The Lost Code

Natural Resources

Industry Near a River in 1898

Musée de la civilisation, Séminaire de Québec archival holding, 1898, PH1986-1297

The rise of industrial capitalism was characterized by the development of natural resources like hydroelectricity, mines, and pulp and paper. Towards 1915, Canada was the world's top newspaper producer, and 86% of its production was sold on the U.S. market. Québec's spruce-rich forests were a major resource for this industry. The province's copper, gold, asbestos, and aluminum industries also experienced phenomenal growth. Copper production shot up from $112,000 in 1910 to $13,530,000 in 1940, and gold rocketed from $3,000 to $39,122,000.

Although banks and traditional manufacturing sectors remained in the hands of Canadian interests, Americans invested major sums in the development of natural resources in Québec and Canada. Between 1897 and 1914 these investments grew from $20 million to $74 million. In 1940, 40% of mineral production in Canada was controlled by the Americans.