as against adverse balances of $43,138,119 in the 

 same period in 1921 and $164,232,019 in 1920. 



Taking the month of September as typical, 

 the increase in the export trade of the country 

 is exhibited in every item of produce. It is 

 particularly marked in chemicals and iron and 

 steel, which each increased about 200 per cent, 

 and other ores, which increased nearly 100 per 

 cent. Agricultural produce continues to be the 

 leading item of export, followed in order by 

 forest products, animal products, ores, iron and 

 steel, non-metal minerals, chemicals and textiles. 

 The only items of trade in which Canada's imports 

 exceed her exports are in textiles, iron and steel 

 and non-metal minerals. 



The condition of Canadian trade is most 

 gratifying at the present time. For five success- 

 ive months Dominion trade returns have shown 

 a favorable trade balance, and the tendency is 

 still to increase the volume of trade through 

 swelling the bulk of exports whilst decreasing, or 

 at least holding stationery, the extent of imports. 

 Foreign tariffs have driven Canada to the very 

 desirable step of manufacturing at home certain 

 of the raw products she formerly sent abroad in 

 an unfabricated state. Her own tariffs, and 

 inter-Empire preferences, have forced many 

 manufacturers into establishing in the Dominion. 



Between the two Canada is not only coming 

 to more adequately supply her domestic market, 

 but is in the position of having a greater bulk of 

 goods available for export. 



Though Canadian manufacturers have fre- 

 quently been criticized for tardiness in deve- 

 loping foreign trade, an accusation which might 

 at times appear justified in view of the lassitude 

 sometimes exhibited when foreign countries 

 have declared their desire and anxiety to engage 

 in trade with the Dominion, Canada has in the 

 past few years stepped up from ninth to fourth 

 place among the great exporting nations of the 

 world, and Canadian manufacturers are to-day 

 exporting their products to forty-iour different 

 countries. 



Canada's Recovery 



Reproducing a chart issued by this pub- 

 lication, indicative "of Canada's Trade with the 

 United States, the New York "Magazine of 

 Wall Street," than which no better financial 

 authority is published, comments on the return 

 of the Canadian dollar to par as follows: 



One year ago to-day the American visitor in Canada 

 could take an American ten-dollar bill to a Canadian bank 

 andjexchange it for eleven dollars in Canadian currency. 

 In other words, the American dollar in Canada commanded 

 a premium of 10%. 



Not many months before that, an American ten-dollar 

 bill brought $11.90 in Canada a premium of 19%. 



To-day, the difference between the two currencies is so 

 small as to be negligible. A differential of 1-64 of 1% 

 Ito-day 1-8 of 1% Editor) measures the present premium, 

 and some contracts have been made on absolute parity. 



The disappearance of the premium of the American 

 dollar in Canada is, in some part, the result of a contraction 



in American trade abroad, but in great measure it is th 

 result of the e/pansion of Canadian trade and the yeiy 

 general and substantial improvement in the Dominion's 

 economic position. The re-establishment of parity 

 between Canada and America marks the ending of an era, 

 as trying as it was heroic, in Canada's economic history. 



In view of this recovery in Canadian affairs, American 

 business men and investors are displaying considerably 

 increased interest in their northern neighbor. The tend- 

 ency derives added impetus from the friendship and amity 

 which would naturally exist between two peoples who 

 speak the same language and are in nearly absolute accord 

 as regards customs and principles of trade and commerce. 



The business man's interests centre on Canada's pro- 

 ducts of foodstuffs, her vast timber lands, her mineral 

 resources and asbestos mines. While the Dominion has 

 undergone development on a colossal scale in the last 

 quarter-century, the business man is aware that her 

 territory still embraces one of the world's few remaining 

 open spaces, and that a steadily growing market is certain 

 to develop. 



The investor looks to Canada's big industrial plants 

 British Empire Steel, Canada Cement, Dominion Glass 

 her famous pulp and paper mills, including Spanish River, 

 Abitibi and Laurentide, her utilities and her railroads, 

 especially the empire-building Canadian Pacific. 



Road Building in Quebec 



A successful season of road building and 

 repairing in Quebec has been concluded by the 

 Provincial Department of Highways. As a result 

 of this work several new districts; which hitherto 

 were inaccessible for colonization purposes, 

 have been opened up for settlement. In 

 addition, the main highways, over which the 

 tourist traffic from the United States and other 

 Canadian provinces moves, have also been 

 improved upon, resulting in a greater number of 

 cars visiting the province this year and increased 

 revenue for the Provincial Treasury. Alto- 

 gether some 476 miles of regional and municipal 

 roads were constructed in 1922. Repairs for the 

 same two classes of roads totalled 111 miles, 

 while maintenance was carried out on 2,530 

 miles. Earth roads improved and maintained 

 in a permanent manner totalled another 238 

 miles, making in all 3,355 miles improved upon 

 or constructed by the Department of Highways 

 in 1922. 



The building of new roads and the repairing 

 of old ones for colonization purposes was a 

 prominent feature of this year's work. In line 

 with the Government's colonization policy, for 

 which some $5,000,000 was set aside in 1920, 

 $1,550,000 of this sum was used in 1922 to open 

 552 miles of winter roads, while 712 miles of 

 passable roads were completed, 597 miles repaired 

 and 57 made with bridges. The construction 

 of these roads opened up several remote districts 

 which were eminently suitable for colonization, 

 and a large number of families were settled upon 

 these lands with Government assistance. Dur- 

 ing the year ended June 30th, 1922, the Minister 

 of Colonization, Hon. J. E. Perrault, reports the 

 sale of colonization lots, comprising 220,000 

 acres, and of this area, several thousand acres 

 have been cleared and will probably be brought 

 under cultivation during the coming year. 



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