Canadian War Finance Reprint

Author : Thomas White
Publisher : Forgotten Books
ISBN 13 : 9780365701361
Total Pages : 20 pages
Book Rating : 4.7/5 (13 download)

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Download or read book Canadian Trade and Finance During the War: Address by the Hon. W. T. White Before the Canadian Club of Montreal, November 2nd, 1915 (Classic Reprint) written by Thomas White and published by Forgotten Books. This book was released on 2018-03-30 with total page 20 pages. Available in PDF, EPUB and Kindle. Book excerpt: Excerpt from Canadian Trade and Finance During the War: Address by the Hon. W. T. White Before the Canadian Club of Montreal, November 2nd, 1915 There is another matter to which I next desire to draw your attention. And that is the so-called adverse balance of trade which Canada had eitperienced for some years. Prior to the outbreak of the war. For the fiscal year of 1913, Canada's so-called adverse balance of trade was about three hundred million dollars. For the fiscal year of 1914, it was one hundred and eighty million dollars, and forthe six months ended-se tember 30, 1914, that is to-say, ' at the end of the month immc iately following the out break of the war, the adverse trade balance of Canada was forty five million dollars. Now, there is another matter usually over looked in considering the question of Canada's external indebted ness, and that is an invisible but a very important factor - the interest which Canada as a nation owes, and is obliged to pay annually upon her past indebtedness. -t hat annual intetr 't has been computed at from one hundred and twenty-five to one hundred and forty million dollars per annum'; so that you will bear in mind that in addition to the trade balance - the adverse trade balance to which I have referred - there was an invisible balance against Canada to the amount of, say, one hundred and forty million dollars. Then, at the time of the outbreak of the war, there were many short-date obligations maturing in London - obligations of Governments, Dominion. Provincial and Muni cipal, and of railway and other corporations. You may remem ber that from 1913 onward, because this war was casting its shadow before, interest rates had stiffened, and it was difficult to issue permanent loans. The result was a great deal of' short date borrowing, and Canada at the outbreak of the war found herself in the position of having many short-date obligations maturing in London for which those who originally issued them had intend J to provide by funding operations. Tha' n a general way, Mr. President, was the position of Canada on the occasion of the outbreak of the war. Now, 3 Du will gather from the statement which -i have made that there was a'very heavy trade balance against Canada, greatly increas ed by this invisible factor oi interest, and that Canada was con fronted also with large obligations maturing abroad. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.