INVESTORS' 1X1'. 



, Regina 

 I Moose Jaw 



Conditions in Principal Cities 



at indicated by 



Bank Clearings (dotted lines) and Building Construction (black lines) 



/""V3NFIDENCE in Canadian municipal or school securities grows 

 V_x daily stronger among foreign investors as the business activity of 

 towns and cities recovers. The vital importance of safeguarding 

 their credit reputation and of holding and strengthening the confidence 

 of the investor in the integrity of the Canadian borrower, is nowhere 

 better understood and respected than among the Canadian municipali- 

 ties small and large. Any disposition on the part of isolated communities 

 to postpone the meeting of their obligations, however ^rashly entered 

 into in pre-war years is rapidly dissipated under the wholesome pressure 

 of general public opinion. The controlling element in the making of 

 Canadian public opinion is either Anglo-Saxon or French-Canadian, 

 persons of other origin and less substantial tradition ^have little or no 

 voice in leadership. Perhaps for this reason "Red Radicalism " and 



other forms of agitation imperilling order and security have made pro- 

 bably less headway in Canada than elsewhere. To Canada the need 

 for capital and the friendly regard of foreign bankers appears second 

 only to the need for increased population. There is consequently no 

 safer country in the world in which men and women may invest. 



ry-\HE above charts of tity conditions indicate steadiness. There is 



J_ no unwholesome " boom " tendency on the one hand , nor decline on 



the other. Bank Clearings are still below last year's average for the 



whole country, but are rising in most cities. The volume of business 



represented by these clearings is probably higher than last year, but 



appears otherwise owing to continued price deflation. Building 



Activity (the solid line) shows sturdy local confidence. 



