Evening star. [volume] (Washington, D.C.) 1854-1972, 1906-03-24

against the l llltU states, 1puf prosperity
is largely founded upon protection, and why
should we not build up our country by the
same means7 Our motto is, Canada for
the Canadians We are glad to have
Americans come here, for we expect to
make them Canadians. 1t used to be that
we were somewhat dependent upon your
trade. We now able to stand alone,
and we intend to protect our business just
as much as we can Oh. .-s..-., -...
A Chat With a Private Banker.
There are but few private banks in Cam
ada. The only one I know of In Winnipeg
is that of AIoway & Champion, which has
been in existence for more than a genera
ton. The bank has a sign which reads
"Alloway & Champion, Bankers" Only the
chartered banks can use the word bank
as d sign of their institution, but any man
can call himself q banker.
The head of this firm is Mr. w. F. Allo-
way, a Canadian of Irish descent, who
came out here as a boy thirty-five years
ago to aid in putting down the half-breed
rebellion. He had al that time nothing but
His pay as a soldier and after the rebellion
was over he had TO work at all sorts OF
things to make his living. I believe that
he did his own cooking, living across the
hall from James Ashdown, who was then
a timer. but who. like Alloway, Is now
millionaire. AS the country developed Alto
way made money in all sorts Of ways He
bought land and sold it. I believe he once
drove stage. At any rate, he finally got
enough 10 start 4 D3llk, ana ms Pile IN
creased as the country grew. He has long
been on Easy street, ard when I first met
him, about ten years ago, he was crossing
the Pacific with his wife for a tour of ia
pan. In chatting with him tho other day
the conversation turned to loaning money.
Mir. AllOWaY said
Il think our banking system Is better than
yours. These chartered banks and theic
branches enable the money to flow easily to
the places where 1t Is most needed. If one.
district has a poor crop and no use for
money the funds of the branch there go to
other districts, so that there ig no surplus
anywhere"
Are many loans made on real estate?'' /
asked.
Yes. but not by the banks 1t is contrary
to law for them to make real estate loans
We have mortgage and loan associa tons
which do that business, and the money with
which they operate comes mainly from
eastern Canada and the United States"
Are many mortgage notes sold here?" l
asked. 1T used to be that New England
practically owned our great west. Are you
getting much money from the east for the
purchase OF notes secured by mortgages?"
mo, we do not give notes In payment for
real estate. Much land is sold on deferred
payments, but such payments are not Sc
cured by notes They form a part of the
agreement Of sale. and the title TO the land
does not pass until the payments have been
made in full"
The Torrens Title System.
we nave one IHlng, continued Mr.. Al
loway, which IS excellent and that is the
Torrens title. By means of that system the
provincial government guarantees the titles
to almost every bit of land sold IN Mani
toba. II you own a piece of real estate
ana want to sell 1t you get what IS called
q Torrens title. This means that you take
the deeds and papers and have an alb
stract made of the title back to the begin
ming, You hand this abstract TO the Off
cfal registrar. He looks ii over, and if he
| finds 1t is correct he will. upon the pay
ment of small percentage, give you q
| certificate guaranteeing the title. This GER
uitcate Is merely a sheet of paper with
blanks on the back, where the notations
OF loans or mortgages can be made You
can take this title and sell your land by 1t.
You can borrow money upon 1t. for the
purchaser will know that it Is all right.
If any defect should afterward arise the
government will make that defect good.
1t will purchase the land at the market
| price then existing. and, in short, will sup
| port your title The fund for such pay
ments comes out OF the percentages re-
ceiVed for issuing the titles In other words,
| all the lands sold under this system con-
| tribute their share to the fund guarantee
| ing such titles, and to all titles so issued
! for the future 1t makes our titles abso-
| lutely sound
| Loan Associations.
There many loan associations here.
| a. great deal of real estate selling and
loaning is done, and some of the big land
| secretary of such a company here one of
! some millions of its own and railroad lands
| tells me he has made for every one he