Et A I fata do a 
  
16 
that it is, to a certain extent, the result of the establishment 
of American branch industries in Canada which are, in reality, 
of the nature of assembling plants for parts manufactured in 
the United States rather than factories in the true sense. 
This is not the case. Canadian holdings in joint stock 
industrial companies in Canada are vastly in preponderance 
of United States holdings. Moreover, the typical American 
branch factory in Canada is not an assembling plant, but 
a bond fide factory employing Canadian labour, buying 
Canadian raw materials, conforming to the Canadian law and 
constituting part and parcel of the general Canadian industrial 
system. It is the fact, of course, that American investments 
in Canada are rapidly increasing. Before the war they were 
estimated to total $750 millions, including railway and muni- 
cipal, as well as industrial, bond issues; this total is now 
probably not less than $2,500 millions, or about the same as 
that of British Capital investment in Canada. Growth of this 
kind, however, by interests well able because of their proximity 
to judge the soundness of the situation, should act as a spur to 
the enterprise of British investors, rather than as a deterrent. 
Great Britain last year exported £130 millions of Capital to 
Empire and foreign fields, and already during the present year 
an amount approaching £100 millions has been similarly 
exported. We need our share of this in Canada, and we can 
promise, on our part, security in the way of a favourable 
economic outlook, that is second to none. Nothing will more 
firmly cement the bonds of Empire than increasing partnership 
between us in the pursuits of peaceful industry. (Cheers.) 
I have departed possibly from the subject of the Toast, 
which is the Commonwealth of British Nations, but before 
I conclude I would like to say a word or two more, particularly 
with reference to that aspect of the Toast. In thinking of the 
British Ewpire, and how it can best be knit together, 
particularly how we in our commercial and industrial relations 
can help to build up a great, strong, united edifice, I have 
been thinking of some little simile that would bring home to 
all of us the great truth involved. If we study physical 
science we cannot but be impressed with the fact that nature 
is continually teaching us that there are certain lines which, if 
obeyed, must bring about beneficial results, and certain courses 
of conduct which, if not followed, will bring about disease. 
In paying visits to different parts of England I have been 
much attracted by many things, but there are two things 
which strike the imagination of the visitor more perhaps than 
those who are accustomed to live here. One is the signs 
which appear on the public houses. (Laughter) I think 
those various signs suggest no end of interesting stories of the