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THE PLACE OF THE BANKS IN CANADIAN HISTORY By W. S. Wallace, M. A., Department of History, University of Toronto. III. I onto, who had a deposit of over a In the years following 1837 the 'quarter of a million dollars, called polibicnl jwriremacy of the Family | upon the general manager and irtform- Compact disappeared, and the era of ]ed him that he felt he must, in justice responsible government davned. In , to himself and his family, withdraw this new period the banks came to! the full amount in gold, as he be-j play a much less conspicuous place in lieved there would be a financial panic j political history. They ceased to be' in which the banks would have to identifier! with pulitical parties, and! close their da-crs. . . The man in- they devoted themselves to thaii\ sisted, and received his gold, which he proper commercial functicns. This 1 locked up in his safe deposit van-It.'* docs ml mean, however, that they; In order to avc-i t the calamity which have not at times exerted a profound] was impending, a conference was held influence on the course of government.' at Ottawa between the minister of Consider, for example, tfceir influence finance, Sir Thorna 1 .; White, and the on the currency legislation of the, leading members of the Canadian country. At repeated intervals in ' Bankers Association just as, about Canadian history the government Tifis the same time, a cnnforence was being dallied with the idea of arrogating to held in, London between the Chancellor itself the mor.-opoly of the issue of of the Exchequer. Mr. Lloyd George, Iv.rrk notes. Lord Sydertham in 1841,: and the leading linancial experts of Sir Alexander Ciaft in 1859. and Sir Great Britain. Both conferences met Leonard Tilley in 1880 all proposed,! in an atmosphere of panic. The Can- in language which has often l>!>:-n adian bankers, says Sir Thomas heard, t'-.at the government should re-; White, "were quite disturbed at the sume the function of note-issue which,' spread of the financial panic through- it A as said, it had delegated to others, "itt i';.rada and Jthe runs which were Of course, there is irathing to p--e\-nt 'a^iiif place throughout the Dominion any government.' from taking over '.he .nd of which they were continually business of banking-, jus-t as there is hearing word. They had numerous," nothing to prevent it from taking oa-r h.- says, "and by no means unanimous the business of making boots and suggestions to make as to what should shoes; though it should be -observed be done." My friend Professor Fay that socialism in the making of bootS | u-!i* me on the authority, I under-j - and shoes would probably be far less' stand, of Mr. J. M. Keynes, the author | steadying influence, to an extent which PROBLEMS DISCUSSED BY 690 DELEGATES AT GENOA CONFERENCE Thirty-three nations represented by 690 delegate-!, experts and advisers, have gathered at Genoa to discuss these points: Solution of the Russian problem by recognition of Uie Soviet Rowrnnaeut '>r some otJier pktii. This will follow the principles outlined at Cannes by the Supreme Council's resolution which made the present conference possible. European peat*, wlIJi tho closely related question of limitation of land armaments and inviolability of frontiers. Financial probkjiu ailsiiiK fr:;m tho inability of Germany to pay the re- parations demanded and the interallied hideb-iedneea. This will include con- t liberation of the financial shinning of Russia and the states created by thu Versailles* Treaty. (leii'-ral economic. qu<;t:ons, such an f-usJ'im- barriers, transportation, and the rights of private property and industry. The complete Hst of the countries taking part in these disctu*ions, to- Kelher with tJie size of their ile2aifoiis, follows: Albania 4 Ireland Australia 14 Italy li Austria Jugo-Slnvia 12 I.etvia li Bi-lgmm 14 Lithuania 7 Bulgaria 15 Luxemburg 4 Canada 30 \,\. w Zealand 16 Czecho-Slovakia 30 N'arway 8 Denmark 10 Poland 40 Esthonia 25 Portugal it Finland France . Uoumania 22 Russia . 12 ENGLAND'S "MYSTERY TOWER" TO BE SCRAPPED Known as the "mystery tower" of Shoreham, this huge structure was built during the war at a cost of over $5,000,000, but was never used. It is now to be scrapped. Its purpose has given rise to much speculation, but is a closely guarded secret of tie British Admiralty. Its destruction will leave for salvage only a few steel girders. tier-many Great Britain Greece 22 Holland Hungary 80 San Marino . 128 South Africa Spain 1'i Swede- 11 T 1 Switzerland . 16 4 1H 10 8 JAPAN WELCOMES THE PRINCE OF WALES disastrous than socialism in hanking. But that the government has any in- herent right or prerogative- in regard of "Tho Economic Consequences of perhaps the general public does not the Peace" thai similar consternation always realize, prevai'ed at first at the conference in fo the issuing of notes is a fallacy, j London, some people proposing II is a fallacy v.hi.h results from a thing, some another, urd some throw- confusion of thought between the 'ing up their han::> :nv.i saying there minting of money, which is a very! was nothing that could he done, un- prc-per and necessary function of gov- til it was suddenly observed that the Canadian Science Asks Questions. MaiestV to Place Wreaths i,r ^ '** War Cemeteries. A <le.- patch from Lond m stys: Queen Mary is planning to place a massive wreath in ecch of :he Briti.-h military cemeteries in Flair.iers and Among the important investiga-; u ernniit, and the issuing -of notes.! Governor of the Bank of England had tions, over thirty in number, which ,'T'',,, " "'"men o: which are not, nroper'y speaking, fallen asleep at the head of the table have been or are now bein- carried ^ ^n she and the King visit the money at all, but merely promises to' and was gently snoring. This spect- out by the Council for Scientific and K " the Bt>i K' ans ear! >' pay, like cheque* and drafts A gov- 1 acle had the effect of immediately re- Industrial Research at Ottawa are n ^,\, mcntn - eminent has r.o mere r;rr> to a mono- storing confidence; if the Governor of f c g signalling; materials fur insula-L tW u co . uple . s plan a " **' poly of the issue of bank-notes -.him it the Bank of England could go to sleep] tion of high voltage electric currents.! R ' Vt ' ,?!? , tht> , * , ^" ounds "; has fro a monopoly of the issue of on such an occasion, then obviously vanadium ores, vitamins, the bacterial '.'I 111 ' <l desire r cheques and drafts, or any other kind things could not be as black as they content of cream and butter, more ef- j Quet>n , M ^? ^ K % P ersonall >' ' of commercial paper; and the banks of were painted. The conference pulled ficient methods of domestic heating sacr . e<1 ?hnnt>s - shp ls Particu.arly Canada, by tightin<r every such pro- itstlf together, suggestions were ex- utilization of fish waste, tho separa- 1 "* '*'"'*' pos-al. have contributed very much to changed, ami) finally the measures tion and liquefaction of the rare gas i if?" 1 '" ' f B '' thuno and _ Arnwntieres. the soundness of Cunailian currency were agreed upon which enabled Great] helium, fox breeding, the prevention'/- R I legislation. They have not won a vie- Britain to survive the crisis. History, n f ,i us t in wheat and the production ! Jv '" tr : ""' ( 4' M ' l ' li '' the Belgians made tory all al-ong the line, for the Can- does not record that any of the lead- 1 of industrial alcohol from wood wa*t Q Bilinn government has succeeded in ar- ing members of the Canadian Bankers ar .-[ sulphite liquor waste. ^ Ue rcgating to itself the issue of the Association fell asleep on that Augu.-i r Two Royal Yachts Taken Over by Lascelles smaller denominations of notes; but afternoon in Ottawa in 1914; buti they have helpeii to prevent a com- i.here too, after the first confusion of Ship Conveying Gifts plete monopoly. i counsel, measures were finally agreed Another way in which the influence upon. Chief of these measures was tof the banks made itself felt was in the making of bank-notes legal ten-| the adoption, prior to Confederation, d-er, so that the banks could pay out Resembles Noah's Ark as a measure of national economy. It is exported he will also commission flip racer Britannia, which for years has been the King's pride during the yachting season, but which he has de- cidcd not to sail this ye-ir because of the expei>. -e. A despatch from London says: TheJ A despatch from London says: Vis- of the decimal' currency in preference notes instead of gold. These meas-j steamship Oevim is tied up at tin- j count Lascelles is reported to be to pounds, shillings, and pence. For ure-> were embodied in an order-in- 1 Royal Albert Docks with a few choice planning to take over the nival yn.-h: many years the standard money of ac- ' council issued that evening and pub- presents given to the Prince of Wales ' count in British North America had.lishe-l broadcast in the newspapers during his tour of India. They in- been what was known as the Halifax the following morning. August 4. the elude an elephant, a rhinoceros, a currency 'or in Upper Canada the ' d-ay on which war wa-s declared. Now 1 leepard cut, a Himalayan bear, a sain- York currency. This was a currency it is a remarkable fact that all the l>ur deer, sheep, foxes and leopards. in pounds, shillings, and pence which measures adopted v.ere directly con- j The collection is being removed to the did not correspond with any exiMing trary to law. The order-in-council was: zoo with -other similar testimonials of coinage. It was mere!; a money of legally of no validity. If anyone had' friendship still to come. account, and every on-j of the numer- thought of questioning it, neither the| ous ar.d various coins which passe, I government nor the banks would have cu r.-<_>>! I English sjpereigns. Ameri- hail a leg to stand on at any rate,! can dollar.;, French crowns, Spanish until parliament met and passed ra-ti- "pieces of eight," aind s> forth hml fying legislation. But the co-opera- to be translated imo it. Before Con-' tion of the banks and the government federation the banks all over British BO impressed the public that, as a mat- North America agree:! to do business ter of fact, the order-in-council was In dollars and cents, and in this way not questioned. The run on the hanks they helped to compel the various came to an end, and the situation colonial governments to adopt a deci- was saved. mal currency. In this development : Another way in which the banks was se*n one of the subtle influences' co-operated with the government dur- at work which helped to bring about ing the war was in regard to the float- the union of British North America ( ing of the Victory Loan. Probably no in 1867. , j banking system in the world was bet- The most striking exemplification. 1 ter adapted to serve as a medium however, of the part which the banks . for the handling of subscriptions to a have played in Canadian history is to I government loan than the Canadian, Thousands Greet H. R. H. When He Lands at Yoko- hama. A despatch from Yokohama says: The Prince of W:iies arrived here Wednesday fur his official visit to Japan. Thousands greeted him as lie !::mled from the British battle cruiser Renown, which brought him from India. His reception was carried out ac- conling to the program, to the min- utest <:<-ta:l, a- is the Japanese custom. Yokohama's welcome was not noisy, as the children who lined the streets are disciplined to silonre. but the picture they made with their thousands of waving flags in the brilliant sunshine could scarcely be paralleled. The Renown was escorted in from sea by ihe Japanese light cruiser di- vision, and in the bay six battleships, including '.he famous Mutsu, joined the escort. As the vessels enterej the harbor thin- was a roar of guns and a shrieking of sirens. Every class of society was represented in tho crowds oil the wharves. The Prince was conveyed from ^ okohama to Tokio in a spec:;:! train, thn-e coaches of which were especially built for his visit. On arrival there he was driven in an open carriage, e scor- ed by cavalry, to the Imperial Palnce, | where he waa received riy tho Einp'-e-?. Later he went to ihe AUa.-aka 1' . where he will reside while in Tfkio. Crowd H greeted the royal vi: ; ;t"r at the railway station and rhetred him along the route to the paiiuv, over which triumphal arches h.-.ii been erer-ted. Except for the priceie--; o:iects of art. the Prince-found litiie in M.O here- tofore unoccupied Ak-as: ;r ;a Palace to remind him that he was in 'he centre of Tokio. His apartment- arc like a modern hotel suite, and the fittings in- clude even a barber's chair o; Amer- ican make, especially in-tailed. The Akasaka Palnce adjoins the Asyama Palace, which was at one timo the residence of Prince Ilhvhito, now tile Rcg(-nt. The grounds :! ; >out the two palaces are most beautiful and at this time of the year present a pro- fusion of cherry IU s.-oms. Weekly Market Report Toronto. Manitoba wheat No. 1 Northern, $1.61 V4. Manitoba .iats No. 2 C\V, iHI',c; Alexandra which is being disposed of! extra No. 1 feed, 5li'c; No. 1 f'-e.l, be found in the period of the Great War. It is not too much to say that, if it had not bcn for the co-opei-ation of the banks with the Canadian gov- ernment, the situation in Canada at the outbreak of the war would have been of the most critical nature. By the morning of that fateful Monday, August 3, 1914, there had begun, as you may remember, "runs" on the gold of banks all over Canada. Sir Thomas with its wide-Spread system of branch [ banks. Tho success of the Victory Loans was one of the most pheno- menal things in connection with the whole of Canada's war effort. Before I the war a loan of fifty millions had' been regarded as a very large loan I even for the government to attempt to float. The three Victory Loans by themselves netted a total of 1,700 mil- lions, something that no one had ever White, in a most interesting and im- ; dreamed would be possible. In the portant pamphlet which he published floating of these loans the banks play- about a year ago, entitled "The Story of Canada's War Finance," tells of a case which occurred in Toronto, says : He "One case was reported to me from ed a vital part, and for their suc- cess they deserve their fair share of the credit. Finally, in the period of reconstruc- tion and re-adjustment through which a Toronto bank. On-e of its best cus- 1 we have been, ami are still, passing, WHERE TURKEY AND EUROPE NOW MEET The Iraivy black liu shows the /.one around the Dardanelles which would bo demilitarized under the terms nullifying t.ho Sevres treaty with Turkey, now proposed by the Allied Foreign Ministers. Greece would keuii Adrianople and the Allies would hold the Oailipoli Peninsula on the inler- natiomilixcd straits. Turkey would regain part of Thrace and would hold Constantinople, which would be defortified. and would aJso regaiai Asia tomers, a prominent citizen of Tor- j the banks in Canada have been aj Minor, inc-luiling Sm\nni. now held by Ureei e. Man i i oba barley Norn inal. All the above track. Bay port-:. American corn No. li ypllow, TTi'sc; No. .'! yellow, 7-1 '. 4 c, all rail. Hurley No. '.1 extra, test -!7 Ibs. or better, IC5 to rtfx-, according to fn-ij-hts outside; feed barley. (>0c. Buckwheat Xo. ';(, t)8c to $1.0:.'. Ry<- No. J, !r>c to $1. Millfi-i'il Del. Montreal freight, bags included: Bran, per ton. S^H to $.')(); >horts, per ton. $:) to $;<_'; good ft-cii flour, SI. 70 to $1.80. Haieil hay Track. Toronto, per tun, extra No. '_', St>2 to 82:1 ; mixed, S18 to $l!>; clover, $14 to $18. Straw Car lots, per ton. track, To- ronto. ):.' to $13. Ontario wheat No. 1 commercial, ll.Uli to $l.-i:l. outside. Ontario N... 3 oats, 40 to 4. r >c, o;it- siilc. Ontario con: 5: 1 , to (iOc, outside. Ontario flour 1st pats., in cotton wicks, UK's, H.^O per bbl.; 2nd pats. ( bakers!, $7.20. Straights, in hulk, seaboard. $li.40. Manitoba flour 1st- pats., in cotton sacks, S8.70 per bbl.; 2ml pals., $8.20. Chei-M'- New, large. 20 to 20'i.c; twins, 20'i to 21c; triplets, 21 to 21 '-ic. Fodder cheese, large. ISVjc. Old. large, 25 to 2lic: twins, 25'4 to 2(i 1 c: triplets, 2ii to 27c; .Stiltons, J new. 2-1 to 2.">c. Butter Fresh dairy, choice, 2(i to :l()i:: cri-amcry. prints, fresh, finest. !! to l(!c; No. 1. -13 to 4-lc; No. L'. 40 to! 41c; cooking, 22 to 2i">c. Dressed poultrySpring chicken?,i DO to :!fjc; loi.-sters, 20 to 25c; fowl, 24 to oOc; (links. :!5c; turkeys. 4f> to 61K-; geese, 2fu'. . Live poultry-- Spring ,-hickciis. 2l! to 28c; roosters. 17 to 20c; fowl, 24 to 30c; ducks, :58c; turkeys, 4") to ">0c;' geese, 20c. Margarine- 20 to 22c. Kggs - New laid, candled. :!2c; new laid, in cartons, 35<:. Beans Can. hand-picked, bushel >4.40; prime*, $3.85 to SJ. Maple iiroilucts^ Syrup, per imp. gal., $2.2,1; per . r > imp guis., $2.15; Maple sugar. lb., 18c. Honey 60-30-lb. tins, IS'i to 16c ner !b. : "i-2'^-lb. tins, 17 to 18v ner lb.; Ontario comb honey, perdoz.. Sri.SO. Potatoes Ontario, 30-lb. bag, $1.35; Quebec, $1. ."ill. Seed potatoes, Irish Cobblers, $I.7ii a bug. Smoke:! meats Hams, med., .?:! to 34c; cooked ham. 47 M "iOc; smokcii rolls. 2! to L'Rc; cottage rolls, 30 to 32c; breakfast bacon, 29 to ,'iUc; s;x-ci;il brand breakfast bacon, 37 to 40c; backs, lione]e>s, ,')ti to lie. Cured meiits Long clear bncon, $17.. r iO to $19; ciear bellies, $18.50 to $20.50; lightweight rc!!s. $47; htuvy- 41. Lard -Pure, tierces, M'. to 17c; tubs, 17 to 17'i.c; pails. 17'4 to 18c; prints, IS ti. I'.ic. Shortening, tier 98, M to l.'i'-r; tubs, |,-i' a to Ific; pails, lii to IIP...C; prints. 17M; to 18c. Butcher steers, choice. $7..')M to SS.L'.'i; do. gooii, S!7 ti> .S7..")0; <io, med., Sii..">0 to $7; do, com.. $5.2. ; . t-i ?ti; butcher heifers, choice, S7 to S7.75; do. nu-d.. $ti.2. r ) to $(i.75; do, com., $5 to $li; butcher cows, choice. $5.50 to !$t>.25; do. med., .<:!.. 'it) to $5; car.ncrs and cutters. $1 to $2; butchivr bulls, good, $4.50 to 5.50; do, com., $8 to $4; Feeders, good, $<i.5U to S7; do, fair, S."i..">0 to $!: stockers. good. $6 to SH.BO; io, fair, $5 to $5.50; milkers, $110 to S75; springers, $40 to $80; calves, choice, $10 to $12.50; do. mi-ii.. $7 : .8.50: do. com.. $4 to $5; Iambs, choice, $11 to $15; do. com., $<; to $7: spring laniii.-, SI I t.. SI I; sheep, choice, SO to S10; <lo, good, Si to $7; do, com.. $3 to $5: hogs, f e 1 aivi warred, $14: do, f.o.b.. $13.25; do. country point-s, $18. Montreal. Oats -Can. West. No. 2, iJ3c; No. 3, V.'--. Klinir-- Man. sprint; wheat pui., lii-Ms, S8.50. Rollexl oat? -Hags, 00 :bs.. S3. Bran, S32.50. Slur's. $33. Hay No. 2, per ton, car t--. L'!< to $30. Chce.-e Finest \u-ster!i.^, lii'... to lii :i n-. Butter Choicest creamery, 40 to 41c. Kggs Selected, 3-lc. Pota- IIH-S Per bag. car lots, SO to 85i\ REGLAR FELLERS By Gene Byrnes HARP MUST IT HAVE rwe. ^ PEN AN' REAL N/KSBE. THAT AlHT