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Volume 2 - ElectricCanadian.com

Volume 2 - ElectricCanadian.com

Volume 2 - ElectricCanadian.com

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378 HISTORY OF THE BANKThe granting of cash prizes at the autumn country fairs tofarm children, for calves and pigs which they had raisedthemselves, was continued by the Canadian Bankers' Associationand the Department of Agriculture at Ottawa, and themanagersof The Canadian Bank of Commerce were askedto give the movement whole-hearted support. In May thebank distributed to all its branches a circular issued by thepresident of The Canadian Bankers' Association, which setout the need for limiting the banking credit granted duringthe period of the war to the purposes of facilitating productionand distribution.Throughout 1918 the heavy demand for remittances to theUnited States, which during recent years has caused theUnited States dollar to <strong>com</strong>mand a high premium hi Canadafor months at a time, was in increasing evidence. The marketclosed on January 8 with United States funds at one per cent,premium and no offerings. It became necessary to askthe branches to restrict their drawings on the United Statesto the requirements of their own customers and not to takeany casual business of this character.Early in the year the Foreign Department of the bankhad undertaken the task of <strong>com</strong>piling a <strong>com</strong>prehensive list ofthe manufacturing resources of Canada, with the object ofhaving information available to answer enquiries regardingexport trade. The branches were instructed to furnish lists oflocal manufacturers or exporters, or of those who were likely tobe<strong>com</strong>e exporters of either raw or finished materials, andto state the character of the materials manufactured orexported. The task of collecting and <strong>com</strong>piling this informationoccupied several months, and the result took theform of an Export Directory of Canada. A pamphlet wasalso issued, dealing with the requirements of export business,and the branches were asked to urge on their manufacturingcustomers the importance of getting into touch with newmarkets, in order to obtain for Canada a fair share of any tradethat might offer. Concurrently, the department was <strong>com</strong>piling

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