Banking in Canada

IN common with other social developments, modern banking is mainly the result of heredity and environment, and not of arbitrary legislation or the general admission in any wide degree of settled principles in the practice of banking.The student endeavouring to understand the science of banking, seeking to discover some body of principles underlying the practice of banking throughout the world, is confused by the radical differences between the systems of the various nations and the complicated nature of the conditions surrounding each of these systems.The most cherished dogma of one country is rank heresy in another.The principles suitable to an old country,.with a compact population, a highly developed railroad and telegraph organization for the distribution of commodities and information, and wealth enough to, be lenders to other nations, are not applicable to a new country with a scattered population,.imperfect means of distribution, and little wealth apart from fixed property-a country, indeed, requiring to borrow largely from older and wealthier communities, Again, if in any country banking has been left to develop itself in accordance alone with the requirements of trade, or nearly so, that country has been fortunate in this respect as compared with others, where the national debt, caused by war or extravagances in public works, has been made the basis of the currency.Sometimes, however, the condition of the present envirQnment in two countries may be in many respects similar, and yet a practice in After preparing the outline of a paper on Banking in Canada for the Journal of the British Economic Association, I was asked to address the Congress of Bankers and Financiers at Chicago in connection with the World's Fair, on the same subject.Not having time to write two papers the address printed below is given as it was delivered to an audience composed mainly of United States bankers and business.men.The British reader is asked to bear in mind that many of the arguments regarding note issues, branch banking, till money, &c., which may be obvious to him, were necessary in making a comparison with the National Banking System of the United States, B. E. W

Business · Economics · Financial system · Banking stability, regulation, efficiency · Global Financial Regulation and Crises

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