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By E. L. Stewart Patterson

Edward Lloyd Stewart Patterson (1869- 1932) used to be a Canadian writer. He was once Superintendent of jap Township Branches, Canadian financial institution of trade. His works comprise Banking rules and perform (1917). "It will be very unlikely in the slender confines of 1 quantity to deal exhaustively with so wide a topic as that of Canadian banking perform, however it is was hoping that the components of this topic handled herein may be stumbled on to be handled with due regard to their relative value, and that no quite crucial info has been neglected. "

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22 grains of pure gold. 86%) are legal tender for any amount, and still form the bulk of the gold reserves of the government and of the banks, as it is only of recent years that Canada has had a distinctive gold coinage of its own. Gold coin is seldom seen in circulation and its use is practically confined to reserve purposes and international exchange operations. Silver is used for the subsidiary coins of the denominations from five to fifty cents and copper for the cents. With these exceptions, paper currency is practically the only form of money used in Canada.

15-20). During the usual season of moving crops - that is to say, from and including the first day of September in any year to the last day of February next ensuing - a bank is allowed to issue additional notes to an amount not exceeding 15 per cent of its combined unimpaired paid-up capital and rest or reserve fund, as stated in the monthly return to the government for the month immediately preceding that in which the additional amount is issued. While such excess notes are in circulation the banks must pay to the Minister of Finance interest on the excess at a rate not exceeding 5 per cent per annum, the interest to be calculated on the amount of notes in circulation for each day during the month, as shown in a return to be sent monthly to the Minister.

A study of the monthly fluctuations shows that from 1868 to 1891 the lowest point in the circulation was generally reached about the middle of the year instead of in January, which is now the lowest month. About 1889 evidences of a change began to appear, until by 1895 the readjustment was completed, and January became the largest redemption month, the circulation then reached its lowest point, and it has held that position ever since. Such a radical change must mark an epoch-making event in the history of the Dominion, and this was no less an occasion than the opening up of the great Northwest and the entering of Canada into the arena of the world’s wheat growers.

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