- The North American Free Trade Agreement and the Investment Canada Act are responsible for the fact that thousands of Canadian businesses have been taken over by foreign governments and multinationals, or factories have been relocated to countries such as Mexico. I am especially disturbed by the takeover of Canada's CPR and CNR hotels by Fairmont Hotels and Resorts; the transfer of the Hershey Chocolate company in Smiths Falls, Ontario to Monterrey, Mexico; and the sale of the Hudson's Bay Company. During the Trudeau era, foreign entities were excluded from ownership of "key sectors" of the Canadian economy---Railroads; Airlines; Commercial Radio and Television and certain non-renewable resources, see the "Report of the Royal Commission on Corporate Concentration -1978". Canadian writer Mel Hurtig said that 10,924 Canadian companies have been taken over since the Mulroney government abolished the Foreign Investment Review Agency. Mel Hurtig is the author of many books, including "The Betrayal of Canada", "A Twilight in the Country", "The Vanishing Country", "Rushing to Armageddon", "The Truth About Canada", and the creator of "The Canadian Encyclopedia".
Hudson's Bay Company was founded in 1670, and sold to an American financier in 2006.
Connaught BioSciences of Toronto is now owned by a French company.
Falconbridge Ltd. was bought by the Anglo-Swiss multinational Xstrata.
The Canadian National Railway was a Crown corporation until 1996; the railway is owned by international shareholders.
Alcan Inc. was acquired by the British metals and mining company Rio Tinto.
Stelco of Hamilton, Ontario is the United States Steel Corporation.
Canadian Pacific Limited - the CP and CNR hotels were sold to Fairmont; CPL's real estate subsidiary, Marathon Realty, sold billions of dollars worth of "reversionary" property, including the Expo '86 land in Vancouver, B.C. and the Summerhill, Toronto train station, repurposed as a Liquor Control Board of Ontario outlet. CP Ships were acquired by the German conglomerate TIU AG.
Algoma Steel Company Limited of Sault Ste. Marie, Ontario is part of the Essar Group Conglomerate of Mumbai, India.
Dominion Textiles or Domtex was a major Canadian company, which operated from 1906 until 1998. Domtex was sold to the American Polymer Group.
2. When he was premier of the Province of Quebec, Jean Charest told Fortune Magazine that global warming was creating new transportation routes in Canada's Far North, and "We're building a parallel canal to the Panama Canal for Chinese ships to accelerate the transport of goods." Coincidentally, a Chinese company is seeking approval from the federal government for a huge mining project in Canada's North, see the article "Canada to consider massive Chinese-owned Arctic metal mine" by Bob Weber, Canadian Press, December 30, 2012. The scope of the project is unbelievable - all-weather roads will have to be built; 70 bridges; camps for the workers; tank farms for 9.2 million gallons of diesel; a processing plant that will handle 6,000 tonnes of ore a day; many open-pit and underground mines; massive ships to haul the bounty...at what point will Canadians finally say:
ENOUGH IS ENOUGH---do not approve this Arctic Armageddon, this exploitation of federal Crown land by a foreign government, Mr. Prime Minister.
During the late 1960's, my father took many pictures of Canada's Far North and Greenland:
|Extreme northern tip-Canadian mainland.|