Journal of the Canadian Bankers' Association, Vol. 15

Journal of the Canadian Bankers' Association, Vol. 15

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Excerpt from Journal of the Canadian Bankers' Association, Vol. 15: October, 1907

After an occasional interval of that kid they would all come back with restored nerves and a clearer sense of proportion." Subsequent events in the American business world enable us to appreciate the force of this suggestion, however far from practical realization in all its fullness it may be.

In a subsequent speech, the Governor of the Bank of England dealt with the question of cash reserves, and commented on the restrictive affect of the legal proportion of 25 per cent, for New York banks. He thought that "such a system must lead to a curtailment of credit in times of pressure. While attaching the greatest importance to suitable reserves, the backbone of banking was the management of the loans and discounts. If these were used for the encouragement of legitimate commerce, and not for the fostering of rank speculation, either at home or abroad, they need not contemplate financial troubles. On the other hands, if there were to be legislation which might lead to undue interference with the responsibilities which properly belong to and must rest on the banks, then he should be afraid."

Sound bank management is even more important than good banking laws.

The issue of Dominion notes has, in recent years, increased with great rapidity, and, having passed the sixty million mark since the middle of the year, seems to be rapidly overtaking the figures of bank circulation. A closer examination suggests, however, that the Dominion circulation is by no means encroaching seriously on the field of bank currency. It is well known that the greater part of the Dominion issues are in the shape of large legal tender notes for use in inter-bank payments. In the last half-dozen years, Dominion issues have doubled, but the amount not held by chartered banks has increased by only one-half.

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