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war. Had the war taken place prior to 1908 at the earliest, no matter what Canada might have done in respect of contributions of troops, her value as a provider of financial support and of munition-producing power would have been comparatively negligible.

The service which Canada was able to render to Great Britain in the financial sphere, owing to its possession of a very large amount of plant capable of making munitions, as well as of a vast surplus food-producing capacity, can perhaps be best exhibited in the language of the Hon. R. H. Brand, who came from England towards 'the end of 1915, when the munitions industry was well established in Canada, for the express purpose of arranging for financial accommodation for the Imperial Exchequer. The idea that Canada, normally a heavy borrower of British funds, could be of any financial service to the Empire was, at first, somewhat of a shock to Canadians, but Mr. Brand, as a sort of unofficial emissary of the Treasury, speedily made the matter clear. He pointed out that Great Britain, with its immense undertakings on behalf of its allies and its necessity for equipping at short notice millions of new troops of its own and of other powers, could not be economically self-supporting during the present war.

"If you go to buy things abroad,"he told the Canadian Club of Montreal, "you have to pay for those things, and your printing press is no good there. You have to pay for them in actual goods, in things of real value, either by way of securities, exports, gold, or something. The British Treasury Bill, which is very useful to get things in England, is not good outside of England; therefore in England if we have a huge foreign expenditure to meet we have to consider very seriously how to meet it. . . . That really brings me to the last section of what I want to say, which is whether or not Canada can do anything to help, so far as finance is concerned."

Mr. Brand then pointed out that Canada had now a considerable balance in her favour in her foreign trade,

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