The same conclusion, namely that the lumber business has not increased rapidly in the last 25 years, may be derived from the report of the Decennial Census. While, for 1890, the total cut amounted to over 5 billion feet and its value to nearly $80 million, in 1900, the cut or at least the Census report fell below 4 billion and its value to $53 million. In 1909, the total lumber cut was reported as 3.8 billion feet B. M. and its value $62.8 million. A measure of the depletion of the great staple White Pine is found in the statement that from 1865 to 1893 the average size of pieces decreased by one-quarter to one-third, and that, in 1863, over 23 million cubic feet were exported from Quebec as against 1.5 million feet in 1904, while the price had more than quadrupled in that period. Spruce has here taken the place of pine, and Ontario is now the main producer of pine. Yet in 1909, the White Pine cut in amount almost equaled that of spruce, and in value exceeded it by 40 per cent. Spruce, and especially pulpwood, forms an ever increasing item in cut and export, export of pulpwood having increased sevenfold in the last decade, to nearly $2 million, and of woodpulp to over $4 million. A notable economic improvement has taken place during the last ten or fifteen years in that the proportion of raw materials exported, especially logs and square timber, has decreased in favor of manufactures. While originally the home country took the bulk of exports of forest products, the cut of Ontario has been always, duty or no duty, sent almost entirely to the United States. In the last six or eight years, the export to the United States has been doubled, amounting now to about half of the total export, and as the States return of its own forest products largely in the form of manufactures to the extent of about 6 million dollars worth, a balance of trade for the Canadian forest product of 12 million dollars is left. 2. _Ownership._