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Geographically, in the natural structure of that energetic zone of the continent which lies between the fortieth and the forty-sixth parallels of latitude, the province of Ontario occupies, with reference to commercial interchanges, East and West, what may fairly be described as the key position of the whole. The lower province of Quebec, through which the St. Lawrence passes to the Atlantic, is situated with hardly less advantage, and in some views, which take account of the commercial possibilities of the future, perhaps with even more. On the seaboard there is no natural distinction or partition to be found between the maritime provinces of the Dominion and our New England States." (pp. 5-6.)

The population of the four provinces which at present constitute the Canadian Confederation, is estimated at four millions; that of Newfoundland and Prince Edward's Island at about two hundred thousand more. "Here then are about four and a quarter millions of people," to quote again from Mr. LARNED, "not only living in the utmost nearness of neighborhood to us, but with such interjections of territory and such an interlacing of natural communications and connections between their country and ours, that the geographical unity of the two is a more conspicuous fact than their political separation."

Of necessity, the commercial transactions between two communities so situated towards each other, must, under almost any circumstances, be large. For the year 1870, they amounted to sixty-one millions of dollars, exceeding by a considerable sum the figures of any preceding year, except 1866, the last year of the reciprocity treaty, when the amount was about the same. But this inter-continental trade ought to be much larger than it is, and to increase faster than it has done. It should also be divided more equally than at present between the two countries. The imports of Canada for 1870 were about seventyone millions of dollars, and the exports, fifty-six millions, gold values. Of these transactions the Canadian statistics show less than thirty-five per cent. of the purchases of the Dominion, against fifty-one per cent. of its foreign sales, to have been made in the United States. Taking the returns of our own Treasury Department to show the imports from the Dominion, it would appear that for the year just named these amounted to about thirty-nine and a half millions, against about twenty-one and a half millions imported into Canada from the United States. Deducting for re-exports, from the latter nearly four millions, and from the former two millions, we have a balance of nearly twenty millions of dollars against the United States in its exchanges of home products with the Dominion.

The present condition of our commercial relations with our neighbors of the Dominion cannot be described more exactly than in the language of the official paper from which quotations have already been made. Mr. LARNED says:

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"As the case now stands, the two countries are in what might be described as an attitude of commercial belligerency toward one another, mutually repelling and discouraging the intercourse of trade and the profitable and convenient exchange of industries that are natural to their intimate neighborhood. Under the treaty of reciprocity there was a large excess of liberality on the side of the United States in the terms of trade, and the Canadian tariff grew steadily more illiberal and nonreciprocal. After the abrogation of the treaty the conditions were reversed, and it must be confessed that the gates of trans-frontier traffic stood more open on the Canadian than on the American side from that period until the adoption of the retaliatory tariff of last April. Now, however, on both sides, the freedom of trade is about evenly interfered with, and the state of commercial repulsion between the two countries, whose interests so strongly attract them to intimacy, is as nicely adjusted, perhaps, as it could be. No one can contemplate this situation of things without feeling it to be a most unfortunate dislocation, which very seriously impairs the organization and operation of the industrial energies of the American conti"'* (pp. 14-15.)

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For this unfortunate condition of affairs, whoever may or may not be responsible, the business men of the United States certainly are The Detroit Commercial Convention in 1865, was called with prime reference to the trade relations of Canada and the United States with each other. The treaty of reciprocity was then in force, but our Government had given notice to Great Britain of its wish to terminate it. The Convention adopted a resolution by an unanimous vote, approving of the action of the Government in thus giving notice, not because all its members admitted the truth of everything which had been charged against the treaty, but because they thought that the ten or eleven years during which it had been in operation, had made certain defects in it apparent, and had also greatly changed the condition of both contracting parties, and that the time had come for a careful revisal of its provisions. The treaty had proved to be imperfect, but it could not be regarded as a failure, for under it the international commerce had increased from an average of twenty millions of dollars to fifty millions per annum. The Detroit Convention, therefore, was in favor of the principle of reciprocity, while dissatisfied with the so-called reciprocity treaty; and with equal unanimity it adopted a second resolution, respectfully requesting "the President of the United States to enter into negotiations with the Government of Great Britain, having in view the execution of a treaty between the two countries, for reciprocal commercial intercourse between the United States and the several Provinces of British North America,

*Since the publication of Mr. LARNED's report, the duties imposed by the Canadian Parliament on flour, grain, coal and salt have been repealed, the change taking effect April 1st, 1871.

including British Columbia, the Selkirk settlement, and Vancouver's Island, based on principles which shall be just and equitable to all parties, and with reference to the present financial condition of the United States, and which shall also include the free navigation of the St. Lawrence and the other rivers of British North America, with such improvements of the rivers and enlargement of the canals, as shall render them adequate for the requirements of the West in communicating with the ocean." It may be mentioned in passing, that it was on the motion of a delegate from Philadelphia, now the President of the National Board of Trade, that an amendment was inserted in the resolution—the sentence having reference to "the present financial condition of the United States "-which secured for it enthusiastic and unanimous support. Of this action at Detroit, Hunt's Merchant's Magazine said at the time, "It was a step taken in the right direction, and, if followed up, will aid in the adoption and perpetuating of a liberal commercial policy." But, unfortunately, the step was not followed up; political considerations were allowed to overrule those which were commercial; and during more than five years past, our trade relations with these, our nearest neighbors a people speaking the same language, and using the same monetary system with ourselves, and with political institutions more closely resembling our own, however they may appear on the surface, than any others on the face of the globe-have been neglected and imperilled, until at length they have actually assumed a form of "commercial belligerency."

In view of this state of things, the Council determined to assist in enabling duly accredited representatives of the business men of the two countries to confer together, as they will now do, and to ask the National Board of Trade to express its opinion as to the present duty of our own Government. There would be no hesitation, doubtless, on the part of the Board promptly to reaffirm the Detroit resolutions, but to do this only would hardly be sufficient. Something more specific and definite is now required of the Board-some plan suggested by the experiences of the two countries during the last sixteen years, and properly adapted to the present condition of both. At the conference in Boston, the following propositions in outline were submitted by the Council verbally through the President, to the delegates from the Dominion, and they are now reported for the information of the Board, and offered for its consideration :

1st. The introduction of all the manufactures and products of the United States into the Dominion of Canada, free of import duty, and the like concession by the United States to the manufactures and products of the Dominion.

2nd. Uniform laws to be passed by both countries for the imposition of duties on imports and for internal taxation; the sums collected from these sources to be placed in a common treasury, and to be divided between the two governments by a per capita, or some other equally fair ratio.

3rd. The admission of Dominion built ships and vessels to American registry, enrollment and license, and to all the privileges of the coasting and foreign trade.

4th. The Dominion to enlarge its canals and improve the navigation of the St. Lawrence, and to aid in the building of any great lines of international railroad, and to place the citizens of the United States in the same position as to the use of such works as that enjoyed by the citizens of the Dominion, the United States, and the several States, giving the citizens of the Dominion the same rights and privileges over works of the same character in the United States.

It is supposed that the present and gradually increasing debt of the Dominion, and its proper national expenses, will soon be equal, if they are not so already, to the burthen, per capita, imposed by the interest on the national debt of the United States and the national expenditures as they now are, or soon will be, under the present rapid payment of the debt. During the discussions here which are to follow, statements bearing on these points will be made, and it will then appear wherein the differences in the necessities of the two governments consist, and, it is hoped, a way will be seen to adjust them on a liberal and equitable basis.

VIII. THE TREATY OF WASHINGTON.

In this connection it will be appropriate to make brief mention of the negotiation and ratification, during the last year, of a treaty between our own Government and that of Great Britain, for the amicable settlement of all questions in dispute between the two powers. This treaty is the diplomatic event of the year now closing, may it not be said, of the century? Merchants, by their instincts and by the necessities of their profession, are men of peace; and they cannot but congratulate themselves when, as in the present instance, serious international misunderstandings and differences are referred to high tribunals of arbitration, for a fair and friendly adjustment. The Treaty of Washington, as it stands, gives good assurance of the perpetuity of fraternal relations between ourselves and the people of Great Britain, it places our great fishing interests on a settled basis, and it paves the way for negotiations for the almost indefinite enlargement of our traffic with our Canadian neighbors; its probable

favorable effect therefore upon the commercial prosperity of the United States, it would be impossible to estimate in advance. Incidentally also, it may assist, in part, in the solution of the problem which it has been found so difficult to deal with, namely, how to legislate wisely and successfully for the revival of American shipping interests. Persistent endeavors have been made, from time to time, to secure large appropriations from Congress for the organization of vast ship-building establishments, and for the construction of fleets of ocean mail steamers, on the plea that by this means the Government would be strengthening itself, in the event of its becoming involved, at some time in the future, in a maritime war. Happily the Treaty of Washington has made this contingency, so far as relates to Great Britain, so remote and improbable that no immediate and special preparation need be made for it. We have it also as the opinion of the Secretary of Treasury, given recently in a public lecture, that there is very little likelihood of there ever again being a great naval battle. The shipping question has always been urged upon the attention of Congress by the National Board of Trade, purely as a commercial question; and as soon as it shall be regarded by Congress in this light, and only in this light, comparatively little difficulty will be found in the discovery and application of measures for the revival of our tonnage interests.

IX.-A DEPARTMENT OF COMMERCE.

On two occasions this Board has expressed its conviction that the industrial and commercial interests of the country imperatively demand the establishment of a Department of Commerce, as a branch of the General Government. President GRANT, in his annual message a year or two ago, suggested to Congress the formation of a Bureau of Commerce, to meet the want which, on all hands, is admitted to exist. The Council believes, however, that a bureau will not answer the requirements of the mercantile community, but that, on the other hand, a full governmental department ought to be established, to be under the direction of a minister or secretary, and that this high officer should be selected with reference to his experience and influence as a prominent business man. The Council directed the preparation of a pamphlet on this question, which was published early in the autumn, and which contained a full account of the English Board of Trade. Articles have appeared in some of the magazines and leading daily papers, in advocacy of this measure of the National Board, and it is to be hoped that it will soon meet with the favor at Washington to which it is entitled.

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