was loam-d mm to the \var. Apropos oi cm. the Miuncupolis, MInn.. Journal recently gave this Dominion l| succinct compliment when It stated: "American investors are still wary or putting their money into foreign ventures, cvcn rmaa ones; ivhcrr-us they run no soul: hesitation regarding Canarlinn opportunities." Perhaps American investors are like the old man who always insisted upon loaning his surplus funds upon neighbors’ farms.

MacLean’s Magazine

results or the iimmcial nrranlzaments recently consummated between London and New \'ork—the pegiziniz of sterling; by "carmarl:ing" $000,000,000 in New \ ark —hnvc had time to work themselves out "On the other band." observes the Financial Poul. “there is a well informed body oi opinion which includes several Canadian bankers in Now York who believe that Canada will from now on loan In an increasing extent upon the

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Restored lo a solid basis. or, the good work of a good Iucrkmon.

He had a feeling that, in possessing these mortgages. he could make a personal inro- clcsure if the drastic need arose.

In the past decade, the possibility oi‘ London regaining pre-war status as Canada's banker has been a recurring question. Bankers and economists have been disposed to consider the ultimate decision dependent upon the pound sterling's recuperation.

The pound sterling is no longer mcrely convalescent. Once more upon a gold basis, and returned to par, its ore-war vigor appears ratored.

“Will London resume the place occu» pied in years prior to the war as the world's deiinits financial centre?’ I asked a Canadian banker economist.

"England has already accomplished so much in rehabilitating her finances that it is not unreasonable to expect that she will again reach such a position that London will become the chief borrowing centre of the world." he replied, adding this qualification: “How long this procas _vvlll take is. of course, a matter of con- iecture."

At the moment outside loans in the London market are prohibited but Em- pire loans ii the can meet New York competition. Id be available. The speech of Winston Churchill, Chancellor of the Exchequer. notes that the Bank of England will pay out gold only under csrtsin conditions. so that it cannot yet bs called an entirely free gold market.

Awaiting Final Adjustments

BROADLY speaking. as the Financial Pall paints ut, one body oi banking aioa the time being 1:‘. l sac]; to discour-

London money market. Tbae men be- lieve that the greater part of the $132,» 000,000 of the maturitia which the Dominion of Canada must provide during the present year will be relunded in London. They do not feel that the Dam- inion will experience the least diiiiculty in obtaining British treasury permits to float necessary loans in the London market."

Thus, it is clear which way Canadian sentiment inclines.

Indication of Trend

T MAY be several months before a

definite trend will develop. Resump- tion of British inv meat in Canada in any event appears kely to develop upon a gradual scale. For one consideration, London is certain to encounter an ag- gressive competition from New York, for the reason that American investors have developed an appetite for Canadian

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HE Bank of Toronto esteerns the spirit of kindly cordiality and good fellowship above all other elements that make for success in business. That is why every customer who comes into the Bank is im- pressed with the warmth of his reception and the friendliness, consideration and attention of

every official.

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*“BANarIoRoNrir§*

JOHN R. LAMB. GenerslMsnsger

Are Stock Prices High?

securities. Mr. Lamont. the New York banker, made this clear when he said, "If we Americans have increased our business with you (Canada) and our investments in your great country, we have at the same time studied you more. studied your rourcss and the character at your develogment and I want you to appreciate that t a increase in our attachment to Canada must not be measured simply in the cold figures of our growin trads and in the increasing investment th her. On the contrary there has been an expansion at our respect and of our aficctioa [or Canada. for more important than that indicated by the barnmsters of trade."

in the meantime the Canadian press acce ts the return at the gold standard in rent Britain as a definite index oi what_is possible for Canada in thc not too distant future.

"Immediate benefits to Canada of Itsrling's return to par," in the opinion oi the Toronto Tele am to quote at least one inﬂuential nnadian newspaper, “ 11 be thpttho British capital will again

Aoﬁenf r Osns'disn ﬁnancing."

1 ch ths_finIl analysis. at — he wish isisthsr to the

If you are an investor in Cans- dian securities you Will be 1ntcr— ested in comment on current market conditions appearlng 1n the new Greenshields Review. Copy on request.

Write in Depl. F.

G1-eenshields & Co

Montreal: 17 SI. John Street nlsn iilounl lhnyal mud lluililing TORONTO U']'I‘:\W'A 14 King Sheet Eon -to l-llgln Sn-est

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