Evening Republican, Volume 21, Number 139, Rensselaer, Jasper County, 28 June 1917 — BUSINESS GOOD IN CANADA [ARTICLE]

BUSINESS GOOD IN CANADA

110 Financial Depression, and None Since the War Began. A well-known correspondent of aa important Western daily paper recently made an extended visit to Western Canada, and in summing up the results, after going thoroughly into conditions there, -says there is no financial depression in Canada, nor has there been anything of the sort since the war began. Anyone who has watched tho barometer of trade, and seen the bank clearings of the different' cities* grow and continue to have arrived at the same conclusion. The trade statistics reveal a like situation. The progress that the farmers are making is highly satisfactory. As this correspondent says: “It is true there have been adaptations to meet new conditions, and taxes have been revised, and that a very large burden of added expense in many lines has been ■ assumed, but it has all been done methodically, carefully and with full regard for the resources to be called on. “That this has been done fairly and wisely is proved by the present comfortable financial position. “With the exception of a restricted area in the east, Canada is not an industrial country. The greater portion of the Dominion must be classed aa agricultural area, with only an infinitesimal part of it fully developed. “Lacking complete development, th© agricultural portion of Canada has naturally placed its main dependence upon fewdb resources than would b© the case in the States. Even in peace times, business would be subject to more frequent and wider fluctuations, due to the narrower foundation upon which it rests. “Thus, Canada has been able to come up to the war with efficiency and sufficiency and to qiaintain and even advance its civilian activities.

“Canada’s first element of financial strength lay in Its branch bank system. This system has two great advantages : it makes the financial resources of the Dominion fluid so that supplies of capital can run quickly from the high spots to the low spots; also, it places at the command of each individual branch the combined resources of the whole institution so that there is an efficient safeguard against severe strain at any on© point. “Here in Winnipeg, the all-Canada banking houses maintain big, strong branches and, as elsewhere in the Dominion, these held to an attitude of saneness and solidity that prevented even the start of: any financial disturbance. That business generally is now coming strong on an even keel is largely due to the absolute refusal of the banks, both branch and independent, to exhibit the slightest signs of excitement or apprehensiveness. “For all Canada the savings bank figures are astonishing. Beginning with 1913, they are, for the fiscal year ending March 31: . 1913 $622,928,968 1914 ' 663,650,230 1915 683,761,432 1916 738,169,212 1917 , 888,765,698 “These figures represent what Canadians have put away after paying th© Increased living cost, which is about the same as in the States, all increases in taxes and imports of all kinds made necessary by the war and generous subscriptions to war bond issues.

“Prohibition has helped greatly in keeping the money supplies circulating in the normal," necessary channels. Tradesmen generally attribute a large part of the good financial condition to the fact that the booze bill has been eliminated. Canada takes law enforcement with true British seriousness. ** “Financially, as In every other respect, Canada has developed sufficiency. She has done it in spite 01 teltlai conditions which would not look promising in thb States and she has done it in a big, strong way. “One of the best things we did,” said one of the leading Winnipeg bankers to me, “was to decide early in the game that ike simply would not borrow trouble. “We started in ignorance of how the war would develop and without knowing exactly what our resources were, and had tcrfind the way. “And yet Canadians are not overburdened with taxes nor are they complaining of them. For the common people there has been but a slight tax increase, if any, in a direct way. Indirect payments, of course, are made in the shape of higher prices for living commodities, but the price advance on such items is no heavier than in the States in the same period.”-—Advertise-ment.