other countries honey only to the extent of 36,929 pounds, 

 valued at $9,195, she imported from the United States, 

 Australia, Jamaica, Hawaii, and other countries the same 

 product to the extent of 683,149 pounds valued at $128,751. 

 The Western provinces should not only wipe out this ne- 

 cessity of importing but widen the scope of Canada's honey 

 exports. 



"Emergency" Tariff's Effect on Canada 



By C. W. Gates, Ottawa, Ont. 



Canadian trade returns show that during the 

 seven months that the "Emergency" tariff was 

 in force up to December 31st, 1921, the value of 

 exports affected by it to the United States fell 

 to the extent of nearly 75 per cent., or from $125,- 

 480,491 during the same period in 1920 to $32,- 

 473,510 in 1921. The returns also show that the 

 decrease in value during December was the heav- 

 iest of any month, having been equal to about 

 80 per cent., as compared with the figures for 

 December, 1921. That is to say, while the value 

 of exports affected by the tariff was $32,026,- 

 049 in December, 1920, it was only $6,545,541 in 

 December last year. 



Exports of wheat have suffered the most. 

 During the seven months period in 1920 the ship- 

 ments to the United States were 30,823,177 

 bushels, valued at $69,935,391 ; whereas for the 

 same months in 1921 they were only 10,923,926 

 bushels, valued at $13,329,507. It will thus be 

 seen that in so far as value is concerned, wheat 

 accounts for more than 50 per cent, of the de- 

 cline. Livestock has also been hit hard. Dur- 

 ing the seven months of 1920 the exports of 

 cattle were 250,056 head, valued at $19,341,392 ; 

 during the same months in 1921 they were 134,- 

 774 head, valued at $2,749,131. Exports of 

 sheep in the same period, 1920, were 168,247 

 head, valued at $1,600,356; in 1921 they were 

 80,910 head, valued at $449,183. 



Wheat Flour, Meat and Wool 



Exports of wheat flour, which in the months 

 under consideration in 1920 were 607,015 barrels, 

 valued at $6,782,998, were only 242,384 barrels, 

 valued at $1,530,941, during the same months in 

 1921. Potatoes were also hit hard; for whereas 

 in the last seven months of 1920 exports were 

 1,578,350 bushels, valued at $2,075,775, in 1921 

 they were reduced to 518,056 bushels with a 

 value of $489,241 . Exports of meat of all kinds 

 which in 1920 were 31,350,000 pounds, valued 

 at $5,680,010, in 1921 were only a little more 

 than 24,000,000 pounds valued at about 

 $3,000,000. 



Wool exports were cut into most deeply of all, 

 for whereas these during the last seven months 

 of 1920 were 4,623,223 pounds, valued at $1,463,- 

 000, in 1921 they were only 127,146 pounds, 

 valued at $13,562. Exports of fresh milk were 

 reduced to some extent but not heavily; on the 

 other hand those of condensed and preserved 

 milk were cut from 9,967,280 pounds in 1920 to 



1,202,182 pounds in 1921. The marked falling 

 off in the latter was, however, due more to the 

 reduction in the price of fresh milk. 



Where Tariff Made Little Difference 



The trade returns show that when there is a 

 scarcity of a product in the United States that 

 Canada can supply, the tariff makes very little 

 difference to the demand. For example, the 

 exports of apples, which during the seven months 

 ending December in 1920 amounted to only 

 23,460 barrels, were 480,000 barrels in 1921; 

 exports of flaxseed, which in the last seven months 

 of 1920 were 1,188,000 bushels, were 2,625,000 

 bushels in 1921. 



As exports of wheat formed the largest per- 

 centage of the value of exports in 1920, and as 

 they were not nearly so heavy during the early 

 months of 1921 as during the closing months of 

 1920, it is probable that the "Emergency" tariff 

 has done its worst. Even in spite of the high 

 duty of 35 cents a bushel, the demand for Cana- 

 dian hard wheat for mixing has been such that 

 nearly 11,000,000 bushels went over the border 

 during the last seven months of 1921. 



In considering the foregoing figures, it must 

 be taken into account that figures for quantities 

 are a more accurate measure of the effect of the 

 tariff on exports than are values. 



As Others See Us 



Canada's economic situation as compare 

 with other countries of the world at the present 

 time, is briefly summed up by Barren's National 

 Financial Weekly in an editorial which again 

 becomes the subject of an article in the Wall 

 Street Journal at a little later date. To see our- 

 selves as others see us, particularly through the 

 columns of such influential U.S. publications, al 

 this time of general reconstruction, is both inter- 

 esting and encouraging. The editorial says: 



Canada has her troubles. They are the lesser prob- 

 lems of resumed growth, not of reconstruction. She has 

 no war currency to deflate. Her budget practically bal- 

 ances. In foreign trade her cash position is stronger than 

 a year ago. Her production increases. No other country 

 in the world can point to the combination of all these 

 factors in the beginning of 1922. 



If the course of exchange be true augury of 1922 even- 

 tualities, the Canadian outlook is 100% better than a year 

 ago. The new year opened with Montreal dollars at a 

 5% discount. The old year began business with Montreal 

 dollars worth 85 cents apiece in New York. 



In the particulars which receive first consideration when 

 methods of actual reconstruction are authoritatively dis- 

 cussed, currency, budget and foreign trade, the Dominion 

 satifies the requirements of international credit. 



But for railway investments, public revenue for two- 

 thirds of the current fiscal year would exceed expenditure 

 by a surplus almost again as large as the deficit of $26,000,- 

 000 disclosed. Revenue is larger than in 1920. 



Originating a generation ago, the Canadian railway 

 problem outranks all others in fundamental importance. 

 But it has always been and remains a detail of growth, huge 

 as it bulks to-day. 



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