also be observed here that British Columbia is 

 highest among the provinces of the Dominion in 

 the average production of pulp per cord of wood, 

 the mechanical process giving an average of 

 2,485 pounds. 



To-day there are only seven plants in British 

 Columbia producing pulp groundwood and 

 chemical and newsprint. No other industry 

 offers such boundless opportunities of develop- 

 ment. In addition to the enormous areas of 

 suitable timber are the tremendous unharnessed 

 water powers awaiting utilization, which are 

 estimated at 3,000,000 horse power. The tem- 

 perate climate of the Pacific Coast gives assur- 

 ance of open harbors the year round, whilst 

 apart from the demand in the United States, 

 there is an unlimited market for the product 

 of the mills immediately across the ocean. 



No Export Embargo on Raw Product 



This may be instanced from the fact that 

 the entire pulp product of one of the largest 

 mills on the coast goes to Japan for manufacture 

 there into newsprint. Up to the present time 

 the Provincial Government has placed no em- 

 bargo on the export of the raw product. 



British Columbia is producing sufficient 

 newsprint to supply the whole of Canada, 

 taking the most recent estimates of the annual 

 consumption of 120,000 tons. Figures of the 

 province's output of pulp and paper of all 

 kinds for 1919 were as follows: sulphite, 80,047 

 tons; sulphate, 9,473 tons; ground wood, 99,769 

 tons; paper: newsprint, 123,607 tons; wrapping, 

 7,202 tons. In newsprint production British 

 Columbia already stands third among the Cana- 

 dian provinces. 



From the standpoint of timber resources, 

 water powers, climate, shipping, a bright future 

 awaits British Columbia in the pulp and paper 

 industry, and the coming decade will see it 

 placed high among the paper producing sections 

 of the American continent. 



A Tribute to Canadian Investment 



Interest in Canada from across the line was 

 never greater than in the year just past. It 

 covered all phases of activity, all lines of 

 endeavor. Tourists flocked northwards in 

 thousands to holiday among the beauties of 

 Canadian scenery; farmers came up to secure 

 holdings bf the Dominion's cheap fertile land; 

 capitalists, prospectors and chemists were 

 attracted by the wealth of natural resources; 

 and investors found Canada an increasingly 

 profitable field for investment. 



It is impossible to state accurately just what 

 amount of American capital is invested in 

 Canada, but authorities variously estimate it at 

 from $1,250,000,000 to $1,600,000,000. This 



amount is rapidly increasing every year, it 

 being authoritatively stated that money from 

 across the international boundary is flowing 

 northwards at the rate of $200,000,000 annually 

 to be invested in Canadian industries and 

 securities. 



A Field for American Investment 



A warm and gratifying tribute to Canada as 

 a field for American investment and the sterling 

 worth of Canadian securities for the expansion 

 of American capital is paid by the brokerage 

 firm of Peabody, Hough teling & Co., of Chicago, 

 in a recent issue of their market publication. 



"Many years ago," they say, "looking to the 

 future as well as the immediate opportunity, we began 

 to investigate Canadian industries as a field for the 

 investment of American capital and to purchase with 

 our own funds, for distribution among our clients, 

 such issues of securities as we could unreservedly 

 recommend. Our confidence in Canada has been 

 amply rewarded by a long and steadily growing list 

 of customers who request Canadian securities for the 

 investment of a substantial part of their savings." 



The reason for the increasing favor with 

 which Canadian industrial bonds and notes are 

 regarded is not far to seek, the letter proceeds. 

 Six national characteristics which buyers should 

 look for in planning to place their funds in 

 foreign securities are enumerated: (1) Govern- 

 mental stability to secure law and order; (2) 

 Personal energy, initiative and thrift among the 

 people; (3) High credit, both public and private; 

 (4) Rich and varied natural resources; (5) Rapid 

 rates of growth in production and population; 

 (6) Prompt and reliable transportation and 

 banking facilities. 



Six National Characteristics 



Canada, the article asserts, possesses all six 

 national qualities in a marked degree, which 

 conclusion is drawn from a long period of 

 practical experience. 



Canada, the writer states in conclusion, as 

 regards energy, natural resources, and growth, 

 stands much where the United States did a 

 generation or two ago. It is a young country 

 with all the driving force and recuperative power 

 of youth. Its past achievements, great as they 

 have been, will look small in the light of what 

 the future development of its untouched farm 

 lands, minerals, and forests will produce. 



A University Course in Banking 



Recent developments of banking interest to 

 the general public are the University of McGill 

 Bankers' Extension Course and the announce- 

 ment by the Minister of Finance for British 

 Columbia of the intention of the province to 

 establish a provincial bank. 



