Page:Statesman's Year-Book 1921.djvu/353

 MONEY AND CREDIT 301

In 1919, of the capital, 219,077,163 dollars represented Federal Govern- ment aid (exclusive of the cost of Government Railways), and 56,086,065 dollars from Provincial GoTernments and Municipalities. The latter amount doe* not include cost of the Teniiskaming and Northern Ontario Railway (22,071,224 dollars). The expenditure by Dominion Government on National Transcontinental Railway up to March 31, 1919, was 165,128,742 dollars.

Electric railways in 1919, 64, mileage 1,696 ; passengers during the year, 686,124,263 ; tons of freight carried, 2,474,892. The gross earnings in 1919 reached an aggregate of 35,696,532 dollars, as compared with 24,299,890 dollars in 1918. Operating expenses amounted to 26,839,070 dollars, an increase of 9,303,096 dollars compared with the preceding year. Paid up capital, 171,894,556 dollars.

On March 31, 1919, there were 12,290 post offices. Gross revenue, 27,591,325 dollars ; net revenue, 21,602,713 dollars ; expenditure, 19,273,584 dollars. At the end of the fiscal year, 1919, there were 3,705 rural mail deliverv routes, on which were erected 181,505 boxes.

Money order offices on March 31, 1919, 4,953; orders issued (1918-19), 9,100,707, value 142,375,809 dollars. The Ocean Mail subsidies and steam- ship subventions paid by the Government amounted to 1,391,850 dollars in 1919.

There were 52,383 miles (12,095 being Government) of telegraph lines in Canada in 1919. and 198,136 miles of wire (exclusive of Government lines), with 4,654 offices. There were in 1919 1,951.562 miles of telephone wire, of which 1,304,222 miles were urban and 647,340 rural, and 779,000 telephones. The earnings of telephone companies in Canada in 1919 amounted to 24,600,536 dollars, and the operating expenses to 16,167,992 dollars. The capital liability amounted to 91,004,925 dollars in 1919.

Wireless Telegraphy. — In 1919-20 there were 57 Radiotelegraph stations operated in the public service of Canada, having a range of 100 to 750 nautical miles, or an average of 255 nautical miles. In 1918-19 messages sent and received numbered 279,981. There is a long-distance station near Glace Bay, Cape Breton, N.S., with a range of 3,000 nautical miles; one at New Castle. X.B., with a range of 2,500 nautical miles, and one at Harrington S., with a range of 1, 500 nautical miles. There are 39 Government steamers equipped with wireless apparatus having a range of 100 to 400 miles, or an average of 140 miles.

Money and Credit.

The Bank Acts of Canada impose stringent conditions as to capital, notes in circulation, limit of dividend, returns to the Dominion Government, and other points, on all chartered and incorporated banks. The Dominion Government by statute must always hold as security for the redemption of Dominion notes issued and outstanding up to and including eighty million dollars, an amount in gold equal to not less than 25 per cent, of the amount of such notes (Dominion Notes Act, 1914). To secure the issue of notes in excess of eighty millions it must hold a dollar in gold for each dollar in notes. War measure. — Under the provisions of the Finance Act, 1914, the Minister of Finance is empowered to issue Dominion notes to banks . upon the deposit of approved securities with the Minister. On Sept 30, J 1919, there were 18 incorporated banks making returns to the Government, with about 4,242 branches. The following are some particulars of the banks : —