The international trade balance in theory and practice . d ex-panded and the inflow of foreign capital fail toreach the pre-war level this transition would prob-ably be hastened. Variations in the external trade of Canada since1914 have been notable and they illustrate the ex-tent to which the trade and industry of the Domin-ion have been affected by war conditions. The ag-gregate trade, made up of imports for home con-sumption and total exports, had an average yearlyvalue of $872,000,000 during the tliree fiscal years1911-13. Yet during the period 1917-19, it reachedthe annual average of |2,2
The international trade balance in theory and practice . d ex-panded and the inflow of foreign capital fail toreach the pre-war level this transition would prob-ably be hastened. Variations in the external trade of Canada since1914 have been notable and they illustrate the ex-tent to which the trade and industry of the Domin-ion have been affected by war conditions. The ag-gregate trade, made up of imports for home con-sumption and total exports, had an average yearlyvalue of $872,000,000 during the tliree fiscal years1911-13. Yet during the period 1917-19, it reachedthe annual average of |2,249,000,000. This in-crease, striking as it is, is not more significantthan the change which appeared in the relative ira- THE CANADIAN BALANCE OF TRADE 135 portance of exports and imports. During the threeyears ended in 1913, there was an import balancewhich, as has been pointed out above, averaged Trade Balance of Canada $600,000,000 $400,000,000 fe $300,000,000 $200,000,000 $100,000,000 $100,000,000 $200,000,000 $300,000,000 $400,000,000. 136 INTERNATIONAL TRADE BALANCE 1239,000,000 a year. An export balance, however,appeared in the fiscal year 1915-16. The excess ofexports grew to such proportions that the annualaverage for the years 1917-19 amounted to |409,-000,000. The foregoing chart reveals the gen-eral character of Canadas trade balance from thetime of Confederation to 1921. The chart does notindicate the aggregate volume of imports and ex-ports, but merely the difference between them. The excess of exports, which increased so rapidlyafter its appearance in 1915, persisted till the closeof the fiscal year 1919-20. During the succeedingtwelve months, ending in March, 1921, it was super-seded by a small excess of imports, amounting to$30,000,000. It will be observed, from the foregoing diagram,that the import balance was most pronounced dur-ing the decade which closed in 1913. This was aperiod of heavy foreign borrowings on the part ofCanadian governments, m
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Keywords: ., bookcentury1900, bookdecade1920, booksubjectbalance, bookyear1922
