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first is that in the Dominions I think we have now definitely 
turned the corner of depression, and are beginning again to 
assume an upward course in our commercial and industrial 
development. (Cheers) I believe that the light on the 
horizon which is visible when looking in our direction should 
bring encouragement to those of the old land who, being 
nearer the seat of war during the years of the great catastrophe, 
have suffered most of all parts of the Empire. Having suffered 
most I think you may feel that, as the cloud is lifting for us, 
the dawn is also breaking more brightly for you. (Cheers.) 
I would like you also to feel that in Canada there is a country 
which affords great opportunities for the investment of men 
and of capital in a manner which will be of service alike to 
the Dominions and to this old land. Immediately after the 
demobilisation period following the war, we suffered like you 
have a period of considerable depression. We had a good 
deal of unemployment, and we were obliged to draw on our 
Federal Treasury for large sums to relieve it. During that 
period it was not possible, indeed it was not advisable, for us 
to seek to open wide the doors to peoples coming from other 
parts of the world. Had we done so we would only have 
created congestion in our cities, and probably have set back 
for some considerable time the larger flow of emigration 
which we hoped would come in due course. Having turned 
the corner we are now throwing open the doors, and we 
welcome to our Dominion men and women from this old land 
who come to help to build up the British Empire, believing 
that in the growing expansion of our nation there is an 
opportunity for a large number of those who may come from 
this country, if they are willing to work and to do their part. 
We feel that through this opportunity we will be able to help 
ourselves and perhaps also to help you in the solution of one 
of your great problems. We also believe that Canada affords 
a great field of investment for capital, and that the British 
investor will be helping not only himself but us also in 
building up that portion of the British Empire. In a few 
words I shall seek to give you a few outstanding facts which 
speak for themselves, for they will enable you to judge better 
than any words of mine whether or not Canada at this time 
is a country which affords the opportunities I have been 
describing, and whether there is reason for the hopeful outlook 
to-which I have made allusion. 
~ With" regard to the immediate situation: Canada’s 
recovery from the slump of 1920-21 is plainly. to be seen. 
Our crops of the three great cereals, wheat, oats and barley, 
are the largest in our history. Last year we attained the 
proud position of being the largest exporter of wheat in the