New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-12-20
CANADA TO SEEK
BIG LOANS HERE
Hopes to Have New York
Take LOndOn'S Place
as Her Banker.

Ottawa, Dec. 10 (SpeciaD AN enor-
mously increased participation by the
bankers Of the United States in Can
adian financing, the probable financing
Of the requirements Of the large Cana
dian cities md the completion OF the
two new transcontinental railways, the
Canadian Northern and the Grand
Trunk Pacific. with United States cap
ital are foreshadowed by recent events
and by the utterances of leading Eng
lish and Canadian linanciers.
The movement has already gathered
considerable Roadway, and some Of the
main propositions have already, II IS
stated here on nigh authority, taken
tangible form, which it is expected Will
result in several announcements in the
near future of great interest to the
people of both countries. Sir George
Paish was the first prominent English
authority TO foreshadow this new and
important movement Ia the course OF
a recent interview he said:
"With its enormous crops a..d good
markets for its products the United
States must continue TO save great
deal of money. In view of the trade
relations between Canada and the
United States, whereby the latter coun-
try has obtained an enormous market
for its goods, which were paid for by
money borrowed i'm Great Britain, the
logical buyer of Canadian securities IL
New York. While the government Of
Canada might finance it's requirements
in London. other issues, including pos
sibly those Of the provincial admin
istrations and the larger municipal and
Industrial borrowers, might very well
approach New York
Finance Minister White, speaking be-
fore the Canadian Club in Montreal
this week. said:
mo doubt the United States will
purchase some Of our high class Sc
curities. because we cannot buy unless
we borrow or sell. and we buy more
from the United States than from any
other country"
Sir Frederick Williams-Taylor, man.
ager of the Bank of Montreal, at its
annual meeting last week said:
"If our good neighbors in the United
States desire us to purchase from them
i'm anything approaching the volume Of
the past they must, at least during the
war. while the London market for pub
TIC UOldllOUS ~ tlOHtuf pibFlhN No WIN
the wherewithal in the shape OF loans
to our principal public borrowers
I'm anticipation of new municipal Of
fcring in New York one leading Cana
dian paper is suggesting that the word
bond" be used instead Of "debenture,"
which is the term usually used IN con-
nection with municipal issues here.
Last spring the Dominion govern
ment guaranteed Canadian 4 per cent
bonds to the extent Of Si5,O00,O0O. Fiji
teen millions of these we're underwent
ten in London prior to the beginning OF
the war. 1t is expected now that the
balance of S3O,OOO0O0 will be offered
in New York. Similarly the govern
ment guaranteed Grand Trunk Pacific
per cents TO the extent of Sl6O0O.-
00O These. too, will probably be Of
lered for sale in the United States. l.
is expected besides that the govern
ment will seek in the spring to place
a loan of S30,000,000 in New York. and
there is a probability that the prov
inces will ask the government to add
its guarantee to their own of various
railway bonds. for the purpose of max
ing them more acceptable to investors
in the United States.