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Lethbridge Herald Newspaper Archives

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Lethbridge Herald (Newspaper) - February 4, 1913, Lethbridge, Alberta , Tuesday, February 4,1013 THIS LETHBRXDGE DAILY HERALD Paare 1 The following extract from an address on Canadian loans tn London delivered before the Royal Colonial Institute (by F. Williams Taylor of the Bank of Montreal, should bo read with interest: ThV statement has been made that Canada has been over-borrowing in the London market, the cry has been taken up, and.n'c'W- both the press and the public generally, are expressing their view on. the subject. Still more serious is the fact that men in high financial places voice this opinion, and as the maintenance of our high credit and an uninterrupted flow of capital are essential1* for the Dominion's further development, Introspection becomes imperative...in order to ascertain if in fact Canada is open to criticism in this respect. It Is gratifying to Canadians to know that there has been little, if any, ill-natured comment, but harm has teen done nevertheless, and more will follow unless we are able to refute the charge. The assertion jiay be accepted without .hesitation, that'little effort has been made to analyze our.borrowings, and'the'refore it follows that the criticism excited abounds In generalities and is based on hasty conclusions and wrong premises. Suroly it is sound economics and It-refutable logic that no borrower can be charged with over-borrowing providing he is in a position to'pay,his interest regularly and be- undoubted for the principal sum at maturity? - If so, thenCanada is not atfalr mark for unqualified criticism',! as an unbiased' consideration of the following resume 'will show.  It is common knowledge that Canada has been a large and popular borrower in, London during the past few years. For instance,the federal governments the Dominion has been able to-renew its maturing obligations and finance its'fresh requirements on terms more favorable tha'h any other colony or empire'borrower, with the cole exception of the Imperial government itselfThe credit of our provinces  and large cities has become so well established that, they have been able to float loans on highly favorable terms, as good, for example, as many favored European governments and other high Secondary Canadian towns of comparatively limited population have borrowed on a 4% per cent, basis to the envy of cities twenty times their i Bize in the United- States, South America, and elsewhere. Our railways generally have borrowed on termu'equal to the best American roads. It is an interesting and his torio fact that the Canadian Pacific Railway sold a million pounds of:its four per cent, debenture stock in Lon don "at over par in the. midst of the panic of. 190,7, when high-class Amerl can ra/lway securities were unsaleable within reasonable^ distance , of. the. same ribasls.' ,'Xs for "general invest-: ment, public and private, in public utilities,, in land and industrials, money has heen freely forthcoming.: This flow of capital to Canada has; not been unattended by heartburnings on, the part of those whose interests lie in other portions of the Empire or in foreign,- countries. Pessimists have not been lacking to- predict misadventure in consequence of the confidence sin Canada thus practically expressed! .Until recently they were in sucha hopeless .minority that their gloomy,, prognostications were unnoticed; now, .however,. from one cause and another* 'pessimistic statements: are receiving more attention, and for the first timevin ten\years or more Canada is called; upon to justify bor-rowings necessitated by her. growth: and; development, As a matter oCfact, every intelligent Canadian'welcomes analysis and investigation, in the full knowledge and beliefithat the-result will be to allay* latent or, expressed anxiety, and re-establish.;a\ full 'measure of confl-denoer-cc^fldence vital to Canada and of. vast importance to the Empire as a whole. ^Hay I 'he permitted to add that no sectlon.of the government of the- Dominionj.of Canada was,$8,000, j.0OO,;. which sum,will; doubtless ,be. materially increased-, during the remainder of they ear.1" � I  * -.����.�,' , The total outstanding funded debt of the provinces of Canada is. some �14,635,000, plus'treasury bills about �2,065,000, iu addition to which.there are. railway guarantees. - aggregating �13,800,000.-r-an. increase/ during the past ten years of about �7,167,000, or of �20,967,000 including guarantees. There can be .nothing in1 ttjxese, figures to justify criticlspi-T-oertainly not from .those conversant,with the-* great resources; natural and otherwise, of these'-immense pollticfllfisub-diylsions of. the Dominion;,;, .Wnb Is -there to assert, that; our proylhces have over-borrowed or borrowed'too rapidly, 'or that -they are, not undoubted for both the principal and interest of their financial obligations? , Their securities have, not been, admitted to the British trustee list',-it-is true, but no intrinsic merit they- cbujd be admitted-indeed, it seems a.fair statement to make that there,.are few sounder securities in the British Empire;'' As a matter of faqt,'.though the excellence of the securities ,of, the provinces has not been,fully; appreciated in. London,- their:;'cre'dlt-y, has. never been questioned, Such.heiug th'e case it seems1 unneoessaryvjo say"anything mpre undw this hpadinjg,. but to' complete the argument'ijt'sjiould^ be admitted that -the: provinces have borrowed on too favprable'termis, In point pf merit their securities-are undoubtedly as much;enjitled to'admission to the trustee'- list as,-say, Southern Nigeria, Straits ' ^et^lement, and Newfoundland, but'vbeing bjjtsfde "the: charmed circle, let �hem at least stand next to trustee stocks/; If this be^admitted, then thelr:'price>ahould be In THE CANADIAN BAI^K OF COMMERCE ,C HAS INSTALLED 'u '' ' '�.�> * ''^yf'�>;- -, - ' �'�'.. . .''�' ', .- "1 �- .\ -.; I' - ; ' i ". v '. S SAFETY DEPOSIT BOXES, WjJIs, Title Deeds, Mortjga&es, Inswap EoJttrM� ,. 7 or other valuables in on0 of these; bewtes, . .. * , ... - , ' v .... ; FOR. FIIRTKiBit INFORMATION APPT.Y TO, Letiilbridge Branch - - keeping. As thf vdebts of the respect* ive .provinces e�t small, the market in their securltK ,!-e !v.scea8arily somewhat narrow. *  * * It is doubtless the case that'/public borrowing In London on the part of small Canadian municipalities has' a*-* tracted much attention, aroused some unfavorable comment, and probably been responsible-or at least partially responsible-for the views openly expressed that the Dominion has been borrowing too freely. When, however, an analysis is made it reveals the fact that out of the total debt of �32,327,- 000 of Canadian mualcipalities in this market, the sum of �23,933,000 is divided among such high-class and undoubted borrowers as Montreal, Toronto, dttawa, Quebec, Winnipeg, Vancouver, Victoria, Hamilton, and St. John, New BTunswlck, leaving �8, 304,000 divided among t twenty of the thriving cities and towns of Canada The public flotations by this group of twenty have been rapid and continuous, and as the emissions have been freely advertised a greatly exaggerated idea as to the aggregate amount has not unnaturally got abroad. There may be people who think the suni In question excessive, but those possess ed of a knowledge of Canada and the rapidity with which small towns develop into important ones, would not share in this opinion. There is not in my opinion, a doubtful investment in the list. I go further in stating that if the security is good and payment of principal and interest, humanly speaking certain, there is little room for criticism. It may be that the prices se cured by the smaller places especially have been rather audacious,. but is this not a matter regulated by; the powerful rule of supply and demand Competition for Canadian business iu this class has been keen, and Canad ian cities have reaped the benefit * * �� It is well known in Canada that the good people of this country have played a responsible part in the land boom which has taken place in the Dominion. Members of the English, -Scottish and Irish aristocracy, landed gentry, retired merchants, army, .and navy officers, etc., have visited the Dominion and bought land wisely and unwisely to an extent probably unprecedented in history. If Canadians and Canadian-Americans have shown a readiness on the eagerness of these people to get rich quickly it need not excite surprise, as the people of cany other country showing similar wonderful progress woitfd doubtless have succumbed to similar opportunities Before leaving this subject, let me make this important and reassuring assertion:, the most serious set-back in realty values that could occur would not in itself materially disturb the general financial stability o^ the Dominion, thanks to that far-sighted provision of the Bank Act which- pre.--eludes the banks of Canada" from lending money against the security of real estate. It is to be hoped that enough: has been said to convince the fair-minded and discerning that though we are not free from, criticism, the unqualified statement that Canada has over-borrowed in this market is too sweeping. If so, one would ask in natural; sequence if Canada's credit is still sufficiently high to enable her to!obtain what further funds will be required; to keep pace with the remarkable pro-' gress and extension of the last de^ cade. ;:,� I think, and hope, the concensus of opinion will be in the affirmative, provided Canadian; borrower^ -"and Anglo-Canadian associates recpgnlze in the future more clearly than they have in the past the absolute,-necessity of exercising discrimination and restraint in the securities they, offer the British public. ,;v-;--, Though the sum of money invested; in Canada by Great Britain and IrV land aggregates �430,449,000p sj;er ling, and although some �22^43J|C)p! Out of that total has been borroj&d in the last ten years, CahadjiJfVreJ quirements are not'yet satisfl^djv'am her . demands must continue dt^M* great British Dominion is to'lfypfm veioped, it is true- there may'�(>'*'�� check to her phenomenal progress,-but it will be merely, in the nature' of a pause. The. development of the>*Db; minion with funds from tbi3 country, and from other countries 'will''continue beyond peradventure, and, if I, may say so, under proper advie'e there 1b np better field for investment the world over. I do not wish to weary you with statistics, and my desire is %o avoid exaggerated statements, but who is there to dispute the fact that Canada^ is a. land of great natural resources, including that inestimable boon, water power, available from the Atlantic to the Pacific? Do we not possess to a marked degree the three elemental forms of wealth, viz., material wealth, the- wealth, of labor, fnd the wealth of credit? Have we not a plifpate which has produced, and Is producing;, n hardy, virile northern people? Have 'we not a banking and currency system admirably adapted to the require.-ments of our country?. Is it not the: case that justice is obtainable through out the Dominion, and that t^e jaws', of the land are administered in'p $ian?i n�r comparing favoralbly with'/any;, other portion gf the world? HaYe/iTys not'immunity from war, to say'opfh.', lng of freedom from political,; sooiali: ajld. seismic, aisturban6es, antf ''Jast but nqt least, does -not the ""'Briti'sli flag float over the laud? " , 1 am a comparatively young man, but I have seen our population', Ji^,: crease from 3,200,000 to: nearly'oight millions. I can easily go back;�(!j�Jvw)�* and Junes. , :s: -'!;*. 26 cento. A REMARKABLE SKETCH SHOWING THE NEW ROYAL- BANK -BUILDING AT TORONTO-LOOKING AT THIS PICTURE ONE WOULD IMAGINE -HIMSELF LOOKING AT'THE SKY-SCftAPERS IN NEW YORK OR CHICAGO-BUT NOT SO-IT IS THE DOWN-TOWN PART OF TORONTO-LOOKING NORTH-A Canadian City and a Canadian structure-The Royal Bank Building, which "is to ben 'early date. - WILL MAKE IT HOT MET MRS. PANKHURST IS PLANNING AN EXCITING CIVIL WAR- PREPARING DETAILS London, Feb. 3.-The sufiragetfea are planning "an exciting,civil ,war'!, in London, according; to an announosr ment by Mrs. Pankhurst today. "The militant suffragettes'," said Mrs. Pankhurst, "are preparing all sorts of effective strokes. The government must Quickly give us the vote" . or go. The women will use every method, constitutional as well, as ~un-. constitutional, to turn the cabinet.' out," -i Detectiyes in great numbers are on � watclr in all London streets but ^h^e'i;.? suffragettes continue their "succeilsful�:'' raids. The contents,'of thirlyjflefyer V boxs were destroyed today" b'utj-'lhe perpetrators of the outrage "escaped ' without detection. '' 4"j>- ENHALED MATTRESS FUME* Norwood, Mich., Feb. 3.^- Ponded upon to restore, natural;qolpr. * '  and beauty, to the'hair ;and ,1s..the ., . ~ �"*"'' \r. *� a best remedy for,dandruff, dry,'favortpih";/5 Almost everyone kiyjws, that Sage Uony soaip and to *stbsr fftll'ng hair  Tea and Sulphur properly compound- Folks like "Wyeth'fl, Saga' and. Sul was to make mussy- and ke it .iR^.^Jfi.'SSfc'ffi tiS^*$SK troublesome.^ taiqng one >mall sirsiid at. your Mr, a Uma 7469 ;