The Waterbury Democrat., 1934-12-06

tiative is accomplishing every where" he said, they would in all
 fairness have to admit that it is doing its full part in laying anew
 the foundations of prosperity"
 Among the problems still facing
 Canada he cited unemployment, and referring to the legislation on
 this subject now functioning so eff
 fectively in Great Britain, he said |:
 Legislation to deal with this
 whole subject will have to be un- dertaken by the governments of Canada and the United States. Otherwise the problem will get out of hand and it will be impossible to control the proper expenditures of the vast sums which are being voted for the purpose of unem- ployment relief"
 Reviewing economic conditions in Canada. Sir Charles said: Trade and industry presented a brighter picture than had been the case for several years past as most of the basic industries had shown pro- Sressive betterment during the year, some of them sto a remark able extent.
 Canada hass moved forward consistently on the road to recov- cry and it is instructive to seek reasons why this progress has been more steady and more pronounced than that of any other countries Among the reasons I think we must count the fact that we have not been so ready as have some others to seek a panacea in the control of industry or in economic experiments of one kind and an other"
 He referred to the example of Great Britain whose returning prosperity constituted an inspiring object lesson, remarking that the people there had made a united effort to promote business and in this single minded objective had side-tracked extraneous reforms and experiments.
 Sir Charles referred to the seri- ous deficits of the national system of railways, saying this was the biggest leak in the country's. finances and the greatest deterrent, to Canada's recovery. Holding that railways competing with each other could never succeed in adopting a. common policy to meet the many forms of competition, he. advocated as first step the coordination of the two great railway systems of Canada and as a second step the regulation of all forms of trans portation under federal board of transportation commissioners.
 W. A. Bog, general manager of the bank, who also addressed the remarked that Cam ada was particularly interested in sterling and the United States dol lar being stabilized and said it did not appear that satisfactory stab- iliZation could be achieved on any other basis than a gold standard. He referred to the much needed which has been given by the Ottawa agreements to the ex- port of agricultural products, United States in 1920-21 took 3S per cent of Canada's exports of raw farm products and Great Brit ain 25 per cent, in 193334, Great Britain's share was 63 per cent and that of the United States mere 2 per cent of the total.
 He referred to Canada's banking system as one of the factors that had prevented the depression there reaching the low levels experi- enced in many other countries and remarked that evidence of the con- fdence in the Bank of Montreal held abroad was to be found in the fact that the number of share holders of the bank residing out side of Canada had increased dur ing the past year by over three hundred and since 1929 by more than eight hundred.