The Economy of newfoundland From Confederation to Confederation
It has been argued that Newfoundland should never have joined Canada in 1949. There were many people who believe that Newfoundland had a strong enough economy to survive on their own, as a producer of many goods. It was involved in many industries, with the fishery being the major producer of goods in the Newfoundland region. This paper will explore the economic history of Newfoundland and also explore the reasons why Newfoundland would have been better off if they had joined Canada in the 1864 Confederation.The issue of Newfoundland joining Confederation was one that was brought up on many occasions. In 1864, two members of the Newfoundland Assembly Were sent to the Quebec Conference (Rothney 1964, 22). They were F.T.B. Carter and Ambrose Shea. They were sent with the blessing of the governor, but had no authority to commit Newfoundland to Confederation. The talks went well and the two delegates returned to Newfoundland with great things to say about joining with Canada. Their speeches were heard, but Confederation was turned down at that time.In 1869, terms were negotiated and agreed upon by the Newfoundland delegation and Ottawa (MacKenzie 1986, 8). However, in the Newfoundland election that followed the agreem
The average price for cod had fallen and the proportion of the labor force employed in the fishery had declined as well. Toronto: University of Toronto Press. The long run implications were staggering. On March 31, 1949, Newfoundland became a province of Canada (Rothney 1964, 25). Once again however, Confederation was refused because to Canada, the union was financially impossible. Less than twenty-five percent of the island supported forest cover, and there was practically no cover in the interior of Newfoundland. The government of Sir Richard Squires found it increasingly difficult to avoid making their interest payments. However, Mackenzie Bowell felt that he could not be overly generous because of the effect that this might have on the other Maritime Provinces. Most of their economic ties were with Britain and the United States. The fishery was hit especially hard as fish prices dropped to their lowest levels ever. In turn, the demand for imports fell and the revenue from import duties was diminished. It is easy to see that one small fluctuation in the foreign market could either make it or break it for most of the population in Newfoundland. Also, he was concerned about taking Newfoundland's entire debt.
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Acceptance Essays
