NY Times Article: Discussion from Finance Minister on Canadian Prosperity

I just searched for articles on the prosperity of Canada on Google, and found an article on Google with the following description: "CANADA PROSPEROUS AGAIN. Sir Henry T. Drayton, Minister of Finance, Discusses Condition."

So, I clicked on the article, and it turned out to be a NY Times article from December 4th, 1919. Unfortunately, they don't have it in raw text or HTML format, but only a (poorly scanned) PDF.

So, I guess I can legally post a copy here in real HTML, since it is in the public domain now. Note that the numbers were actually quite unreadable and may be incorrect.


Sir Henry T. Drayton, the Canadian Minister of Finance, who is in New York to attend the convention of the United States Life Insurance companies, which is to be held today at the Hotel Astor, said yesterday that the general industrial and social situation in Canada was rapidly getting back to normal.

Sir Henry was enthusastic over the outcome of the recently floated Victory loan. The Canadian government asked for a minimum of $300,000,000 on this operation. Sir Henry, in taking the stump in the drive, outlined the Government's requirements as $807,000,000, and the subscriptions which have been tabulated thus far show a total of $673,000,000, with probably more to come. The government, he said, would allocate at least 807,000,000 and possibly a few million more.

With regard to Canada's position in the exchange market, the Finance Minister saw nothing alarming in the heavy depreciation on Canadian funds in this market.

Canada, he said in answer to a question, would be delighted to co-operate with the United States in any comprehensive plan for the aiding of Europe, although he admitted that what the Dominion could do in this respect would be small by comparison to the United States' possible efforts. The Dominion Government and private bankers in Canada, he went to explain, have at present time outstanding credits in Europe amount to around $500,000,000, of which the government has contributed $300,000,000 and the private banks and bankers the remaining $200,000,000.

Regarding taxes in Canada, Sir Henry said that there was little hope of any reduction in the gross volume, in fact, that there might have to be some temporary advance in the aggregate.

------End of Article------

Interesting stuff!

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