New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-08-29
BRIEF NOTES OF FINANCE
Paragraphs of Current Interest
for the Investor.

rso Bank Of England added TO its
I'D for higher reserves in proportion
- liabilities in this weeks statement by
o,,ing 5o46 per cent. a figure not
lawn before for this period in many
oars Compared with the ten-year aver
~ 6.45 per cent there is an increase
- Sm per cent. and the question now
s.,sos. ''Why is the bank retaining its
a. nor cent discount rate in view of such
.avorable condition." The significance
= this high bank rate can only be sur
.,,sed but the fact that il is retained
md probably will be continued for the
-emainder Of the season suggests that the
si,uatjon is attended with some possibiH-
,,os not apparent on the surface One
ming is reassuring in the outlook, and that
g the betterment on the Continent. which
hos reduced the demands on the Bank OF
England, and with the plentiful reserves
hsing accumulated autumn demands
nrohablv will not he felt TO the extent OF
any stringency. and after the first Of the
year II no unusual changes in political
affairs should occur. there should be an
abundance of money for industrial and
investment purposes.
Fiscal Year in Machinery.
REPORTS from industrial centres show
that the manufacturers of machinery for
The fiscal year enjoyed profitable twelve
months. notwithstanding some restric-
lions brought about by labor troubles and
an increase in the wages paid in some
sections OF the country. No extensions Of
old plants or establishing of new ones
has been reported to any great extent.
and the business i'm the machinery line
may be characterized as normal. except
in q few instances Manufacturers en-
caged in the lines i'm use by public utilities
and their related plants were very ac-
tive. This is due 10 the extensions Of
electric service 10 numerous small places
not previously supplied. and for year
past electrical supply men have been eX-
,remely busy, and there is now said 10
be a good supply OF orders for future
delivery. One of the reasons for a lack
Of extensions and new factors was the
scarcity of money, which could not be OBJ
tanned for such purposes, and this in
measure has resulted in healthy condi-
ton OF the trade and kept manufacturers
from being caught Unexpectedly in posi-
lion where they might have been forced
10 make sacrifices.
Growth Of Canadian Commerce.
The report Of the Customs Department
Of Canada for July and the first four
months Of the current fiscal year indi
Gates considerable growth in Canadian
commerce. For July the total trade is
given at 500. 367 coo, compared with SOL
$1,000 In July, 1912. For the four months
period the trade totalled 1858 iSS.0o0, as
against SOS. $751; 900 during the first four
months Of the fiscal year of 1872. The
collected duty in the four months amount
eli TO S3s.5Sl 900. compared with s35,99O0oO
for the corresponding period last year
July imports amounted TO $Js92S,0co and
exports OF Canadian products S53,e40Oco.
For the four months period imports were
81. S27 600 and exports OF Canadian prod
ucts sl17,1SO,ooo
Educating the Bankers.
The New York Chapter of the American
Institute of Banking has mapped out
very comprehensive and pretentious plan
Of education covering lNS tOlllliiS Ae4i an
winter season. In the advance pages OF
the year book, published by the local
CHAPTER OF the institute, President A. W.
Hudson announces that the several COM
mittees in charge Of educational arrange
ments have prepared a curriculum not
excelled by any similar organization EN-
bracing exhaustive courses OF lectures on
practical banking, commercial law busl-
ness conditions. English and public speak
ing bank and financial publicity and post
graduate courses. Representative men
from various financial and scholastic m
stitutions have been engaged for the iect-
ure courses. and with membership III
the New York chapter OF about 2"o' ~
IS reasonable 20 assume that vast
amount Of information covering the fun
damertal principles Of banking VIII re-
suit. The officers of the local chapter are
4 w. Hudson, OF the Empire Trust COM
nanv president: O. Howard Wolfe, Amer
lean Bankers Association. vlce-presldeh''
Harold Schultz. secretary, and h. NJ
Baldwin. Title Guarantee and Trust COM
pany, treasurer