The Finance of the War
The Empire Club of Canada Addresses (Toronto, Canada), 25 Apr 1918, p. 216-225
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The Finance of the War

Now at the gravest moment in the history of civilization. What we are fighting for. Trade balances in 1913 when our fiscal year ended on the 31st of March compared with figures from last year. The importance of trade figures with the United States. Our immediate problem to manufacture and produce every kind of article needed by Great Britain and our Allies from wheat to aeroplane engines. Paying our part in the War. The realized need for Canada to extend credit to Great Britain, at least for a part of the munitions produced by us, and later, to extend that credit past the war. How Canada could meet this need and how the imbalance with the United States factors in. Inducing the American mind to appreciate that every farm and every workshop in all North American is necessary for the support of our armies. An explanation of how we settled our account when we had securities to sell last year, with figures. The situation in the present year. The need to prevent the bringing into this county unnecessary goods and also to prevent within Canada unnecessary expenditures, even if the goods are made here, and why this must be done. Impressing upon people that whatever they receive over and above what will provide for their necessaries does not belong to them as absolutely as in peace times but should be turned back immediately into War Loan Securities. The difficulty experienced in England of making the public understand the purpose and value of the War Certificate. The lack of signs of war in Canada that are to be seen already in the U.S., and to what this is due. Economy as a sort of fine art. The rebuilding of railroads all over the world, particularly in North America as one of the first things to be done after the war. Renewed activity in every direction which will probably be accompanied by a long period of high prices. Developing Canada's water power. A brief review of the Western world's natural resources. Canada's advantages in terms of natural resources. Paying our debts after the war is over. Canada, coming into its own during and after the war. Our men, coming back with a vision of hope and courage, and a resourcefulness and leadership such as Canada has never known before.