Section 4. National Wealth and Income.

Transcription

1 NATIONAL WEALTH AND INCOME Principal Financial and Other Statistics of Canadian Cities and Towns with Populations of 10,000 and Over, 1933 concluded. Province and City. Area. Population as Furnished by Municipality. Total Assessed Value of Taxable Property. Grand Total Receipts. Grand Total Expenditures. Total Assets. Total Liabilities. acres. No. Ontario-concluded. Welland Sandwich Walkerville... Pembroke 1,100,033 1,036 1,900 10,655 10,559 10,458 10,075 9,569,10 11,874,98 17,180,500 5,743,444 51, ,943 1,14, ,97 511,854 79,4 1,083,483 43,359 3,986,6 5,917,898 4,406,637 1,1,333,548,384 5,785,546 3,465,54 1,053,995 Manitoba- Winnipeg Brandon St. Boniface.. Saskatchewan Regina Saskatoon Moose Jaw 15,315 5,47 11,64 8,404 8,000 9,410 18, ,08i 16, ,896 44,063 1,974 5,97,775 13,118,11 9,341,497 45,743,680 34,537,745 18,90,135 5,413,701 4,801,716 1,489,609 5,470,710 4,917,799 1,574,819 4,470,74 3,584,139 5,71,5 6,886,678 0,190,09 1,183,098 78,007,917 3,848,339 7,76,47 18,85,653 18,16,419 7,55,830 Alberta- Calgary Edmonton Lethbridge Medicine Hat. 5,90 7,00 6,944 10,880 83,36 79,31 13,448 10,300 66,66,311 65,756,70 10,385,85 10,046,55 5,48,854 9,044, , ,383 5,91,916 8,390, , ,839 7,168,776 37,837,39 4,439,67 3,696,85 British Columbia- Vancouver... Victoria New Westminster 7,965 4,637 3,481 46,593 39,08 17,54 35,13,88 5,549,34 0,848,87 13,959,056,418,69 1,11,908 14,73,955,91,654 1,134,6 8,95,854 17,984,707 7,043,418 i Census of Real Property and Public Utility Assets not included. Section 4. National Wealth and Income. Subsection 1. National Wealth. The economic concept of national wealth is concrete and purely material, since economics is not able to take cognizance of the immense field of intangible wealth created by churches, schools and other institutions, nor of such things as climate, location, health, etc., which promote individual and national welfare and are often referred to as wealth, but in a different sense from that meant here. Our national wealth, as here understood, is the sum total of our physical assets. It includes all farms, factories, equipment, merchandise in stock and the thousand and one material things which Canada as a nation possesses. It does not include such things as stocks, bonds, mortgages, etc., which an individual regards as wealth but which, in reality, are mere evidences of ownership. From the point of view of the nation as a whole, all such claims and counter claims must be ruled out. There is, too, a large field of intangible wealth such as that represented by organization for doing business of all kinds, the reputation of business firms, managerial experience, etc., of which no account can be taken in a statistical determination of wealth. Further, a distinction must be made between "present" and "potential" wealth. Canada has an immense potential wealth in forests, mines, etc., the present value of which it is impossible to estimate. Notwithstanding the enormous statistical and economic difficulties inherent in any evaluation of the national wealth, the justification for such attempts lies in the importance of such information for an analysis of a nation's social and economic

2 878 PUBLIC FINANCE position. A general idea of the size and composition of the national wealth is essential for the intelligent consideration of many problems, both national and international, and although, in view of the numerous elements of uncertainty in a calculation of this nature, the statistics must be regarded as indicative rather than strictly accurate, when carefully prepared they hold a very important place in a national statistical system. There are several methods of computing national wealth, i.e., the aggregate value of the public and private property within the nation apart from undeveloped natural resources. Perhaps the most familiar of these methods is that of working back to capital values through income tax returns, but this can be applied only in countries where small as well as large incomes are assessed for income tax. A second method is that of estimation from probate returns, the value of the estates of deceased persons being regarded as representative. A third is that of a complete census, based upon a canvass of the individual. A fourth method, namely, the so-called "inventory" method, is often employed.* The estimate of Canada's wealth herein presented is based on the "inventory" principle, i.e., an attempt is made to secure for the nation an approximation of the business man's inventory of his possessions. This method consists in totalling the amounts known from various sources to be invested in agriculture, manfuacturing, dwellings, etc. It does not include the value of undeveloped natural resources but only natural wealth which has been appropriated. For instance, it includes the value of the machinery and other capital equipment used in coal mining but not the unmined coal; the boats used in fishing but not the fish in the sea; the power plants and equipment used in developing water power but not the waterfalls themselves. In the case of forest wealth partial exception is made by the inclusion of accessible raw materials. When making comparison between the different provinces it should be remembered that this method tends to understate the wealth of any section of the country which is rich in mines, fisheries or water power. Whatever method is used, difficulty arises when we try to reduce all the things which go to make up wealth (things which once created are not themselves subject to \iolent change) to a common denominator. Estimates of national wealth must always be expressed in terms of the national currency. Yet the purchasing power of the currency unit is always fluctuating and since 199 had increased at one point (February, 1933) by more than 50 p.c. in terms of wholesale prices. Even in 1930, the average index number of wholesale prices was down by nearly 10 p.c. from 199, while in December of that year the average index number of wholesale prices was 19 p.c. lower than in the same month of 199. The effect of such drastic reductions in values is first felt by the commodities which are being currently produced and, through these commodities, the dollar value of production is diminished and consequently the national income of a country where most people are producers. Ultimately, a persistent decline of this character affects the capital values of real estate, buildings, machinery, etc., and its influence is then felt in a reduction in the national wealth as stated in dollars. The first official estimate issued by the Dominion Bureau of Statistics was for 191, being based on the census data collected in that year. It placed the national wealth at,195,000,000. Later estimates were 5,673,000,000 for 195 and 7,668,000,000 for 197. The figures for 199 as published at pp of the *An explanation of method and of the background of early estimates of national wealth as applied to Canada will be found in the article "The Wealth of Canada and Other Nations" by R. H. Coats, Dominior Statistician, published in the Journal of the Canadian Bankers' Association, October, 1919.

3 NATIONAL WEALTH Year Book have now been revised in view of certain improvements introduced into the 1933 estimate. The above estimates for 191, 195 and 197 are, therefore, not exactly comparable but are sufficiently so for most purposes. The revised estimate for 199 is 31,76,000,000, and the 1933 estimate 5,768,000,000. The former presents a picture at the peak of domestic prosperity, whereas, that of 1933 reflects the writing down of values resulting from the depression. Wealth of Canada by Items, 199 and In the items showing the composition of the national wealth, as set out in Table 37, care has been taken to exclude duplication. In any consideration of the individual items it should be remembered that each item covers only the portion of wealth which is stated in the description attached thereto. For instance, the item "Fisheries" includes only capital invested in primary operations. Capital invested in fish-canning and -curing establishments is included with "Manufactures", though this also might be considered as part of the wealth connected with "Fisheries". Similarly, the items for "Manufactures" do not include lands and buildings in urban centres which are shown under the heading "Urban Real Property".* *A fuller explanation of the composition of the separate items is contained in the bulletin "Canada's National Wealth", obtainable from the Dominion Statistician on application. 37. Estimate of the National Wealth of Canada, with Percentage and Per Capita Distributions of Component Items, 199 and NOTE. For discussion of these items, seep. 871 of the 1933 Year Book and the bulletin referred to above. Classification of Wealth Farm values (land, buildings, implements, machinery and live stock) Agricultural products in the possession of farmers and traders.. Totals, Agricultural Wealth Mines (capital employed) Forests (estimated value of accessible raw materials, pulpwood and capital invested in woods operations) Fisheries (capital invested in boats, gear, etc., in primary operations) Central electric stations (capital invested in lands and buildings other than office buildings and in equipment, materials, etc.) Manufactures (machinery and tools, and estimate for capital in rural lands and buildings, duplication excluded) Manufactures (materials on hand and stocks in process, duplication excluded) Construction, custom and repair (estimate of capital invested in machinery and tools and materials on hand) Trading establishments (estimate of the value of furniture and fixtures, equipment and materials on hand) Steam railways (investment in road and equipment) Electric railways (investment in road and equipment) Telephones (cost of property and equipment) Urban real property (assessed valuations and exempted property and estimate for undervaluation by assessors and for roads, sewers, etc) Canals (amount expended on construction to Mar. 31, 1930) Harbours (approximate amount expended to Mar. 31, 1930) Shipping (including aircraft) Automobiles (estimate of the value of automobiles registered). Highways, etc Household furnishings, clothing, etc. (value estimated from production and t rad e statistics J Specie, coin and othe;r currency held by the Government, chartered banks and the general public Grand Totals Aggregate Amount. 6,308,353,000 1,631,14,000 Percentage of Total. p.c Average Amount per Head of Population ,75,814, ,118 54

4 880 PUBLIC FINANCE 37. Estimate of the National Wealth of Canada, with Percentage and Per Capita Distributions of Component Items, 199 and 1933 concluded. Classification of Wealth. Aggregate Amount. Percentage of Total. Average Amount per Head of Population: p.c. Farm values (land, buildings, implements, machinery and live stock) Agricultural products in the possession of farmers and traders.. Totals, Agricultural Wealth Mines (capital employed) Forests (estimated value of accessible raw materials, pulpwood and capital invested in woods operations) Fisheries (capital invested in boats, gear, etc., in primary operations) Central electric stations (capital invested in lands and buildings other than office buildings and in equipment, materials, etc.) Manufactures (machinery and tools, and estimate for capital in rural lands and buildings, duplication excluded) Manufactures (materials on hand and stocks in process, duplication excluded) Construction, custom and repair (estimate of capital invested in machinery and tools and materials on hand) Trading establishments (estimate of the value of furniture and fixtures, equipment and materials on hand) Steam railways (investment in road and equipment) Electric railways (investment in road and equipment) Telephones (cost of property and equipment) Urban real property (assessed valuations and exempted property and estimate for undervaluation by assessors and for roads, sewers, etc.) Canals (amount expended on construction to Mar. 31, 1934) Harbours (approximate amount expended to Mar. 31, 1934) Shipping (including aircraft) Automobiles (estimate of the value of automobiles registered). Highways, etc Household furnishings, clothing, etc. (value estimated from production and trade statistics) Specie, coin and other currency held by the Government, chartered banks and the general public Grand Totals 4,760,844,000 80,946,000 3,768,36, ,41 53 Aggregate and Per Capita Wealth by Provinces, 199 and As regards the provincial distribution of wealth in 1933 Ontario ranked first with an estimated aggregate wealth of 8,796,000,000 or p. c. of the total; Quebec second with 6,738,000,000 or 6-15 p.c; Saskatchewan third with,57,000,000 or 9-81 p.c; and British Columbia fourth with,43 or 9-43 p.c. of the whole. While Ontario and Quebec led in absolute wealth, the western provinces came first in per capita wealth. British Columbia held first rank with a per capita wealth of 3,414, Alberta second with,689 and Saskatchewan third with,657. Ontario with a per capita wealth of,496 was fourth, Quebec was fifth with,69 and Manitoba sixth with,164. The per capita wealth for the whole Dominion was estimated at,413. Further details, including revised figures for 199, are shown in Table 38. In 199 the provinces held the same relative places, both as regards aggregate and per capita wealth.

5 PROVINCIAL DISTRIBUTION OF NATIONAL WEALTH Provincial Distribution of the National Wealth of Canada, with Percentage and Per Capita Analyses, 199 and NOTE. Figures for 191 and 195 are given on pp of the Year Book, and for 197 on p. 870 of the 1931 Year Book. Province. Estimated Wealth. Percentage Distribution of Wealth. Estimated Population, June 1. Percentage Distribution of Population. Wealth per capita.' 199. Prince Edward Island Nova Scotia New Brunswick Quebec Ontario Manitoba Saskatchewan Alberta British Columbia Yukon Totals Prince Edward Island. Nova Scotia New Brunswick Quebec Ontario Manitoba Saskatchewan Alberta British Columbia, Yukon Totals i 167,117,000 95,8, ,511,000 8,403,854,000 10,655,56,000 1,979,141,000 3,088,81,000,47,957,000,756,844,000 15,75,000 p.c , ,77, ,334, , , , ,000 No. p.c. 88, , , , , , , , , , , i 31,75,814, ,09, , , ,90, ,97,000 6,738,181,000 8,795,801,000 1,56,41,000,57,147,000,035,576,000,430,890,000 18,934, ,000 5,000 40,000,970,000 3,54,000 7, , ,000 71,000 4, ,558 1,514 1,739,69,496,164,657,689 3,414 5,768,36, ,681, OOi,413 l Includes the population of the Northwest Territories: 9,000 in 199 and 10,000 in 1933, 009 p.c. in both cases. As the statistics for Yukon are uncertain the per capita estimate of wealth is open to question and has not been shown. 'Per capita figures are worked out on the basis of revised populations, seo p Analyses of Itemized Wealth, by Provinces, 199 and In Table 39 will be found detailed statistics of the wealth of each province by leading items. As previously emphasized, the suggestive character rather than the strict accuracy of such data should be kept in mind. For example, specie holdings are distributed among the provinces according to their population since they are an asset of Canada as a whole rather than of the particular locality in which they happen to be deposited

6 88 PUBLIC FINANCE 39. Estimate of the National Wealth of NOTE. Figures for 191 and 195 are given on pp of the No. Classification of Wealth. 1 Canada Prince Edward Island. Nova Scotia. New Brunswick Farm values 6,308,353,000 1,631,14,000 67,015,000 5,976, ,75,000 43,41, ,130,000 39,919,000 Agricultural products 6,308,353,000 1,631,14,000 67,015,000 5,976, ,75,000 43,41, ,130,000 39,919,000 6,308,353,000 1,631,14,000 67,015,000 5,976, ,75,000 43,41, ,130,000 39,919, ,991,000 1,9,000 75,000,316,000 1,05,000 1,58, ,6,000 6,183,000 3,6,000 0,994,000 5,097,000 40,1,000 1,08,000 5 Forests 9,991,000 1,9,000 75,000,316,000 1,05,000 1,58, ,6,000 6,183,000 3,6,000 0,994,000 5,097,000 40,1,000 1,08,000 6 Fisheries 9,991,000 1,9,000 75,000,316,000 1,05,000 1,58, ,6,000 6,183,000 3,6,000 0,994,000 5,097,000 40,1,000 1,08,000 7 Central electric stations 9,991,000 1,9,000 75,000,316,000 1,05,000 1,58, ,6,000 6,183,000 3,6,000 0,994,000 5,097,000 40,1,000 1,08, Manufactures machinery and tools, etc.. Manufactures materials on hand, etc Construction, etc 9,991,000 1,9,000 75,000,316,000 1,05,000 1,58, ,6,000 6,183,000 3,6,000 0,994,000 5,097,000 40,1,000 1,08, ,991,000 1,9,000 75,000,316,000 1,05,000 1,58, ,6,000 6,183,000 3,6,000 0,994,000 5,097,000 40,1,000 1,08, ,991,000 1,9,000 75,000,316,000 1,05,000 1,58, ,6,000 6,183,000 3,6,000 0,994,000 5,097,000 40,1,000 1,08, ,991,000 1,9,000 75,000,316,000 1,05,000 1,58, ,6,000 6,183,000 3,6,000 0,994,000 5,097,000 40,1,000 1,08, Telephones 9,991,000 1,9,000 75,000,316,000 1,05,000 1,58, ,6,000 6,183,000 3,6,000 0,994,000 5,097,000 40,1,000 1,08, Urban real property 9,991,000 1,9,000 75,000,316,000 1,05,000 1,58, ,6,000 6,183,000 3,6,000 0,994,000 5,097,000 40,1,000 1,08, ,991,000 1,9,000 75,000,316,000 1,05,000 1,58, ,6,000 6,183,000 3,6,000 0,994,000 5,097,000 40,1,000 1,08, ,991,000 1,9,000 75,000,316,000 1,05,000 1,58, ,6,000 6,183,000 3,6,000 0,994,000 5,097,000 40,1,000 1,08, ,991,000 1,9,000 75,000,316,000 1,05,000 1,58, ,6,000 6,183,000 3,6,000 0,994,000 5,097,000 40,1,000 1,08, ,991,000 1,9,000 75,000,316,000 1,05,000 1,58, ,6,000 6,183,000 3,6,000 0,994, Highways, etc 9,991,000 1,9,000 75,000,316,000 1,05,000 1,58, ,6,000 6,183,000 3,6,000 0,994,000 4,540,000 58,69,000 8,61, ,991,000 1,9,000 75,000,316,000 1,05,000 1,58, ,6,000 6,183,000 3,6,000 0,994,000 4,540,000 58,69,000 8,61,000 9,991,000 1,9,000 75,000,316,000 1,05,000 1,58, ,6,000 6,183,000 3,6,000 0,994,000 4,540,000 58,69,000 8,61,000 Totals 9,991,000 1,9,000 75,000,316,000 1,05,000 1,58, ,6,000 6,183,000 3,6,000 0,994,000 4,540,000 58,69,000 8,61,000 Totals 31,75,814, ,117,000 95,8, ,511,000 31,75,814, ,117,000 95,8, ,75,814, ,117,000 95,8, ,760,844,000 80,946,000 56,183,000 1,731, ,503,000 4,919, ,533,000 4,760,844,000 80,946,000 56,183,000 1,731, ,503,000 4,919,000 0,876,000 Totals, Agricultural Wealth 4,760,844,000 80,946,000 56,183,000 1,731, ,503,000 4,919,000 3 Totals, Agricultural Wealth,919,000 14,65,000,531,000 16,4, ,057,000 3,78, ,981,000 11,991,000 9, 14, ,409,000 4 Mines,919,000 14,65,000,531,000 16,4, ,057,000 3,78, ,981,000 11,991,000 9, 14, ,186,000 5,919,000 14,65,000,531,000 16,4, ,057,000 3,78, ,981,000 11,991,000 9, 14, ,96,000 6,919,000 14,65,000,531,000 16,4, ,057,000 3,78, ,981,000 11,991,000 9, 14, ,76,000 7,919,000 14,65,000,531,000 16,4, ,057,000 3,78, ,981,000 11,991,000 9, 14, ,637, Manufacture^ machinery and tools, etc.. Manufactures materials on hand, etc,919,000 14,65,000,531,000 16,4, ,057,000 3,78, ,981,000 11,991,000 9, 14, ,747,000 7,836, ,000 11,919,000 14,65,000,531,000 16,4, ,057,000 3,78, ,981,000 11,991,000 9, 14, ,00,000 1,919,000 14,65,000,531,000 16,4, ,057,000 3,78, ,981,000 11,991,000 9, 14, ,983,000 13,919,000 14,65,000,531,000 16,4, ,057,000 3,78, ,981,000 11,991,000 9, 14,67.000,81,000 14,919,000 14,65,000,531,000 16,4, ,057,000 3,78, ,981,000 11,991,000 9, 14, ,784,000 IS,919,000 14,65,000,531,000 16,4, ,057,000 3,78, ,981,000 11,991,000 9, 14, ,374,000 16,919,000 14,65,000,531,000 16,4, ,057,000 3,78, ,981,000 11,991,000 9, 14, ,000 17,919,000 14,65,000,531,000 16,4, ,057,000 3,78, ,981,000 11,991,000 9, 14, ,768,000 18,919,000 14,65,000,531,000 16,4, ,057,000 3,78, ,981,000 11,991,000 9, 14, ,070,000 19,919,000 14,65,000,531,000 16,4, ,057,000 3,78, ,981,000 11,991,000 9, 14, ,749,000 30,919,000 14,65,000,531,000 16,4, ,057,000 3,78, ,981,000 11,991,000 9, 14, ,406,000 1,919,000 14,65,000,531,000 16,4, ,057,000 3,78, ,981,000 11,991,000 9, 14, ,916,000,919,000 14,65,000,531,000 16,4, ,057,000 3,78, ,981,000 11,991,000 9, 14, ,335,000 Totals,919,000 14,65,000,531,000 16,4, ,057,000 3,78, ,981,000 11,991,000 9, 14, Totals 5,768,36, ,699, ,90, ,97,000 5,768,36, ,699, ,90, ,768,36, ,699, ,90, !The full' 'stub" classification of the items has been contracted for reasons of space, the reader is referred to Table 37 for a more complete description. included in figures for Nova Scotia. 3T nc ludes

7 «! rt a «p Boo t^ g o- g VI p - t-*» >t o H o h-» *. CO Nrt«t o E3 n It o B Xti o ** o M «5 I P 87- oo w CO s o p- r+- h * f I P fd 0 4 h - w CD CO t ^ rt> p w o w 1 Quebec. Ontario Manitoba. Saskatchewan. Alberta. British Columbia. Yukon. No. 1,133,343, ,698,000 CO l-i e o i i"»-i c o t o to M*. Ms. oo i-" - *. o i M ^ i c o b t M U c a o c n i ^ i & c COMS.MS. OioiMOOrfkMtnOO^Cn^JOOJOMMCufflS tocncotoi-'oootocooorfk^j^jocncnco^acoo OSCOtOM*.OSOSOCDt>OMi.~40SM*OCOt * CO to CO M* O M O O M C o ^ o i ^ o s H C n M M C O C n t f ^ C n M M 1,778,476, ,08,000 co to 91 f 3 co tjco J to 5" cro W ((".toco ( O O M M O O C C MS. OS Ms. CnCOtO 0)Cn^Mrf"COO&3MONOlCntfrOSO - 4 O 0 0 M M O C O O W ^ t O M t t! ( O M W b O M M W * J t O M IX p t tcococotocooscocoosoms.ms.to^coms.oocoos CDO^«DOtOQW*.*JMCO(DCOtDOMOOCCOO w*coocoms.crscoooococscoc7looom*cocnoo^ a. s o " a Eh no c c o B s c a. c 1-1 (D a «3 569,841, ,47,000 >*». CO OS M C D H * - h-» q t O M t J A ' ] to CO Mi. CO I-* OO CO to > *J*».,tO - 4 CO O OS ~a Cn CO Mi. t». OS 1» OS 00 CO OS OO OO CO M CO CO CO CO t i ) OS OO rf^-co CO OS O CO t o co M^ i»to Ms. M t J > a s t o t o c n» J > o s O M O t o i -» b O M O H H O ) M - ^ ^ O O M S O O O * J O O M O O O O O O 1 O O O O O O O O O O O O O 1,413,10,000 99,304,000»-i to OS -<I h-i to Cn - 4 Mi. CO tooo t-* t-» Cn h-i S M S ^ OS t 1 Mi. <! OS 00 CO OS CO CO OS to Oo CO Cn OS t-» Cn O t C O c o O i W ' M M O O i J s. H M O * k O l O CO OS O CO Cn to CO OS ~J Cn 4*. CO to 00 CO to M N O H O O t O MS* t-» to O OO to OO to CO to -4 OO Ms. O O O O O O 1 O O O O O O O O O O O O O t-* 875,110,000 3,46,000 t o rfs. t i o h- CO Ms. Cn Cn to Mi.-^1 t * t o to 00 Ms-co W O O i M OS Cn OS 00 ~4 ~J OO OS Ms. -<l to OO t o Ms. cn co i * cn -vi to to ( Ms. os co i 1 cn co co co ostocn^roso cs oo Ms. M*.»-* o * Ms. ~a M^ cn OMs.oooCnco cn Ms. cn co t oo co Mi. ~4 to cs O O O O O O 1 O O O O O O O O O O O O O 195,593,000 56,889,000 -*I CO h-i rfv 1 to t-» oo cn cn Co cn c n t o t o t o c O h ^ M s - ^ j ^ j t - i c o ^ a c n tococscncncn!-> to to Cn to to CO CO Cn CO ~q o to i-" r'os Cn cn i-" Cn co cn c co ^ " E5 ~j oo Cn M>. co*-*»i-»oo>-i o i j t o c o " ; O M C f r ^ I O O COM ffi O H M O -stco I "00 OS O. r 4. 05^ Cn ~4 Cn to o R o O O O, O O O O O O o O O O O O Q O O O O 1 O O O O O O O O O O O O O " W Ms. to ^a t * Cn CO os O 00 OS to O CO OS COCn K* h- t o - J O S O I cn O C n to CO 1 1 O O O O O O O O O O a. 1 O O O 1 I O 1 O O 1 e, o, o> O 1 O 1 O O O O O O O O O M N e «a o > J 9 > «i i» U M H e u» «] S s t n i k M to** 8,493,854,000 10,655,56,000 1,979,141,000 3,088,81,000,47,957,000,756,814,000 15,75, H-»00 c o to OO H* JO t o i-* to *as. cot * -» to Cn " < I H - C O CncnOOi^MCOccaMOcOo M O O cn ts MO3CO-JO0oa cnccocooooooo: t o c o - q o coco M O S coos O O O M O M O O O C - J M O ^ J M O O O O l O W v i a t O OS 00» COOSOsCOMS.OOtOO-<l'OOCOtOOOOOCnOOO c o c o c o M O C D M C n ^ o O Q C M t o t c n O O 1,73 80 t o t Co to i * M I O * J M oo to t * 4* Ms. Cn co Cn * M t O W W C D M C n M * J M O i to h-cn MM^CDtOtOOtOOli^MOCOa:OOOOtOCnO^ os Ms. OCn oo~j CncocnOOi>J>to^]^^oobooocooiJ>oocoMO i f r t n o t o c l t n M O ^ t U ^ O C n ^ M O v t n O o c n ^coh-^jt-fccncocncoosootocncotocoooococn O O 359,301 57,11 CO CO Ms.»-»os»-* to to to»-» cn Cn t-» to-<i co co >-* t c M * ^ *. M W oo to M*. cn o *-» t Co c o o:-4 Cn oo Ms. oo Ms. cs to i os ^i to co to * - c n O Ms. 0 0 Ms. to OO 0 ^ 0 1 > J > O O C O U 1 C ^ C O M co co ^a cn os os i» w M O & ^ t o * a W H t o O O O O O O 1 O O O O O O O O O O O O O 1,136,67 113,71 I * t to t *00"<JCO o c o --4 Cn to Cn h-» cn C C M C O O 4 ^ b C C O a ^ M O l C n ^ CO to O OS CO Ms. - 4 to Cn U 1 t O «M O M J > C n c l OO CO CO O M O N J M C n W O O O D O O M O l c O t n M O O O i i b cs cn Cn co ~4 o Co ts oo i * *» co rf*- co as oo O O O O O O 1 O O O O O O O O O O O O O 751,563 11,55 t o Ms. t»oo t» os Cn CO i. to Cncn - to * J K S CO MA. OS 1 * M O l * - J WO»-»»4 Ms. OS COtOCO t o -sj Ms. M * t» Cn O M O O d O i i - ' O ^ H C O i M to CO to CO O Cn O 3 r f. M 0 O O l H C n C O M ( D M C : w M O : C O C I O ; < I Cnocnoot *CnosMs.-<jcocn-*JCn O O O O O O 1 O O O O O O O O O O O O O 160,311,000 3,409,000 OS CO t * Ms. 1» t-k t-'o^jcotoas - J t o t o t t o c o c n t o c o t o to -a K- oo cs -<r co co t-* co co -*i co to co to M». S " ^ 00 OO to OMS. M*. 00 too l "^?'?'XcDCnOS M W f t O M H O C n c O M K M 0 3 ^ " K ^ J t» 0 ) t c i Cn,?* OS Ms. M*. Cn to 00 Oo CO CO ^ q j ^ ^ - ^ 5 tooo Cn O , O O O O O O O O O O O O O O g O O O O 1 O O O O O O O O ^ E O O O O O O O O O O ~ ^ - ^ E O O O O t-* Ms.» * to CO Ms. O O -* -^1 M C O M OO Mi. OS t * Cn O O O J *. O OOCO CO CO 1 1 O O O O O O O O O O c l O O O l I O I O O I e n o c O I O I O O O O O O O O O J>Sh-»ssoo-JS»«nii!keoioi-»<s«eoo«JSB«niJ^so toki 1 8,795,801, ,56,41, ,57,147, ,035,576, l o I 1 i ,934,

8 884 PUBLIC FINANCE Subsection. National Income* and Income Tax Statistics. Definition of National Income. "The annual labour of every nation is the fund which originally supplies it with all the necessaries and conveniences of life which it annually consumes, and which consist always either in the immediate produce of that labour, or in what is purchased with that produce from other nations." ADAM SMITH. This is perhaps the earliest modern definition of national income, and is still among the best, when it is interpreted in accordance with modern knowledge regarding the balance of international payments and the necessity of keeping productive equipment in running order. It must also be remembered that while the national income consists in goods and services of the most varied kinds, its total amount can be stated only in terms of money. Following is a statement of the nature of national income from the standpoint of the statistical technique used in its compilation, the description also being in line with present-day economic theory. "Year in, year out, the people of this country, assisted by the stock of goods in their possession, render a vast volume of work toward the satisfaction of their wants. Some of this work eventuates in commodities, such as coal, steel, clothing, furniture, automobiles; other takes the form of direct personal services, such as are rendered by physicians, lawyers, government officials, domestic servants, and the like. Both types of activity involve an effort on the part of an individual and an expenditure of some part of the country's stock of goods. If all commodities produced and all personal services rendered during the year are added at their market value, and from the resulting total we subtract the value of that part of the nation's stock of goods which was expended (both as raw materials and as capital equipment) in producing this total, then the remainder constitutes the net product of the national economy during the year. It is referred to as national income produced, and may be defined briefly as that part of the economy's end-product which is attributable to the efforts of the individuals who comprise a nation."! The Difficulty of Measuring National Income. The precise statistical measurement of the national income is a matter of insurmountable difficulty, and the most indefatigable research into ail the relevant statistics, in order to establish a figure of national income, must always leave an appreciable margin of error. Indeed, it is no easy matter even for an individual to establish an accurate money figure as representing his total income, especially where he has to include in that total income, besides his cash income, an allowance for the rental value of his (owned) house and his durable belongings therein, together with an allowance for the money value of the commodities produced and consumed within the family, (such as eggs and garden produce) and of the services, ordinarily bought and sold, but rendered gratis within the family circle. Yet this is the only way of obtaining the total income of the family. While such income, not received directly in money, but in commodities produced and services rendered, is not, except for house and furniture rent, an important percentage of the family income in most urban families, it constitutes a very important part of the income of most rural families, who to a much larger extent consume the commodities which they themselves produce. For this reason, indeed, comparisons between the incomes of urban families and rural families are often misleading, through not allowing for the non-money income of the latter. Certainly most people never think of their non-money income as income at all, and would never dream of putting the rental value of their owned homes into * The estimate of national income has been revised by Sydney B. Smith, M.A., Dominion Bureau of Statistics. t See National Income 199-3, U.S. Department of Commerce.

9 NATIONAL INCOME 885 their income tax returns. Indeed, the income tax authorities of Canada do not expect them to do so. Any difficulties experienced in expressing the total income of an individual as a single figure are multiplied a million-fold in any attempt to express the total of the national income as a single figure. The individual and corporate incomes which are to be combined into this grand total without duplication, are of such a heterogeneous character that any figure which may be given as the grand total of the national income must include some margin of error. The Influence of Changes in the Price Level on National Income. Fluctuations in the general level of prices, which have been so great in the post-war period (see p. 878), have necessarily affected the money value of the national income. In these circumstances, it is absolutely essential that any estimate of the national income should be definitely stated as for a particular year, so that the national income for each year may be related to the price levels prevailing in that year and corrected by the price levels of that year. Thus, when the official index number of wholesale prices is taken to correct the estimate of the money value of the national income for the decline of prices, it is found that bought on the average as much in commodities in 193 as bought in 199. Then, if the money value of the national income had declined by one-half in these three years, the correction for the drop in prices would reduce the decline in the real national income of all commodities and services to 8-3 p.a, on the assumption that the prices of services rendered declined proportionately with the prices of commodities included in the index number of wholesale prices. Thus on the assumption that the money value of the national income in 193 was only one-half of that of 199, the real national income would be nearly 7 p.c. of the total of 199. Much might be said here on the effect of falling prices in discouraging the actual production of commodities and the rendering of services, thus reducing the real national income, and conversely on the effect of rising prices in stimulating the actual production of commodities and rendering of services and thus increasing the real national income. Estimate of National Income as Based upon the Survey of Production. The industries concerned with the production of form utilities employed, in 1931, approximately five-eights of all gainfully occupied Canadians and produced commodities to the net value of about,06,000,000 in 1933, as shown in the Survey of Production at pp of this volume. Then, on the assumption that the remaining three-eighths of the gainfully occupied Canadians who are engaged in the transportation and communications industries, in wholesale and retail trade, in finance and in personal and professional service, are proportionately as productive on the average as those who engage in the production of form utilities, we attain a total figure of what labour, assisted by capital, has presumably been able to produce in the course of a calendar year. This figure has, for the latest thirteen years, been published in the Dominion Bureau of Statistics' Annual Survey of Production, and in the Canada Year Book. On the basis of the annual Census of Industry and the occupational distribution of the population as ascertained at the Decennial Censuses of 191 and 1931, the grand total value of the national production of commodities and services in each year from 190 to 1933 inclusive, has been approximately estimated as follows: 190, 5,53,000,000; 191, 4,15,000,000; 19, 4,50,000,000; 193, 4,696, ; 194, 4,643,000,000; 195, 5,178,000,000; 196, 5,600,000,000; 197, 6,10; 198, 6,34,000,000; 199, 6,07,000,000; 1930, 5,100,000,000; 1931, 4,100,000,000; 193, 3,370,000,000; 1933, 3,340,000,000. The totals for were recently revised in accordance with the findings of the decennial census.

10 886 PUBLIC FINANCE 40. Total and Per Capita Production of the Gainfully Occupied Population in 1933, Based upon the Survey of Production, 1933, and the Percentage of Persons Occupied in the Production of Form Utilities as Found at the Census of Province or Territory. Net. Production. Prince Edward Island 11,75,908 Nova Scotia 73,60,044 New Brunswick 50,036,18 Quebec 531,03,671 Ontario 886,51,4 98,801,770 10,584, ,507,80 159,00,785 3,35,953 1 Dominion average used. Percentage of Gainfully Occupied Engaged in Production of Form Utilities. p.c I Estimated Amount Produced by All Gainfully Occupied Persons. J 15,463, ,198,000 74,681, ,55,000 1,464,840, ,914,000 14,717,000 11,955,000 78,05,000 5,30,000 Production per Capita ,06,311, ,340,368, The above table has the defect of making no deduction for the cost of the fuel and the power required for the carrying on of the productive process in the manufacturing industries; these two items amounted to 69,400,000 in On the other hand, it makes no allowance for unrecorded production in such sidelines as the raising of garden produce, poultry, etc., by persons not deriving their main livelihood from such activities. (The value of farm produce raised elsewhere than on farms was secured at the Census of 1931 and was found to total nearly 19,000,000 in 1930.) Again, the table makes no allowance for the difference between the producer's price of farm commodities and the price actually received by the farmer who brings in his produce to a farmers' market or peddles it along city streets or sells it to a peddler with no fixed store who undertakes to do the marketing for him. Finally, the table makes no allowance for the money value of the production of persons not ordinarily considered as gainfully occupied, such as the production of school-boys outside of school hours and of college students in their vacations. On the whole, it is felt that the omission of the value of such activities fully makes up for the inclusion of the figures referred to above. This leaves us with the figure of approximately 3,340,000,000 to represent the grand total value of the productive activities of the Canadian people in However, Canada is on balance a debtor country, and in order to ascertain her net national income, deduction must be made from her national production of the amount required to meet the net interest payments due tutsiders. Such net interest and dividend payments are estimated for 1933 in our "Balance of International Payments" at 19,000,000, payments on this score reaching 79,000,000 as against receipts amounting to 88,000,000. When this outward balance of interest and dividend payments is deducted from the 3,340,000,000 of the above table, the remainder is 3,148,000,000, which may be considered as the national income of the Canadian people in It is subject to certain deductions required to maintain the national productive equipment in an efficient state. Incomes Assessed for Income Tax in Canada.* In those countries of the world where an income tax has been established for a considerable time the figures of the assessed income have been generally accepted as furnishing a guide both to the amount and to the distribution of the total national income by classes. *This material has been revised by the Income Tax Branch of the Department of National Revenue.

11 NATIONAL INCOME 887 Estimates of the national income, based upon income tax statistics, have been published, for example, in the United Kingdom and in the United States. The War introduced the income tax into Canada in Under the Income War Tax Act, the returns of the incomes of individuals and corporations are filed in the year following the earning of the incomes. Further, since the fiscal year ends on Mar. 31, the bulk of the receipts from the income tax usually comes in during the first twr three months of the next following fiscal year. Thus the income tax received in the fiscal year ended Mar. 31, 1935, represents, in the main, income tax collected on 1933 income and the income tax collected in the fiscal year ended 1934 represents, in the main, 193 income. It is important that these facts should be kept in mind when considering income assessed in different years. Further, the particular provisions of the income tax existing at any particular time and the amendments extending or contracting the scope of the income tax by raising or lowering the limit of taxable income, or increasing or lowering the allowances for children, etc., should also be borne in mind in the consideration of the following tables. Among these, Table 41 gives the grand total income of individuals and corporations assessed for the purpose of income war tax for the past fifteen vears, while Table 4 gives this income by provinces for the past five years and Table 43 shows the amount of income tax collected by provinces in the past five years. Tables 44 and 45 analyse the payments of income tax in the past four years by size of income class and by occupation of the taxpayer, respectively. 41. Amounts of Income Assessed for the Purposes of the Income War Tax, by Individuals and Corporations, fiscal years ended Mar. 31, Fiscal Year , , , , , , , , , , , , , , ,195 Individuals. Corporations. Total No. Amount. No Amount. Amount. S 1,058,577,617 83, ,617, ,89,80 697,016, ,689,900' 604,736, ,687, ,174, ,714, ,107,57 685, ,717,51 655, ,010 5,569 6,36 5,738 5,777 6,11 7,438 7,957 7,603 6,010 6,483 8,913 10,458 S ,951,553 1,46.59, ,04. 1,09,407, ,374 1,108,07,871 97,67,48 999, ,673 1,003, ,494, ,184, ,496,83 1,040,3,948 56,714,731 1,195,40,67 544,019,414 1,35,193, ,763,956 1,371,478,640 33,498,963 99,606,0 58,547, ,091,564 11,614,313 89,331,564 73,174,118 98,555,030 J In 197 the exemption limits were raised from,000 to 3,000 for married, and from 1,000 to 1,500 for single persons. 4. Amounts of Income Assessed for the Purposes of the Income War Tax, by Provinces, fiscal years ended Mar. 31, Province Prince Edward Island Nova Scotia New Brunswick Manitoba Saskatchewan Alberta British Columbia,38,000,954,03 17,441, ,899,66 634,11,1 84,061,015 38,709,748 79,999,01 115,849,33 1,115,781 1,981,31,748,690 15,941,318 34,313, ,414,69 56,619,647 4,79,759 45,115,980 8,033,481 1,158,31,015,664 3,699,355 16,53,444 59,566, ,057,907 53,808,386 19,765,936 3,757,15 87,14,464 1,04,677,07,019 19,701,48 16,551,88 179,807,900 48,79,68 45,049,397 19,056,999 43,65,51 73,97,698 1,187,641,56,109 1,405,900 14,07,88 73,987, ,885,677 47,188,764 15,6,696 35,653,360 67,8,116 90,657 Totals 1,371,478,640 99,606,0 944,091,564 89,331,564 98,555,030

12 888 PUBLIC FINANCE 43. Amounts of Income Tax Collected, by Provinces, fiscal years ended Mar Province Prince Edward Island 45,671 Nova Scotia 666,009 New Brunswick 61,947 Quebec 3,087,571 Ontario 34,713,871 Manitoba 3,537,771 Saskatchewan 93,954 Alberta,316,043 British Columbia 5,106,454 Yukon 19,034 Head Office 9,697 40, , ,85 0,671,06 30,68,306,3, ,481 1,853,848 4,403,853 10,360 5,560 84, ,349 59,411 1,45,067 30,681,33,134, ,51 1,408,16 4,08,56 11,09 39,09 18,93 910, ,19 0,153,390 31,546,913 1,91, ,83 1,390,45 3,87,376 6, ,448 39, , ,49 0,483,134 35,935,0 1,9,33 96,896 1,98,740 4,56,54 16, ,79 Totals 71,048,0 61,54,400 6,086,697 61,399,17 66,803,066 ilncludes the 5 p.c. tax on dividends imposed in the 1933 fiscal year. See pp. 85 and Numbers of Individual and Corporate Tax Payers, by Size of Income and Amount of Taxes Paid under the Income War Tax Act, fiscal years ended Mar. 31, INDIVIDUALS. Income Class Number. Amount. Number Amount. Number. Amount Number. Amount. Under,000 37,00 16,613 63,76 416,776 93, ,083 85, ,10,000 to 3, ,000 to 4, ,595 1,160 91,74 94,739 9,156 7, , ,64< 46,07 1,015,183 7,778 1,096,11 41, ,93 4,17 1,03,176 4,000 to 5, , ,69 15, ,39/ 13,31 995,500 11,67 987,367 5,000 to 6, , ,90 8, ,859 6, ,915 6,38 900,743 6,000 to 7, , ,00'* 5, ,900 4,08 810,9 3,79 808,817 7,000 to 8, , ,306 3, ,383, ,434, ,37 8,000 to 9, ,38 466,44, ,968 1, ,943 1, ,751 9,000 to 10,000..,46 470,95 1,96 56,341 1, ,510 1,9 667,977 10,000 to 15, ,901,03,781 4,577,405,573 3,84,735,469,815,40,676 15,000 to 0,000..,405 1,955,947 1,653 1,980,689 1,54,03,64 1,198 1,98,488 0,000 to 5, ,13 1,77, ,903, l,8sl,99 r ,645,480 5,000 to 30, ,49, ,568, ,439, ,63,474 30,000 to 35, ,507, ,58,98E 8 1,89, ,14,56 35,000 to 40, , , ,114, ,69 40,000 to , , , ,415 to 50, , , , ,9 50,000 and over ,69, ,03, ,785, ,458,17 Totals 133,61 5,135, ,97 5,780, 03,957 9,009, ,195 5,073,614 Unclassified amounts - 148, , , , ,61 5,83, ,97 6,344,97 03,957 9,50, ,195 5,54, , , ,165 33,17 Net Totals ,61 4,77, ,97 5,959,466 03,957 9,183, ,193 5,01,39. CORPORATIONS. Under,000,000 to 3,000. 3,000 to 4,000. 4,000 to 5,000. 5,000 to 6,000. 6,000 to 7,000. 7,000 to,000. 3,000 to 9,000. 9,000 to 10, ,000 to 15, ,000 to 0,000. 0,000 to 5,000. 5,000 to 30, ,000 to 35, ,000 to 40,000., ,97 91,14 1,41 145, ,03 135,74 143,69 11, ,70 531, ,98 437,0 555, , , , , , , , , , , , , ,897 55, , ,105 6, , ,04 185, , , , , ,74 567, ,91 483, ,55 447, , ,80 80,660 49,67 6,180 01, ,57 170,05 170, , ,93 575, ,561 41, ,861 3,354

13 INCOME TAX COLLECTIONS Numbers of Individual and Corporate Tax Payers, by Size of Income and Amount of Taxes Paid under the Income War Tax Act, fiscal years ended Mar. 31, concluded.. CORPORATIONS concluded. Income Class. 40,000 to.. to 50, ,000 and over... Totals Unclassified amounts Refunds Number Amount. Number. Amount. Number. Amount. Number. Amount. S 10C 446, , ,868,113 6,010i 58,701,93' 66,755 6,010i 36,971, , , , ,9,794 6,483 36,56O,007 1,106 6,483 s 36,561, ,88 S 50 7, ,18 540,939,40 8,9133 7,969,757' 18,869 8,913 s 7,988, , , , ,458* 36,363,794* 30,19 10,458* 36,394,013" 603,774 Net Totals... 6,010> 36,481,5541 6,483 36,107,331 8,9133 7,385,8= 10,458* 35,790,39* 'Totals include 6 corporations paying 3,053 in taxation, grouped to conceal net income and identity of tax payers. Totals include 6 corporations paying 1,9 in taxation, grouped to conceal net income and identity of tax payers. 'Totals include 6 corporations paying 6,664 in taxation, grouped to conceal net income and identity of tax payers. "Totals include 6 corporations paying 1,0 in taxation, grouped to conceal net income and identity of tax payers. 45. Income Tax Paid, by Occupations of the Tax Payers, fiscal years ended Mar. 31, INDIVIDUALS. Occupation. Agrarians Professionals Employees Merchants, retail.. Merchants, wholesale Manufacturers Natural resources.. Financial Personal corporations Family corporations. ^ All others Unclassified Number. Amount. Number. Amount. Number. Amount. Number. Amount ,51 96,7 7, , ,66 8,001 36,379 1,893,161 8,355, ,54 71,459 16,354 1,331 5,874,7 3,08,674 1,993,797,613, ,596 Totals 133,61 5,83,914 Refunds 511, ,01 13,7 6, , ,780 8,63 7,60 1,76,48 9,700,590 60, ,93 179,678 14,061 6,048,695 3,113,53 1,685,614,44, , ,97 6,344,97 385,506 6,334 5,941,008, ,737 11,340,010 4,960 57, , ,576 9,991 17,33 19,978 11,514 7,51,473,768,99 1,354,613 3,107, ,980 03,957 9,50, , ,083 5,800 1,609,61 149,418 10,930,997 5,104 55, , ,435 11,466 39,819 6,379,505,351, ,39 9,93,717,0 450, ,195 5,54,564 33,17 Net Totals ,61 4,77, ,97 i,959,46(i 03,957 9,183, ,195 3,01,39 Agrarians Merchants, retail.. Merchants, wholesale Manufacturers Natural resources. Financial Transportation and public utilities... All others Unclassified Totals Refunds 39 1, ,499,306 1,803 17,69, ,87,504 1,050 4, ,088,41,079 4,769,43/,779,884 66,755 6,010 36,971, ,494 CORPORATIONS. 40 1, ,848,583 1,89 16,357, ,177,48 1,70 5,81, ,101 3,370,060,741 4,451,196,810,65 1,106 6,483 36,561, , , ,491,913 1,897 11,849, ,017,750,853 4,688, ,159 19,146 1,33,731 3,607,51 1,963,661 18,869 8,913 7,988,66 60, ,645 1,086,057,735,50 15,079, ,848,415 3,544 4,339, ,19 3,344 1,54,673 3,695, ,368 30,19 10,458 36,394, ,774 Net Totals.. 6,010 36,481,554 6,483 36,107,31 8,913 7,385,8 10,458 35,790,39 Grand Totals, Individuals and Corporations.. _ 61,54,400 'Exclusive of 5 p.c. tax on dividends. _ 6,066,697 56,569,537' 60,991,6311

14 890 PUBLIC FINANCE Table 46 shows the amount received from the special 5 p.c. tax of 1933 imposed at the source on interest or dividends paid by Canadian debtors to non-residents of Canada and on interest or dividends received by Canadian residents by way of bearer coupons or cheques where such are payable by Canadian debtors, optionally or otherwise, in foreign currencies, and such coupons or cheques are cashed in a currency which is at a premium over Canadian funds. The receipts are classified by provinces, no further classification being available. 46. Amount Received from Special Five Per Cent Tax on Interest and Dividends, fiscal year ended Mar. 31,1935. Province. Amount of Tax Received. Percentage of Total. S p.c. 186, , , ,413, ,830, , , , _ Totals 5,816, Subsection 3. Outside Capital Invested in Canada and Canadian Capital Invested Elsewhere.* An estimate of the outside capital invested in Canada and the Canadian capital invested outside of the Dominion is prepared by the Internal Trade Branch of the Dominion Bureau of Statistics. Any estimate of this character is liable to a margin of error, but the utmost care has been taken in the computation and it is believed that the figures approximate to actual conditions. More complete information is being obtained from year to year, and a comprehensive revision and extension of the statistics on this subject is now in progress. In the meantime, the figures given are of the latest available date, viz., Jan. 1, 1934; figures for previous years will be found on pp of the 1933 Year Book and p. 947 of the Year Book. It is estimated that the total investment of British and foreign capital in Canada on Jan. 1, 1934, was 6,813,361,55. Of this sum,,734,197,116 was British capital, 3,983,31,015 was from the United States and 95,933,14 from other countries. It must be borne in mind that Canadians have invested large amounts of capital abroad. The Bureau estimates that Canadian investments in other countries amounted to,08,787,000 at the beginning of 1934, or nearly 30 p.c. of the amount of outside investments in Canada. Of this 1,54,46,000 was placed in the United States, 109,997,000 in the United Kingdom and 664,544,000 in other countries. (Table 48.) Revised by Herbert Marshall, B.A., F.S.S., Chief, Internal Trade Branch, Dominion Bureau of Statistics. For a list of the publications of this Branch, see Chapter XXIX.

15 OUTSIDE CAPITAL INVESTED IN CANADA 891 It is estimated that the amount of capital invested in Canada is 18,000,000,000. This sum includes the bonded indebtedness of Dominion, Provincial and municipal governments, investments in railways, all manufacturing concerns, mines and metal industries, public utilities, trading establishments, finance, insurance, land and mortgages. It does not include private capital in domestic enterprises such as farms, homes, etc. Of this sum it is estimated that 6J p.c. or 11,00,000,000 is owned in Canada; p.c. or 4,000,000,000 in United States; 15 p.c. or,700,000,000 in the United Kingdom; \ p.c. or 95,000,000 in other countries. If the basis of comparison is total national wealth, British and foreign investments decrease in significance. Canada's national wealth in 1933 was estimated at 5,768,000,000 (see pp ); net British and foreign investments in Canada were about 4,785,000,000, or 18-5 p.c. of the total. 47. Estimated British and Foreign Investments in Canada, Jan. 1,1934. Type of Investment. By Residents of the United Kingdom. By Residents of the United States. By Residents of Other Countries. Total. Government securities (Dominion, Provincial and municipal) , ,113, , ,684,400 Public Utilities Railways Other public utilities (traction, light, heat, power, telephone, etc.) 1,181,33 180, , ,99 3,50 7,519 1,950, ,905 Industries Wood and wood products Mining, clay products and other structural materials Metal industries All other industries Merchandising and Service Insurance Finance and Mortgage Miscellaneous (agricultural lands, summer homes, prospecting, etc.) 9, ,884 73, ,177 71,750 66, ,768 10, ,437 18,85 33,84 63, ,500 93,94 93,197 60,000 1,093 3,647 4,318 7,57 4,100 1,583 34,387 5, , , ,54 459,150 19, ,670 83,35 75,000 Totals,734,197 3,983,31 95,933 6,813, Estimated Total Investments of Canadian Capital in British and Foreign Countries, as at Jan. 1,1934. Item. In the United Kingdom. In United States. In Other Countries. Total I Canadian Government credits 30,495 Net assets of Canadian banks abroad (including foreign 30,495 securities),06 47,530 99,936 Investments of Insurance Companies held abroad Foreign securities held in Canada by Insurance Com- 65, ,199 30, ,570 85,777 panies 3, ,517 4,98 137,786 Direct industrial investments 9,000 60, ,000 44,000 Miscellaneous 10, ,000 30, Totals 109,997 1,54,46 664,544,08,787