now rank the United Kingdom first, Canada second, Germany third. When
you consider that Canada's purchasing power is that of seven million
people, where the United Kingdom's is forty-five and Germany's
sixty-five million, the significance of these comparative ranks is
apparent.

From Canada to the United States, exports increased from $95,000,000 in
1910 to $120,000,000 in 1913, not because Canada's producing power is
so much smaller than her buying power, but because she is growing so
fast that she consumes much of what she produces. To put it another
way, of all Canada exports, the United States takes four-fifths of the
coal, nine-tenths of the copper, four-fifths of the nickel,
ten-elevenths of the gold, two-fifths of the silver, four-fifths of
other minerals, one-third of the fish, one-third of the lumber,
one-fourth of the animals and meat, one-tenth of the grain. It need
not be told here that the other portions of Canada's farm, mine and
lumber exports go almost entirely to Great Britain.


II

It has been estimated that half a billion of American capital is
invested in Canada. A moment's thought reveals how ridiculously below
the mark are these figures. Between 1900 and 1911 by actual count
there entered Canada 650,719 American settlers. Averaging up one year
with another by actual estimate of settlers' possessions at point of
entry, these settlers were possessed of fifteen hundred dollars each in
cash. This represents almost a billion, and almost as many more
American settlers have entered Canada since 1911. This represents not
the investments of the capital class but of small savings. It takes no