order to determine the causes for that position and to draw some conclusions as to the future of the mining industry. As everyone knows, our trade figures are very often used in political discussion, especially in discussion of tariff policy. It would be entirely out of order for me to say anything touching the tariff issue and I want to have it clearly understood that, in my opinion, the material I am about to present contains not a single statement or conclusion which anyone would be warranted in using as an argument for either a lower or a higher tariff or for tariff changes of any kind. As a starting point, let me re-state, very sketchily, Canada's general situation in external trade. In the last calendar year, 1924, we sold Canadian merchandise of all kinds to other countries to the value of $1,045,000,000 in round figures. Our purchases abroad reached about $893,000,000. Thus our sales exceeded our purchases by roughly $152,000,000. In other words, we had what is known as a 'favourable balance of trade' - one of the biggest favourable balances we have ever had in our history. The proceeds of our sales of Canadian products enabled us to meet the bills for all our purchases of foreign commodities and, in addition, placed a large surplus to our credit with which to offset our interest charges and other obligations abroad.