did, but during that time of trouble, while banks were failing everywhere in the United States, Canadian banks stood the test, and largely assisted to uphold the credit, the trade, and the integrity of the country. The minimum capital of Canadian banks is fixed by law, as well as the amount to be subscribed. A deposit has to be made with the Government, and a certificate of permission obtained from the Treasury Board before business can be commenced. The minimum holdings of directors are also provided for, and no dividends or bonus exceeding 8 per cent. per annum may be paid by any bank, unless, after deducting all bad and doubtful debts, it has a reserve that is equal to at least 30 per cent. of its paid-up capital. A bank is also required to hold not less than 40 per cent. of its cash reserve in Government notes; and the notes at any time in circulation must not exceed the amount of the unimpaired capital of the bank. The payment of notes issued by any bank is a first charge on its assets in case of insolvency. Every bank is obliged to pay to the Government a sum equal to 5 per cent. on the average amount of its notes in circulation, such sum to be annually adjusted. These amounts form a fund, called the Bank Circulation Redemption Fund, to be used on the suspension of any bank for the payment of the notes issued and in circulation. All the notes would bear interest at 6 per cent. per annum until redeemed, and payments from the fund are to be made without regard to the amount contributed. Happily the necessity has not arisen to draw upon this fund to any extent. Other provisions in the Act are that no bank may lend money on its own shares, or on those of any other bank, or upon mortgage of real estate, or on the security of any goods, wares, or merchandise, except as collateral security; and further, except as required for its own use, no bank may hold real estate for a longer period than seven years.

As a

further security to depositors, there is a double liability attaching to the shareholders. Of the thirty-eight

banks making returns to the Government, ten have head-quarters in Ontario, fourteen in Quebec, eight in Nova Scotia, three in New Brunswick, two in Prince Edward Island, and one in British Columbia. These banks have a large number of branches, and there is no lack of legitimate financial facilities in any part of Canada, although the banks are not allowed to degenerate into general mortgage and loan associations, with which we have been familiar elsewhere, In ' addition to the chartered banks there are the Post Office Savings Banks, and other Government and special savings-banks, mostly used by the workingclasses. The deposits in these banks have advanced from $5,000,000 (£1,000,000) in 1868 to nearly $64,000,000 (£12,800,000) in 1897 which is eloquent testimony of the continual improvement in the social condition of the people. The amount of such deposits per head of the population in 1871 was $2.96 (12s. 4d.), and $12.33 (51s. 9d.) in 1897.

In a country like Canada, with a frontier nearly four thousand miles in length, the climate necessarily varies. But, speaking generally, the summer is hotter than in England, and the winter much colder. Canada, however, lies well within the temperate zone, and much of it is in latitudes lower than those of the United Kingdom. The country produces everything that is grown in England. Its best samples of wheat bring the highest prices on the English market. They have gained gold medals in London, in Chicago, and San Francisco. Canadian flour is also in demand, as well as its oats, barley, and peas. Canadian beef and mutton come into competition with, and I rather fancy are often sold as, best English and Scotch. Canadian apples are popular, while the cheese and bacon from Canada bring higher prices than similar

products from the United States. In addition to what may be termed the ordinary productions, grapes and peaches grow and ripen in the open air in some parts of the country, while tomatoes and melons are field crops, as are potatoes. These facts are merely mentioned at this point as showing what the spring, summer, and autumn climate of Canada really is. In Manitoba and the North-West Territories, in some parts of which the winter climate is more severe than in Eastern Canada, between two and three hundred varieties of wild flowers are found in the summer, which transform many parts of the prairies into huge flower gardens, while the smaller and delicious fruits that are cultivated here grow wild all over the country. It is supposed by some people that all work is impossible in the winter. Nothing could be further from the truth. All the industries go on much as usual, and even the Canadian fariner does the same work as his prototype in England during that season. It is true that the Canadian is not able to plough his land at that time of the year, but all the other duties of the farm require attention. Carting can be done much cheaper at that season, when wheeled vehicles are discarded for sleighs, than at any other period, and if there is a scarcity of snow the farmer is the first to complain. The winter in Canada, although cold, is a period of bright sunshine, and no one who has experienced its delights and its pleasures can fail to appreciate what a good country it is to live in. There are a large number of Canadians who annually come to the United Kingdom on business or on pleasure, but at the approach of winter they migrate to their own country. They will tell you that they prefer the dry atmosphere of Canada in the winter, with its blue skies and bright sunshine, to what they at any rate describe as the depressing and damp weather that usually prevails in England from Novem

ber to March, if not later; and that they feel the humidity of the atmosphere much more than the far severer cold which, according to the thermometer, prevails in the Dominion. The conditions of life in Canada are so pleasant and so healthful that, but for the thermometer, it may be doubted if the people would often appreciate that they were living in the very low temperatures which that interesting instrument sometimes registers.

What I have said so far naturally paves the way for a short account of the industries of the Dominion. In Canada, as in most other countries, especially in comparatively new communities, the cultivation of the soil is of the first importance, and of the present population it may safely be said that nearly one-half are more or less connected with agriculture. According to the census of 1891, the area of improved lands in Canada was 28,527,242 acres, of which 19,904,826 acres were under crop. There were 464,462 acres in gardens and orchards, and 15,284,788 acres in pasture. The increase in lands under crop in 1891 compared with 1881 was 4,792,542 acres. Relatively to the whole area of Canada the area under crop and in pasture was about 10 per cent., so you will see that there is plenty of room left for those who wish to join us in developing our country. In Manitoba and the organised districts of Saskatchewan, Assiniboia, and Alberta, there are nearly 239,000,000 acres, of which only 7,832,000 acres have been brought into use by farmers and ranchers. There is room for much expansion in the older provinces, and the possibilities in the great west are practically illimitable. As I have already mentioned, the different provinces grow all the staple cereals and roots, vegetables, and fruits that are produced in England, and many others that are not cultivated here in the open air. Over 6000 tons of grapes are annually raised, and the wine-growing

industry is rapidly developing, while the cattle-raising and dairying industries are of exceptional importance. Not only is enough food of various kinds produced to feed its inhabitants, but large quantities are annually exported, chiefly to the United Kingdom, where Canadian produce of all kinds is becoming well known. The recent controversy on the subject of the admission of Canadian cattle into the United Kingdom will be fresh in your minds, and I only refer to it as demonstrating the importance of the trade. Notwithstanding, however, the restrictions that were imposed, the trade maintains its volume. In spite of the suspicions that were entertained of the health of the Canadian herds, not a single case of contagious disease has been discovered in the Dominion, although more than six years have passed since the Board of Agriculture called attention to the matter. Canadian cheese has now become a staple article of consumption in the United Kingdom. More cheese is imported from Canada than from all the other countries in the world which send that commodity to Great Britain, and compared with the cheese from the United States, with which it particularly comes into competition, it is invariably quoted at a higher price. In 1898, the latest year for which statistics are available, no less than 196,703,323 lbs. of cheese were shipped of the value of $17,572,693, the whole of which came to this country. In 1868 the export was only $600,000 (£120,000). The Canadian butter trade used to be much larger than it is at present, and the decrease is no doubt chiefly attributable to the immense expansion of the cheese trade. The Government experts, however, are impressing upon the farmers the importance of winter buttermaking, and they quite expect, in the course of a few years, that the export will equal that of cheese. This seems to be rather a bold prophecy, but the experts are men whose opinions are entitled to every respect.