CANADIAN LOAN.

Manawatu Standard, Volume LII, Issue 5, 5 December 1931, Page 7

CANADIAN LOAN.

MONEY PLENTIFUL

OTTAWA, Dec. 3

Hon. E. N. Rhodes, acting-Minister of Finance, announced to-day that the national service loan of 150,000,000 dollars, had been overscribed by 65,000.000 collars. The lists were open for only, seven days. SOUND FINANCIALLY.

CANADA AND THE CRISIS

Following some alarm on the part of the public occasioned by failure of several large brokerage firms in Montreal, the president of the Canadian National Railways, Sir Henry Thornton, declared that the Canadian financial situation offered no cause whatever for uneasiness, on the part of the public. The sound position of Canada’s chartered banks in the current financial crisis, the ability of the country as a whole to work its way through its difficulties successfully were stresesd by Sir Henry.

Speaking of general conditions, he emphasised that the present financial crisis was bv no means confined to 'Canada. it was perhaps the most serious crisis over confronted by the world.

“Since the present depression descended upon us,” ho said, “there has not been a single bank closure in the who’e of Canada. In the United States, admittedly tire most opulent nation in the world, there have been approximately 2400 bank closures, during the period mentioned, or since July. 1920, involving deposits amounting to about £285,800,000. “It is also interesting to note that within that period commercial failures in the United States have involved 54,182 concerns with liabilities aggregating about 270 million pounds, compared with 4’654 failures in Canada involving liabilities of £10,600,000.”