The Roswell daily record. [volume] (Roswell, N.M.) 1903-current, 1910-01-29
BANKING
REPORT

Washington, Jan 2S.-Today was
issued the first of the important ser
les of financial monographs resulting
from the cXha Istive Investigations
piIrsued i'm this colntry and abroad ul-
der the auspices of the National Mon
etary Conmission-"The History of
Banking in Canada" by Roeliff NJ.
breckenridge, whose work on that
subject, published some twenty years
ago, has long been recognized as au-
thoritauve. This monograph gains i'm
portance from the fact that the Ca
madam banking system, with its high
ly developed organization of branch
banking. its large freedom of note is
sue, and its circulation-redemptio
fund. has for many years attracted
attention in tlis country. Some stud
ents Of our banking problems nave ad-
yocated the adoption of similar ar
rangeTents i'm the United States, and
the National Monetary Commission
mas consequently made a conprehen-
sive investigation of the history and
actual operations of banking in Can
ada.
In this monograph issued by the
commission today, Mir. Breckenridge
has brought tle listory of the Canad-
AN banking down to the present time
and has discussed fully the changes
and developments which have taken
place since the date of the publica-
lion of his original volume. The mon
1graph is replete with facts and sta
tistics showing the growth and pres
ent condition of the Canadian banks.
The banking system of Canada, like
hat of other countries, has been the
result of a process of evolution and
Experiment in the effort to establish
4 system that would meet local con
ditions and requirements. Mr.. Brcck-
snridee traces this development from
tae earliest efforts to introduce the
practice of banking into the British
North American Provinces in the
elehteenth century to the most rec
cnt banking legislation of 1908.
The Dominion of Canada was or
sanized in 1867 by tae union of the
various provinces. and exclusive legis-
iative authority over all matters per
tanning to banking. currency, coinage.
and cognate subjects was, by the act
creating the Dominion, conferred upon
ne Parliament of Canada. The sep
arate Provinces have no jurisdiction
over these subjects, and there is,
therefore,, only one legislative body in
the Dominion authorized to deal with
banking questions, and there is only
one type of commercial bank. Tae
problems of banking there are not
complicated as they are with us,
where alongside OF 1000 banks organ
'Zed under national laws there are
some $4,000 other institutions organ
izcd under the varying laws of the
&c States of the Union.
After the enactment of certain pre-
Iia'inary legislation the Dominion Par
lament passed the bank act of 1871,
whicn, with subsequent revisions. now
constitutes the fundamental law of
Ill banks doing business i'm Canada.
In n few cases special provisions were
made fer banks doing business under
roval charte~< and for a few others
where particular conditions made the
general act inapplicable.
Mr.. Breckenride shows that the Ca
madam system is in many respects
similar to the Scotch banking system;
/ L is primarily and fundamentally a
branch banking system. There are to-
day, it appears, only % banks in Can
ada, and 10 of that number have their
head Offices in Toronto and Monereal
their branches numbering more taan
1000, being distributed from the AT
lantic to the Pacific, into the Yukon
country. and even into foreign coun
tries. OF the parent banks. however
there are not more than three with
| head Offices west of Ontario.
The authorized capital OF any bank
organized since 1890 is required tc
re at least s50O.00e, of which at least
s250.G00 must be paid in cash before
the bank is authorized to commence
business. Each bank may issue 1t:
i nca..ana - ran.a r,o.,-A