1938: Nova Scotia

Economic Problems.

Depression in the fishing and mining industries continued to take its toll in unemployment and destitution in many parts of Nova Scotia in 1938. Various efforts, official and unofficial, were made during the year to meet the problem. Spurred by the spectacular discovery of petroleum in an undersea mine, Angus L. MacDonald appointed a committee to make an economic survey of the basic natural resources of the province under the general supervision of the Nova Scotia Economic Council. George V. Haythorne of the Department of Social Research of the Nova Scotia University, newly appointed secretary of the Economic Council, was named on the committee to conduct the survey. Premier MacDonald also held forth hope that the new Canadian-United States trade treaty would aid Nova Scotia. Particular hope was seen for greater activity in the fishing and pulp-wood industries. Late in October, the provincial government successfully floated an issue of $4,567,000 in 3½ per cent bonds for highway purposes.

Meeting in Halifax early in November, representatives of 12,000 United Mine Workers from Nova Scotia and New Brunswick proposed the establishment of a 'Nova Scotia Coal Development and Utilization Council.' This council would serve as 'the actual contact point between the coal producer and the consumer,' and would be designed to answer technical and marketing questions, such as the factors which drive consumers to use substitute fuels.

Finances.

The 106th annual statement of the Bank of Nova Scotia showed deposits of $242,417,184, an increase of nearly $4,000,000 in 1937 over the previous year. Investments in Dominion and provincial securities, municipal, railway, and other bonds and securities were $121,689,039, an increase of $3,867,950 for the year.