The Hays free press. [volume] (Hays, Kan.) 1908-1924, 1917-06-30
BUSINESS GOOD
IN CANADA
No Financial Depression, ana
None Since the War Began


a well-known correspondent Of an
important Western daily paper recent
y made an extended visit TO Western
canada, and in summing up the re-
SUITS after going thoroughly into con-
oinonS there, says there is no financial
depression in Canada, nor has there
been anything Of the sort since the
war began Anyone who has watched
the barometer OF trade. and seen the
oank clearingS OF the different cities
grow and continue TO grow will have
arrived at the same conclusion. The
trade statistics reveal a like situation.
The progress that the farmers are
making is highly satisfactory. As this
correspondent says: 1T is true there
have been adaptations to meet new
conditions, and taxes have been re-
vised, and that a very large burden OF
added expense in many lines has been
assumed, but il has all been done me-
thodically, carefully and with full re-
gard for the resources TO be called on
''That this has been done fairly and
wisely is proved by the present com
Portable financial position.
with the exception Of a restricted
area in the east, Canada is not an in
dustrial country. The greater portion
OF the Dominion must be clasSed as
agricultural area, with only an infni-
tesimaI part Of it fully developed.
Lacking complete development. the
agricultural portion OF Canada has
naturally placed its main dependence
upon fewer resources than would be
the case in the States. Even in peace
times, business would be subject to
more frequent and wider fluctuations,
due to the narrower foundation upon
which 1t rests.
'Thus, Canada has been able TO
come up TO the war with efficiency and
sufhciency and TO maintain and even
advance its civilian activities.
"Canada's first element of financial
strength lay in its branch bank sys-
tenn. This system has two great adj
vantages: it makes the financial re-
sources OF the Dominion fluid so that
supplies OF capital can run quickly
from the high spots to the low spots:
also, it places at the command OF each
individual branch the combined re-
sources OF the whole institution so
that there is an efficient safeguard
against severe strain ut any one
point.
Here In Winnipeg. the aII-Canada
banking houses maintain big, strong
branches and, as elsewhere in the
Dominion. these held to an attitude OF
saneness and solidity that prevented
even the start Of any financial dis
| turbance.
That business generally is now COM
.ng strong on an even keel is largely
due to the absolute refusal OF the
| banks, both bRanch and independent,
| to exhibit the slightest signs OF ex-
citement or apprehensiveness.
For all Canada the savings bank
figures are astonishing. Beginning with
1913, they are, for the fiscal year end
Ing March 81:
1913 ..................... $500. 92S, e68
1914 663 $50, go
1910 6S3, 16ls AZ
1915 13S,169,Z1Z
1917 SSS,160. 6SS
'eThese figures represent what Cana
dams have put away after paying the
| increased living cost, which is about
the same as in the States, all increas-
es in taxes and imports Of all kinds
made necessary by the war and gen.
erous subscriptions to war bond is
sues.
Prohibition has helped greatly In
keeping the money supplies circulst-
ing in the normal, necessary channels.
Tradesmen generally attribute large
part OF the good financial condition to
the fact that the booze bin has been
eliminated. Canada takes law enforce
ment with true British seriousness.
Financially as in every other re-
spect, Canada has developed suficien-
cy. She has done it in spite OF initial
conditions which would not look prom
Using In the States and she has done It
/ in big, strong way.
"One Of the best things we did" said
| one Of the leading Winnipeg bankers
to me, 'was to decide early In the
| game that we simply would not borrow
| trouble
1--WE started IN ignorance Of how the
war would develop and without know
/ ing exactly what our resources were,
and had to find the way.
"And yet Canadians are not overbur-
dened with taxes nor are they COM
/ planning OF them. For the common
people there has been but q slight tax
| Increase, IL any, In q direct way. In
] direct payments, OF course, are made
/ in the shape OF higher prices for living
commodities, but the price advance on
| such items is no heavier than IN the
States In the same period
ment.