The New York herald., 1876-02-27
THE poMINIoN or cANApA.
MrNIsTER-A REVIEW OF THE COMMERCIAL
GROWTH OF THE COUNTRY.


GROWTH OF THE COUNTRY.
OTTAWA, Feb. 20, 1876
Hon Mr. Cartwright, in his financial statement
pointed out the peculiar and exceptional circum-
stances under which the present crisis had approached
and the imposslbity OF fforeseeing the form n might
assume or the intensity OF its effect He expressed
the befief that It not unattended with mitigating
circumstances and that tho state OF the country
actually less dangerous than it under the influence
OF imitation three years ago. Ia the year
ending June 80 1875 the receipts
$24 e4S l5 and the expenditures $2S 713Ol, leaving
surplus OF $685., GA The current year. therefore,
would be the to show a deficit But in 1874 the
imports entered for consumption, chief source OF
revenue were $l2T 404 l6o and in 1875 they only
$ll9,67 o57, showing decrease Of $77SS,512 The
exports in 1874 amounted $50 s5l 92s and in 1875 to
only ST, SS6 979 decrease OF Sl1 46l, 949 Mr..
Cartwright entered into careful analysis OF the items
in the account of receipts and expenditures, which
tended the whole to show that the balances OF
1875 were even more favorable than az first sight
would appear But while exceedingly interest
ing in themselves his observations nced not
be recapitulated at the present moment Coming TO
l875-T6 II shown by the returns brought
down that the revenue up to February 10 shows
falling or against the OF 1S74-75 for the
same period Of about 81 900 000 the figures being for
1s7475, $l4 $685. 12 aud for lS7576 $12, $40 7S5 In
the first six months of the present financial year the
imports only $51 92S 1856, against the mporta
ons Of the value Of 500 693 97S in the corresponding
period of ls7L75 or falling or OF no less
than SIS 0O0000 but in the corresponding periods the
exports OF the Dominion were respectively $50 624, S45
in ls75-7e ami $50 739 I'm 1S74-T5. Tho
decrease was wholly confined TO the article of sawn
lumber The reduction in imports is not however, the
result altogether Of diminished volume; the shrink
age in values has played a most important part in
effecting this result amounting, as inquiries have
shown TO TO- l5 20 25, 80, or even in some cases TO
80 per cent very large proportion Of the reduction,
too, has fallen on the goods paying an ad va
loren duty OF seventeen and one-half per cent Al
though the shrnkage in values is bad for the
It has OF course been favorable to tho country
whole. The people have bought what they needed
more cheaply, and, n few have suffered, the many
have gained The imitation Canada is now suffering
under has arisen, to some extent from beyond
our own control Our proximity to the United States
always exposes us to the operation OF circumstances
sble But it is impossible not to from
trade returns that there has been large importa-
$S7 600 Ooo in 1872 they $lO7 900 600 in
1878 they 1927 0O0 600 Banks be said TO
have been gutess in the matter. Tho bank discount
stood July 1870, at from $40 600 900 to $50 0Oo
In 1871 they had gone to $79 000 900; In 1872 to
$l02 OO00OO IN 1873 to $1l6 900, and in 1874 to
$l30, ,00O 000 OverimportIng being sustained and
couraged by banking facilities, the homo
manufactures have been injured by the
cumuated stocks in the hands OF tho mer-
chants People, often without experience have rushed
into speculation in numbering and other hazardous
enterprises. While the estimates for 1S76-77
81 1872 $40, showing reduction as against tho
estimates for lS75-76, of So 247 0S0 against which
there are some items OF increase, amounting to
$I76,0OO leaving net saving or $2,4O, 1868 the
sources OF revenue for the ensuing year are without
any change in the rates of taxation, calculated as fol-
lows-Customs, $l3 500 0O0 excise S., 500 000 Post
Office, 81 600 OO0 public works, LILO, OOO mscel'
laneods ST. O0o and stamps about $l25 0O0 making
altogether $23, 25O, 00O about $500, 900 and
above the estimated expenditure.
Regarding the present state of affairs AZ exceptional
the Finance Minister proposes to meet the demands Of
the year with the resources already at command,
sible on the hand of the partial inconvenience
caused TO the Canadian manufacturers by the flooding
of their markets with American goods. Mr.. Cartwright
the other hand declines to tax ninctoen-twentleths
Of the people for the boneht of one-twenteth depen-
dent manufactures mot exceeding that proporton
He comes. ultimately, to the conclusion that If
could be shown that protective system would result
fsvorably to Canada this is time for any expert
mental legislation. Revenue must have, and TO put
on high duties would destroy revenue.