New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1877-01-12

The circular goes ON to review the OF the de-
preston in Canada and the outlook for the future The
following extracts contain the substance Of the matter
While the failures in the year just closed are over 700
less in number than in 1870 with decrease OF
81 100000 in liabilities, both number and amount con-
tinue to be exceptionally large especially as conptrch
with the preceding years 1873 the number OF those
who faded in Canada in proportion 10 the number en-
aagod in business one Ia every n. In 1870 there
was failure 10 every % names reported ~ business
while in 1876 there Is one failure to every 81 ~ me
Uated States in 1873 the nnnner was one IA every Io,
IN SO every 80. AMI IA 1876 the number - one ~
every 3D. Ihe average IhDiiIes III Caiaut iT go
slikhtly being S14767 The resul Of the years bu'.
ness do not encourage the bchcI tt me cOhItO.s VI
TRADE 10 the Dominion nave ihpch improved. I's NUN
OF traders VINO nave added 10 iher cartal Is com
partiyey few; those VINO have bet thrr own are 10 be
congratulated; while those wac hHVs Ghihisteh tner
surplus not inconsderape Ine disease iloni Wnch
the commercial BODY polite mas On sui'ihg Tor lie
past three years has il hoped well nigh Sp mr. Itself
lst the signs OF Improvement, when II was thOdS the
ast year would bring. have rot been fulfilled me year
therefore closes i'm q condition business aF from ---
factory and calling for the greatest prudence aud gyc'
nd We been favored with good crops Of agricultural
produce in tie year Just past great stride wpld nave
the fine promise al the first hf Of The year WAS an ~!
lIcd. and Notwithstanding leSseiai imports ie,lSlc
,i,",,t M WI, priicsd in fLe last ycaris far
below that oil thc average " years. seldom III the hh
' oS r,rry b1s the faIrc in the crop been uore
!. neral The manufactures of the Dominion, which iH
late years have assumed growing Importance are
trnllins AGAINST variety OF adverse oond tion. the
Chief of which rs tic competition from the Ultcd states
Tuc decline m values in greater proportion 10 mat Of
aid i'm IN rouufry In the early part of the year. aud
the ssenad home dcmaad IN the face OF enormous pro-
urtYe power have caused competition from ils Vudl
ter 10 br unusually severe Hsal which Canadian HIM
,rtrrr. lave deemed themselves lHsuiuci"utly pro-
ectd Bat all these uulavorale symptoms of disturbed
tridc-whether the result OF poor crops limited lumber
demand or depressed mdnutactU,rHdI 1ulcttc no or
.uc trouble but age temporary IA tier Character aAd
tihc alone is essential ~ "a recovery
W!tn re .drd 10 the lumber interest the present dc-
preston az wOrs' only he temporary Whlc IL mas
compromising advantages that tt Iltu.e VIII as
close. Tuis particular asset IN te nation wealth. II
gaming III value vita rapidly hardly dedmed OF, aud
m. realization 81 wch IS only question OF une 20
scarce accessible and maFaetIDit lumber become
ihat IL Is a sed that plots OF land, now cleared FARMS
with all appliance ar rtaIy ie's N!4ua2ic lTh II he
trees stood in Gni>turbcd majesty thereon Even Ger
,an towns in former uIgbeiing districts W0uid BRING
less tan it the lana ,ne5 occnpy NtrS e2Ntted M Pe
forests Oyer reduction tas cueautnrd MS great st
pie aad he waste OF years may Wei ne at"htG ior Dy
few years Of cessation AMI depression N'thns WI
eventually be lost by th!s dcay III IetiliIIoh; Aet''
the very 4an ia value OF tAs valuable prodheJ WI,
more tnan compensate Tor what appears TO De loss ana
d.sa ,ter al the mOn:n .,
Petroleum. long depressed. Is now IN remunerative
d,nnd dairy products Welding considerable return;
tine development minerals. though spasmOdie, ana not
alvlvs successful yr' IN The mann atn- weary 20 OI
r-tllz bic wealth. M.iie oar I'I"iuS i ,i
ou for the moment depie>S IL nave ia 'heh tt'helis
o. "a pOWtt FOR .OOd 10 the iai tlaI ic" can OFelts
Ic. All these Consideration" POM 10 d I7i - ~
,i en- ileen years wch Is too N anli 10 ne 81
ioUsy iherieIed win by year 81 Two "a "-sCo"i"s'
lie fault not with the people much as it Is with
tir trlc The number # " nddlc-nen" has increased
in too great ratio ~ compared WIN tie dciuti dlihu
or goods TO De iandlsd In ali department. oil DiS
Il
rc,ult Vi import too extensive, or banking capital
50 enormously increased a. 10 necessarily c"hpei lis
risky rlnployInrnt IN a trade that had Increased IN
luur less propDrpnll this resulting III comp 'llIOl
,vrr branch of business, destructive OF proht ana NtI
IN only loss aud disaster Credit has become TO- cheap
Notwithstanding three years OF DEPRESSION IN WHICH tLe
iir.s Canada have been IN greater proportion 10 tht
uulrr engaged than in any DINER country Ibefe l.
-i Y a greater number OF persons IN business III pro-
marion TO the trade be done tA.n IN iAy hcr COuh
ry whose statistics available Inc conclusion Is
rr,, lbe that the business OF the country VIII not gam
la r..lih u safety unit there Is cIansc Ia tEis TO
,.,.cs Ie Wiiuc itIc OF the lnercaniI' rdue Turns
mo-, ,hi, piyot-d IesaCncd nHnJer ia business means
,r.V ana profit q continuance IN tn policy 81 com
nui-tn, vita seven of every niIc Wh0 al, "a ,is
r and I1s. some practical ana c0ucer ed sucp, suci As
the formation ant!-ron!proui>ns association
might e. Undertaken Win ddY1htHs..
luc failures Ia Canada in The lIsi Two years number
nearly UuJ which, occurring among Jc,JJO traAc1N -
a urup,rton indicative OF something rdtictly WRONG 40
M made OF rici c0sntly. At tins rate, III zen years
.yrry second business man III Canada uiay shcchuio
Ia. ur.ss Liabilities Ul failed estates during tlc iH'
r, are over 500 100000, sum barely cqutel - tn
cYt.r export grain in tndt period! % t TJOOuo-
o. Al lplst EDOdOOOo have been UroVUclpS lost anu
Mi this am dnt i divided among the llttd HuihpH
of ur.t hand, which comprise, the merchants hthu-
ItcIurs ana bankers the marvel Is tHai tey nave sto"
these cllimcs Win IeY signs OF dsiless IL l. 'tn
TO adopt soue policy tlgt Will lessen these di>asie-~
Ic,,.i al Number traders and a higher STANDARD 81
credit are the 1rst essentials.