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Had been reduced by 75,000,000 and the debt to Canada reduced 20,000,000.

During the last fiscal year Great Britain reduced her debt from 7,820,000,000 to 7,573,000,000 or a reduction of 247,000,000 for the year.

Mr Parsons expressed the opinion that we would not again reach pre-war levels in prices.

I have given some thought to that particular question and personally I believe that we will ultimately see pre-war levels of prices restored.

It is true that the conditions of the laboring classes will never be brought back to the pre-war status in so far as general living conditons are concerned and it is possible that the wages of labor will not reach pre-war levels, but I do believe that the lessons of increased efficiency, elimination of wastage and lost motion and im- proved manufacturing methods, which we learned during the war period, will ultimately increase the Nations efficiency of production to such an extent that goods will be produced as cheaply as they ever were and that labour will in consequence receive higher wages as a recompense for efficiency.