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 or accumulated wealth, being even at that time a large debtor in the money-markets of the world, and that they were only entering upon their national existence, it must be admitted that those who declared such plans to be chimerical had much to warrant their opinions.

Nevertheless, all of these plans were quickly carried out. The desired territory was acquired, all of British North America except Newfoundland being united to Canada; the Inter-Colonial Railway was undertaken and rapidly pushed to completion; and in 1885, within nineteen years of the passage of the British North America Act, the Canadian Pacific Railway was completed—a railway which now enjoys the distinction of being the only single system which spans the North American Continent.

The years that have passed since 1867 have been years of chequered fortune; but throughout them all there has been steady progress and a constant acquisition of greater knowledge of the resources and possibilities of the country.

The wealth of Canadian fisheries has long been known and taken advantage of to the fullest possible extent So well known, indeed, is it that the desire of our Southern neighbours to participate in its advantages has from time to time given rise to difficult international questions.

Other resources have perhaps not been so well known. To the knowledge which we possessed of the value of the timber of Ontario, Quebec, and New Brunswick has of late years been added the certainty that we possess the finest supply of pulp-wood in the world. For thousands of miles the white spruce forests stand in the valleys of our rivers, contiguous to water powers, easily accessible and capable of the most economical transportation. There may be obstacles to overcome, there may be temporary lulls in development; but one of the things which seems to be abundantly clear is that in the long-run, sooner or later, the country which has the raw material, the power, and the facilities for