CANADA'S FOREIGN INDEBTEDNESS 



Outstanding Canadian Loans in London for the year ended June 30, 



1914 and 1915 



Description 1914 1915 



Government £65,956,621 £72,284,788 



Treasury Bills 3,000,000 



68,956,621 72,284,788 . 



Provincial 24,202,327 24,202,327 



Treasury Bills 1,625,000 825,000 



25,827,327 25,027,327 



Municipal 50,876,310 50,809,710 



Treasury Bills 1,610,020 460,000 



52,486,330 51,269,710 



Railways 285,788,492 291,793,670 



Treasury Bills 1,260,959 850,000 



287,049,451 292,643,670 



Industrials 87,098,919 87,096,519 



Sundries not publicly recorded (esti- 

 mated) 25,000,000 25,000,000 



£546,418,648 £553,322,014 



The only material change in the above figures since 30th of June last has been the 

 reduction of Treasury Bills afloat in London, from £2,135,000 to £325,000. 



Including the Dominion Government loan of $45,000,000 floated in New York in 

 August last.Canada's indebtedness to the United States is probably in the neighbourhood 

 of $750,000,000. 



— Sir F. Williams-Taylor, General Manager Bank of Montreal. 



" The problem of finance underlies all the other problems. The nation's need 

 in the matter of men and munitions has been, or is in course of being, supplied, but 

 nearly all the money has still to be found with which to maintain the forces and to 

 supply them with arms and equipment in 1916. This is the work that must now be 

 carried on from hour to hour by everyone in the nation with unflagging persistency 

 until victory is secured." — The Statist. 



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