The Canadian Economy and Its International Aspects
Publication
The Empire Club of Canada Addresses (Toronto, Canada), 18 Mar 1948, p. 299-311
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The Canadian Economy and Its International Aspects


The importance in world affairs which is held by Canada as a substantial part of the British Empire. Public debt and taxation, with figures. The net debt of the Federal Government at March 31, 1939. Necessary increases during the war years. The issue of "Active Assets." The difficulty of dealing with such huge figures. Dollars raised through taxation, with figures from 1939, 1946 and 1947. The estimated surplus. Future taxation. Hopes for a great decrease in public expenditure now that we have a kind of peace or at least a cold war instead of a very hot one. Indications of further heavy expenses. Costs of the social programme. Government largesse. Figures on transfers to persons from Government for Family Allowances, War Service Gratuities, Re-establishment and Re-habilitation Grants, Pensions, Relief, Mothers' Allowances, Prairie Farm Assistance and Grants to Charities, etc. in 1938 and in 1946. Foreign trade. Shortage of U.S. dollars as a world problem. Canada-United States trade. Import and export figures showing an adverse balance of $918,000,000. Details of imports. Canada-Great Britain trade, with a net credit balance of $264,403,000 in 1938 and a net credit balance of $396,073,000 in 1946. Settlement of trade balances. The need for a return to free convertibility of national currencies at realistic exchange rates. Canada's Post-War Position. Canada's capacity for production greatly enlarged by the end of the war, but an imbalance existing in the capacity of Great Britain and other countries abroad to pay for goods produced. Gifts and Loans. Dollar figures of monies given or lent to the United Kingdom. Reasons for such gifts and loans to the United Kingdom, and other countries. How Canada benefits. Personal Incomes and Expenditures, with detailed figures. Savings, also with the dollar figures. Growth in Business. Figures that indicate progress and encourage Canadians to look forward confidently. Taxes Vs. Incentives. The speaker's belief that counteracting inflation with high taxes is a mistaken approach, and why he believes this to be so. Saving Discouraged. Ways in the which the incentive to save is being discouraged. Double Taxation. How succession duties are in fact a form of double taxation. The introduction of a bill to re-write the Income Tax Act; an opportune suggestion that the effect of heavy taxation upon all extra effort and productiveness should be seriously reconsidered, and that the Dominion Government retire from the field of succession taxes. Free Enterprise. The role and results of free enterprise. The long-term view of Canada's financial position full of promise.