The sun., 1919-02-25
CAUTION URGED BY
MAPLE LEAF BANKS
Trade Warned to Await Full
Outcome of Deliberations
Mt Peace Table.
UNREST Is CALLED PERIL
Import Embargo by England
Hits Flour Mills; Many In
dustries Gaining.

Canadian banks have served notice on
the business men Of the Dominion TO the
effect that trade and commerce must
move cautiously. according to the
monthly letter Just issued by the Cana
dian Bank OF Commerce, which points
out that loyal submission to the strin-
gent regulations deemed necessary to
carry on the war for the defence of our
liberties Is now followed by social UNI
rest and premptory demands for shorter
hours, higher wages and further limita-
ton OF the control Of industries by those
who invest their capital In them and
devote ekill and labor In their direction"
Caution in trade and commerce must
continue, says the bank. until the unrest
is settled and the outcome OF the de-
alterations OF the Peace Conference is
established with finality.
THE prevailing unrest and the restric-
lions placed by the various Governments
on prices and the free movement OF
commodities" continues the bank, "are
a serious deterrent to the return OF
wages and prices to a normal level, such
as will warrant the active prosecution
of commercial and productive enterprises
Until this level Is reached there will
pe HtsItdtlou OI tHe part VI Capital III
undertaking the resuscitation and ex-
pansion of existing enterprises and the
creation of new ones. all Of which are
needed to provide for the growing de.
mand for employment. Meanwhile conf
mercial houses find general disposition
on the part of buyers and consumers I,
purchase only their immediate require.
ments. II being generally anticipated that
prices will continue to recede.
Some Industries Active.
Some Industries are quite active a.
result Of satisfactory orders from
| abroad. which enable them to add ma
terially to their staff Textile factorie.
have sufficient orders on hand or in sigh
to keep their plants fully employed FOL
the time being. but the condition OF til,
| market Is such as to create some doub
as to the outlook for the latter portion
OF the preeen, year. The placing O.
orders by the Canadian National Rail
ways for cars and other requirement.
will help the larger steel plants to bridg,
the difficulties arising from the cessation
| OF muntion orders. The lumber indus
try has also been aided by the purchas,
of Canadian timber by the United King
dom, arrangements for a credit Of $50.
100000 having been made for this pur
pose. Several of the large -four mill
have had to curtail operations material!
because OF the embargo placed on i'm
ports by Great Britain
| Discussing external trade Of the Do
minion the Canadian Bank Of Commerc,
said The cessation of hostilities is hav
ing marked effect on foreign trade.
noticeable feature is the sharp decline
In exports to the United Kingdom an,
| France. the classes affected being manu-
features and agricultural products TIL
: volume of other Canadian products ex
ported during 1913 was equal to that O
the calendar year 1917. during which
the value Of the exports reached tn
+ high total of S1.547.0O0, 900 as compared
with Sl,229. 10000 for the year ende,
| December 81 last. In the value of tn
animal products exported 1915 exceede,
each OF the four preceding years, and a
the close of that year stocks on han,
were unusually heavy. The same con
ditions prevail to-day, the movement o
these products having been retarded b,
embargoes and transportation Difficult
| ties"
For the last two years the EXPORT
OF Canadian products have been as fol
lows: