The sun., 1919-04-29

was signed. In British Columbia an
order for 100000 feet OF lumber was
placed recently, but II was followed i'm
mediately by demand for higher
wages by the various classes of work
men through whose hands II would
have to pass and coupled with this the
further demand was made that only
white labor should be employed. These
difficulties were accentuated by the
scarcity Of tonnage. the situation with
regard to which is, however, steadily
improving. On the Atlantic coast orders
aggregating 170,000.000 feet have been
received since the first OF the year. In
addition 200, 100000 feet have been sold,
but are awaiting shipment. To move the
lumber already on hand and ordered will
keep all available tonnage fully occu-
pied for the balance OF the year.
The existence of so large a stock
OF lumber awaiting shipment on the
one hand and the placing of further
orders on the other. gives rise to some
uncertainty as to the future OF prices.
1t Ia. however. generally assumed that
prices will remain steady, as lumber Is
one of tho fundamental requirements for
the carrying out of reconstruction plans
In all countries. In British Columbia
a slight reduction in price was required
OF recent orders Of considerable size.
Ratio of Cold IL Good.
parliament has consented to extend.
for a period Of two years after the con-
olusion Of peace, the order in council
issued in September, 1914, which permits
each bank to issue notes in excess Of It's
paid up capital to the extent OF Is per
cent OF it's combined capital and re-
serve. In discussing the resolution sub
mitted in respect to this subject. Sir
Thomas White expressed the opinion
that tho ratio OF gold to circulation in
Canada was a favorable one, as COM
pared with other countries. His hope,
however, was that ali such regulations
could be safely removed before the ex-
piration OF the period mentioned.
There has been a steady Increase IN
the amount of gold held by the banks
and tho Government against ther COM
bined note issues, after deducting from
the latter the Dominion notes held in
the central gold reserve.
AT the end OF July. 1914, Just at the
outbreak of war. the total amount OF
gold held by the banks and the Govern
ment was s143.754. 900, or 20 per cent
of the notes outstanding, which amounted
to t20o. 900. the amount of the Do
minion notes held in the Central Gold
Reserve being almost negligible. At the
end OF January last the gold held had
Increased by S63.15l,o0o, and was thus
asa per cent. OF the notes outstanding
always excepting tho Dominion notes
In the Central Cold Reserve).
ION the other hand. taking into con-
sideration the total OF Dominion notes,
Including those in the Central Gold Re
serve, and OF bank notes issued at the
end of January last, the ratio OF gold
to notes was S9.8 per cent. as COM
pared with SO per cent in July, 1914.
In Britain at the end Of December last
the ratio OF gold TO notes outstanding
was 25.6 per cent and in the United
States 657 per cent. The Federal
Treasury of Australia has issued notes
amounting TO f57.035.0 900, against which
It holds 4o.4 per cent. or f23,22s.00O in
gold.
While Canada's ratio Of gold to cur
rency compares favorably with that of
the average belligerent country her cir
culation per capita Is relatively high.
In view OF this and similar expansion in
Britain and the United states the Min
lister Of Finance has taken power to
continue restrictions as to the export of
gold. Generally speaking the Minister
stated in Parliament. 1T has been the
policy and Is the policy of the Govern
ment to cancel restrictions and regula-
lions Just as rapidly as In our judgment
the national interests Of the country will
permit"