found in virgin territories where the natural resources are still unexploited. In periods of depression, however, the sending abroad of both capital and labour is diminished, both preferring at such times to endure the evils which they know at home rather than take the risks of a new departure at a distance. This proposition is aptly illustrated by the statistics which show that during the past 25 years immigration was at its minimum in the year of deepest depression, 1897, that it steadily increased from that time forward to 1908, that a decline took place in the fiscal year ended March 31, 1909, on account of the short depression of 1908, that thereafter immigration steadily increased till 1913, while the fiscal year ended March 31, 1914, showed a decline due to the depression which occurred in the year preceding the war. In the fiscal years 1915 to 1919, political rather than economic conditions restricted immigration, but with the expansion of business at the end of the war our immigration was more than doubled, while the depression which characterised 1921 and 1922 is reflected in declining immigration of the fiscal years ending March 31, 1922, and 1923. The improvement in business conditions in 1923 has been reflected in an increase of immigration during the fiscal year ending March 31, 1924.' With this preface it is possible to examine some of the immigration statistics for certain interesting years. These figures are of further interest if the figures under the heading 'Other countries' are carefully defined. For example, if we examine them under 'Nationalities and races' for the years 1918 to 1925 we find that they include the following number of British from other parts of the empire than the United Kingdom: Thus, taking the entries from the United Kingdom during these years and adding to them the Other British,' we find that the British subjects who entered Canada as immigrants were as follows: To sum up, during the eight years ending 1925, Canada received I shall return later to the question of British immigrants. Here I should like merely to point out that the vast majority of immigrants from the United States are of British stock. Seeing that we have been seeking settlers for the land, we have, I think, done well to attract our largest group from British (white) subjects among whom suitable settlers of this class are hardest to find among possible immigrants. Our total immigration from 1918 to 1925 is doubtless very small compared with our exceptional years from 1910 to 1914. On the other hand, we spent from 1922 to 1925 a great deal more money on immigration as the following figures will show: Our most difficult problem is to retain our immigrants. It may be that we have not built ourselves a high enough tariff wall; but it is of remarkable interest that Canadian immigration to the United States has been stimulated by the American quota system of immigrant regulation which does not apply to Canada. In other words, the American system of limiting immigration has resulted, in the words of the Dominion statistician, 'in offering especially attractive inducements to Canadians to enter the United States during the period of that country's industrial prosperity.' Unfortunately, the outgoings and incomings of this movement have not been recorded. In March 1924, however, Canadian immigration officers were instructed to make records of Canadians returning to stay in Canada, with the result that we found a homeward movement of importance. During the months from April 1924 to September 1925, 62,057 Canadians returned from the United States, and the movement is still in fair progress. Of course, we can never expect to stop entirely the exodus under existing conditions; and our history shows that it has taken place right along from 1867. It is the result of an economic attraction whose varying intensity we cannot control. What is of interest is the fact that it must be studied in the light of those returning. I have given special attention to various aspects of our population problem. I should now like to illustrate our national economic developments. The easiest illustration is drawn from manufactures, which show an astonishing record of progress. We shall take the early war year and the first five years since the war. 1915 1919 1920 1921 1922 1923 611,008 15,593 1,958,705,230 283,311,505 589,603,792 618,463,139 1,509,870,745 732,120,585 1,686,978,408 518,785,137 1,209,143,344 I have specially given these figures in order to illustrate an economic phenomenon in Canada which is too often forgotten. The amount of capital sunk in industry and the amount spent in salaries and wages constitute a feature in our economic life which deserves emphatic record. It is in this connexion that a serious domestic difficulty arises in relation to our tariff policy. It would be impossible here to do anything like justice to the issues. The truth, however, is that there is no 'free trade' party in Canada. Ordinary common sense would rule it out, as we absolutely resent direct taxation. Our national fiscal and economic demands require a tariff. For the lower tariff party there is strong support especially in the great prairie provinces. The differences between 'high' and 'low' do not vary in an emphatic degree in practice; but the issues serve to divide us severely. One thing is certain, as soon as our prairies fill up with primary producers, prairie industries will inevitably arise, and the divergence of economic interests will tend to disappear. Here, as elsewhere, immigration is our pivotal problem. It would be impossible to illustrate in detail other economic activities. The following statistical summary will serve, however inadequately, to illustrate our position at the end of 1926: |