The Guradian (And Evening Star, with which is incorporated the West Coast Times.) FRIDAY OCTOBER 5th, 1923. CAPITAL AND IMMIGRATION.

Hokitika Guardian, 5 October 1923, Page 2

The Guradian (And Evening Star, with which is incorporated the West Coast Times.) FRIDAY OCTOBER sth, 1923. CAPITAL AND IMMIGRATION.

Onk of tin' arguments of those who plead for :i hotl<>r distribution of tin; populat ion of tlio Kni]iiro union}' the uvormis dominions, says the. ‘‘l.yttolton Times,” is the assertion that- if Britain does not attend to the occupation and development of her wide domains, some other nation will ho inclined to attempt the task. One way of staving off such tut attempt is to spend huge amounts of money on armaments, hut that alternative has been exploited practically to the point of exhaustion. The him pi re him come through the greatest war in history without suffering deleat at arms, but tlie I'nited Kingdom, which provided the lion’s share of the men and the money, is feeling the after-effects in a very serious fashion. Very many of the industries of the Home Irani! are unable to employ ns many people as they did Ixdore the war, because the markets open to the products of tho~,-» industries have been curtailed by the effects Imth of the war and of the peace stipulations. We are told nowadays in half a dozen quarters that the only way in which Britain can make up for tile loss ol her foreign markets is io cultivate trade wjthin her own Imperial territory. IVyond a hazy notion that a system ot preferential protectionist tariffs might help such it development the overseas dominions have not- advanced very much in the way of suggestions as to how such a diversion of trade channels might he effected. Since the real purchasing power of the dominions is probably loss to-day than it was before me war. owing to the war debts which each of them has had to shoulder, and since the proportion of triwfa of the

United Kingdom which formerly went to foreign countries was a very large proportion of the whole, the efficacy of tarifi measures tines not appeal very strongly either to the economists or to tar-sighted Outlets, particiilai lv as the I nited Kingdom is to-day practically tile sok* market for the produce of the dominions, and that she imposes a duty on those products. It has been suggested that if Britain would pnss a self-denying ordinance and tax her food and raw material supplies from foreign countries, thereby subsidising the colonial producers,

*-‘0 latter would bo better customers lor British manufactured goods, lmt experience lias taught that there nr,, a good many slips between that clip and that lip. A slraighter road to l laprovision of 11. better Empire market Idr E nited Kingdom manufacturers was indicated by Mr .Alnekcnz.ie King. Prime Minister of Canada, v.lio suggested. in an interview in London on •Sunday, that Biiiish enpit ilisi** ought to increase their investments in Canada. We have been told that the amount of capital invested in Canadian industries by I’nited States citizens is now practically r'|Ua! to the share owned bv citizens of tlm Empire. Incidentally Canada has absorbed a very iargo number ot immigrants from the Cmted Stales. It

cannot be considered unnatural, in the conditions existing, that- such should he tile case. The Cnitcd .States and Canada are next-door noighboms, and New York presumably has better conception of Canadian possibilities than has London. If Canada is to he peopled and develop'd by anybody else than Britishers, the next l.e-t alternative is nilr American cousins. But sup] using that the ptneoss should he continued. Already sonic of ...c larger American I-list-. interested in our products, have gained a tool-

ing in A usi i alasia . and tl'.ev may he inclined, if jermitt*,! (and it seems *1 i flic ill t to prevent them’ lo increase licit invest moms in tlic-e parts. We should lute lo see moie Biiti.di capital invested in this country with a risk attached to it. London lias advanced us a great deal of loan money Mien red by the assets ol tin* whole Dominion, but we i-nnmu but tec! that il British capital nor,, imbued with an Imperial spirit it would nut he lelt, as it so oft eh is. to some enterprising American to iind that our country is a good field for the private investment of capital. We want to attract Hi - tish immigrants, and w<> want to develop our country, but it scarcely seems right *liat \ve should have to take our eorpoiate assets to “the pawnshop, as a certain Australian journal delights in calling it, every time we lcel the need for a little nunc capital, l’cihaps il we spent a little more money <>n advertising our potentialities and less oil commissions to the procurators of loans we should be in a more comlortablu position.