New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-09

necessary 70 review the securities
throughout the year. The notes Will,
however, be for somewhat longer
period than has been the custom here
tofore.
The West Considered.
The financing of the crop movement
is by no means the only service which
the Canadian banks are rendering to
the Western agriculturst. Since its
last revision, the Bank Act has author
lied loans on the security of livestock.
Amendments are sought which will en-
able the granting of loans on the Sc
curity of livestock liens instead Of
ohattle mortgages. The banks arc
showing willingness TO cooperate
with the farmers and make all possible
concessions consistent with sound
banking. Sir Edmund Walker, presl-
dent Of the Canadian Bank of Com
merce. recently said: During the
past ten years Of development in the
Canadian West the banks have been
second to no other branch of industry
and it is quite safe to say that
in the history of the world no other
settlement of people over great area.
Of country has ever been accompanied
by such banking facilities" No better
proof could be adduced than the fact
that Manitoba. Alberta and Saskatche-
wan have a branch bank for at least
every 1000 people. In 1906 there were
l66 branch banks in Manitoba: that
number has grown to pol. Alberta to-
day has 243. as compared with 90 IN
1906. Saskatchewan boasts 400, as
against III ten years ago. The prob
lem of providing competent managers
is no easy one, and the West does not
always recognize the difficulties or
show appreciation of what the Cana
dian banks are doing to aid in its de-
velopment.
Dissatisfaction.
There are many farmers in the Ca
madam West and by no means all of
them settlers from the United States
who do not like the "lendin' agree
ments" of the Canadian banks, and de-
clare that the banking system of the
United States is superior 70 the branch
banking system of the Dominion. The
fault has not been entirely that of the
Canadian bankers. and yet it is true
that head Offices in the East have not
always understood as they should con-
ditions in the West. There has been
mutual suspicion between bankers and
the farmers. but it is now being stead
ily overcome. Further conferences are
planned. and will do much good.
The banking systems of both the
United States and Canada are becom-
ing more effective agencies in the de-
velopment Of agricultural areas. The
small Independent banks of the United
States have considered local interests,
but sometimes have been lacking in
strength and adherence to sound bank
ing practice. This tendency TO weak
ness is being remedied by cooperation
and a measure of control under the
Reserve Association system. The Ca
madam banks have been sound beyond
question, but sometimes unduly selfish,
arbitrary and without proper regard -
local development. This defect is being
overcome by better understanding
between farmer and banker, and mu-
tual faith which can remove noun
tains of difficulties.
Expectations.
II is not safe to venture any estimate
Of the credit which the Canadian banks
will be called upon to extend to West
ern grain growers in connection with
the new harvest. SO much depends
upon the railways. II is confidently
expected, however, that the banks will
be able 10 meet all requirements with
out any assistance from the govern
ment. Since 1914 the Dominion Treas
ury has stood ready to advance legal
tenders to the banks under rediscount
arrangement in order to insure ample
funds TO facilitate the marketing of
the crop. Eight banks borrowed vari-
Gus sums in this way in 1914 for linn
tied time. Even less advantage was
taken of the privilege last year. Some
what of a fetish is made of mere i'm
posing strength and independence in
Canadian banking circles, and despite
the practice in Europe, rediscount is
not viewed with favor. The Dominion