Evening star., 1938-12-06
Jump in Canadian
Commercial Loans
Cited by Gordon
Montreal Bonk Chief
Believes Treaties Will
Have Big Influence
Special Dispatch to the Star.

SpcCldl DlSpatCQ 70 Inc St2I.
MONTREAL, Dec. 6.-The rising
trend Of commercial loans In Can
ada. the widespread influence upon
its industrial and commercial en-
terprises expected from the tri-
partite trade treaties and prospec-
tive stimulation Of Canadian manu-
featuring industries by British
armament orders were brought to
the attention of Bank of Montreal
stockholders at their 121st annual
meeting today by Sir Charles Cor
don, president. and G. w. Spinney,
joint general manager.
Although it has Nbeen a year of
great uncertainty in respect to the
immediate future, and year conse-
quently Of some hesitancy in busi-
ness, Sir Charles said that the VOL
ume of the banks commercial loans
had shown a measurable increase.
Standing at sits, TOO, 900. the banks
current loans and discounts in Can
ada show an increase of $27 800, 900
over last year and $47 100000 over
two years ago.
Wide Effects Seen.
Reviewing the trade treaties Just
signed by the representatives of the
United Kingdom, the United States
and Canada. Sir Charles declared
that they provide the most dramatic
demonstration yet given of Canada's S
position as the natural liaison be-
tween Great Britain and the United
States. These treaties, he said, will
affect in more or less degree every
industrial and commercial enter
prise in the Dominion.
Without Canada's cooperation, +"
he added, "the agreement making
for closer commercial cooperation
between the two largest English
speaking nations, so important at
this juncture in world affairs, would
not have been possible. Canada has
given that cooperation. not without
sacrifices and not without some mis-
glvlngs as to what these sacrifices
may portend. Partly as compensa-
tlon for giving way to American
producers In the British market and
partly as compensation for a lower
ing Of our tariffs all along the line
in favor of American manufactures,
Canada has received advantages in
the American market for a wide
variety Of the products of the farm,
the forest, the fisheries and the
mines. Primary producers in every
province have long desired this freer
access to the great market to the
South. and we all hope that the
advantages which it offers to them
will result in such a general increase
in the purchasing power of the
nation as to Offset the added COM
petition which many manufacturing
industries will be called upon to
face"
Arms Race a Factor.
Among the more immediate factors
destined to have stimulating effect
upon Canada's manufacturing in
dustries, Sir Charles informed the
banks stockholders. is the prospect
Of the country contributing to the
armament requirements of Great
Britain. Contracts already have been
negotiated, he reported and it is
hoped that additional business will
follow.
Although the recurrent crises in
Europe. the situation in the Orient
and the depression in the United
States have all combined to give a
setback to Csrada's export trade.
Sir Charles reported that business
throughout the Dominion during the
past year had been satisfactory. Most
industries, he said. had maintained
fair rate of production, with the
marked activity of mining contribute
ing in increasingly important meas
ure to the welfare of many sub
sidiary enterprises from coast to
coast. Grain crops were the largest
since 1882 and of high quality, and
the harvest resulted in a marked
improvement in railway traf1ic.