SOUND FINANCIALLY

Hokitika Guardian, 9 December 1931, Page 8

SOUND FINANCIALLY

CANADA AND THE CRISTS. VANCOUVER, November 27. Following some alarm on the part of the public ’ occasioned by failure of .v.veial large brokerage firms in Montreal, the president of the Canadian National Railways, Sir Henry Thornton, declared that tile Canadian linam-i :1 situation offered no cause whatever, for uneasiness, on the part of the public. The sound position of Canada's ‘bartered banks in the current financial crisis', the ability of the country as a whole to work its way through its difficulties successfully were stressed by Sir Henry. Speaking of general conditions, he emphasised that the present financial crisis was by no means confined to Canada. It was perhaps the most .‘lerious crisis ever confronted by the world. “Since the present depression descended upon as,” he said, “wiere has not been a single bank 'closure in the whole of Canada. In the United States, admittedly the most opulent nation in the world, there have been approximately 2,400 Rank closures during the period mentioned, or since July, 1929, 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 aggivgai ing about 270 million pounds, compared with 4654 failures in Canada involving liabilities of £16,600,000.”