Lethbridge Herald, The (Newspaper) - October 21, 1912, Lethbridge, Alberta
Monday, Oofobcr 21. 1912 TTIE DAILY HERALD LETH IDGE a 21 mancia 1 Cent re FEATURES OF CANADA'S, BANKING SYTEM (By C., G. K. Nourse.) DUKINO the week of the FarminK C'oiiijross wo shall havo many farmers with us tVom tho llnite.d States -ind other countries who probably wii. iptiM'CKfod In knowing somoilinii; pi" I'anadiitn and biinldnjr, -tuid cypi'cuiliy (ho relations e.vhsiti.n in Cii'mda between a imnk and its farm- ing customers. herp js a generally belief the only duty -of 'make dividends bai.ic it; 'to sharGholders. jn C.uiada this is not tho case. The 'Chic' executive otiiccrs of our banks ,nre oien who have always 'lerom'ilit-iii Jevelopment o? this particularly Western t country, believe that thu banks II.UL- one o! the groutest factors hi connection wiih tho farmliur developim-m ot1 the est, and 1 very any country in the much if tliero wori-l vliore are moro lilK-i'al with tl oir funds go far as the fanning commmii'.y is concerned, Take the he comes to this, country and locates life them have only 11 rcw hun- dred' dollars of iiiiiehhiery and tunjfk'hold 'goods' ami purhupK four to ten head of stock. As ho i.-; not tho owner of the laud until three ytars locating ho could hardly expect credit from anyone. In Western Can- ada, however, this class of farmer has been given liberal assi-stmtte by the luniks. AH that in was necessary to do was to establish a connection'with1 the nearest bank and, provided ho was candid in disclosing his'position anil impressed tho bank with his hon- es ty ami industrious habits, he could a fair amount of assistance; at a lower rate of Interest, than many successful farmers pay in other conn- JrioK. To maintain lily credit from year to year all thai he required to do wan to be prompt in meeting his ob- ligations and perfectly honest in his dealings. Hut should tho bank become aware of one dishonest uct or mis- representation of any kind his credit would be blasted, The majority of farmers in this part of Alberta, aro not homo-, titt'aders, but men who came hero with sufficient .money to ..buy land. Anuragi this class we number our best and j most progressive fjinnuni. Thoy arc, however, from it bunking standpoint al- most invariably in a simitar 'position to tho homesteader in aa much as they buy their land under contract and may for a unmoor of yoars, become the owner. wiil therefore be seen that both classes, not being the reg- istered, owners of their land, would not in any country be for bank- ing accommodation unless possessed of other assets of a sulratantlnl nature. C.'anada must liberal treiitment has been given them. Not only has money been mlv.-mced for all legitimate farm operations but in many cases, where farmer has established a reputation for honesty, banks have asyisted htm In his land class ol loan distinctly agulnst all ethics of good banking. One of the chief points of difference between the Canadian and American systems of banking' Is the branch banks. In Canada lUmotft every bank has from GO to bnmchoa throughout tho country. In the older provinces, such as Ontario, Quebec, New Brunswick, and Nova Scotia, the deposits arc substantial and usually cet'fl the amount that Is required loc- ally by borrowers and tho '.surplus is utilized In the West where the enor- mous development creates a substan- tial demand. This free distribution of deposits from Kiifit to West could not possibly tako place in a country with- out branch'banks. In the United Stat- es for instance when money becomes tight tho East, where the of deposits Is found, buttons-up its pock- ets thiis" aggravating' the situation" which invariably develops into u panic. Another interesting'difference in tho A CITY WITH NINE BANKS The Royal Bank of Canada INCORPORATED 1869. Capital Authorized .....'i...'.'..'', Capita] Paid-Up Keserve and Undivided Tdiai Assets HEAD OFFICK, MONTREAL 290 Branches In Canada and Newfoundland. Twenty-three Branches in Cuba, Porto Rico and Dominican Republic. BRITISH WEST INDIES ston of Spain and San Fernando L LONDON, ENGLAND, 2 Bank Princess Street, E. C. NEW YORK CITY Cor. William and Cedar Sts. BUSINESS ACCOUNTS CARRIED UPON FAVORABLE TERMS SAVINGS DEPARTMENT AT ALL BRANCHES. J. M. AITKEN, Manager LcthbrUlgc Branch ETHJiUIDGH in recognized by tho Canadian banks as one of tho promising cities in Western Canada. Today it has branches f of nine of the .leading financial instl- tutlons of the Dominion, only Calgary i and Edmonton has ft larger represen- tuition. Banlts have their ears to the ground and usually know a good city when they see It. Consequently the fact that this city possesses so many banking institutions is indication that th-e financiers-look upon our. future 'prospects with favor; The 'banks 'with branches here are the strongest in the country. The first bank to establish a branch here was the Union away back ia 38S5 when the I908 lind K- D- Johnston lias been the town came into existence as a, min-1 very_ emcient manager from the be- ing centre. Today the bank is com- ed States, realizing the 'prospects of Lethbridge decided to open a.branch here. It possesses a. striking build- ing on Fifth street erected a, fcjw years ago to accommodate its grow- ing business. C. (I. K. Xourse has been manager of the branch since it was established. The next: "bank to come was the Merchants Bank of "Canada. It. now owns one of the most valuable cor- ners in the city, the corner of Fifth street and Third avenue and it is like- ly a three story building will be erected' by the baak next year. Charles-R. .Young is the manager of this bank. The Molsons Bank located here in maiiding the building 'on the corner I j of .Third avenue and Fifth street and Us destinies are presided over by Geo. R, Tinning. The next bank to open was the -Aiontreal in 1897. This Is 'jpne oC the oldest banks in Canada, and :fst also has .branches in the United Seven or eight years ago the erected a fine building on the [Corner of Third avenue and Sixth St. G. R. Harms a, who a few years ago was accountant, is now manager'of :he 'Lethbridge branch, In the early part of IflOfi the Cana- dian Bank of Commarce' wliich also lias'u number of branches hi the Unit- This bank is located in a re- cently .renovated .building of its own oh Third avenue. Three years ago the Imperial Bank of Canada opened a branch with W. R, Seatle, the present manager iu charge. The bank is today located in a very modern 'quarter on Fifth street. The Bank of Toronto has been locat- ed here for several years and is now quartered in a street with E. fine office on Fifth A. Westlaud as man- The Royal Bank of Canada did an extraordinary thing but ah act that conuaced the cjtj It htd faitti in its future by erecting, a blo'clc before it had opened a'branch. Jte building is the headquarters of the Dry-Farming Congress. J. M. Aitken is the man- ager. The latest hunk to have a branch in the city IK the Bank of Nova Scotia. Us office is well located !n the north- west corner 01 the Hull block, ami E. F. .McNeill is the manager. NATURAL GAS systems is the. currency. The Amerleim national curnnicy is Imsed on Government, bonds and, with- out' fioins 'fully juio subject, I would JUKI say that the chief fault in the system b its lack of elasticity. Thore aro times when American cur- rency is worth a very large premium, iit fact, almost impossible to obtain. The Canadian banl: currency is based on the assets of a bank, besides which each guarantees the notes of tho other to the- extent of a fund in the luuids of the government. A failed Canadian hank note is really worth mere than one of a solvent institution, as the defunct-bank note bears Interest, at the rate.of five per cent, from the date of Its elasticity. Under tho present laws no shortage of currency is possible. In the United Slates a man may; divide his banking business, with sev- j eral institutions; In fact in a great many canes one bank could not handle a large account alone. In Canada wo invariably Insist on a-'customer con- fining his business to one bank only. ISach customer is expected ouce; a year to take stock of his assets and furniBh the bank with a statement of his affairs, giving such other In- formation as may bo required, and ho then applies for a line of credit suflicicut to care for his requirements during the ensuing year. This credit, ff granted, must be retired within at least twelve months from the date granting. .Inability to do this immed- iately prejudices the bank against; tho customer'and also indicates that ho requires a portion of his advance :bx way of a mortgage. loan. To give an Idea: of the development in Alberta we' quote the government figures representing Alberta crops for. the past two years: Bushels Bushels 1910 1911 Wheat Oats Barley -j- ETHBIUDGI3 bus natural gas. It I is a new arrival in the city, hav- I ing reached here only this seas- on, It Is piped to Lethbrlilge from Bow Island, eighty miles oast, where is to be found the largest nat- ural gus field in the world. It is piped to Lethbrfdge in the same pipe line which feeds Calgary and all in- tervening towns, making the largest gas pipe line in the world. :j' With coal and natural gas, citizen's Lethbridge are assured of a plentl1 ful supply of cheap fuel. Gas is' sufy plied at fifteen and twenty cents thousand feet for manufacturing purr j poses, and at thirty live, cents thousand feet Coiv domestic" .use. ''it is an apparently unlimited1 supply, the pressure iii the mains in "Lethbridge being very nearly equal to that at tho wells at Bow Island, where the supplying company has Dwells capable of delivering cubic feet alone having a'capac- ty of feet. Union Bank of Canada Established Office. Winnipeg; Paid-Tip Capital___, f Reserve and Undivided Profits f Total Assets G. H. BALFOUR, General Manager G. R, TINNING, Manager Lethbridg'e, Alberta. London, Erig., Branch, 51 Threadneedle Street, K. C., The Bank, having over 2fiO Branches in Canada, from Halifax io Prinut; Rupert, oiTurs excellent facilities fur the transaction of every description of Banking business, li Correspondents in all Cities of importance throughout CANADA, the UNITED STATES, the UNITED KINGDOM, the CONTINENT OF EUROPE, and the BRITISH COLONIES. THE MANAGEMENT ESPECIALLY DESIRES TO PLACE ITS FACILITIES AT THE SERVICE OF UNITED STATES BANKERS ENQUIRIES PROMPTLY AND EFFICIENTLY CARED FOR. 3s ieil aclnc, nalilc illy to busmen men, not as souae people u "3( -Jtndn Sound Progiesswe Bank customers' depos.it iicconnis "with care and ac- curacy drafts and .notes. its customers requir-." e'd accommodation. customers' ac- countfi money by draft, telegraph or cable, and sells domestic and foreign exchange. Lebtei-H of Credit for Travellers and Importeis other ways serves those who employ its facil- ities. 57 years (IS55.J and Rest, Hranches in Ontario, Quebec and the West. HEAD OFFICE, TORONTO. DUNCAN COULSON' President. THOS. F. HOW General Manager. E. A. WESTLAND Manager Lethbridge Branch The Molsons ;V Incorporated -Ollice (Japital Paid-Up Jicserve Fund ____ i S.r> 'Branches in Canada and As'cnls and CorrespoiKlents in all parts ol1 the World. Interest allowed at Highest Current Hale Uniled States and Foreign Exchange and sold at Lowest Hates. A General Banking Business Transacted Branch, K. JOirNSON. Third Ave., S. Manns-'er. HEAD OFFICE MONTREAL Capital Paid-Up...... (Authorize'd. Kest...................................'........... -KOAKI) OF DIRECTORS Rt. Hon. Lord Sirathcona and Mount Royal G. C. M.. G., G. C, V. 0., Honorary President; R. B. Angus, President; Sir Edward Clcuston, Bart.. Vice-President. E. B. Greenshields; Sir William Macdonald; James Ross; Hon. Robt. Mackay; Sir Thomas Shaughncssy, K. C. V. O.; David Morrice; C. R. Hosmcr; A. Baumgarten; H. V. Merec'ith. II. IIAKMAA' Manager Letlibridr-c Erandi BKAN.CIIEH IN CANADA at all important Cities and Towns Department connected with each Canadian Branch and interest allowed at current rates. Collection at all points of the world undertaken at most favourable rates. Travellers' Cheques Lim- ited Cheques and Travellers' Letters of Credit issued negotiable in all parts of the world. This'Bnnk, with its branches at every important point in Canada, offers exceptional facilities for the transaction of a-general Banking Business. SIR EDMUND WALKER. C. V, O.. L. L. D.. D. C. L., President ALEXANDER LAiRD JOHN AiRD General Manager CAPITAL, Assistant General Manager. EEST, Travelers Checks Issuod by The Cnnmlinn of Commerce enable i.liu travfilfor to himself with funds without (k'l.-iy m each point of Ills jounioy in a convenient, yet incxpensivo ininniti'i'. They ;irc paynblo in every country in the world in denominations of 'Lethbridge Brancii C. (j. K. XOTTKSE j with tho exact, eqiiivfilcm in the: moneys of tho principal couniruw on iho dice ol each c'hocmo They arc economical, :ibsohttely .safe solf-iilcntifyhifv and negotlutod. The Bank of Nova Scotia Incorporated 1832 w Capital......................___ Reserve Total Assets over A General Banking Business Transacted LeUers 'of Credit issued. Drafts bought and sold payable in all parts ol the world. Savings Bank Department In which interest is allowed on deposits ol and over, at the highest current rates. With over 100 branches at all the prin- cipal points in Canada, [Newfoundland the West Indies, and at YORK, and Chicago, this bank is in a to oiler unsurpassed facilities lor the trans-' action of every description of banking; bus- ine.SH. E. F. MacNEILL Manager Lethbridge Branch Imperial Bank canackt Established 1875. Capital Subscribed Capita] Paid-TTp............ Reserve Fund................. Total Assets DIRECTORS D. R. WILKIB, President; Hon. ROBERT JAFFRAY, W3I. RAMSAY, of Bowlancl Stow, Scottaad; BLIAS ROGERS, PELEO I-IOWLAND; J. KERR OSBORNE; Sir Wii. WHYTK lion. RICHARD TURNER, Quebec; Wit. HAMILTON J1BRRITT, JI.D., St. Catharines; CAWTHRA MULOCK; and J. UAGE. HEAD OFFICE TORONTO D. R. WILKIE, E. HAY, W. MOFPAT, General Manager. Asst. General Chief Inspector W.R. SEATLE Manager Lethbridge Branch BRANCHES IN ALBERTA Athabaslta Landing Edmonton Red Deer Strntheona, Banff Calsury Lethbridfc Rocky -Mountain Honso "WeUsklwIn SAVINGS DEPARTMENT Interest allowed on deposits at nil Branches of 'Bank from date of Deposit Capita! of Canada Capital Reserve Fund BOARD OF DIRECTORS SIR H. MONTAGU ALLAN, C. V. O................ President JONATHAN HODGSON Vice-president THOS. LONG, F. ORR LEWIS, C. M. HAYS, K. W. BLACKWELL, ALEX. A. ALLAN, C. C. BALLANTYNE. E. F. HEBDEN General Manager T. E. MERRETT............................Sup't. Chief Insp'r. GEO. MUNRO ......................Sup't. of Western Branches CHARLES KOBKRT. YOUNG MANAGER LETHBRIDGGE BRANCH THE FOLLOWING COMPARATIVE FIGURES SHOW THE GROWTH OF THE BUSINESS OF THE BANK .May 1 "ioob 1902 I 1S04 1906 Nov. 30 1908 1910 1911 I Paid up Capital Reserve Fund :iud Total Total Undivided prollts Deposits Assets I I This institution is one of the oldest Banks doing business in Canada. Having 1G7 Branches, extending from the Atlantic to the Pacific, and satisfactory arrangements at all other points, it hss all necessary collecting and exchange facilities.