Evening star. [volume] (Washington, D.C.) 1854-1972, 1906-03-24
A Talk About Canadian Banking.

1t Cuu.cH-llhS IStSpktOL TCO4n anu dShct ~
wait.
A Talk About Canadian Banking.
In speaking Of Canadian banking Mr.
Clouston said:
II think our system Is better than the
American. 1t has more checks upon bank
officials, and is more preventive of posi-
BILE dishonesty. BY means of our branches
in every part of Canada we feel every day
the pulse of the whole country. We keep
track Of financial conditions and financial
movements, and we can prevent panlcs
and similar disasters
How about your interest rates?'' asked
Does not your system of chartered banks
tend to equalize them throughout the
dominion
Il think So replied Mr.. Clouston. The
rate is now about 5i2 or per cent almost
everywhere, with an increase where the
risk of loss is greater We get higher
rates in the far west, and In the mining re-
gions."
But is not your banking system a mo-
nopoly or trust? Does it not tend to crowd
out the small frye"
1T prevents the establishment OF small
banking institutions, but that is for the
good OF the public. 1t is not trust, al
though the chartered banks might BE-
called combinations of capital, which TO
certain extent work together. / believe
that they render our financial condition
safer, and that they are for the general
good of the country"
What is the condition of Canada to-
day?"
some years"
'Wiil this condition contiuue?"
II see no reason why it should not Can
ada IS at the beginning of its growth, and
it Is developing rapidly. Immigrants are
settling great west, factories are being
established by capital from the United
States and all sorts of sound enterpris .
are being undertaken. l see no reason
4 ~, Ia, I'd
and steadily increase in population and
wealth. ! believe that we are doing be ter
here on the whole than you are in the
United States. We have one of the best
railways of the country. and we are build
ing two others, which will be equally
| great When the Canadian Pacific was
started the people laughed al the Idea that
| 1t would be a financial success. 1t Is now
one of the most profitable of the world s
! railways, and its stock is high. We have
! also established here a system Of canals
| which Is aiding In opening up our country.
! We are raising wheat by the millions of
| bushels and building mills to grind 1t. In
| deed I do not see how Canada could be
better off than She Is now"
"Then you have no hope of annexation
! with the United States?'
81 don't think We have either the hope or
| the desire TO change our political condition
| in any respect. We are satisfied with John
Bull and expect to stay with him. I don
think there has ever been any real desire
| In Canada for union with the United
| States Indeed the only expression l have
| ever heard in favor Of annexation came
| from an Irishman, who wanted Canada to
Join your country to spite the English
Banking in the Far West.
It was in the city of Calgary IN the
range country not far from the foothills of
the Rockies, that 1 talked with Mr.. C. w.
| Rowley. the manager of the Canadian
| Bank of Commerce at that point The Ca
| madam Bank of Commerce is one of the
! most enterprising in the dominion. 1t has
| one hundred and four branches, covering
| the entire northern part of the continent
| from Cape Breton on the Atlantic to Van
| couver on the Pacific, and from San Fran
| cisco to Dawson. 1t has a capital of ten
! million dollars and a surplus of three mil
! lions. 1t keeps right in the front of the
| new development In the British northwest
| and 1t has branches established at almost
| every settlement. Mr.. Rowley is one Of its
, leading bankers in the west and he knows
/ all about the financial situation. Said he:
| "Our banks are all making money in this
| part of the world. There are eight of the
/ chartered institutions represented in Cal
| gary, and that notwithstanding the popu-
/ latIon is only twelve thousand. We have,
| however, great wholesale business here
and we control the trade Of the country
| about"
| What are your interest rates?'
| '"They are about the same those in
| the western parts of the United States. We
are now getting and per cent"
DO many OF the Americans borrow
| money!"
Yes. and we are glad to loan to them
| The American settlers understand the pos
| sibilities of the country and they are tax
Ing advantage OF them. believe that oui
| American element is doing more than any
| other for the Canada of the future. 1t 1:
| better than what we get from England
4 Indeed 1 would rather have one brigh
| young American immigrant without dol
| lar than the ordinary English Immigrant
with thousand pounds. The American will
make his way. He will soon have money
ahead and he will show his faith In tbs
country by buying land and going into an!
| profitable investment that may turn up
| The thousand-pound Engiishman may d.
the same, but the chances, on the con
trary. are that he will spend most of hi
time loafing about the hotels and in playing
polo and billiards. He is lucky indeed 1
he does not go to the dogs"
What are you people going to do abou
| the tariff?" / asked.
I'VE expect to maintain high duties