ower, 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
account of the nickel mines, the copper mines, the smelters, the silver
mines, the coal lands, the timber limits, the fisheries, the vast
holdings of agricultural lands in the West held for speculative
purposes--for all of which spot cash was paid down in large proportion.

The largest steel plant in the East, the largest coal areas in the
West, the only nickel mines in America, three-quarters of all the
copper and gold reduction works of the West are financed by American
capital. To be more explicit, when the MacKenzie-Mann interests bought
one large coal area in British Columbia, the Hill interests of St. Paul
bought the other large coal area. This does not mean there are not
large coal areas owned by Canadian capital. There are--colossal areas;
but for every big area being worked by Canadian capital there are two
such being worked by American.

Before a single Canadian railroad had wakened up to the fact there were
any mines in East and West Kootenay and the Slocan, American lines had
pushed up little narrow-gauge lines to feed the copper and gold ores
into Butte and Helena smelters. By the time Canadian and British
capital came on the scene in Kootenay the cream had been skimmed from
the profits, and the mines had reached the wildcat stage of b