whole value has reached a million and three-quarters 

 sterling per annum hitherto ; and this year it will not be far 

 short of two millions. 



The resources of the colony are not confined to its fish 

 produce, as has been the prevailing impression. Already, 

 within a period of twenty years, copper mining has grown 

 to a degree which makes Newfoundland rank as fifth 

 in the list of copper-exporting countries of the world. As 

 the growth and outcome of these industries the colony 

 has an annual import and export trade of over three 

 millions sterling, and the stable character of the commerce 

 of the colony, based upon its fisheries, is well illustrated 

 and substantiated by the fact that two local banks, 

 possessing an aggregate capital of less than one hundred 

 and fifty thousand pounds, supply all banking facilities 

 required for its trade. We have in this statement evidence of 

 the soundness of our trade, and the absence of speculative 

 element. The cases are rare in which so small an amount 

 of borrowed money has a place in the business capital of a 

 country, while even in the banks the merchants are large 

 stock-holders. Nowhere do business men exhibit higher 

 integrity in their transactions ; and, in all those countries 

 with which they have relations, the reputation of a New- 

 foundland merchant is second to none for those qualities 

 which inspire confidence and respect. Failures of any 

 consequence are so rare that they scarcely have a place 

 in the estimate of contingencies ; and it is largely due 

 to this satisfactory condition of affairs that we find the 

 stock of our oldest local bank commanding a price of 

 six hundred and fifty per cent, on its original cost — 

 not a speculative value, but for the purpose of bond fide 

 investment. The stock is not in the market, and can only 

 occasionally be obtained. The stock of the other and younger 



