New industrial activity, brought about by the war, gave Nova Scotia hope that 1939 marked the end of its long depression. Not since the end of the last war have the province's manufacturing industries operated at near capacity. With a view to preparing a balanced industrial plant to supply wartime needs which could be converted to peacetime requirements without serious dislocation, a new Ministry of Industry was set up by the provincial government. The new department is headed by George E. Hagen, a Halifax contractor. Special attention is to be given to the rehabilitation of the iron and steel industry which, because of the rich coal deposits on Cape Breton Island, is capable of considerable expansion. General industrial expansion is also contemplated. In setting up the new department, considerable stress was placed on the fact that Nova Scotia consumed $30,000,000 worth of manufactured goods produced elsewhere in Canada, and sold only $15,000,000 of its own factory products throughout the Dominion. Plans were drawn up to bring about a better balance in the exchange of goods.
Nova Scotia enjoyed the distinction of being visited during the year by the rulers of two great world powers. King George and Queen Elizabeth entered the province on June 14 at Pictou and sailed from Halifax on June 15. President Roosevelt, after spending a short vacation in New Brunswick, sailed along the Nova Scotian coast in August, making several stops. At Halifax he was received by Acting Premier A. S. MacMillan and Mayor Walter Mitchell.
The world's first Gaelic college was opened at St. Ann's, Cape Breton Island, on July 26 by Premier Angus L. MacDonald.
The Bank of Nova Scotia reported total assets on Dec. 31, 1938, of $309,305,815, a gain of $9,826,113. Deposits were $253,291,054. Both figures were record highs for the year-end. Fishing, Nova Scotia's principal industry, showed a yield well above that of 1938.
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