EXPORTS TO HOLLAND.

903. Buckwheat, $21,862; pease, $41,451; fruits, dried, $25,070; asbestus, $2,800; clover and grass seed, $1,916; ships, $11,760; planks and boards, $12,430. Total exports, $140,264.

IMPORTS FROM HOLLAND.

904. Packages, $80,746; plants and trees, $11,883; precious stones, diamonds, unset, $19,888; rennet, $5,390; gin, $106,399; tobacco, unmanufactured, $5,196. Total imports, $247,468.

EXPORTS TO ITALY.

905. Fish, $33,790. Total exports, $34,325.

IMPORTS FROM ITALY.

906. Asphaltum or asphalt, crude, $29,870; drugs, dyes and medicines, &c., $20,513; fruits and nuts, dried, $6,379; fruits, green, oranges and lemons, $223,581; oils, $3,374; gin, $8,465; tobacco, unmanufactured, $23,476. Total imports, $339,501.

EXPORTS TO JAPAN.

907. Flour, $2,500; butter, $1,024; planks and boards, $4,664. Total exports, $10,307.

IMPORTS FROM JAPAN.

908. Rice, $20,446; china and porcelain, $8,208; fancy goods, $5,867; oranges and lemons, $2,333; paper and manufactures of, $2,093; silk and manufactures of, $142,564; tea, $1,338,052; wood and manufactures of, $4,133; coffee, green, $6,722. Total imports, $1,572,937.

EXPORTS TO SPAIN.

909. Spruce and other deals, $29,761; deal ends, $1,971; planks and boards, $1,066. Total exports, $34,101.

IMPORTS FROM SPAIN.

910. Raisins, $230,791; other dried fruits, $5,321; wines, except spark ling, $97,069. Total exports, $420,155.

EXPORTS FROM SPANISH POSSESSIONS, OTHER THAN S. W. INDIES.

911. Planks and boards, $13,722; laths, palings and pickets, $1,254; joists and scantlings, $430. Total exports, $15,810.

IMPORTS FROM SPANISH POSSESSIONS, OTHER THAN S. W. INDIES.

912. Sugar, $567,652; tobacco and manufactures of, $4,728. Total imports, $573,006.

EXPORTS TO SPANISH WEST INDIES.

913. Horses, $1,240; oats, $4,134; flour, $12,605; coal, $17,832 ; fish, $1,098,084; metals and manufactures of, $8,736 potatoes, $158,555; planks and boards, $121,591; shooks, $1,556. Total exports, $1,453,368.

IMPORTS FROM SPANISH WEST INDIES.

914. Coffee, $2,023; sugar, $3,436,012; molasses, $173,744 ; tobacco and manufactures of, $244,058. Total imports, $3,964,234.

EXPORTS TO SWITZERLAND.

915. Total value of exports, $640.

IMPORTS FROM SWITZERLAND.

916. Cotton and manafactures of, $19,644; curtains, $23,780; embroideries, $48,954; fancy goods, $5,412; silk and manufactures of, $81,021; watches and parts of, $40,388; wool and manufactures of, $5,881. Total imports, $255,843.

EXPORTS TO THE UNITED STATES.

917. Animals living, $1,156,231; breadstuffs, $1,613,844; grain products, $31,988; coal, 3,454,526; cottons, $200,945; fish, $3,053,951; flax, hemp and jute, $182,757; fruits, $485,315; furs and skins undressed, $426,310; hay, $980,474; hides, horns, &c., $880,834; lime, $75,058; copper, all kinds, $119,020; gold-bearing quartz, dust, &c., $606,254; silver, metallic, contained in ore, $651,737; coin and bullion, $3,833,019; iron and steel, metals, &c., and manufactures of, $1,566,093; oil-cake, $8,589; provisions, $333,522; spirits and wines, $247,940; stone and manufactures of, $339,128; sugar and molasses, $382,311; potatoes, $238,980; canned vegetables, $108,386; bark for tanning, $193,727; fire-wood, $222,014; logs, all kinds, $2,236,367; deals, spruce and other, $481,890; planks and boards, $6,085, 169; laths, palings and pickets, $471,927; joists and scantlings, $117,947;

staves and headings, $603,015; shingles, $660,214; sleepers and railroad ties, $127,019; stave bolts, $64,802; shooks, box and other, $56,807; wood for wood-pulp, $458,613; household furniture, $36,055; wood-pulp, $336,385; other wood and manufactures of, $830,760; wool, $1,054,643; settlers' effects, $984,117. Total exports, $41,297,676.

IMPORTS FROM UNITED STATES.

918. Animals, living, $496,469; baking powder, $86,893; books, periodicals, &c., $650,627; Indian corn, $1,495,060; oats, 68,923; wheat, $2,418,704; other grain, $150,853; bran and mill feed, $90,280; cornmeal, $63,319; wheat flour, $395,172; other breadstuffs, $129,127; buttons, $44,279; bicycles, tricycles, &c., $332,933; other carriages, $240,335; clocks, clockcases, &c., $81,209; coal and coke, $9,063,769; cordage and twine, $190,139; cotton and manufactures of, $961,446 ; cotton wool, $2,847,770 ; cotton waste, $642,575; drugs, dyes, chemicals, &c., $1,359,132; electric apparatus, $357,329; fancy goods, $214,767; fish, $317,482; flax, hemp, jute and manufactures of, $562,554; fruits, dried, $316,360; fruits, green, $1,156,532; furs and manufactures of, $311,289; glass and manufactures of, $420,656; gutta-percha, &c., and manufactures of, $950,548; hats, caps and bonnets, $462,411; hides, raw, $1,771,641; hops, $69,029; jewellery, $200,727; leather and manufactures of, $1,016,073; brass and manufactures of, $382,727; copper and manufactures of, $189,145; gold and silver and manufactures of, $4,691,072; iron and steel and manufactures of, $5,391,424 ; lead and manufactures of, $81,856; tin and manufactures of, $106,516; other metals, minerals and manufactures of, $664,867, musical instruments, $223,148; oils, $941,895; paints and colours, $159,303; paper and manufactures of, $627,041 ; provisions, $1,640,244; rags, $108,813; seeds, $515,316; settlers' effects, $2,095,848; silk and manufactures of, $221,769; stone and manufactures of, $116,680; sugar, all kinds, $1,357,517; tobacco, unmanufactured, $1,367,616; tobacco, manufactured, $38,992; turpentine, spirits of, $156,469; vegetables, $161,369; watches and watch cases, $45,926; watch actions and movements, $173,666; wood and manufactures of, $2,307,504; wool and manufactures of, $816,453. Total imports, $59,337,239.

CHAPTER XIII.

Early History of Currency.-Dominion Notes.-World's Monetary System.-Coinage of the World.-Monetary System of Canada.-Chartered Banks.-History of Banking in Canada.-Business of Banks.-Prices of Bank Stock.-Profits of Banks.-Clearing Houses.-Insolvency in Canada.-Savings Banks.-Government Savings Banks.-Building Societies and Loan Companies.

BANKS.

CURRENCY, BANKS AND SAVINGS BANKS.

PART. I.

919. In the early days all sorts of coin were used in British North America.

The first step taken in Canada for a revision of currency was in 1795, when, to remedy the evils resulting from the coined money in circulation being reduced in weight, debased in value and composed of every variety of pieces peculiar to all countries trading with this continent, an Act was passed which fixed a standard of value founded upon the average intrinsic worth of the gold and silver coins of Great Britain, Portugal, Spain, France and the United States.

Subsequently various Acts of the Legislatures established a valuation for these pieces, at which they were accepted in market overt.

920. Finally, in 1858, the Province of Canada adopted dollars and cents, pounds, shillings and pence as the only moneys of account. In 1871, the Federal Parliament passed the Act (Chap. 4, Acts of 1871) respecting the currency which gave to the provinces of the Dominion a uniform currency, the single gold standard adopted being that of the British sovereign of the weight and fineness prescribed by the laws of the United Kingdom, to pass current at 4.863. Provision was also made that, until otherwise ordered by Her Majesty's proclamation, the gold eagle of the United States, of the fixed weight of 10 pennyweights and 18 grains troy, and of a settled standard of fineness, should be legal tender in Canada. The same Act provided for a gold coinage for Canada, but special Canadian gold coinage has not been minted.

Silver coin were made legal tender to $10, and minor coin to 25 cents. The silver coins in use are 50, 25, 20, 10 and 5 cents.

921. In addition to the coin used, the Canadian Government issue Government notes. These were first issued in the Province of Canada under the law of 1866. The authority was limited to $5,000,000 on general account, and $3,000,000 to replace notes of banks surrendering their power

of issue. It was provided that 20 per cent of the notes issued should be covered by specie reserve and the remainder by Government debentures.

922. On the formation of the Dominion, the permitted issue by Act of 1868 was enlarged to $8,000,000, any amount in excess of $5,000,000 to be covered by 25 per cent in specie, or in specie and Canadian securities guaranteed by the Imperial Government, and for the remainder in unguaranteed bonds issued by authority of Parliament.

In 1870 the issue was fixed at $9,000,000, with a 20 per cent specie reserve, any excess to be fully covered by specie. In 1872 the issues in excess of $9,000,000 were required to be covered by specie to the extent of 35 per cent. In 1875, 50 per cent specie reserve was required for $3,000,000 above and beyond the $9,000,000, any excess over $12,000,000 to be fully covered.

In 1880 the law authorized the issue of $20,000,000, to be covered by, at least, 15 per cent of gold, 10 per cent addition in gold or Dominion securities guaranteed by Great Britain, and the remainder in unguaranteed Dominion bonds, any excess above $20,000,000 to be covered fully with gold.

In 1895 an Act provided that the issue may exceed $20,000,000, provided that in addition to any amount required to be held in gold under previous Acts, a further amount in gold equal to the excess of issued notes over 20 millions shall be held.

923. These notes are full legal tender, redeemable in specie on demand, and are of the following denominations: 25 cents, $1, $2, $4, $50, $100, $500 and $1,000; occasionally old issues, called provincial notes, of $5, $10, and $20 are met.

On the 31st December, 1895, $14,358,500 of the Dominion note circulation were in notes of $500 and $1,000. These are principally held by the chartered banks as part of their cash reserves, because by the Banking Act 40 per cent of the reserve cash must be in Dominion notes, and are chiefly used in the settlements between banks.

On the 31st December, 1894, and the same date 1895, there were held in connection with the Dominion notes:

This was in excess of the amount required to be held of $4,865,125 in specie and guaranteed debentures, and of $1,318,618 in unguaranteed debentures in 1894, and of $5,183,368 in specie and guaranteed debentures, and of $2,250,000 in unguaranteed debentures in 1895. Compared with 1893 the figures of 1895 show an increase of $4,087,511 in specie and of