Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-01-06
CANADIAN BANKS
INCREASE ASSETS
Eighty-Four New Branches
Opened in 1929-TotaI
Gain S22, 600, 900.
BY JOHN F. SINCLAIR.

Special Dispatch to The Star.
OTTAWA, Canada, January g.
Canada's II banks opened 81 new
branches during 1929, bringing the total
number of branches of these chartered
banks of Canada to 4,223.
During the last year, one Of Britain's
big Four" Barclays Bank) started
operations in Canada with a paid-up
capital of $500,000 and surplus of the
same amount So this nation of ten
million people entered the New Year
with its IL banks having a paid-up
capital of $142 zoo, 000-an increase of
SIG 600, 900 during the year; and a sur
plus of $156,000, 000-an increase Of
S22 ,000, 900 over 1928.
The total assets of Canadas chartered
banks increased from $3,422 ,0000 900 to
So, ITO, 900 900. Loans and discounts are
the largest items Of increase during the
12-month period, having moved up from
81 ,227 ,000, 900 to 81 473,000,000.
The volume of deposits Is always the
interesting factor in bank. Canada's
total demand deposits increased $685.
100000 during the year to a total of
$785 100000. But the savings deposits
decreased SAL, 100000 to total of ST.
470 100000. So time deposits, upon
which savings are paid, are almost twice
as large as demand deposits.
The measure of Canada'S economic
activity is largely seen in the volume of
its clearings. Beaudry Leman of Mont
real, president of the Canadian Bank
ers' Association, estimates total of
about $45 600, 100000 for the year, an
increase of approximately 10 per cent
over the figures of 1928.
OF the IL banks, only one, the Royal,
has reached the billion dollar class,
though the Bank of Montreal Is not far
behind. =
Mining receipts in Canada are moving
up toward 100000 a day. Last year,
the mineral production reached the
figure of $303, 100000, of which $751;
327 900 was in metallics.
Canadian government scientists pre-
dict revolutionary changes in Canada's
mining industry as result Of their ex-
periments. Two instruments have been
perfected, aiming to find minerals with
automatic devices.
The Torsion balance is one. It Is used
primarily for measuring gravity. So
far, it has registered accurately valu-
able mineral deposits in certain locali-
ties.
The other instrument is a modifi-
cation of the seismograph, employed
for recording earthquake shocks. It has
been shown, through experiments, that
these shocks travel through mineral
deposits at a different speed than
through rock.
Figuring from this, the seismograph
is put in place and blast of dynamite
is discharged. The time element Is
| recorded, showing the speed of the
recording impulse and this in turn In
dicates the nature of the rock.
1t is expected that oil deposits may
| be found with the seismograph as
earthquake shocks are quickly absorbed
| by oil, and if this delicate instrument
| fails to register, the presence OF oil may
| be suspected.
Both of these instruments will be
widely employed during the year IN the
mining sections For 80 per cent OF the
| worlds pre-Cambrian shield, the Oldest
| of rocks and the richest OF minerals
| lies in Canada.
It is no exaggeration to say that
| Canada was bled white-both physical
ly and financially-by the Great War
Canada's net debt on November 80
last was s2,163, 100000, a decrease OF
approximately $65,0oo,0O0 during the
| year.
| try largely. For Sc years, from confed-
Grafton to March 81, 1928, the net debt
of Canada was increased every year
but eight. Since then, she has attempt
ed to cut the debt some. every year.
Canada's total government expendi-
lures are increasing. In 1927 they
amounted to $346, 100000, 1928 to $780,
600 900, 1929 to $375,000, 000.. But her
revenues are increasing too. In 1927
they amounted to $400,000,000. 1928 70
S429 600, 900, 1929 to $460,000, 000.,
OF this vast expenditure by nation
of but ten millions, little more than
$780, 1000, 900 a year is directly attrinut-
able to the war.
Canada's revenue largely comes from
three sources-customs and excise TAX
| last year gave her $3.50, 600, the
sales tax $50, 100000 and the income
tax S59,O00,000 The rest miscellaneous.
Minister of Finance Dunning mas twe
maturing loans this year to meet, one
on February l of $4,000, 900 payable
in Canada and the other OF $45 ,O00, ool
payable on December i in New YORK
In 1881 the total maturing Canadian
government loans amount to S252,93l, :
600, in 1882 to STA, 5000, in 1888 70
| S446, 658, 900 and in 1884 to 1854. 377, OOo
Already the finance minister mas an
| nounced that the $20000,000 loan fail-
ing due on February l Will be PAID II
cash.
1 - American