Where Did All Our National Wealth Go?
Credits: Canada Press
Not so long ago, before the depression; when income tax was almost nothing; before the great World War 2, Canada was more Capitalist and Wealthy. We had money in the bank and prospects on the horizon. In a time when socialism was far away in Europe and good decent folk were "allowed" to produce and operate the machines of that production for themselves and an ownership class living in Canada proper. The Wallstreet bubble in New York City was still years away from popping and the fiscal house appeared to be in order.
This was the time of H. M. Bateman's Suburbia. A golden age of "almost free" market production; big cities had prestige and world famous features. Slums suffered the vice of liquor absent the plague of hard drugs. The artists and professional creators were just beginning to explore a global publishing industry. Magazines and print advertising are taking off. Even a humble cartoonist could make a good living enjoying an audience in the general store of every small town and department store.Canada’s National Wealth Now Exceeds 28 Billions Based On 1927 Figures
OTTAWA. June 19. -- The national wealth of Canada, exclusive of undeveloped natural resources, is placed at $27,687,000,000
[Corrected for inflation this would be $386,400,000,000.00
today] for the year 1927 in an estimate made public at the Dominion Bureau of Statistics.
This is an increase of $900,000,000 over the 1926 estimate. The wealth was divided among the provinces as follows: Ontario. $9,300,775,000 or 34.53 per cent. of the total; Quebec. $6,852,279,000. or 24.75 per cent; Saskatchewan. $2,998,055,000 or 10.83 per cent. British Columbia, $2,318,651,000 or 8.38 per cent. Alberta, $2,258,210,000 or 8.16 per cent; Manitoba, $1,925,356,000 or 6.95 per cent.; Nova Scotia. $875,129,000 or 3.10 per cent; New Brunswick, $751,818,000 or 2.71 per cent; Prince Edward Island. $148,493,000 or .53 per cent; and Yukon Territory. $16,830,000 or .06 per cent.
While Ontario and Quebec lead in absolute wealth, the western provinces came first in per capita wealth as follows: British Columbia. $4,032. Alberta, $3,660; Saskatchewan, $3,586; Ontario $3,000; Manitoba, $2.976; Quebec, $2,631; New Brunswick. $1,829; Prince Edward Island, $1,713; Nova Scotia, $1,578. and Yukon doubtful.Found this paper clipping inside a 1922 copy of Canada: Commerce And Natural Resources produced by the Ottawa government of the time. The clipping is from a Canadian Press story in June 19, 1928 issue.
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