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SECR ET
CHAPTER II
ECONOMIC SITUATION
1. General Characteristics of the Economy.
story of Canada's economy is the story of its
natural resources.
No foreign nation has a more direct eco-
nomic importance for the US than Canada.
For another thing, Canada is highly de-
Indeed, in many respects the Canadian econ-
pendent on international trade. With only
omy is simply an extension of the American.
some 13.5 million people, Canada ranks third
Each country is the other's best customer; the
among the nations of the world in value of
transportation systems of the two countries
foreign trade. On a per capita basis Canada
are interlocked; normal sources of supply for
actually tops the list. Its minerals and wood
factories in one country are frequently found
products largely seek markets in the US; its
in the other; many Canadian business enter-
wheat and some of its other foods go to Brit-
prises are subsidiaries of US firms; there has
ish buyers and only secondarily to consumers
been, and is, considerable movement of man-
in Ontario or Quebec. For much of its coal
power in both directions across the border;
and oil, its machinery and its iron and steel
economic institutions in both countries are
products, on the other hand, Canada must
closely parallel. Geography has to a marked
look abroad-mainly to the US. Thus the
degree made the two countries a single eco-
prosperous functioning of the Canadian econ-
nomic area. The relationship has been under-
omy always has a slightly precarious aspect,
lined recently by the growing importance to
based as it is on the willingness and ability of
the US of certain strategic raw materials in
foreign countries to continue buying Cana-
Canada-uranium for one and, for another,
dian products. In the year 1948 about 30 per-
the iron ore of the Lake Superior region and
cent of Canada's production was exported.
of Labrador-Quebec which is coming under
The Canadian economy is somewhat less
development as the US's own high-grade re-
prosperous than that of the US, though a
serves run out. Canada has, of course, long
highly prosperous one in comparison to most
been the principal US source for such other
other countries in the world. Rough esti-
strategic minerals as nickel, asbestos, and
mates of 1948 per capita income show Canada
platinum.
somewhat closer to the UK than to the US
Canada's economy, nevertheless, has a life
level, the figures reading: US $1,531; Canada
$990; UK $774. The Canadian national in-
of its own which in some ways is strikingly
come for 1948 was $12.8 billion and with some
different from that of the US. For one thing,
Canada is still primarily a producer of raw
qualifications, Canada may be said to be cur-
rently enjoying boom times. The index of in-
materials. Despite the growing significance
of manufacturing, the country's economic im-
dustrial production (1935-39-100) averaged
portance derives principally from its rank
181.5 in 1948 compared to 175.5 during 1947
as a great world producer of grains, meat,
and a wartime peak (1944) of 198.8. In par-
and fish, of timber and wood products, of
ticular, 1948 saw marked production gains for
nickel, copper, zinc, and a variety of other
all the main commodities, an unprecedented
minerals. Many of Canada's manufacturing
peacetime capital expansion, a record labor
income in manufacturing, and practically full
establishments, moreover, are, like its pulp
employment. In June 1949, though indus-
mills, devoted to the preliminary processing
trial expansion was being more cautiously
of raw materials. More than of most coun-
undertaken, general business conditions were
tries on its general level of prosperity, the
still buoyant.
SECRET
19
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"ocrText": "SECR ET\nCHAPTER II\nECONOMIC SITUATION\n1. General Characteristics of the Economy.\nstory of Canada's economy is the story of its\nnatural resources.\nNo foreign nation has a more direct eco-\nnomic importance for the US than Canada.\nFor another thing, Canada is highly de-\nIndeed, in many respects the Canadian econ-\npendent on international trade. With only\nomy is simply an extension of the American.\nsome 13.5 million people, Canada ranks third\nEach country is the other's best customer; the\namong the nations of the world in value of\ntransportation systems of the two countries\nforeign trade. On a per capita basis Canada\nare interlocked; normal sources of supply for\nactually tops the list. Its minerals and wood\nfactories in one country are frequently found\nproducts largely seek markets in the US; its\nin the other; many Canadian business enter-\nwheat and some of its other foods go to Brit-\nprises are subsidiaries of US firms; there has\nish buyers and only secondarily to consumers\nbeen, and is, considerable movement of man-\nin Ontario or Quebec. For much of its coal\npower in both directions across the border;\nand oil, its machinery and its iron and steel\neconomic institutions in both countries are\nproducts, on the other hand, Canada must\nclosely parallel. Geography has to a marked\nlook abroad-mainly to the US. Thus the\ndegree made the two countries a single eco-\nprosperous functioning of the Canadian econ-\nnomic area. The relationship has been under-\nomy always has a slightly precarious aspect,\nlined recently by the growing importance to\nbased as it is on the willingness and ability of\nthe US of certain strategic raw materials in\nforeign countries to continue buying Cana-\nCanada-uranium for one and, for another,\ndian products. In the year 1948 about 30 per-\nthe iron ore of the Lake Superior region and\ncent of Canada's production was exported.\nof Labrador-Quebec which is coming under\nThe Canadian economy is somewhat less\ndevelopment as the US's own high-grade re-\nprosperous than that of the US, though a\nserves run out. Canada has, of course, long\nhighly prosperous one in comparison to most\nbeen the principal US source for such other\nother countries in the world. Rough esti-\nstrategic minerals as nickel, asbestos, and\nmates of 1948 per capita income show Canada\nplatinum.\nsomewhat closer to the UK than to the US\nCanada's economy, nevertheless, has a life\nlevel, the figures reading: US $1,531; Canada\n$990; UK $774. The Canadian national in-\nof its own which in some ways is strikingly\ncome for 1948 was $12.8 billion and with some\ndifferent from that of the US. For one thing,\nCanada is still primarily a producer of raw\nqualifications, Canada may be said to be cur-\nrently enjoying boom times. The index of in-\nmaterials. Despite the growing significance\nof manufacturing, the country's economic im-\ndustrial production (1935-39-100) averaged\nportance derives principally from its rank\n181.5 in 1948 compared to 175.5 during 1947\nas a great world producer of grains, meat,\nand a wartime peak (1944) of 198.8. In par-\nand fish, of timber and wood products, of\nticular, 1948 saw marked production gains for\nnickel, copper, zinc, and a variety of other\nall the main commodities, an unprecedented\nminerals. Many of Canada's manufacturing\npeacetime capital expansion, a record labor\nincome in manufacturing, and practically full\nestablishments, moreover, are, like its pulp\nemployment. In June 1949, though indus-\nmills, devoted to the preliminary processing\ntrial expansion was being more cautiously\nof raw materials. More than of most coun-\nundertaken, general business conditions were\ntries on its general level of prosperity, the\nstill buoyant.\nSECRET\n19"
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