It is not? I wonder
if there was no effect in the city of Montreal when the announcements of 1922 were made, no effect when the announcements of 1923 were made? There was an effect on the hon. gentleman himself.
Now, as to the unit capital of these failures: In 1924 the average liability per failure in the United States was $55,083, and in Canada $58,467, showing that the average industry which failed in Canada in that year was larger than the average in the United States. Over the whole three years the average in the United States was $49,838 and in Canada $48,069, showing clearly that the same type of industry is considered in each, and showing indisputably that Canada, relatively to its competitor, under the tariff policy of hon. gentlemen opposite, has suffered and suffered grievously in its industrial life.
Now to proceed to one or two facts. Hon. gentlemen say: Oh, but look at our exports,
they are greater than before; look at the amount we are selling, and look at our imports. They are now taking credit because those impor' s are reducing. The imports are reducing. Exports in a year of large harvests or large prices increase, and the government and government policy have little or nothing to do with either. But the kernel of the thing is this, as illustrated in some excellent material provided by the same member for Toronto: The character of our exports is in the main
raw material; the character of our imports is manufactured goods. The analysis made by the hon. : lember shows that for the year 1923, of our exports in wood and wood manufactures 64 per cent was raw material, and only 36 per cent goods partially or wholly manufactured; and in the sphere of non-ferrous metals, our exports were 77^ per cent raw material, and only 22i per cent manufactured. In our imports the very reverse is the case. In wood and wood products only 27 per cent of the i.mpor'ation was raw material to be used for manufacture here and [DOT] 73 per cent manufactured goods; and in non-ferrous metals 13 per cent of our importation was raw material and 87 per cent manufactured goods. I wonder if those facts sink into the mind of the Acting Minister of Finance. They illustrate the whole character of our trade.
Subtopic: SOME REDUCTIONS IN CANADIAN TARIFF RATES SINCE THE WAR COMPARED WITH INCREASES WHICH OTHER COUNTRIES HAVE MADE ON THE