New-York tribune., 1909-07-30
,iIlDIAN BORROWING
-, Into Large Figures, but
1pparentIy Justified
Toronto. July q.

-oney aHs ,,--,7eut has been proceeo4liS A'''>>o
,,ruad; dess1s ED 1908 $1s7Ooo,oeo OF new gov
sssssn lSsO have been issued and S66'ooo'VVV
,1psnt i0.l's he fiscal year 19oS-'os s+6'oOo'ooo
.,;ssneo; u added to the net total Of the
,v-s haTe --,,ici, on March 81 amounted TO
ssOEal oeO', T,orninion loan Of $52,ooo.0oq has
q. aseVO'' -.loced on the London market ana
ssaty Pc ,s17 oldtire obligations totalIing
ias ls-s -, are maturing and VIII nave 10 De'
V-.,abflitv. renewed; in the 1IVe year
$50 ca,adian government, SumclpaI anu
| 81 borrowings totalied over S5VV'Voo'-
| ,-S'ioI from .S34.00O,OOo in 1904 to $780,
L f~n'l'- &c. for the Grand Trunk Pacific or
kAe - ln----...soontinental Railway not less and
ps'nal -, more. than S1oO.oo0o0O viii he
snigs s,,,iur the next few years
-cs's1 o~sHiy ideas and policy have greatly
R'i1 : ,orularity. and viii continue to ada
S'ssS'D .lass reguirements: the three western
Efs! :, y ,-,,-srrrnents have acquired the Bell
..,s nroperties at cost OF IliiiioilS' anu
iafpn''-- 80 other large sums in improvements
u '-i-i .,-siors: the Ontario government Is
90 -. millions upon a provincial railway
Fshe-e -,;r,,ons upon its guaranteed delivery
90 - ol.c+ric mower 70 the consumers or
! 6".,o. "''e- western farmers are strenuouSly
l.5,nr provincial government acquisition
80 NJ elevators and terminal storage
-. az cost Of half dozen millions ana
''D1'- -.o.+ -,,blic buildings are going UP IN
n2'' -,,4-,ces Of Alberta and Saskatchewan
n' ~ .,,,s3,g of the legislatures. for the care
70 - - insane and criminals. for legal and
. -rrnases and much money viii be re
- !, this connection; these two provinces
.-n,-4nr the example Of Manitoba and guar
-..,,s N & large eftent the bonds Of railway
-,-,.ions as they extend their branches into
- areas which settlement is so rapidly
- m. municipalities everywhere are ex-
.a..srting in public ownership with varying
-. vAich in the aggregate are probably not
-s,.h,.. some Canadian flnanciers are bor-
-, money in England to invest in Cuban
- i, Mexican and Brazilian power
/ ..,uss IN ether South and Central American
.-.,.,jonS Altogether. the Canadian borrow
/ -1 n the immediate past have been heavy;
). ,.,u,ranents Of the immediate future will
; Ts1 large.
/ HEAVY REQUIREMENTS
/ v-5,, Is available 10 meet this situation-re-
,i,sms.ts Of from S10G. 100000 to S2000o0000
vs,r far the next ten years? VIII the natural
:chss and resources, the actual returns on in
sstnsnt warrant such heavy borrowings and
-svsa. any serious decrease in credit? There
sr sFiieares Of pessimism abroad in the land;
rvusds for careful thought and consideration
| TIE situation. The net public debt. which was
rs SeDaeDO in 1893, Is over $500. 100000 in 1909.
q: nsy easily be 500. 100000. perhaps $500
| El1I0 n 1919; the rate Of interest on Donin-
Il losns is Increasing somewhat in effect, If not
su-i1sHy, and viii very likely average Z per
| MI Or little more II the near future; the bal
| me q made has for some time been against
| lIasds and. though diminishing slightly, still
s0sz e excess Of 500 100000 in imports over
| rr-r; The revenue, which has been bounding
/ vzg-i for years and has shown q surplus over
l rrzT expenditure running as high as S19.-
stia reached its greatest point Of expansion
&, vas reduced 10 q small figure Of sur
/ pzn lSOS and 1908 and viii probably show e
| ssai \ the immediate future
| l1 he other hand, dealing with these latter
s-E first, It is obvious that the steady in
csss Of population viii keep the per capita in
Aasaness at q reasonable level. II not al the
fs'aly decreasing figure claimed by Mr. Field
! Minister Of Finance, for the last few years;
= equally evident that the increasing develop
ri OF the country VIII enhance its paying
Fssis and should prevent any injury TO its
Nh or 10 its borrowing facilities within .rea-
tzsis limitations; il Is clear that after the
| NAng depression Of the last year OF two the
s.aoe VII eventually get on the upward grade
! - Faale Il is probable that the increasing
/ s7S1 o. raw material for industries and for
/ acuVe purposes associated With bound
! 1''eiopinent may al once explain and ex-
41eh o. The adverse balance Of trade.
WEALTH N WHEAT FIELDS.
~1lns TO the details Of national expansion,
-, HUGH to be said and many data available
| VI ne credit side Of Canada's ledger. II
l = very many years since Western grain
l - IN the Dominion was a negligible
= Alance and politics; last year the
as wheat crop alone was s143, ,OO0, OOo
d@4 value Of the Dominions grain
more than $4,000. 900 Twenty years
l N1'2alan Industrial life and possibilities
- subject Of controversy, Of doubt, OF
I - pessimisn: in 1901 the nroduct Of Can
| n 1N1lles was valued at szSl coo 900. and
s.'s ia'er at s7l8.0o0.e 600, while within a
pa"o Of years more than 100 branches
'' States factories have been estab-
s.-, ne Dominion and the country is now
s-s yearly s20.eOo,6eO worth of manu-
sOoos In 1883 Canadians had total
Asoe Of $4,000, 600: in 1898 they saw
Hsfess In a total OF 1920. 600 900; last
lsa. tfaoe was $3.50 600. Twenty-three
b. !" me completion Of the Canadian Pacific
laaoe the people Of Canada proud of a
gsr.. 'aking and masters Of 1000 miles
earning s33,oOO,0oo a year: to-day
ars @ -. zZ'eos miles, earning s146, ZOO. 900
~ Ah two new transcont.nentaI lines In
z.-e- cotistruction and with branch roads
s-.r. the vast prairles and forests and
IT,. areas Of the Dominion at the rate OF
ass miles year al told. The banks Of
much more than doubled their as
hss,s..o oecade-frorn ss7o. GOO. 600 in 1898 to
sxs, lso6-and have increased their
sa 1'n s23sOOO.Os0 to over 100000 ooo.
svns.. GEARING houses. which showed a to-
sss-S''s.eos.oe0 IN 1902. reached the figure OF
= statistics would be burdensone in