Budget Speech Delivered by Hon. George E. Foster, D. C. L., M. P., Minister of Finance in the House of Commons, Tuesday, 23rd June, 1891 (Classic Reprint)

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Excerpt from Budget Speech Delivered by Hon. George E. Foster, D. C. L., M. P., Minister of Finance in the House of Commons, Tuesday, 23rd June, 1891From this it appears that the gross sum of the sav ings of the country and the deposits of the country in the different savings banks for 1889, amount to in 1890, to in 1891, to thus showing that the total savings and deposits of the people of the country in 1891 had increased about so that what ever withdrawal there was from the Government savings banks, is not at all to be taken as a Sign of lessened earnings or of lessened savings of the country. Part of it has been due, since the Order in Council was passed, to the change which has taken place in the policy of the banks of the country, the Bank of Montreal, and by. Other banks, having introduced savings departments or branches, in which they take sums as low as one dollar, and have been paying interest at the rate of 4 per cent. Upon them, and this accounts in part for the withdrawal, I am sure, of some of the savings from our banks. However, in order to meet the withdrawals from the savings banks, and which is in some respects, a redemption of debt, and in or der to meet the redemption of debt which fell due from time to time instead of going upon the the market for loans, I have been, during the last year, obliged to have temporary loans negotiated by our agents with banks in London, in order to meet these withdrawals and these redemptions of debt. These loans are, as I have said, temporary they run for twelve and Six months, to expire on the first of July in the present year, when arrangements will be made and are now nearly completed, I believe, for their being carried on for six or twelve months longer. This is necessitated from the fact that the state of the London money market, and the state of securities upon that market, make it an impru dent thing for the Dominion of Canada, with a due regard to the high position that our credit has oh tained, to go for any regular loans under present conditions.About the PublisherForgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.comThis book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully, any imperfections that remain are intentionally left to preserve the state of such historical works.