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A joint meeting of The Empire Club of Canada and The Canadian Club of Toronto.
Reference to Sir Wilfred Laurier's statement that the 20th century would belong to Canada. What Sir Laurier saw in Canada and Canadians to prompt him to make this statement. Recognition of Canada's considerable progress. Canada's progress less than spectacular when her great natural wealth is considered. The speaker's belief, along with others, that Canada has not taken reasonable advantage of our opportunities to achieve for our country a more secure and influential position amongst the nations of the world. Some of Canada's successes. Fifty years left to fulfill the prediction that the twentieth century would be Canada's. The need to alter our national thinking in some important aspects of our economic and political relations with other countries. A country's greatness and on what it depends. The "small population" theory. The principal materials on which modern civilization is based, and the fact that Canada has them: fuel and iron. Statistics to help form an opinion of Canada's ability to absorb population: a look at some other countries. Why a larger population is something to be desired. Manufacturing productivity per man hour considerably lower in Canada than in the United States. The question as to how the American domestic market, with ten times the Canadian market, accounts for the discrepancy in the price of manufactured goods between the two countries. The need to thoroughly understand the answer to this question if Canada is to adopt international trade policies designed to foster the growth of industry here. A detailed explication follows. The phenomenal development of the United States, predicated on the general principles of international trade. Evidence as to how well this policy has worked in the U.S.A. The American practice of excluding foreign-manufacturing goods from the U.S. market. The issue of high tariffs and their effect. The attitude of the average Canadian with regard to protective tariffs and anti-dumping legislation. The change from agriculture to manufacturing as the principal source of national income in Canada. The need to find foreign markets for our surplus production as one of the stumbling blocks in the way of our industrial development. Devoting our labours to growing and making the things we want to consume in our own country. Canada's century if "we are prepared to abandon or modify policies which have become outmoded with the discovery of Canada's potentials for industrial development, and to adopt policies that will stimulate dynamic growth. The opportunity is still ours, to establish … a great democracy … with a population adequate to preserve its security and to afford for its citizens a standard of living second to none.