World War I brought booming trade to Newfoundland. Imports more than doubled in value. Exports soared. A sharp rise in the price of cod came with record catches. Newfoundlanders seemed to take pride in the role that they had played in the war.

In spite of the boom, Newfoundland suffered a shortage of cash after the war. Government revenues did jump during the war. Increased government cash flow was grossly outstripped by a rise in public debt. The cost of the war continued long after it ended. Pensions and interest on war loans had to be honoured.

Nearly 4000 Newfoundlanders were killed or wounded in the First World War. After the war, Newfoundland bought 100 acres of land at Beaumont Hamel. This was done in memory of those who had died there. A bronze caribou statue was built in the Newfoundland Park. The caribou is a symbol of the Royal Newfoundland Regiment.