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A New idea in Canadian Banking.
Cx the 15th in.t., Mr. Thomas Ga braith, of Port Hope, delivered a lecture on the subject of ‘‘ Trade, Money and Bauk- ing,—showing how the active capital of the
of Canada maybe more than id the rate of interest reduced in
Dowinion dowhi d, a : accordance with the soundest doctrines of
onomy, and on a goia standard.
.
political ¢ ‘ i *,% ' Mr. Galbraith said that
‘* Previous to 1875, the country was thought prosperous ; but it was not the success of & commanity which was steadily producing @ suflicient value to pay for what was ed ; but rather that of a cebtur, Who was lux- uriating in his good credit til at last ane day of reckualig came, and be invlorivusly nreee down. in 1572, the discount ine of the Dunks was $32,00),000, aud m 1375 it had reached $141 vOJ.000. ‘That sudden increase of bank faciliti »s Pent far bd youd the re pulrements o industry. A period of inflation bad arrived, and the debts of the banks, payable vn demand, were about $70,000,000. Luoereasedt stimalated imports; aad exports from the Saule cause fell saore. iSwiy im 1375, foreign ex- chanyve bacominug scarce was the ecircumstauc which ops dangers o- th
eu the Ccyes Ol Wait
3150 itio :. iuaporters tie
eredices of the banks—had maturing obliga- | the shape of mortgages or gold, they could |
tious, and migh& deinand more exchange tikau \his fear prompted bank.
Taia action fel) wi68 erushin z eight ipoo tae retail tra le, ag Ul twelve mouatas $29,000,000 was collected, @ id s were redaced to 3112,00% $30.0J0.000 baukrupticies
‘
vial > , -: o wl CUULM OSC Fup scrm.
t i
' @er3 ww CAI iid iVan03,
‘
discounted no 0 UU, boat y ar took place. he same rathiess course was pursuc d autil discounts are now $10,060,600, breaking (own both prices and confidence, and destroy ralike both tu¢ assets of the banker and of his customers—the total labilities of bankrupts that a baw «x of issue, diifering mainly from an
ridin ary bh isiness tiem in its debts being pay- abie on de.aandl, aad these debts comprising the curren ty, should ve ia & position to give
security li such an emeryency. ii the paid up
~ . ; . ee steck in L570 was 560,U00,00U, and deposits at
TOM ti Serine oie : r? hnterest »2),U 10,035, the diseuunt i:ne should
not bave exceeded their sum. insuch a case no violen b> prices, elsner Dy 1} iflati mm or; eou 361 could have occurred. As a natural coasequence the better the security that bank ve the be ® they require oi their 1 ners; an 1 eontr wy to popniar
nuton, tie more tne carrency 1s secured the
Qiyal lower will also be the rate of interest and the}
larger the vola:ne of Capit sl made active ; and : ‘ . } thar os consequevtly, bauk notes and other property;
} * ; ‘ So mo a? — . ere ; Wuoull Mitutain &@ steadier value, orrtish
miauiacturera command threefold the capital |
for the saine amount of interest that Caua- dians dv, yet prives of commodities there are lower, arising from the every fieli of labor by abundauce of made active.
For the reputation of commercial men, it is to be hoped that few imssine @ community ean never hive an adverse balance of trade.
capital s
Porsous wo claim thas because an equivaient!
has been .0¢ for our ialebiedaess there should be ne reason for complaint, have bat a limited compreleusiva of eituer individual or nati nal indebteduvas. An alverse balance is when a nation consumes more than is produced, If during th: pist ten years imports of goods were $100),00),900 and exports $30,090,000. there his been consumed 32),90),00) more than was produced. Imports during that period were $935,090,00) and exports 3762,- 000,000. But if, as a late Finance Minister argued, the difference is accounted fur by seil- ing at higuer than entry fijures, which is af- firmiug the account in reality square, it may pertinentiy be asked: “What then has be- come of all the mouey imported during the same period?’ At Confederation the foreign debt was 375,090,000. It is now 3150,000, Oud, that is, $75.C)).000-imported ; and if you add 23 900.00) by loan societies and private in dividuals, you have 310,010,000 to be ecountel for. There is oniy $19,000,000 in the couatry, and_no foreiga securties held by capitalists, proving that $90,V00,000 of ad- verse baliuce left as exchanye tv pay so much of the ex-e3s of imports. And doubt ess the commerci ti depression was caused by the un- setlled dvdance of the $235,000,000 excess, pressing ior payment. Ali excess of lmports must be regarded as an invesiment in farming monafactari } not bring up the exports, the
ap <tl-
mr, XC., ANU LE A ialfr return ¢
eash or active
se ine +h om, 4 t eapital woes abroad, Increasing the rate of jn- terest here. The lesson of an advers Lalanes of trade is, that the actiwe eopital ia exchanued s* re Lehi ge -«n yiteal 3 sie ; “ail n for UNEGL beltd tpl, Dut tuat 18 ail con-
sistent ough with the opinion that the couutry is becoming wesithier. Henee exists at onee a wealthy couetry and its trade pat LEV a@: |. a ne ret dy is Wi 38 financial je.i3 bel
{i su a iverse balance of trade canses capital to beco;ne inactive, it 1s the province of benking to recover the activity of capital. Tuas is what the peeseut bankiag law does for the capiial in the Take the foll wing abr.dgeld statement of the Banks of Ontario aud Quebec iast April:—
det vas $535,060, 060
rersousal pr mrty per Giai Propercy.
ASSETS.
Pronissory Notas Discounted... .$111,6038,000 Pebentures, & Pyscounted.... 19,000,000 Gold . Oy b On exis ies hse bes 6,080,000 | Dominio: Netes 7,000,600
$143,000, 600 |
LIABILITIES,
wana’ At Teterest. ei cc. Kk ek $19,600,060 Ce a Cacia ss Oe 10,000,000 | Dep sstte ont Dcemiand............ 37,000, 600 . rr ¢ fq $72,000, 00
The ¢ pit ul meryed i assets oi purery petsem. property, affording’ $53,000,000 of active ci pibal, er Tyciities payable in gold on demand : the dalance of liabilities, or $19, - OU), U0U, belny at imierest. Here you perceive prowiisse ry notes are virtually given a lending powe?, Inaling the capital active to the extent of 253,090,090. All the business of the coun. try is trowsacted, its persoual and real pro- perty ha.idled by the capital only of the per- sonal property, and suliicieutly explaina why the industry of the working portion of a po} u- lation of four millions is turned to such poor account.
‘Kheca pital of the real property having beea left inze ive, has had no bearing ou the money market, except to the extent that money i; brought inte .the country by loan societies.
cunsual- |
prices |
+! cannot afford to charge less; but it is evident
: . ¢? >» | the bankers tO tue}
reaching $115,000, 000. L claim j
stimulus viven to}
>} tinuanece. ”
Some four hundred million dollars capital is |
legally ruled out of use by contracted -financ ial ideas. backed up by equally absurd bank levislation. Money can be borrowed on mort lvave se-urity, but under the law as it now
| stands, the banks cannot issue money based
ee > > 7 . Y
lon such security ; itis based on promissory . ¢ . 2 1 .
notes instead. Why not, therefore, establish
‘-l4 bank of issue dealing solely in mortgages,
and by that means more than double the ac tive capit i? You eaunot have the use of that $400,000,000 by any other process, and that is one of the best arguments against what is termed a Government issue, as Govern- ment eredit can no more reach the capi- ‘tal in real estate than can individual or company credit. By present leislation the hanks are not allowad to discount mortgages, which, neverthele-s, woald be, in any emer- lwency,the most n gotiable assets lt follows, i therelore, that the amount of capital destroy- ed bv the action of the present banking law is wailed by the amount of security in real
eq | estate.
A bank constituted on the proposed princi- j ples with a capital stock of $10,000, 000 worth lof mortuages, might be allowed by law to dis- | count the mortgages of its customers to the lextent of $30,000,009, and thus have assets lamounting to $40,000,000, which might be | used to purchase gold to any extent found } necessary. i | A farmer who borrowWS on mortgage at pres- ent has to pay 9 or 10 per cent. for his money, i since the loan societies have to pay 6 per cent. for their money (borrowed in Earope), and
that if a loan society were empowered to issue | ' ; ; ' ° + l!monev based on their own capital, either in
afford to discount their customers’ mertgages at rates at least as Jow as the banks at present (do promissory notes,
} ae ‘ . Ss ee Mr. Smith discounts his mortgage and 18
charzed interest for the accommodation only, rnd the loan is never recalied, while the amount is secured. Mr. Brown. on the con- trary, purchases bank stock with his mort- vage, and has an income proportionate to the dividend declared. A mortgage bank might discount at 6 per cent., and after deducting |all contingencies, decare a dividend of 12 per cent. It pays goll on demand, and if any time that should fall short, it has exchange to sell, and it is in a position always to secure its ereditors. It meets the requirements of a l first-class bank of issue, without eudangering iproperty, either by undue inflation or con- ltraction of values. In proportion to bank
i Feraca | reaconta are i aiways ve regulated, and
i whea the value of interest declines to a mini- lanai. the investinents in stock will fall off. [u lustry will be furnished with all the capi- tal that can be profitably used, and the do- mestic markets will always~be adjusted to foreign markets. It would be tifficult to | overestimate the power and efficiency of such fan institution in the development of all the | natural resources of the country. Capital and |
:
|
industry would then give account of them- Placed ulongside of the present banks, their circula tion would be interchangeable. Cash retail \trade would be the order of the day, and merchants would be prepared to pay their notes at maturity. The suggestion is purely a development of the Scotch banking system -earefully eliminating its defects.
i « — Co {selves in an increased export trade.
The first inception of a bank of issue was in the certificate of deposit of the Bank of Am- sterdam., Next came into existence the Eng- lish joint stock banking system, wita limited liability and expanded credit, placing that country in the first rank of industry. The third step was taken by the Scotch, who shift- ed credit on toa real estate basis, by making the liability of bond stockholders unlimited, which, uader prudent mainazement, gave their industry a controlling influence. The next step in the order of developmeat is left for Canada, and the times call for it, to estab- lish a baukdealing solely in mortgages, with an issue payable in gold on demand. That will be placing the keystone in the arch of ludustry !”
-_—-_—~- en TE ———
Week of Prayor. | Ara meeting of che P. E. Island Branch of the Evangelical Alliance, held on 24th inst., the following arrangements were
’ made for the cbservance of the Week of Prayer, viz :—
Monday, Jan. 5th, in the Bible Chris- tian Church and the Upper Prince Street Chureh—-**Thanksgiving for the blessings of the past year, and prayer for their con-
Tuesday, Jan. 6th, Zion Church—‘‘Con- ession of sin and huwiliation before God.”
Wednesday, Jan. 7th, Baptist Church. -- ** Prayer for the Church of Christ, its min- isters, its growth in grace, and its enlarge- went ; and for revivals of religion threugh- out the country.” | Thorsday, Jan. 8th, Methodist Brick | Church,—** Prayer for Christian education; for the family, and iustitutions of learning, for Sunday Schools, and Caristain Assecia- tions.”
Friday, Jan. 9th, St. Paul’s Schoolroom and Upper Prince street M
lethodist Church. —‘* Prayer for nations and people ; for peace aud religious iiberty.” | Saturday, Jan. 10th, St. James’ Church. ;-—** Prayer for Gome and Foreign Missions; |for the outpouring of the Spirit upon all
| flesh, and the conversion of the world.”
| ‘The meetings to commence at 7.30 and su close at 9p. m. A collection tor the} | poor to be taken at each meeting.
' J. M. McLxop, Sec’y. | Patriot and Presbyterian please copy. |
- e+ a ee —-—- ——
Public Schools.
Mr. Eprron,--The following paragraph is embodied in the Rules and Regulations annexed to the Register used in the pubhe schools :—
‘All pupils who have not been absent a day during the term (unless on account of sickness as certified by a medical man) shal! be entitled to have their entered on the Roll of Honor, which may be placed afterwards in a conspicuous part of the school room and in the Merit Book.”
The following are the names of pupils in my departirent who merited the distinction provided for in the foregoing paragraph : viz, Mary M. Camphell, Leah Cobb, Mag- vie Maxfield, Annie Fraser, Josie ‘Toombs, Eva Mackenzie and Etta Wilson. Some others also have a full record of attendance, except two or threo days’ detention on ac- count of sickness ; but as they did not pro- duce a phystcian’s certificate—according to rule, do not feel at liberty to place their names on the Rell of Honor. By publish- ing the above you will confer a favor on the honorable pupils.
A. A. MacKenzie.
Dec. 27th, 187
7 . - j
Notice io importers
L & i FENHE Fast Sailing brigantine Shamrock, i classed 7 years Al at~ Knglish Lloyda, Williain McPhee, commander, will saill from Glasgow, carrying freight direct to this Port, about the sth MARCH, next, 18380. For terms, freight, &c., apply to JAMES
Kexso, Ese., 134, St. Vincent street, Glas- gow, Scotland, or here to the owner.
OWEN CONNOLLY.
Ch'town, Dec. 27th, 1879. COAL. COAL.
— SALE, at the Gas Works, a quantity of Round’Lingan Coal, at $3.50 per ton. This Coal gives a great jeat, and being al- most free from sulphur, is suitable for either grates or cooking stoves. Dee. 27, 1879--city papers lw
CHRISTMAS, 1879,
—AND—
New Year, i880.
—.: Currants, Citron, Lemon and
Orange Peel, Flavoring Essences, Ground Spices, (pure); Preserved Ginger, Orange and Lemon Marma‘ade, Pearl Sago and Tapioca, Maccaroni and Virmecilli, Cress & Blackwell's Mixed Pickles and Sauces, Durham Mustard, (in tin’s and bottles), Newman’s Port Wine, and Hennessey’s Brandy.
WM. R. WA'BSON, Dec. 24, 1879.—lw pat
A SOUP KITCHEN
N connection with the Women’s Temper-
ance Union and Beuvevolent Society, will be opened for the winter if sufficiently assist- ed by the charitable public. In order to dis- tribute judicionsly, only those will be reliev- ed who identify themselves with the Society, which will enable the committee to look par- ticularly into each case. In view of the present pressing demands for help, the friends of the poor are urgeutly requested to send donations immediately and as regularly as possible, which will be received by Mrs. W. Kennevy, Confectionery. Clothing will likewise be very acceptable.
—
E. McRAE, Secretary of the Women’s Benevolent Society. Dec. 23, 1879. ;
ee See = ne er NS
The "Northern Light.”
ARTIES expecting goods by ‘‘ Northern
ama $9 (pase
x Os
T this most festive season, F\ when every one is engaged in trying to please, when stores are ransacked for their prettiest treasures and their cheapest stock, in order to make Christ- mas as joyous as in Olden Times, we are offering our quota to this end. Our Christmas Cards are of the most varied character, and indicate, by the way in which they go off, that the 25th will soon be here.
We take this opportunity to place other goods of a more use- ful and not less pleasing nature, before our friends. Our reduc- tions in Mantle Cloths, Dress Materials, Fur Goods, &c., must be very opportune when “ every- body is presenting everybody else” with something—a sacque, a dress, or a muff. We have on hand a large and very attractive stock which will, we have no doubt, meet the requirements and the approbation of the Christmas loving public.
The good cheer which Christ- mas is said to bring is not to be found in the dregs of the wassail bowl, or in a pint of brandy punch, but in the good warm ‘clothing which a benevo- lent public are bestowing on the poor. It is.in trying to please others we enjoy the greatest pleasure, and any one engaged in the work of “giving to the poor’’ or to their own people, cannot do better than give a call at 83, where, in so large a stock, every one must find the very article they require, and that at a very low price.
Gentlemen will find it the best economy to come to us for Overcoats and Ulsters, of which we have a few left. In our at- tempt to place a good Overcoat at a small price, we have suc- ceeded--every article sold having
; Light,” via Georgetown, must advise Railway Agent at Pictou Laading to deliver. JAE oS
WM. MITCHELL, Agent of Dep't. Dee. 23rd, 1879.
SUNDRIES.
“ross-cut Saws, Musical Boxes, Plaister Paris, Clapboards, Broadcloth, Hoop Iron, Oat Tubs, Meat Barreis, 1 ship’s Medioine| Chest, | fancy Work Bench, | Guu Case, Lot, Mahogany Doors, second-hand, Hose and Lead Pipe, 1 Wench, 1 Mahogany Desk, Lot of 7 mch Stovepipe, Stove Drums, 4 Chimney Tops, for smokey chimneys, at half price,
H. COOMBS.
dec. 17, ’79. Plate Glass & Common Mirrors
2 Large Mantle or Shop Mirrors, will be sold for less than cost.
2 Plate Mirrors, in gilt, cottage size,
2 Round Top Show Glasses, cost me $6, now offered at $4.50.
2 Maps of P. E. Island, 4 pairs Scales, a lot old style Beams, at 25 cts. each, 1 wood Pump, about 10 feet, part Cacumber Pump, 3 crowbars, 2 Force Pumps, for cleaning win-
dows. Apply to
H. COOMBS.
Read and Learn for Yourself. | Many valuable discoveries and much -use- | ' ful knowledge is kept from the world, be | ease of the immense expense in making | thein known to the people. This is not the| ease with Boschees German Syrup, although | but afew years introduced into this coun- | try, its sale now recches in every town and | village in the U. 8. Its wonderful success | in euring Consumption, severe Coughs, | Pneumonia, Asthma, and all ether diseases | of the throat and lungs, was first made | known by distributing every year, for three | years, over 400,000 bottles to the afflicted, | free of charge, by Druggists. No such a test of merit was ever given before to any other preparation. Could you ask more? Go to your druggist and get a bottle for 75 cents and try it. Sample bettles 10 cents,
MAGLEAN & MARTIN,
dec. 17, 773.
ATTORNEYS-AT-LAW, Newson’s Building, Opp. Post Office,
Charlottetown, P. EB. I. A, A. McLEAN. B.C. MARTIN.
June 18, 1879..—ex2aw
re\Ginh WEEKLY EXAMINER, — Per
sous having relatives or friends abroad, and desiring to keep them informed concernirg P. EK. Island, cannot do soin a better or cheep er way than by subscribing to Tue Weex.uy EXAMINER. Sent, postpaid, to any address in Great Britain, the Un*ted States, or the
Dowminicn, op receipt of One Dollar,
given complete satisfaction. We have just got in new Linders and Drawers at prices to suit the times.
The Ladies will find at 85, a good assortment of Fancy Wool Work, at very moderate prices. Yarns, &., very low. Also, a splendid lot of Chenille in var- ious shades, which is much ad- mired an extensively worn.
Householders will find at 83 a Tea to suit any taste. Our prices will show the varied kinds. We can give an excellent Tea for 32c., 36., 40¢., and 48c. per ib. These prices are very low, when it is remembered that Tea has advanced 4d. and 5d. stg., per tb.
“TREMAINE & IMIETCALF, | SUCCESSORS TO JAMES DesBRISAY,
83, Queen Street. Ch’town, Dee. 17, 1879.
ree - —
JUST OPENING. NICE and well assorted lot of Layer Raisins, Loose do., Currants, Ground Al- spice, Cloves, Nutmegs, Ginger, Pepper, Mixed Spices, (all sorts) ; Rice, Cream of ‘Tarter, B. Soda, Coffee, Raspberry and Lemon Syrup, Crushed and Loai Sugar, Best Tea, Tobacco, (in twin bar, solace, little giant, and twist); White Beans, Cheese, Table Salts, Contectionery, (all sorts); Pickles and Mustard, Toilet Soaps, Laundry and Queen do., Buckets, (assorted); White and Blue Starch, Brooms, (all sorts); C. L. Potash, Shoe, Stove and Scrubbing Brushes, Wash Boards, (cheap); Indigo, Candles, Salt- petre, Rope, (different sizes); Apples, Oranges, etc., and more opening,
All ef which will be sold cheap for cash,
J. B. HARTY, Building opposite
Store in Newson’s Post Office. Dec. 24, 1879.
TO LET.
—_—_——_——.
f bree SHOP on Upper Queen Street, now & occupied by Simon W. Crabbe. Posses- sion given the Ist June, 1880, ARCH’D. WHIT Ch’town, Dec. 22,1879.— taw - pat pres ne her Im
NUTS, ORANGES, Ganges: Figs, Dates, Pound and Fruit
Cakes, &e., at ; BEER & GOFF’S, Dec. 17. ’79.
SS RS mcmmenentihee
§. §. “NORTHERN LIGHT,”
ILL MAKE DAILY TRIPS between
¥Y Georgetown and Pictou, until further notice, (Sundays excepted) leaving Georgetown at 6a. m., and Pictou at 1.40 p. m., weather
permitting. WM. MITCHELL,
Agent of Dep't. Ch’town, Dec. 19, 1879. P
WANTED TQ BORROW, $850.00,
B* the Trustees of Spring Park Distriet School, for one or three years. Offers stating lowest rate of interest, for all or any part thereof, will be received by
WM. HEARD, Chairman of Trustees,
Ch’town. Royalty, Dec. 19, ’79—lw
a —
URNITURE.
12 New Lounges,
2 Smoking Chairs,
3 Feather Beds. at only 25 cts. per tb
2 Meat Safes,
2 Sewing Machines,
A lot of second-hand furniture, bedsteads, chairs, book-cases, washstands, tables, mat- trasses, and last but not least wanted, 1 bath
tub H. COOMBS,
dec. 17, ’79.
Valuable Property for Sale,
——
WO BE SOLD, all that part of Town Lot No, 74, in the first hundred of Town Lots is
Charlottetown; having a front of 67 feet, Dor-
ehester Street, and running back 80 feet, to-
gether with the buildings thereon erected,
For further particu apply to Messrs,
Hopason & McLerop Charlottetown,
Sept. 18, 1879.
Pure ‘Confectionery.
GRAND ASSORTMENT for Christ- mas, at BEER & GOFPF’S,
Dec. 17, ’79.
COAL COAL.
300 ‘TONS Gowrie Mines Fine Coal ; alse a quantity of Sydney Large Coal, at
KOUGHAN’S SCALES. Ch’town, Dee. 16, ’79—3i
COAL. GOAL.
Rs D COAL for sale by
F. 5. HANFORD, Ch’town, Dec. 15,1879—6i
APPLES. -
100 bbls. No Baldwins, 100 ‘‘ Russetts,
American.
; CARVELL BROS. Dec. 18, °79—3i
OR ONE OR MORE YEARS the Houle and premises recently occupied by Mr, W. W. Clarke, situate on Great Coon street, two doors above the office of Messrs, Longworth & Haszard, attorneys, nd near the head of Steam Navigation Co’s. Wharf. For
terms e%c., apply to JOHN INGS, Chgtown, Dec. 15, 1879.
F'rames & Sashes
1 set second-hand Doors {and Wind with inside easings and Mantles, out of house 24x36, Will sell the lot cheap.
1 suit new Sashes, and 6 Frames and Sashes, ;
12 lights, 10x12. , H. COOMBS, —
dec. 17, ’79. {2UY THE DAILY
for the latest news—local and
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