The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1904-01-28

AASC0 1AOVAuAOAO
Would Benefit the Untted States
Most-Western Canada IS Profiting
by an Influx Of Actual Settlers.
Special % The Journal.
Ottawa, Can, Jan. 28.-F'ron the
address Of the general manager Of the
Canadian Bank Of Commerce, at the
/ thirty seventh annual meeting of the
shareholders, it appears that over $50
new offices Of Canadian banks were
created during the past year, bringing
the total bank: establishments up to
about 1920, as compared with 700 In
1900. These $50 offices were all
branches of, established banks, no new
banks having commenced business in
1908, the actual number having, in
fact, been Slightly reduced thru the
absorption of two or three smaller
banks by the Bank of Commerce and
other strong institutions. The year
proved satisfactory to; most Canadian
banks, tho not quite as prosperous as
1902, which was an exceptional year.
The Canadian Bank %of Commerce,
which, next to the Bank: of Montreal,
is the strongest bank in Canada,
shared in the general prosperity, the
increase in its total assets being about
$10,500,000, and the net profits about
/ a million and a half. 70
Rash and disastrous stock specula-
I ton during the past year or two in
Canada and the United States was
made $the text of. a timely warming.
increase in the growth Of manufacture
ing. industries and their output in
eastern Canada, and drew attention
to the shortage in the labor market.
This is by far the most serious prob
Hem confronting the manufacturers of
eastern Canada, and especially in On
| tario. He continued: ~
,....ys self-Protection Necessary.
If. as seems probable, we are to wit
ness a general decline in prices, We must
not be slow to recognize sWhat this may
mean. AS we said a year ago, We must
hold our own against a %nation fifteen
times as large in. people and in indus
tries. We cannot stand again, as we
have been forced to in the past, the
process of absorbing a large part Of the
T surplus product: oftthe 'United@States. It
is not, a question sof which fiscal policy we
like; it is a question of holding our own
in time of war. It will nlys,be indus
trial war, it is true, butt it may be as
fierce and unrelenting as&ordiHary war,
| altho. the results cannot be as terrible.
: Deeply interested as; we are in Mr..
| Chamberlain's proposals.. the vital ques-
connection with out nearest neighbors.
After we have protected ourselves against
| the use of this country as a slaughter
| market for the United States, we must,
| in some measure, try to meet MI. CharnI
berlain's proposals. .-- In what particular
! manner: we can best show lour sense Of
! the value of the integrity Of the British
! empire, and what we should be prepared
| to do to sustain that integrity are SUB
! jects which we cannot attempt to deal
with in a mere review, Of business con-
| ditions.
! This statement, cautious tho it is;
! is significant as foreshadowin the
| general attitude, of the banking inter
estss ofz Canada on thes tKs2t Grsat t1sfS
questions aof interim perial TRADE and
Oanada's commercial relations with
! the United States; and it DIS also not
without significance that the president
of the Bank of Commerce. who :iinz
dorsed and approved. of. this state
ment Of the general manager. is Sen
ator Cox, one Of the most influential
supporters of the Dominion govern
ment in eastern Canada. .,r.rge
80 Canada for the. Canadians.
There is a growing feeling here that
reciprocity, even under the, most ia
vorable. conditions, holds much less
advantage to Canada than it would
acrue to the benefit Of the United
States, and that the Dominion would
reap more advantages from eincreas-
ing than lowering. her tariff as against
1.-The United States. The sentiment
Canada for the Canadians, continual
ly gains strength ,(tho not at the :eX-
. pense of imperial sentiment), and: the
building. UP of home Industries adj
| vocated in preference to throwing
i wide the door to the surplus products
of the United States. . s,..g ...-,+.:,
| {l,o "xxJo, doc
Of eastern Canadian trade. by Mont
real, our largest city and chief point
of distribution, and sas,@yet., our most
important port, we findsthat the bush
ness of the city and adjoining country
shows sales the. largest on record, with
n few losses, from bad sdebtss ~
r f"&"We were very proud few years
ago to state that the foreign trade OF
Canada had reached a milliona "a ollars
a day. For 1909 -iMperts were
O3,OOO,O0O and the expontssa;$212 r.
100000. For 1908 the imp0rts We're
s234,ooo,oOO and the exports 1926.
100000. This ibrings our sforeigr
$ trade up to 100000, 00o-a handsome
total for five and half millions OF
Epeople.' sSs..
Progress in the West. "a
In western Canada, it was admitted
:. the year was less satisfactory tina
} 1902 (Which was, Of course, ja mos
unusual one),s but showed a stead!
| increase. The, western wheat croI
showed an average Of 1912 bushel:
per acre Gin 1902 it had been q
bushels), and after making allow
al ance for the country mills and fol
Iseed grain, there was sabout $4,000,
: 900 bushels for marketing.
. ! The, western farmer has within thu
past two or three years improved hi
position by going into mixed faEming
Z lille: has also been somewhat: cured O.
the, craze for more. land, and lis di
Erecting his attention more to improv
q ing what he already holds. -
In 1902 large blocks Of western Ca
!. madam lands changed hands with lit
tie relative settlement thereon, Will
lin 1903 the sales were mainlysfor &C
eSFtual settlement, and'the prices oh
e tanned were Is to 20 per cent: higher
q The new settlers who came into tn
northwest in 1902 numbered 72, 500
4 EIna1 903,yt1le totalsreaehed about l. S,
COOS, winnipeg as a distributing cen
ter grows rapidly, building ssxceed
any previous year; electric power, a.
Iinestima BILE boon to a prairie city, ha
< been secured, and, while signs Q
, manufact curing are not large,5 still eff
lIfort. in this direction Is being made.
E<coNylcTED> MURDEREss welded