The Banks of Canada.—The close of 1913 has brought the usual bank statements accompanied by the addresses of the presidents and general managers of these institutions. They deal with economic matters first hand, and show in striking manner the prosperity of the country. Those who know anything of Canadian banking methods know the stability of these institutions, and the high character of the men in charge of them.
Mr. Coulson, of the Canadian Bank of Commerce says:
"We have had a good harvest. The yield has been generally good, and the quality on the average has never been surpassed. This has been especially so in the Western Provinces, and the unusually favourable weather and abundant transportation facilities afforded by the railroads enabled the movement of grain to be made rapidly."
Canada's New Bank Act.—During 1913 the decennial revision of the Bank Act took place. Among important changes were:
The establishment of the Central Gold Reserves. Authority to lend to farmers on their threshed grain.
The provision which enables a bank to lend to a farmer on the security of his threshed grain is extensively utilized. This class of loan is regarded as a moral risk, and banks still depend more upon the character of the borrower than upon the security.
What Bank Managers Have to Say.—Mr. Balfour, manager of the Union Bank of Canada:
"The railway companies have carried out the grain from the Western Provinces this year in a very satisfactory manner."
Mr. John Galt, president of the Union Bank of Canada:
"Speaking generally, the crop results have been satisfactory. In the three great wheat growing provinces this has been a banner year. Not only has the yield been large, but the average quality has never been equalled, and the cost of harvesting has been unusually low, owing to the magnificent weather. This has, to some extent, offset the low prices which prevailed. The railways have done splendid work in handling the crop.