The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-06-03
SAYINGS DEPOSITS
CLIMB IN CANADA
Banks Reflect Large Profits
From Sales of Foodstuffs !
for Export.
STRIKE AFFECTS STOCKS
-
Speculation Slackens on Ex-
changes aud New Commit
ments Decline.
STRIKE AFFECTS STOCKS
Special corespond.nc. TO rHs svu.

SPECIAL Correspondence to THt sux.
MONTREAL, June "A few month";
ago Canadian bankers were we'll pre-
pared for q contraction in savings de-
posits by the time spring came around
Munition orders by December had be-
come a thing of the past Unemploy.
ment, IL not of large proportions, was
beginning to contrast with a condition
Of affairs in the early part Of 1918. when
the demand for workers was in excess
Of the supply. In short there was every
reason to believe that the forces which
had made for such notable gains in
Canadian savings deposits from 1915 on
| had begun to wane and that, until bust
ness had changed over from a war to
peaca basis, the country as a whole
would not be doing badly II a balance
were maintained between additions to
savings account on the one hand and
Withdrawals on the other.
This view OF n few months ago adds
Importance to the notable showing of
the Canadian bank statement for April,
reporting in the last week an increas Sc
of $33, 1884 In savings on deposit with
the chartered banks of Canada with
one exception the gain was the largest
shown In any monthly statement of the
last twelve months, and II carried the
total OF Canadian savings deposits with
the chartered banks to the impressive
figures of $1,070, 9S5.0sO. That Is within
100000 of the highest total on
record, touched in October last when the
resources OF the country were being
marshalled for the Second Victory Loan
drive. OF the setback Of $137, 00O, 900 in
November last. directly due to the loan
subscription. approximately $131. 900. 900
has now been recovered.
The chief factors in the showing are
probably the large profits still being
| realized on Gales OF foodstuffs for ex-
port, combined with q cautious and
thrifty spirit on the part Of ali classes of
the population. 1t remains true Of the
| Canadian situation 'that-the main de-
oendence Of the country being agrioul-
ture, not manufacturing activity pc
| Rod of high prices for Agricultural prod
! ucts means widespread prosperity; and
as yet there has been little or no weak
ening In the prices of such products.
Contraction in Bank Loans.
The loan account Of the banks showed
some moderate contraction-this. with
the gain in deposits. serving to improve
the position Of the banks as compared
| with March Current loans and dis
counts in Canada fell OF about $4,000
900. while call loans at home and abroad
were about $6,200.O0o lower in the ag-
gregate. At the same time the state
| ment continues to emphasize the strain
of high commodity prices on banking
credit, the current loan account in Can
ada standing about $225.o00.0O0 higher
than this time year ago, when banking
credit was bearing the burden OF the
country's war effort at the peak load.
Another indication of the effect OF
high commodity prices Is given In the
| showing that while the note circulation
| S5,6o0,0 900, as compared with March this
year. 1t Is more than $2S. 900. 900 in ex-
cess Of note circulation in April, 1918.
| With all adjustments in the April
statement allowed for, total assets OF
| the banks at the end OF the month
amounted to $2,607,153.79S-ag gain OF
S294. 100000 in the year; while total liza.
bilities to the public at $2,3s2,o96,45t
were 1888, 10000 higher.
Although exports OF Canadian goods
in April were below those of the cor.
responding month Of both 1918 and 1917
actually the net results were more IA,
rorable. Against an adverse balance Of
S7462,2s9 in April, 1918, and OF S2l,
$4,000 in April, 1917, the return fol-
April 1919. shows slO,23s.s4O in favor
Of Canada.
The explanation. of course. lies in tn,
effect of the cessation Of imports O.
metals, &c. for use in the manufactur,
Of munitions. Imports. which were in ex
cess of $s6, OO0.O in April, 1917, and IL
excess OF $7S.OO0.0O0 in April, 1918, fel
or this April to $54.255.219.
April. by tradition. Is a poor trad,
month, because OF the tendency to holt
back shipments OF goods until St. Law
renee navigation is in full swing anC
transportation costs can be reduced
Despite the contraction in exports thi
year-Aprirs total being s64,4Ss,159
against S71,161,652 in 191S-there 1
substantial ground for satisfaction II
tho fact that the net balance of trade il
favor OF Canada Is the largest ever re
ported for the month.
Dominion Textiles Good Showing
Dominion Textile Company. Canada
largest cotton spinning concern and tn
sixth largest in the world, makes
fphenomenally good showing in tn
statement for the year ended March 81
Sales totalled $23,666,216, against SIG,
S50.27S a year ago and only $7,643,67