San Antonio light. [volume] (San Antonio, Tex.) 1911-1993, 1923-01-01
Canadian Industries
Show improvements, Too

mid-August and the close OF navigation
this year. The Central Pacific rail-
roads freight yards at Transcona. neaI
Winnipeg, were reopened. and through
them and over the Canadian Nationals
lines we've moved over 100000. 900 bush
els Of grain before the mlidle of lie.
cember.
Montreal again assumed premier
place among the grain shipping ports
of the continent, with 150,000,O0J
bushels handled there by the midd C
of November, and a IS per cent in
crease in the number Of grain vessels
cleared from that port over the totil
of the previous year. But Il was not
alone eastbound freight that taxed the
capacity Of the carriers. for the Toror
to terminals Of the Canadian National
and the Grand Trunk railway record
for November greater amount of
westbound tonnage than ever before in
their history, the consignmeDts consist
ing chiefly of lumber, cement brick and
stone, as well as coal and general mer-
chandise.
Railway Earnings Better.
So much business resulted not only
in a continuance of the Canadian Fa-
cific railways profits, but in an actual
PAoAlA ldl|E WINS w
the year TO the government lines, which
had been running at loss during the
earlier months. As this good fortune
synchronized with the appointment 10
the general managership of Sir Henry
Thornton. the American railway man
who has made reputation of putting
losing lines on their feet financially, 1t
will be difficult in the future to de-
termine low much is due to the iii
proved slate Of the country and how
much 10 the new policy of the roads.
Much, however, is expected from the
new management.
OF greater interest has been the I'M
provement in Canada's export trade.
During tie first seven months Of tee
year, as the latest available figures
show, the Dominion ranked fourth
among the exporting nations of the
world and first in per capita export.
During the year ending with October
she strengthened her position as a
creditor nation by increasing her favor
able balance of trade TO over S15,0O0,-
900. Furthermore. as substitute for
her lost markets in the states she de-
veloped new lines of trace, chiefly
within the British Empire. For instance.
while she shipped over her southern
border i'll October goods to the value
of So, STS.533, she sent across the At
$4,000 worth.
Improvement in Exchange.
During the last quarter of the ycSr
the improvement in exchange has
helped Canada in two ways, for while
the return Of the Canadian dollar TO
par has given the Dominion increase
power to buy much-needed raw prof.
ucts from her southern ne;ghbor, tie
improved value Of the pound sterling
has similarly stimulated English buy
ing out here.
But cautious bankers here do not
look upon the return of our currency to
par as absolutely indicative Of the ooun-
try's financial position. it is true that
Canada Is the first Of the be,iigerent ma
tons of 1914 whose money has assumed
its old valuc. No doubt, too, the Do
minion's favorable balance of trade has
been partly responsible for the in
proved position of the Canadian dollar,
as also TO some extent has been the
country's increase in gold supply. But
probably the most powerful influenee
has been the amount of Canadian bor-
rowing in New York, which aggregated
S240, 100000 during the year. While
this naturally represented an advantage
in the beginning. it will later add to
our liabilities which are already corr
sidered the weak point in the country s
economic condition, since the interest
on our total debt abroad amounts tn
half a million dollars a day.
Immigration Needed.
Because of this heavy indebtedness
with its result in burdensorae taxation
Of the people there has been considcra'
bic agitation lately for a more active
immigration policy which will bring IN
settlers t. develop the latent resources
Of Canada.
There are profits and losses not r.
corded in the blue books. Two Of the
heaviest losses sustained ny the To
minion during the year have been the
burning of much valuable timber IN
the summer forest fires in British Co.
lumbia. ard more recently The deStruc-
ton of the whole town of Haileybury
in the Cobalt mining district Of North
ern Ontario. A much smaller Joss result
ed from the impairment Of the reserves
of the Merchants Bank, which had 70
bee taken over by the Bank of Mont
real.
On the whole, however, Canada has
added materially to its assets Largely
because cf greater thrift and industry,
and therefore the country faces tie
perplexitiCs Of the future with far great
er confidence than it showed year
ago.
DOWNRIGHT 1924