AGRICULTURAL CREDIT. DAVIDSON. 469 



over the Dominion, some districts must be made to pay more 

 that others may pay less. If the surplus savings of the east are 

 sent to the west, it is the western borrower and the eastern 

 depositor who gain ; the eastern borrower has to pav a higher 

 rate of interest. Broadly speaking, the eastern, and particularly 

 the maritime, provinces save more than the banks find local 

 investment for at seven per cent. There are no figures published 

 to show the relative discounts and deposits in the 105 banks and 

 branches in the maritime provinces, but the Upper Canadian 

 banks which are coming down here are seeking deposits, and 

 the maritime banks which are seeking openings in the west are 

 seeking a better outlet for their deposits. The Savings Bank 

 returns are evidence, at least, of the relative instinct of saving 

 in theditferent provinces. New Brunswick has $27.35 deposited 

 per head of population; P. E. Island, 19.25; Nova Scotia, 

 $17.73 ; Manitoba has $5.41 ; N. VV. Territories, $1.79. 7. do not 

 desire to be guilty of sectionalism in any shape or form, and that 

 is one of the prevailing political vices of the maritime provinces ; 

 but it is not difficult to see that the Canadian banking system 

 does not work quite so much for the benefit of the maritime 

 borrower as it does elsewhere. For the business man the slight 

 disadvantage of slightly dearer money is more than made up to 

 him by the advantages of membership in a great banking 

 system ; but for the farmer there is not the same compensation. 

 The great merit that is claimed for People's Banks in the 

 continent of Europe is that they fix savings in the locality in 

 which they are made. It is there felt as a grievance in the 

 country districts that the savings of the people are drawn to the 

 great money centres and help there to build up the towns at the 

 expense of the country, and accelerate the drift of population to 

 the cities. That does not happen with us ; but we have our 

 own difficulty. The savings of the east are taken for the 

 development of the west, and this has been regarded by some 

 who professed to speak for the agricultural interests as an evil 

 to be remedied. During the eighties of last century several 

 motions to introduce bills to adapt the banking system of the 

 Dominion to the needs of the farmer were debated, and it was 



