Taiban Valley news., 1917-06-22
BUSINESS GOOD
IN CANADA
No Financial Depression, and
None Since the War Began.

| important western daily paper recent
ly made an extended visit to Western
| Canada, and in summing up the re-
suits, after going thoroughly into con-
ditions 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
bank clearings of the different cities
grow and continue to grow will have
arrived at the same conclusion. The
trade statistics reveal like situation.
The progress that the farmers are
making is highly satisfactory. AS this
correspondent says: "It is true there
have been adaptations to meet new
conditions, and taxes have been re-
vised, and that very large burden of
added expense in many lines has been
assumed, but it 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 rs not an in
dustrial country. The greater portion
of the Dominion must be classed as
agricultural area, with only an infni-
tesimal part of it fully developed.
4 Lacking complete development the
agricultural portion of Canada has
naturally placed its main dependence
-I.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 it rests.
'Thus, Canada has been able to
come up to the war with efficiency and
u sufficiency and to maintain and even
advance it's civilian activities.
I "Canada's first element of financial
strength lay in it's branch bank sys-
TEN. This system has two great ad-
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 /;
Iialso, 1t 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 at any one
point.
Here in Winnipeg, the all-Canada
banking houses maintain big, strong
branches and as elsewhere in the
Dominion, these held to an attitude of
d saneness and solidity that prevented
even the start of any financial dis
turbance.
That business generally is now COM
ing strong on an even keel is largely
due to the absolute refusal of the
h banks, both branch and independent
: to- exhibit the slightest signs Of ex-
J element or apprehensiveness.
] For all Canada the savings bank
[ figures are astonishing. Beginning with
1918, they are, for the fiscal year end
ing March 81:
\ 1913 .$622, 1928. .96e
1914 .................. 663, $50, ,23C
. 1915 683, 761 ,432
1915 .............'.... oo,loo,ZI<
1917 S88, ,765, ,69S
! rThese figures represent what Cana
! di$ns 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
, erbus subscriptions to war bond lis
sues.
u rProhibition has helped greatly In
keeping the money supplies circulat
), ing in the normal, necessary channels
!, Tr radesmen generally attribute large
part of the good financial condition tC
!, the fact that the booze bill has beer
, eli minated. Canada takes law enforce
ment with true British seriousness.
Y Financially, as in every other re
r. ,spect, Canada has developed sufficien
cy. She has done it in spite of initia
Conditions which would not look prom
, Using in the States and she has done 1
in a big, strong way.
i'One of the best things we did," sait
4 one Of the leading Winnipeg bankers
5 to- me, "was to decide early in th'
game that we simply would not borrow
a trouble.
: 4 1--WE started in ignorance of how tn
r war would develop and without know
: ing exactly what our resources were
II and had to find the way.
h "And yet Canadians are not overbur
u u dened with taxes nor are they com
"a plaining of them. For the common
people there has been but a slight ta
increase, if any, in a direct way. In
= direct payments, of course, are mad
in the shape of higher prices for livin
e commodities, but the price advance o
d such items is no heavier than in tn
States in the same period.
x,o1o+