15 es. 
Vd r 
etm i the 
7 
- 
we have now become the fourth gold-producine 
world. fs 20 
So much for our production of raw materials. ,- But.the™ | 
extent to which Canada has become an industrial and manufac- =~ | 
turing country is no less important. Our splendid agricultural: 
achievement should not obscure the fact that the total output 
of our manufacturing establishments now reaches ‘aj higher” 
value annually than that of our farms. In 1920, whereas our 
total agricultural production was about $2 billions in value, 
our total production of manufactures was over 3% billions. 
Even excluding all costs of raw materials consumed, the net 
value of our manufactures is now normally in excess of that of 
our agriculture. We are, in brief, the second largest manu- 
facturing country in the Empire. Our exports to the other 
Dominions consist almost in their entirety, of manufactured 
goods, being in the case of India and Australia over 99 per 
cent. manufactures, and, in the case of South Africa and New 
Zealand, over 98 per cent. Even in the case of the United 
States that great neighbour of ours to whom we sold last year 
only a very little less than to Great Britain herself, our 
exports of manufactured and partly manufactured goods 
largely exceeded our exports of raw materials. 
But it 1s a survey of our general trade development over 
the past few years that chiefly encourages us in the expecta- 
tion that Canada will be found in the future, as in the past, 
a fruitful field for capital investment. Not only has our 
total foreign trade vastly increased, but we have, during the 
past decade passed definitely out of the category of nations 
whose imports exceed their exports. In 1915 Canada stood 
tenth among the nations in the value of her exports; in 1922, 
she stood fifth, surpassed only by the United States, Great 
Britain, France and Germany. The significance of this, in 
view of our heavy absorption of capital during the opening 
years of the century, is, that Canada is emphatically “ making 
good "—that she is paying dividends on the investments that 
have been made within her boundaries, and turning her 
potentialities into actualities of earning capacity. Join to 
this the facts that she is now herself carrying the major 
portion of the burden of her own public finances, that bank 
deposits have gone up from $1,100 millioas in 1913, to 
$2,100 millions in 1923; that life insurance policies have 
gone up from $1,800 millions in 1916 to $3,500 millions in 
1922; and that numerous other indexes of thrift and 
prosperity present the same excellent showing ; and we have, 
upon the whole, a situation that may be pronounced, without 
reservation, as fundamentally sound. 
It has been said of our recent growth in manufactures,