IMAGE EVALUATION TEST TARGET (MT-3) /.. 1.0 1= 11.25 iSillS I^S lit |40 U g^ ^ 7 ^ ? Hiotographic Sciences Corporation <^>^ 33 WKT MAIN STREtT ^BSTIR.N.Y. MSM (716) 872-4503 '^ ►A CIHM/ICMH Microfiche Series. CIHIVI/ICMH Collection de microfiches. Canadian Institute for Historical Microreproductions / Institut Canadian de microreproductions historiques Technical and Bibliographic Notea/Notat tachniquea at bibllographiquaa Tha Inatituta haa attamptad to obtain tha baat original copy availabia for filming. Faaturaa of thia copy which may ba bibiiographically uniqua. which may altar any of tha imagaa in tha raproduction, or which may aignificantly change tha uauai method of filming, are checkaid below. m D n D D n n Coloured covera/ Couverture de couleur I I Covera damaged/ Couverture endommagAe Covera reatored and/or laminated/ Couverture reataurte at/ou peliiculAe □ Cover title miaaing/ La titre de couverture manque r~n Coloured mapa/ Cartea gAographiques an couleur Coloured ink (i.e. other than blue or black)/ Encre de couleur (i.e. actre que bleue ou noire) Coloured platea and/or illuatrationa/ Planchea at/ou illuatrationa an couleur Bound with other meterial/ RailA avac d'autrea documanta Tight binding may cauae ahadowa or diatortion along interior margin/ La re liure aarrAe peut cauaar de I'ombre ou de la diatortion la long de la marge IntArteure Blank leavea added during reatoration may appear within the text. Whenever poaaible, theae have been omitted from filming/ II ae peut que certainea pagea blanchea ajoutAea iora d'une reatauration apparaiaaent dana la texte, mala, loraque cela Malt poaaible, cea pagea n'ont pea At* filmtea. Additional commenta:/ Commentairea aupplAmantairaa: L'Inatitut a microfilm* la meilleur exemplaire qu'il lui a *t* poaaible de se procurer. Lea dAtaila de cet exemplaire qui aont paut-Atre uniquee du point de vue bibliographique. qui peuvent modifier une image reproduite, ou qui peuvent exiger une modification dana la mithoda normale de filmage aont indiquis cl-deaaoua. D D D Q D D D D C Coloured pagee/ Pagea de couleur Pagea damaged/ Pagea andommagAea Pagea reatored and/or laminated/ Pagea reataurAea at/ou pellicultea Pagea diacolourad, atainad or foxed/ Pagea dteolorAea, tachettea ou piqutea Pagea detached/ Pagea dAtachAea Showthrough/ Tranaparence Quality of print varlea/ Quality inAgale de I'lmpreaaion Includea aupplementary material/ Comprend du metAriel aupplAmentaire Only edition available/ Seule Mition diaponlble Pagea wholly or partially obacured by errata alipa, tiaauea, etc., have been refilmed to enaura the beat poaaible image/ Lea pagea totalement ou partiellement obacurciea par un feuillet d'errata, une pelure. etc., ont AtA fllmtea k nouveau de fa^on A obtenir la meilleure image poaaible. Thia item la filmed at the reduction retio checked below/ Ce document eat filmA au taux de riductlon indiquA ci-desaoua. 10X 14X 18X ax 26X aox ^ 12X itx 20X 24X 28X 32X air* • d«taiis 1UM du It modifier igor una • fiimag* V uAas Tha copy fiimad hara haa baan raproducad thanica to tha ganaroaity of: U BibiiotMqiN dt la Villa dt Montrtel Tha imagaa appearing hara ara tha baat quality poaaibia conaidaring tha condition and legibility of tha original copy and in keeping with the filming contract specifications. Original copiaa in printed paper covera ara fiimad beginning with the front cover and ending on the last page with a printed or illuatrated imprea- sion. or the bacic cover when appropriate. All other original copiaa are filmed beginning on the first page with a printed or illustrated impres- sion, and ending on the iaat page with a printed or illustrated impreaaion. The last recorded frame on each microfiche shall contain the symbol — ^> (meaning "CON- TINUED"), or tha symbol Y (meaning "END"), whichever applies. L'exemplaira film* f ut reproduit grice A la ginAroait* da: La BiMiothiqut da la Villa da MontrM Les images suivantes ont At* reproduites avac la plus grand soin, compta tenu de la condition at de la nattet* de I'exemplaira film*, et en conformit* avac les conditions du contrat de filmage. Les exemplaires originaux dont la couvarture en papier eat imprim*a sent f ilm*s en commen^ant par la premier plat at en terminant soit par la darnlAre page qui comporte une empreinte d'impraac'on ou d'illustration, soit par la aacond plat, salon le caa. Tous lea autrea exemplaires originaux sent fiimis en commenpant par ia premiere page qui comporte une empreinte d'impreaaion ou d'illustration at en terminant par la darnlAre page qui comporte une telle empreinte. Un dea aymboias suivanta apparattra sur la darniAre image de cheque microfiche, selon le cas: la symbola — ► signifie "A SUIVRE", le symbole V signifie "FIN". aire IMaps, piatea, charts, etc., may be filmed at different reduction ratios. Those too large to be entirely included in one exposure ara filmed beginning in the upper left hand corner, left to right end top to bottom, as many frames as required. The following diagrams illuatrata the method: Les cartes, planches, tableaux, etc., peuvent Atre filmAs A des taux da rAduction diff Arents. Lorsque le document est trop grand pour Atre reproduit en un aaui clichA, il est filmA A partir da I'angle supArieur gauche, de gauche A droite, et de haut en baa, an prenant la nombre d'imagea nAcaaaaira. Lea diagrammas suivants iiiuatrant la mAthode. by errata nad to lent une pelure. fa^on A 1 2 3 1 2 3 4 5 6 32X T] AN 3//M :/ ^.^z.rM.- 1876. y^M:." C3-En^EI?;A.L I2/E'\riE"W" or THE TRADE OF MONTREAL, ALSO A SYNOPSIS OF THE COMMERCE OF CANADA, AND AN ESSAY UPON PROTECTION FOR HOME MANUFACTURES. ROBERT S. WHITE,' CoMMKRciAi. Editor of thk " CJAZF/rrK," .O Cl^c? Iflonlreal: T. & R. WHITE, PUULISHEUS, "(JAZETTE" PRINTING HOUSE. .-■•'■•■>:- 1877. V j''^ .. ■;■ ^ ^ ' -It W. NOTMAN, rapher to tke Qieei^ AJTMOUMOIB TBI FOLLOWING. ▲ KftW B0» bas been erected with Ru»tto Arrangements, for SUMMBB , ^ PORtBAITS./ ^ ' r. AUcfi»rWl^TBKjOOSTnMBS, Walking. Skating, Snow-Shoeing. Taboggaoing. Ao. t ^r^ i(U|Q ^ |NStrfi8TJUAN court for Portraits on Horseback, or in Carriage, Sleigh, Ao. (\n .ay 4 AMD THS HIOHMT HOMORS AT THI iUCMNT vat&iiiiitBiA sxBi»ivt«ii. i«7«. Vis: a MEDAL and DIPLOMA by the InternationalJudges. A SPECIAL GOLD MBDAL awarded by the British Judges, the only Awarded for Phoiiography. •■'.'.," * , f%ii7 ^ ^ ^ ., ■•:* ■• ■. f , ,,1=. ■ ' ./ ■■-■■'■ -^i"*' ■ >, ■ ' v-y^- ../ *H WM. DQM^c .feCO. V ■' f ^.-.^^^^J, $t. Joseph Stfeel, 'yM< : :4'-f^ ZXX: India Pale and other'; EXTRA DOUBliR STOUT & PORTE £1, U: ,>r PlALBAIIDr AMBER IMAtT. i< ■•TO "■7^> 'Vr* Fan^ilies Supplied. ■-*-,.;'.;,,.r V' J ' v' ' V ' 'i'" i ' PfHr- /. i. 1876 Q-BisTEie/j^Xj le/Ei'vim'w ir BUMMBB or THE TRADE OF MONTREAL, ALSO A SYNOPSIS OF THE COMMERCE OF CANADA, AND ln essay upon protection for home manufactures. -f^y: \ '" 'Vlanifestat.onc J- COMPILRD BY RT S. WHITE, R OF THE " Gazette," Montreal. "•^■a ^onirfat: T. k R WHITE, PUBLISHERS, ••GAZI '1S»' PRINTING HOUSE. V 1877. It worl publ circu belie first static whic detai tobac comi the ^ Grea King comi: ft finan of th centr estinj ofth( menti and e stocb chief nence atteni PREFACE. It is the intention of the publishers that the accompanying work shall form the first of a series of Trade Reports to be published annually, as early after the close of the year as circumstances will permit. The present number will, it is believed, commend itself to the business community. Taking first the trade of the Dominion as a whole, accurate and useful statistics are presented, showing the different countries with which we trade, and to what extent. These are followed by a detailed statement of the grain, lumber, dairy produce, liquor, tobacco, tea, sugar, petroleum, and other leading branches of our commerce. A concise review of the breadstuffs trade, showing the yield of wheat, corn, &c., in Canada, the United States, and Great Britain; the importations of cereals into the United Kingdom for a number of years past, and the sources of supply, completes the second part of the work. The summary of the financial affairs of Canada iii 1876 is preceded by a brief review of the progress of banking in Canada since the beginning of the century, which will be found to contain information of an inter- esting character not easily obtainable. The trade and commerce of the port of Montreal is then considered ; all the leading depart- ments of business are reviewed ; the course of prices stated ; imports and exports for a number of years past given, and a statement of stocks in warehouse at the beginning of the present year, in the chief ports of the Dominion, presented. In view of the promi- nence which the question of Protection now occupies, and the attention which has boen of late devoted to the subject, a lecture I IV. PREFACE. delivered before the Board of Trade of the city of London upon " Free Trade vs. Protection " has been appended to the volume, in the belief that the argument in favor of a retaliatory policy against the United States deserves the widest circulation, and claims the consideration of all interested in the welfare of the Dominion. The object of the compiler has been to make the report as complete as possible, giving to every branch of trade its fair share of consideration, in order that the usefulness of the work may be increased and its value to the business community enhanced. 1, I i CONTENTS. (1.) SUMMART OF THE TRADE OF THE DOMINION. Imports and Biports,— Trade of Canada with Foreign Connlries, — Decline in the Value of Import^,— Bearing of the Castoma Tariff upon "aoh Province 9—13 The Grain Trade,— Imports, Exports, Consumption and Production of the Dominion in 1875 and 1876 14—17 Trade Relations with the United States,— Imports of Manufactured Goods iVom the United States from 1873 to 1876 18—20 The Liquor Trade,— Tobacco,— Cigars,— Petroleum 20—24 Dairy Produce Trade,— Quautity and Value of Butter and Cheese Imported and Exported during Seven Years 25—27 The Lumber Trade,— Exports of the Dominion. — Countries to which Exports are made,— Quautity and Value of Plank and Board Exported from Ontario and Quebec,- Annual Review ot the Business of the Tear 27—30 The Tea Trade, — Imports into the Dominion in past Five Years and Countries whence Imported,— Changes in the Duty and their Effect upon Importations 30 — 32 The Sugar and Molasses Trade,— Imports from all Sources, — Increase in Importations from the United States 32—34 The Fisheries 34—35 (2.) RETROSPECT OF THE TRADE IN BREADSTDFFS. The Harvest in Canada,— The Harvest in Great Britain 37—40 Imports of Flour and Grain into the United Kingdom during the past Three Years and Sources of Sqpply,- Stocks of Flour and Grain in the Principal Markets of the United Kingdom at the close of 1875 and 1876. 41—44 The Crops in the United States,— Exports of Barley from Ontario to the United States, — Receipts and Shipments of Wheat at Chicago and Milwaukee 44—46 ^jlrain Transportation 46— 4i> Tl CONTENTS. (3.) FINANCIAL AFFAIRS. Tbe Prognti of Banking in CanadA, from the Estsbliabment of the Bank of Montreal in 1817 to the Praient Time 50—58 (4.) THE TRADE AND COMMERCE OF MONTREAL. FllTANOIAL ArrAiM. The Cr Bank Stocks,- Highest and Lowest Prioea of Gold daring tbe past Five Yoars,— Liabilities and Assets of the City and District Savings Bank,- The EngliHh Money Market 50—7 1 StJTOPBIS of COIIMBRCIAL AFPAIRS Ilf MONTRBAL. Yalae of Imnorts and Exports,— Competition with tbe United States,— Iinportfl of American Manafootnred Goods. — Loss resulting from tbe Traofifer of Trade to the United States, — Important Failares in Montreal,— Closing of the Redpatb Sugar ReGnery 73 —75 Tni Pboduci Tradr. Aggrof^ate Receipts and Shipmenta, — Storage Capacity,- Receipts and Shipments of Flour and Grain by all Channols,— Fluur : Receipts and Shipments, Quantities Manufactured in Montreal, Quantities Inspected, Comparative ?rices, — Wheat: Receipts and Shipment?, Quantities in Store, Prices of Canada Spring, — Maiso : Prices, Receipts and Ship* montti,— Pcaa : Prices, Receipts and Shipmentn, — Barley : Receipts and Shipments,— Oats : Prices, Receipts and Shipments, — Oat and Com Meal: Prices, Receipts and Shipments,— Ashes : Receipt*, Inspections, Shipmeuta, Prices Tor Provision Trade. 76-95 Receipts, Shipments and Prices of Pork, — Receipts and Shipments of Beef,— Pork-Pocking in Caaada • 96—96 Dairy Producb. Receipts and Shipments and Prices of Cheese and Butter , 98—100 Toe Grocery Tradx. • Quantity and Yalne of Tea imported from all Countries, — From the United States,- Oindition of the Trade in 1876,— Want of a Differential Duty,— Quantity and Value of Sugar Imported from all Countries,— Prom the Uuitod States,— Quantity remaining in Bond, — Prices of Raw and Uofined in 1876,— State of the Market,— The Salt Trade,— Yalne ul Imports of all Articles of Groceries in the past Five Years. . . 102—107 > 1 78- 75 d d h n >- ^3 d t. • 76- -95 of 1 • 96- -98 • • 98- -100 ed ial — of • • 108 -107 CONTENTS. Tii Dbt Ooodi. ImporUtiona during Five Tears,— Stato of Trade.— Importftioaa tmm the United States 107— 109 LUTBIR. Importations daring Five Yoari<,— Yalao of Exports, — Condition of Basiness during 1870,— nigbe8t and Lowest Prioes during ttie Tear.. 110 — HI iKOll AND IlARDWARR. Talue of Importations in the paai Three Tears,— Prices oi Iron in Montreal,— Production of Ptg Iron,— State of Trade 1 12—1 IS Marimr. Statement showing the Date of Opening and Closing of Navigation,— First Arrival from Sea,— Greatest Number of Yessels in Port at One Time, Ao , (feo 114 (.->) PROTECTION OR FREE TRADE. An Address delivered in the City of London in favor of the Adoption of a National Trade Policy for the Dominion. . . . . t 115 —144 * is sli< colle< 1868 .. 1869 .. 1870 .. 1871 .. 1872 .. 1873 .. 1874 .. io7o . . 1876 . ». GENERAL SUMMARY or THE TRADE OF THE DOMINION "What may be called the rise and fall of the Trade of Canada is shown in the following statement of exports, imports and duty collected in the past nine fiscal years : — Total Exports. Total Imports. Duty. 1868 1 57,567,888 60,474,781 73,573,490 74,173,618 82,639,663 89,789,922 89,351,928 77,686,979 80,966,435 • 73,459,644 70,416,165 74,814,3:» 96,092,971 111,430,527 128,011,281 128,213,582 123,070,283 93,210.346 1 OU. 8,819,431 63 8,298,909 71 9,462,940 44 11,843,655 75 13.045,493 50 13,017,730 17 14,421,882 67 15,361,382 12 12,833,114 4S 1869 1870 1871 1872 1873 1874 1875 1876 Totals 686,424,704 898,71=^,138 107,104,540 47 S; fT ! n 10 GENERAL SUMMARY OF THE The following table exhibits the aj^gregate trade of the Dominion with Great Britain, the Colonies, and foreign Countries in the past four fiscal years : — COUNTRIES. 1873. Great Britain United States France Oermany Spain Portugal Italv Uolland ... Belgium British North American Provincort. British West Indies Spanish do French do Other Werit India Islands South America China and Japan Switzerland Australia South Africa Other Countries »-■••••• 107,266,6'24 89,808,2(hJ 2,055,195 1,176 478 502,966 266,188 229,0 14,020 Indian Com. bush. Wheat, bush. 6,638.017 415,527 Other grain, bush. Totnl, bush. 13.359,029 8,151,627 708,i;60 In favor of Canada, bush. 13,3'9,364 Againot Canada, bush. (Ireat Britain United States 803.905 179,630 661,370 2,076.527 3,188 375 3798,620 7,455,6.32 132,495 4.002,090 708,195 Total 1,544,905 153,630 2,080.090 7,053,544 11,386 747 22,218,916 14,017,569| 4,002,090 1 % i, EKCAPITULATION. "^^^ Balance in favor of Canada, Bush. Fionr Meal Wheat.*. !*.'.!'.l!*.l'... *.'.".. .!!.!! !!!........ i,948,386 Other grain 11,092,124 Balance against Canada, . Bush. 794,025 631,360 1,599,656 Total 13,040,510 Net balance in favor of Canada, bushels 3,025,041 10,015,469 FISCAL YEAR, 1875-76. IMPORTED FROM Flour, equivalent in bush. Meal. e9uivalent in bush. Indian Corn, bush. Wheat bush. other Grain, bush. Total bush. Oreat Britain 6,950 1,873,330 290 3,020 765,430 20 3,635.508 3 6,838,153 673 714,307 58 10,&6a United States 12,826,728 348 Other Countries..... Total 1,880,670 1 768-450 3,635,528 5,838,166 714,938 12,837,642 1 f 16 GENERAL SUMMARY OF THE FISCAL YEAR, 1875-76. BALIMOB. KXrOBTBD TO Flour, equiral't iu bush. Meal equiral't in bush. Indian Corn, bush. Wheat, bush. Other Grain, bush. Total, bush. 13.968,788 13.844,620 1,192,953 In favor of Canada, burh. Against Canada, bush. Great Britain United States Other Countries.. ■ 1,0.''5,670 490.285 573,725 147.2<« 2,042,685 143.!»aa 4,0K7 32.490 268 7,554,737 1,693.629 24 3,188.401 11,612.624 586,446 13,968,222 1,017,832 1,192,605 Total 2,0J9,680 323,780 2,047,040 9,248,390 15,287,471 29,006,361 16,168,719 RBOAPITULATION. Balance in favor of Canada. bush. Flour 219,110 Meal Maize . Wheat 3,410,234 Other grain 14,576,533 Total 18,201,877 Balance against Canada. bush. 444,670 1,588,488 2,033,158 Net balance in favor of Canada, 16,168,719 bushels. The item, other grain," in the exports, was composed as follows : — 1875. Bushels. Barley 5,419,054 Beans 111,450 Oats 2,989,839 Peas 2,836,404 Total 11,386,747 1876. Bushelfl. 10,168,176 75,454 2,644,233 2,399.608 15,287,471 From the above tables it appears that in the fiscal year ending June the 30th, 1875, the production of flour and wheat in Canada exceeded the consumption by 1,154,361 bushels, while the splen- did crop of 1875 brought up the excess of production over consumption in the following year to 3,629,344 bushels. In the former year there was a balance against us in the article of flour, imports exceeding exports to the equivalent of 794,025 bushels of wheat ; while in 1876 the production of flour was greater than the consumption, and we were able to export more than we imported. It is clear, therefore, that not a lack of capacity in the production of flour has caused TRADE OP THE DOMINION. 17 in the past a balance against Canada in the foreign trade in the article, and as we produce more wheat than we require, it is rather remarkable that our millers do not work the wheat into flour to meet the home demand for the latter. In each of the two years Canada has received from the United States some 3,650,000 bushels of maize, and each year has exported about 2,050,000 bushels, leaving a balance of 1,600,000 bushels as the home consumption. A comparatively small quantity of this grain is produced in Canada, and we have to depend upon the United States to supply our requirements. "We also carry a con- siderable quantity of their maize crop down the lakes to Montreal, and ship thence to Great Britain. Of the other cereals, barley, peas, oats and beans, we import almost nothing. In 1875 the export of these grains to Great Britain amounted to 3,800,000 bushels, while in 1876 it fell to 3,200,000 bushels — a decrease of some 600,000 bushels. This decrease occurred in peas and oats. In 1876 there was an increase of 4,000,000 in the export of " other grains " to the United States, as compared with the previous year, which increase occurred solely in barley. The whole of the Canadian barley crop available for export is taken by the United States, commanding the highest prices in that market because of its superior quality for brewing purposes. The fiscal year ended June 30th 1876, was an eminently favor- able one as regards the grain trade. With all countries there was a balance in favor of Canada, amounting in the aggregate to over 16,000,000 bushels, while in the previous year the United States had a balance against us of 4,000,000, and the aggregate balance in our favor only reached 10,000,000 bushels. Between the trade of the two years there was a difierence of 6,000,000 bushels, — an important item in determining the general state of the business of the country, for in 1876 the farming community was richer by these 6,000,000 bushels of grain than in 1875, and able to purchase to this additional extent. \ ' ik-m Ig tlENERAL SUMMARY OF THE OUR TRADE RELATIONS WITH THE UNITED STATES. ;< A comparison of the trade of* Canada with tho United States for the past eight years, shows that from Confederation (in 1867) up to 1H71-2, our imports were loss than our exports, but since that time the balance has turned and steadily grown against us. The comparison is as follows : — Export?. TmportH. 186G-(i7 !5-,>5,r>8:j,tiOO t20,i>72,l)07 1 867-6-t 27,5:54 yi>-J aG.ai 5.U52 1868-61) 27.846,461 25,477,97.'". 1869-70 :«2,984.6.^2 24,728,16(; 1870-71 nO,'>7.'i,642 29,()22,:«7 187I-7:i ;{| ,896,816 34,217,969 1872-7:1 42.U72,.''>26 47,73.5,678 1873-74 3(5,244,311 54.279,749 1874-75 29,911,983 50,805,820 1875-76 29,91 6,876 46,070,033 $314,967,359 $358,925,736 On the whole period of ten years, there is a balance against Canada of fifty-four million dollars. The prominent feature of the statement, however, is the progress which the United States is making in the Canadian market, in the competition with Great Britain, while the supplies which the United States draws from this country, have of late years very considerably decreased. The falling off in the demand for lumber has mainly caused the decrease in our exports to the United States, but the restrictive tariff in operation in that country, elFectually prevents the export of Canadian manufactured goods, and many kinds of raw material to the United States. The decrease of $8,200,000 in the value of imports from the United States in the past three years, cannot be accepted as evidence that the control of that country over our markets has weakened, since in the same period, our imports from the United Kingdom declined $22,300,000. It is thus seen that from the forced contraction of trade with Canada, Great Britain has suffered to a far greater extent than the United States. The decline in imports from Great Britain in the past four years is over 40 per cent. ; in those from the United States a little over 8 per cent. The smaller decline is, comparatively, a gain, and a gain so great that the total imports from the States in the fourth year, exceed those from Great Britain. TRADE OF THE DOMINION. 19 The following is a Statement of the Value of Imports of Manufactured Goods from the United States into the Dominion of Canada in the jiast four fiscal years : — ARTICLES. Oil— Goal and Kerosene J'roducta of Putruleum Crude Petroleum hitareh Sugar— Above 13 D, S Abt.ve 9 D. H lielow 9D.S Cane Juice. Mulado, etc Sugar Candy and Confectionary Mulagges nut fur refining hroooiH and Brushos Cabinet Ware and Furniture ('arpetsandilenrth Rugs iMugical Instruments Oil Cloths CarriaKos Coach and Harness Furniture Chandeliers, Girondoles and Qas Fittings Chinaware. Crockery and Earthenware Cottons— Ulea(!hed and unbleached Printed, painted or colored Oinghanis and Plaids Jeans, Denims and Drillings Clothing and Wearing Appnrel All other not elsewhere speoitied Fanoy Qoods Glassware Hats, Caps and Bonnets Hosiery llardware— Cutlery of all kinds Japanned, Planished Tin and Britannia Metal ware Axes Edge Tools RaKes, Forks, Scythes and Snaths Spades and Shovels All (•thers not elsewhere specified •lewellery and Watches Leather Do. Sheep, Calf, Uoatand Chamois SkinsCdressed) Linen Locomotive Engines and Railroad Bars Mnnufactures of Caoutchouc or India Rubber or of Gutta Percha Iron Spikes, Nails, Tacks, Brads and Sprigs Iron Stores and all other Iron Castings Iron— all other Gold, Silver or Electroplate, Argentine, Albata. German Silver and Plated and Gilded Ware of all kinds Brass or Copper Leather or Imitation of Leather Leather Boots and Shoes Leather Harness and Saddlery Wood not elsewhere specified Paper AVoollens— Blankets Carpets Flannels Clothing or Wearing Apparel All other Unenamerated Sole and Upper Lea.ther Locomotive Engine Frames, Axles, etc Machine Twist and Silk Twist 1873. 1874. 119,820 8,27lt ]3,2(;o 6,759 102,(»54 6(i,83<) lrt.035 82,817 18,210 220.t)«7 11,088 £94.53(5 85,.3.'i4 72.8.52 8.1,824 »»,118 22,3;i5 516,634 l''7.040 .^52.307 286,287 13,168 60,98 i 23,589 64,642 l,66i",2.'>2 244,250 144,482 14,740 27,070 1,517,464 135,618 116.203 •278,823 95,388 262 2 6617* 106,250 25.542 395,873 96,038 125,012 332.19;! 69.97^ 166,024 32,810 $ 132,621 6.7n 16.748 11,891 1,4'72,677 44,764 275,124 ;«,784 266,112 16,7 311,454 18.864 583,128 ^9,001 120,033 97,702 39,293 29,859 900,355 283,200 414,030 31.'>,878 26.550 175,272 29,632 79,087 2,m542 620,556 129,ft33 24,640 40,800 1,765,057 121,464 139403 360,717 114.727 3;J,9"2 95.845 149,321 35,355 455,011 174,115 100 875 177,034 351,725 46 644 9.126? free934482 S 9.198 free65,3T0S 1875. 112,7.10 11,281 15.040 e<)3,04t3 892,6(14 9,624 92.469 4;i,898 34(»,7(i4 20,03;? 318,797 20,184 731..'V73 66 853 8't.lll W.5U3 49.743 4o,8.'^8 42.3,962 171,2:« 2,751 34.746 101.865 fi(i6,890 306,801 31t6,611 430.359 33.055 57,916 20,042 23.945 26,8,34 40,160 25,690 1,955 965 267,905 132,113 47,317 64.638 189,999 146.058 23.3.084 366,768 249,684 137,190 ,37.851 102,405 170,177 53,542 426.442 246.015 17,297 2,413 42.023 104,626 123.760 437,563 Hl.749 33,877 69,700 1876, 122.160 7.381 18,2;a 62,274 1.374,0! H) 319.0,^') M.505 160,470 39,427 286.706 19.924 251.969 12,74>i 8L«538 80,674 71.472 49 208 40,6.'?6 640,.')37 505,952 4,220 42.270 .•^7 451 ()80.6«;i 296,2'i8 309.953 469.654 29.3S2 64,282 22.774 14,342 ai,749 34.83S 15,32J 1,569.697 159,050 103.517 43,569 6.3,105 45,867 151,032 179.891 318,650 180,309 123.85.^ 38,886 77,630 243,141 44.»46 359,995 205,6H 25,132 24,695 .37,837 121,675 147,487 3-23,065 76,607 5,867 65.660 m wR ; m t 'i k ) GENERAL SUMMARY OF THE The following is a Statement of the Valuo, Sec— Continued. ARTICLES. MMhinary for milla and faotories Printed Booki. Periodioali and Pamphlatf I ron— Bar, Rod. Hoop and Sheat • ■ ■ CanadalPlatea and Tinnad Plate! . . . • ■ ■ • • • Nail and Spika Rod (roand, wiuara and flat) Kollad Plate and Boiler Plate GalTaniud ,• ■ • ; • ; Copper— in pig ban. rodf . bolta and sbeete. and for ■neathinc Iron.Piff lead-in ahaet or pic. and litharge.- • • . • • Railroad Can and Frogs. Wrought Iron or Steel Chain, Fixh Platea and Car Axles Fpelter and Zino— in blocks, sheets and pigs- SteeI-wroaghtorca 40 do 40 do 40 do [riptions, le, 1876, oaf taken for sumption. ian Foreign. 86 08 97 29 Lba. 260,031 255,223 277,634 228,172 !20 1,021,060 S5 )32 255,265 158,272 ifactured . the pre- e annual ' 905,039 ^ the year n for the 5 average 1,057,099 arehouse i figures ption in 3-74 has ent year 1875-76. the past Loise Duty. $5 per M. >nts per lb. do do do TRADE OF THE DOMINION. 29 The total consumption in 1876 shows an increase of about four per cent, as compared with 1875, all of which took place on im- ported cigars. Of the whole quantities entered for consumption, the proportions have been : — Canadian. Imported. 1S69 52.86 47.14 1^73 27.91 72.09 1874 35.36 64.64 1875 c 64.00 36.00 187C 61.52 38.48 The effect of this increased duty, imposed in 1874, has therefore been to largely increase the manufacture and use of the Canadian article. The duty was in February, 1877, altered to 50c. per pound and 20 per cent, ad valorem, instead of 70c. per pound as previously. PETROLEUM. The quantity of petroleum manufactured in 1875-76 exceeds the quantity manufactured during the previous y ear by nearly 829,- 000 gallons, but it falls short of the average quantity during the four preceding years by 3,180,520 gallons. The quantity taken for consumption, however, is in excess of the quantity taken during the previous year by 270,691 gallons, and of the average quantity taken during the four preceding years by 539,275 gal- lons. The quantity entered for exportation remains still merely nominal, amounting only to 47,246 gallons in 1875-76 as against 1,140 in 1874-75, and an average of 3,904,493 during the four preceding years. As duty is now paid on petroleum supplied for Government account, none has been entered free for light- house purposes. This, to some extent, accounts for the increased quantity returned as taken for consumption. The quantity in bond on the 30th of June, 1876, was in excess of the quantity in bond at the commencement of the year by 164,148 gallons, while it was less than the average quantity in bond at the end of each of the previous four years by 190,261 gallons. In February, 1877, the Government abolished the excise duty of 5 J c. on crude petroleum, and reduced the import duty from 15 c. to 6 c. per gallon. The effect of this change was to reduce the price of refined petroleum from 45 c. to 14J c. per gallon in l^MI l^i u GENERAL SUMMARY OF THE one week and to effectually break up the oil combination which had been in existence for two years. These tariff alterations were not received with favor by oil refiners. The abolition of 5| c. per gallon excise duty was willingly accepted, but objection was taken to the reduction, from 15 c. to 6 c. per gallon, of the import duty on refined petroleum, because the amended tariff gave the American refiner an advantage of 3 c. per gallon as compared with the old tariff. That is to say, while the removal of the excise duty benefited the Canadian refiner to the extent of 5J c, the reduced import duty benefited the American refiner to the extent of 9 c. Here was a discrimination of 3| c. in favor of the foreign manufacturer. If the Government had reduced the import duty to the extent of the excise duty no possible ground of complaint could have existed. The duty imposed by the States against Canadian crude oil is 20 cents per gallon, or $8 per barrel, while the duty against our refined is 40 cents per gallon, or $16 per barrel. The total consumption of coal oil in the Dominion is estimated at 8,000,000 of wine gallons or about two gallons per head of the population. Of this total of 8,000,000, about 5,500,000 are manufactured in Canada, and 800,000 gallons are imported, paying duty. The remaining 1,700,000 gallons have been smuggled from the United States. The following statement exhibits the transactions in petroleum for the year ending 30th June, 1876, and the four previous years : Fiscal Years- 1871-72 1872-73 1873-74 1874-75 Annual Average of four years ended 30th Jane, 1875 1875-76 S o 2 o a o Baa OallB. 970,878 453.026 613.998 752,188 2,790,090 697,523 133,858 a ■tit M 3 * o Galls. 10,269,993 12 168.406 5,626.902 4,0U9,663 32,074,961 8,018,741 4,833.2i5 § a A (0 a Galls. 3,665,26rf 3 7«3.742 4,335,146 4.279,496 16,013,647 4,010,912 4,550,187 e o a M Galls. 6.730.738 7,997,937 883,156 1,140 15,617,971 3,904,493 47,246 o a Galls. 327,480 171,969 207,2f.2 325,670 1,032,381 258,095 76,634 a o A I m O P, Galls. 73.786 58,147 21,6U7 Galls. 453,026 613,'.)98 762 189 133,858 217,984 1,953,071 54,497 >. . 488,267 298,C<)6 vaoci -.on e Sqa a S"" • 233,996 237,776 274,439 268,552 1,014,763 253,690 285,553 ion which ^.Iterations )olitiou of t objection on, of the ded tariff gallon as e removal J extent of m refiner ■ 3| c. in ment had 3 duty no The duty cents per ined is 40 mption of ne gallons I this total mada, and remaining States. petroleum ous years : 1 o a -.2 Memo of Re- venae accru- ed, includiDg License Fees. lis. 3,026 3,'J98 2189 3,858 $ 233.996 237,776 274,439 268,552 3,071 1,014,763 8,267 8,C<)6 233,690 285,563 TRADE OF THE DOMINION. DAIRY PKODUCE. 25 The following is a statement of the quantity and value of Butter and Cheese imported into the Dominion during the past five fiscal years : Fiscal tbabs ekdbd 30tb Junb. 1872 J873 1874 1875 1876 BUTTE B- Quantity. Value lbs. 64,125 94,934 176,625 185.082 146,956 18,125 22,854 39,441 44,074 38,276 CHBESR. Quantity. lbs. 81,373 109.928 126 990 120,074 102,998 Value. 12,901 16,989 19.929 19,841 15,917 Practically Canada supplies all her wants; more than that, the surplus available for export is so large as to make it a leading item in our foreign trade. The quantities imported as shown in the above statement, are quite insignificant, and they are taken almost wholly by the Provinces of British Columbia and Manitoba, these provinces having better means of communica- tion with the United States than with Ontario. The quantity and value of exports from the Dominion since 1869, was as follows : — BUTTER. cheese. Fiscal tbabs ended 30th June. Qucutity. Value. Quantity. Value. 1869 lbs. 10,853,266 12,259,887 15,439,266 19,068,348 15,208,633 12,233,046 9,268.044 v*,392,367 2,343,270 2,353,570 3,065,229 3,612,679 2,808,979 2,620,305 2,337,324 2,579,431 lbs. 4,503,370 5,827,782 8.271,439 16,424,025 19,483,211 24,050,982 32,342,030 35,024.090 549,572 1870 1871 674,486 1,109,906 1872 1,840,284 1873 1874 2,280.412 3,523,201 1875 3,886,226 1876 3,751,268 The prominent feature of the above statement is the rapid developement of cheese-making, under the factory system. Until 1871, comparatively little attention was paid to the subject, 3 'm^ GENERAL SUMMARY OF THE ■I ' ■•" but the establishment of factories about that time rapidly- increased, and the system met with every encouragement and support from farmers. The chief merit they possessed was in the saving of labor and lessening of the cost of production. Farmers soon came to discover that by clubbing together and erecting a factory, to which the milk could be sent, much time and labor was saved by them, which they could devote to other objects. In almost every section of Ontario factories are novv in operation, and the increased attention w^hich is yearly being paid to cheese-making, promises a still greater developement of this now important industry. Conventions are annually held at Woodstock in the county of Oxford, and Belleville in the county of Hastings, at which theorists and practical men meet to exchange views and determine upon the best method of conduct- ing the industry. These conventions have been of immense value in directing attention to the subject and in devising measures for furthering and improving the factory system. At the Philadelphia Exhibition the Canadian display of cheese elicited general commendation for the perfection to which the article has been brought, the quality excelling that of the best factories in the United States. The best proof of the favor with which Canadian cheese is regarded in Q-reat Britain may be drawn from the steady increase of the consumption of the article in that country. Of the total export of 35,024,090 lbs. in 1876, G-reat Britain received 33,927,697 lbs., and the United States 1,026,995 lbs. The export by Provinces was as follows : — Quebec, 29,242,073 lbs. ; Ontario, 5,663,470 lbs. The quantity of cheese produced in the Province of Quebec is, however, small, and that the export appears so large is due to the fact that the product of Ontario is mainly shipped via Montreal. It will be noticed that the production of butter reacbed its highest point in 1872 ; in the following three years the exports decreased ten million pounds, but last year there was again an increase, amounting to three million pounds. The falling off in the manufacture of butter was caused by the developement of cheese-making, the milk being used for the latter purpose, as it in: TRADE OP THE DOMINION. 27 was considered to be less laborious under the factory system, and more profitable. Of the total export of butter in 1876, Great Bri- tain received 9,430,712 lbs., and the United States 1,619,206 lbs. The foreign trade of Canada in Eggs may be noted in this con- nection. The quantity and value of the exports since 1869 was as follows : — Dozens. Value. 1869 J,539,411 $188,249 1870 2,460,687 314,812 187 1 3,3 1 2,145 424,033 1872 3,724,977 454,511 1873 3,793,781 509,447 1874 4,407,534 5'^7,.599 1875 3,521,068 434,273 1876 3,880,813 508,425 The United States receives almost our whole export of eggs, having taken 3,863,671 dozens last year. The total value of the export of cheese, butter and eggs in 1876 was $6,839,124 against $6,657,823 in 1875 and $6,731,105 in 1874. THE LUMBER TRADE. The total value of exports from the Dominion of the Products of the Forest in the past six fiscal years was as follows : — Fiscal year 1875-76 $20,337,469 Do. 1874-75 24,781,780 Do. 1873-74 26.817,715 Do. 1872-73 28,586,816 Do. 1871-72 23,685,382 Do. Ic70-71 22,352,211 The following is a statement of the value of the Products of the Forest exported to different countries in the past three years :. Countries. 1876. 1875. 1874. Great Britain $14,031,591 $16,304,045 $14,928,403 United States 4,973,354 6.355,902 9,&=i4,890 British West Indies 390,5.50 499,231 602,487 Spanish "West Indies 108,62 J 128,268 162,99G South America 344,934 391,467 920,30D To the prostration in the lumber trade is due, in an important measure, the financial embarrassment which has prevailed since 1874. The effect of the crisis of 1873 in the United States, upon Canadian trade, was first se.en in the decline in our lumber exports and the drop in prices. The United States, which in if-: :4-4 i 28 GENERAL SUMMARY OF THE 1873 purchased lumber of the value of $10,000,000, received from us less than $5,000,000 worth of lumber in 1876. The trade with Great Britain has been fairly well maintained, but the profit derived from the business has been materially reduced by a fall- ing off in the demand in that country and consequent forcing of sales. The value of our lumber exports to the "West Indies and South America has declined one-half within three years. The quantities and values of Plank and Board exported from Ontario and Quebec for a series of years were as follows : — 1875-76 336, 1 10,000 $3.693,51 9 1874-75 454,716,000 4,855,447 1873-74 781.232,000 7.793.007 1872-73 739,034.000 9,574,326 1871-72 751,953,000 7,059,526 187071 702,499,000 7,051,391 lrit)9-70 717,775,000 7,071,238 1868-69 554.767,000 5,562,762 .1867-68 570.749,000 5,663,126 1864-65 330,950,000 3,325,478 The total value of Deals exported from the Dominion of Canada in the fiscal year ending June 30th, 1876, was $7,771,476, of which the Province of New Brunswick exported to the value of $3,467,410 and the Province of Quebec to the value of $4,061,165. The receipts of Lumber at Oswego during the past four years have been as follows :— 1873, 236,000,000 feet ; 1874, 210,000,000 feet; 1875, 156,000,000 feet; 1876, 121,000,000 feet. The proper; tion of Canadian lumber imported was 2,596,000 feet in 1873 - 5,072,000 feet in 1874; 5,511,000 feet in 1875, and 6,000,000 in 1876. The stock on hand on January 1st, 1877, was 18,000,000 feet against 25,000,000 on January 1st, 1876, and 32,000,000 on January 1st, 1875. The value of Timber imported into Great Britain from British North America during the past three years was as follows : — Quantity. Value. DESCKIPTION-. Year ended December 31st. yi.-A- -^nded December 3l8t. 1874. 1875. 1876. 1874. 1875. 1876. Timber (Hewn).... Timber (Sawii,Split, Planed or Dressed) Loads. 476,355 1,076,188 Loads. 336,867 953,228 Loads. 470,949 1,107,347 £ 2,157,718 3,339,386 £ 1,394,521 2,693,823 £ 1,970.130 3,079,113 TRADE OF THE DOMINION. 29 > t The Timber Trades Journal^ reviewing the imports into the United Kingdom in 1876, says : — British American timber, sawn and hewn, increased on the year's import by 288,201 loads, that is, from 1,290,095 to 1,578,290, and with the exception of spruce, which bore heavily on the western markets all through the season, most other Canadian produce was perhaps not unremunerative, and first quality Quebec bright pine deals hav© commanded a good market through the year. One of the marked features of this year,s importation has been the introduction of a new class of yellow pine deals, cut in Michigan, and shipped either via Montreal or New York, the railway facilities offered to the latter port inducing purchasers to make large •shipments thence. These goods have found much favor with consumers, owing to prime quality and large dimensions, but there appears to be a want of care shown in the cull- ing and clasRiflcation of the various qualities, and also in their manufacture, which is open to much improvement. But they have been shipped far too freely, and heavy stocks are held in nearly all the ports in the kingdom. The annual Trade Report of Patton & Eppes, Quebec, says : — In regard to our staple trade, the timber business, we must congratulate ourselves that, after some years of depression, in which disasters have occurred on both sides of the Atlantic, we have at length reached what we may look upon as a fair starting point for a prosperous trade, contingent however on, firstly, that our lumbering friends will keep their production within bounds ; and secondly, that the complication of affairs in Europe may not culminate in drawing the United Kingdom into war, as occurred twenty-three years ago. No one can predict what effect the latter event will have upon our trade. It will no doubt raise the price of money, which will have its natural influence upon business of every description, and also cause freights to advance. Perhaps the following extract, from a circular published on 13th December, 1855, from the Colonist newspaper office here, may not be without interest, and may possibly be a guide should history repeat itself, owing to the present state of European political affairs. It was written at the close of the Crimean War : — " We had a war in Europe, the effect " of which on onr lumber trade was entirely unlooked for, causing a most active demand " for our timber ; at first, under the expectation that none could be had from the Baltic, " and when the expectation turned out to be unfounded, it was discovered that the war, " with the consequent scarcity of monev and restriction of trade, had checked the con- *' sumption of onr timber most materially." The circular we quote from further says, that " an extraordinary stagnation in trade was felt at the same time in the United " States." that " building could not go on for want of money ;" and it also further predicts the great increase which has ooonrred in sawn lumber in preference to hewn ; it also mentions the necessity of economising an article, viz., White Pine, which was then likely to be, and has now become, so valuable. It states a fact with which we must agree, as it still obtains, viz., that our system of dressing White Pine to a proud or square edge is practised nowhere else ; and it further says, that " it is surely the height of Mly for us to " reduce to chips in the forest that valuable aud large portion of the tree which for solid- " ity, softness of grain, and clearness from knots, is so much superior to any other part of " the wood." We think all our lumbering friends will agree that those remarks we have quoted in regard to the manufacture have been borne out by their experience, and that much valuable timber, labor, provisions and money have been annually thrown away without bringing in an adequate result. In regard to the remarks we have quoted as to- the effect of the war in 1854, we can only recommend great caution in manufacturing lumber this winter, but we have reliable information that a large quantity is likely to be made should the winter prove as favorable for operations in the woods as it has been up to date. We understand that in the Ottawa Yalley there will be 16,000,000 feet Pine made, and from the West we are told that the estimate in Oak is 3,500,000 feet ; Board Pine, 4 to 5,000,000 ; Elm, 1,200,000— which will be ample supplies. In looking back upon the past season's business we may say that it opened here with but dull prospects, because, although early in the winter of 1876 the demand for our woods in England was such as to indicate a somewhat improved state of trade, of which favorable movement our leading merchants were not slow to avail themselves, still the- )5 '^'i 30 GENERAL SUMMARY OF THE improvement was only temporary, and before February closed the timber I rade seemed once again to become ntagnant and saleB hard to effect; which state of aifn rd continned until the time for the Quebec contractiug business was gone by. This of i-ourse had its effect here, and. from the opening of navigation till Jnl^, the chief aim of merchants being to fill their engagements bofo«-e incarring fresh liabilities, and the new timber bein^ late in arriving, few important transactions took place till towards August, when en(^ui- ries woro made for prime rafts of White Pine. Oak was neglected 'or some time owing to snflacieiit stocks being held here by shippers, and we may say the same of nearly all other wood goods. However, after August, till the season ended, large transactions took place, but the figures realized were under the expectation of sellerd, with the exception of Prime White Pine Timber, Square and Waney, which brought such prices as must have proved satisfactory to the manufacturer. The quantity of inferior Square White Pine brought to market this year has been excessive, and we do trust manufacturers will use caution in this respect, as owing to the large importation into England of Pitch Pino and other woods this description >f our timber is bard to dispose of. The stock still held in first hands is placed at about 2,500,000 feet. THE TEA TRADE. The total quantity of Tea imported into the Provinces of Ontario and Quebec in the past five fiscal years, with co^^-ntries whence imported, was as follows : AVhknck. Fiscal Ysar 1875 6. Green and Japan. Great Britaio.. Vuited ijtates.. China Japan Other Countries Totala lbs. 1,566,338 3,968,531 533,703 2,290,271 10 Black. lbs. 883,195 215,593 276,432 8,353,889 2,800 1,378,020 Fiscal. Ybab 1874-5. Green and Japan. lbs. 1,293.007 3,188,782 SH)2,1.U 1,107,631 17,277 Black. lbs. 732,181 570,168 510,058 6,515,728 Fiscal Year 1873-4. Green and Japan. lbs- 1,980,919 1,320,417 3,002,3&8 1,256,288 25,844 1,812,307 7,585,866 Black. lbs. 831,123 69,002 176,386 11^,504 2,400 1,191,515 Whrkce. Great Britain. •■ United States . . . China Japan Other Countries- Fiscal Ykae 1872-3. Green and Japan. lbs. 3,142,358 4,420,320 2,641,662 3»9,14b Totals. 10,ti03,4S6 Black. lbs. 635,322 233,53(5 574,454 1,443812 Fiscal Ykab 1871-2. Green and Japan. lbs. 3,379,180 1,707,150 1,]1>1,620 690,214 8!fe 6,968,063 Black. lbs. 1,095,837 446,892 439,005 16» Fiscal Year 1870-1. Green and Japan. lbs. 2,326.255 4,825,862 991,043 675,458 5,658 1,981,903 8,824,271 Black. lbs. 1,016,769 255,813 289.734 398 1,562,714 The quantity remaining in Bonded Warehouses in Canada on June 30th, 1875 and 1876, was as follows : 1875 1S76 Green and Japan. lbs. ... 2,121,248 ... 1,533,6^3 Black. lbs. 1 829,604 1,018,406 ,de seemed oontinned irse bad itd merchants mber bein^ rhen enc^ui- time owing nearly all otlona took exception sea as must uare "White iCturers will Pitch Piae ck still held ►vinces of co"'.ntries Year 1873-4. id ■ Black. 19 H7 m S44 Iba. 331,123 69,002 176,386 11Z,504 2,400 )66 1,191,515 L Ykae 1870-1. tnd Black- 255 862 043 <53 lbs. 1,016,769 255,813 289.734 658 398 271 1,562,714 in Canada Black. lbs. 1 829,604 1,016,400 TRADE OF THE DOMINION. 81 The quantity entered for consumption in Ontario and Quebec in these years was as follows : Tc.tal Entered for ' tnpurta. CoDsumptioa. J876 y,736,y0U 10,5.')5.571 1875 8,:}28,03.') 7,081.135 1874 8,777,381 7,.'>54,544 1873 ia,04G,798 18,823,439 1872 8,9r)0.9r)« (>,933,025 1871 10,380,985 8,372,553 1870 8,801,023 8,297,093 From the foregoing tables it will readily be seen that grea^ rariation has occurred each year in the source and quantity of supply. The prominent feature of the last statement is the unusually large quantity imported and entered for consumption in the year 1872-3. This increased import was the result of the total abolition of the duty by the G-overnment in that year, and to the withdrawal of stock held in bond is due the excess of the amount entered for consumption over the importation. In the two following years there was no important fluctuation in the import or quantity entered for consumption, but it was consider- ably less than the average of preceding years, because of the large quantity taken out of bonded warehouse on the removal of the duty. In 1874 a duty was again imposed upon all Tea imported, but no discrimination was made in favor of Tea imported direct from the place of growth as against Tea imported from the United States. The variations in the sources of supply have been caused by alterations in the tariff. Of the total impor- tation of Tea in the year ended June, 1874, or the year in which the ten per cent, discriminating duty was in force, only 15-85 per cent, came through the United States, while the direct importa- tion from China and Japan via the St. Lawrence and Montreal increased from 30-03 per cent, in 1873 to 52*08 per cent, in 1874. Upon the removal of the 10 per cent, duty in 1875, the proportion of the direct importation from China to the whole importation fell off to 14 per cent., while that from the United States rose to 50 per cent. Last year the direct importation from China was only 7 j>er cent, of the whole. It will be noticed that the quantity entered for consumption last year was i ' '»•'! '%. 82 GENERAL SUMMARY OF THE I? I year. This increase occurred in the month of Febrtiary, 18*76. The necessity of a rcA^sion of duties appeared so obvious at the opening of the month, that all teas held in New York on Cana- dian account were at once brought on here and teas in bond in Montreal withdrawn. In this way some 30,000 packages, or 1,500,000 lbs., were imported into Montreal from New York, and another million pounds withdrawn from bonded warehouses in this city. No change was, however, made at that time. In February, 1877, the duty on tea was increased from 4c. to 6c. per pound, but no encouragement was offered to direct trade with producing countries. THE SUGAR AND MOLASSES TRADE. The following is a statement of the quantity of Sugar below No. 9 Dutch Standard, entered for consumption in the Dominion during the past four fiscal years : — Whence. Great Britain United States Braiil British West Indies. Spanish do do . Dutch East Indies.... Total. 1875-76. lbs. 51,200 9,744,023 58,585 175,544 2,516,411 1874-75. 14,146,798 lbs. 1,063,245 403,547 7,844,699 2,024,071 6,703,419 18,899,153 1873-74. lbs. 28,097 592,058 10,133,145 2,763,792 2,604,698 16,469,485 1872-73. lbs. 14,761 1,246,237 9,602,909 845,140 1,438,504 15,060,540 The total quantity of Sugar equal to No. 9 and not above No. 13, Dutch Standard imported in 1876, was 18,242,747 lbs., of which 7,723,354 lbs. came from the United States ; 5,602,443 lbs. from British West Indies ; 2,287,791 lbs. from Spanish West Indies ; 1,866,663 lbs. from Gr^at Britain. The following is a statement of the quantity of Sugar above No. 13 Dutch Standard entered for consumption in 1876, with countries whence imported : — From. Lbs. Great Britain 30,442,099 United States 33,340,919 British West Indies ... 3,370.013 Spanish West Indies . . . 5,971,966 From. Lbs. French TTest Indies 227,545 Danish West Indies 144,232 British Guiana 1 .211,542 Sandwich Islands 671,447 TRADE OP THE DOMINION. 4 BB' The total quantity equal to and above No. 9 Dutch Standard, entered for consumption in 1876, was 95,298,980 lbs. against 82,617,733 lbs. in 1875 ; 86,452,194 lbs. in 1874, and 76,970,935 lbs. in 1873. It will be noticed that the quantity of sugar below No. 9 entered for consumption in 1876, was 4,750,000 lbs. less than in the previous year. On the other hand, the quantity of high grade sugar entered for consumption was 13,000,000 lbs. more in 1876 than in 1875, making a net increase of about 8,000,000 lbs. The importation of sugar above No. 9 from the United States in 1876, was 60,000,000 lbs. against 23,600,000 lbs. in 1875. This increase was caused by the encouragement which the United States Government offered to refiners in that country by granting a drawback on the duty on all sugars exported, and by the refu- sal of the Canadian Government to in any way protect our own refining industries. The Eedpath Refinery was compelled to suspend operations early in the spring of 1876 because of the unequal competition with the American refiners, who enjoyed the drawback ; and the Canadian supply of white sugar has been since that time derived almost altogether from the United States. (See statements in report of Sugar Trade of Montreal.) P m ' i«" '^j. '^ j^jii 34 GENERAL SUMMARY OF THE The following Table shows the trade of the Dominion in Molasses. Entered for consumption during four fitcaJ yean. Whence. 1875-76. 1874-75. 1973-74. 1872-73. Molassei, other than for Refining I>urpuse«. Oroat Britain Value $. 2,063 300,824 374,003 208,113 6,088 308 20,004 036,828 Value $ 278 313,160 362,867 262,310 6,012 372 1,280 Value $ 664 272,342 226,046 307,435 10,610 Value 1 4,348 United Statei 163,792 British West Indies 263,933 Spanish do do 284,783 France do do 8,919 Danish do do British Quiana 667 28 Total 962,607 860,092 740,452 Cane Juice, Melado, ,483 11,396.010 Barley 9,770,075 11,055,916 1 1,379,736 Flour 5,942,540 6,048,689 6,229,668 Beans 4,601,206 3,453,311 2,363,151 Peas 1,609,997 1,603,033 1,808,980 Total 117,480,784 106,813,177 92,340,157 "We have no detailed statistics as to the source from whence the supply of other grains than wheat and flour was derived ; but, from returns that have been made from time to time, we find that of the aggregate importations of maize, the United States furnished, in round numbers, 23,352,000 cwts in 1876, as against 12,058,606 cwts. in 1875 and 13,454,617 cwts. in 1874, Of the remaining portion, the greater part was from Turkey and Russia. These figures show that of the imports last year, nearly 60 per cent, was from the United States. In 1875, on a much smaller aggregate, the proportion was about the same, and in 1874 the proportion was 75 per cent. This would indicate that while the aggregate shipments from the United States increased materially last year, the Continental competitors managed to wedge in their product to an extent sufficient to reduce the percentage of the United States fully 15 per cent. ' 42 THE BREADSTUFFS TRADE. Following is the comparative statement of British wheat impor- tations during the past three calendar years from the leading countries of supply : — 1876. From— Cwts. United States 19,299,785 Ruasm 8,769.260 British India 3,279,887 Germany 2,324,148 British North America 2,417,151 Egypt 2,218,227 Turkey, "Wallachia and Moldavia 1,238,851 Prance 293,350 Chili 982,619 Denmark 262,518 Other countries 3,308,356 Total 44,394,152 J 875. 1874. Cwts. Cwts. 23,463,910 23,048,552 9,995,295 5,714,488 1,334,9^; 1,076,876 5,615,984 3,053,680 3,604,110 3,807,174 2,093.853 293,880 1.308,137 659,676 1,296,920 300,299 900,880 1,925,324 49;{,599 167,285 1,678,262 1,432,215 51,786,393 41,479,460 The above showing exhibits some interesting changes in sources of supply, the most important of which relates to British India. From that country the importations w^ere between 150 and 175 per cent, greater than in 1875 or 1874, while the amount received from nearly all the older grain-exporting countries shows a falling off. The imports from the United States aggre- gated 19,299,785 cwts., — a decrease of 4,164,125 cwts. compared with 1875, and 3,748,777 cwts. compared with 1874. Of the gross total last year, 43J per cent, was received from the United States ; in 1875, 45 per cent, was our proportion, while in 1874 it was a fraction over 55 J per cent. This would go to show that the percentage of wheat and maize combined received from the United States was IJ less last year than the proportion to the gross importations in 1874. Of the total received from the United States last year, about 10,000,000 cwts. were from Cali- fornia ; in 1875 the total from that State was 7,500,000 cwts., and in 1874 about 7,625,000 cwts. The importations from Russia were 1,126,035 cwts. less than in 1875. Germany more than lost what was gained in 1875 over the light exportation of 1874. France supplied fully 1,000,000 cwts. less than she did in 1875, while the Turkish exports show a falling off" of 69,256 cwts. and the British North American a decrease of 1,187,459 cwts. THE BREADSTUFFS TRADE. 4d The stocks of all kinds of G-rain in ports of the United Kingdom on the 1st of January are reported thus : — 1S77. Wheat, qaartors 1 ,327/274 Maize, " 1,311,953 Barley, " 260,502 OatB, " 492.254 Beans, " 128,497 Peas, '• 66,178 ™ < sacks 313,484 *^°°^' ) barrels 173,414 1876. 1875. 2,423,8.'j6 809,601 197,840 73,749 243,752 260,723 4'24,766 282,717 44,155 24.653 40,669 42,262 409,245 315,067 280,661 184,708 ■'•:.;( The importations of flour show a falling off as compared with the two previous years, though not to so marked an extent as the decrease in whole grain. This was principally in French flour, the imports of which having been 669,632 cwts. less than in 1876. Germany supplied 930,469 cwts., as against 796,301 in 1875, and 761,366 in 1874. From the United States there was imported 2,320,866 cwts., as against 2,273,846 in 1875 and 3,290,235 in 1874. The total received from British North America was 282,053 cwts., which is about 76,600 cwts. less than in 1875, and 107,300 cwts. below the total for 1874. For countries not enu- merated, the total exceeds that of either of the next two previous years. The following is a statement of the quantity of Flour and Grain in store in the principal markets of the United Kingdom on December 31st, 1875 and 1876 :— LIVERPOOL. 1875. Wheat, qnarters 793,613 Oats, " 9,518 Peas, " 17,296 Maize, " 32,687 *^^*'"' { barrels 52,068 GLASGOW. 1875. Wheat, quarters 260,412 Oats, " 24,927 Peas, " 1,999 Maiie " 17,069 *^*°'^' i barrels 71,125 1876. 311,930 17,773 16.488 139.723 71,243 38,467 1873. 264,813 30,824 9,016 149,773 87,200 63,105 Ix *«! '4 { 44 THE BREADSTUFFS TRADE. LBITH. 1875. I87e. Wheat, quarters 111,483 67,071 Oats, " H.420 16.107 Peas, " '.733 5,037 Maize, " M90 33,252 riour.sacks 20,885 23.063 LONDON. 1875. 1876. Wheat, quarters 557,922 320,000 Oats, " 273.682 220,000. Maize, " 56,940 160,000 HULL. 1875. 1876. Wheat, quarters 130,000 100,000 Oats, " 33,000 23,000 Peas, " 285 1,600 Maize, " 15,000 45,000 UNITED STATES. The yield of Wheat and Indian Corn in the United States during the past seven years, was as follows : — TEARS. 1870 1871 1872 1873 1874, 1875. 1876, Whkat. 235,884,700 230,722,400 249,997,100 281,254,700 308,102,700 260,000,000 245,000,000 Indian Corn. 1,094,256,000 991,898.000 1,092,719.000 932,274,000 850,148,500 1,300,000,000 1,295,000,000 The Statistician of the Department of Agriculture at "Washing- ton, in his December report makes the corn crop only 2 per cent, short of the great crop of last year, and 60 per cent, greater than the crop of 1874. The aggregate, is 1,295,000,000 bushels. Less than 1 per cent, of the crop is raised in New England, scarcely 6 per cent, in the Middle States, 20 in the Southern, 44 in the Ohio basin, and 29 west of the Mississippi. The product of the South is 10,000,000 bushels greater than last year, and that of New England 300,000 bushels greater ; there is less in the Middle and Western States. Illinois is credited with nearly 250,000,000 bushels, and Iowa with 165,000,000. Next in rank are Ohio, Indiana, Missouri and Kansas. These six States produce G-lOths m THE BREADSTUFFS TRADE. 45 >iAM Corn. •of the total product. Tennessee, which once held the highest rank in the country, now stands first in the Southern States, followed by Texas, Alabama and Georgia. The quality of the orop was superior to its predecessor, and in all the States the crop reached full maturity without injury •. / frost. There has been an increase in area in all sections, aggregating about 2,000,000 acres, the advance being very slight in the Gulf States from Alabama to Louisiana, and scarcely perceptible in the Middle States. It is largest west of the Missouri. Wisconsin shows the heaviest rates of increase in the North-west, and Georgia in the South. The average price of corn per bushel is highest in Mas- sachusetts and lowest in Kansas — 95 and 23 cents respectively. It is 25 in Iowa, 27 in Nebraska, 28 in Missouri, 31 in Illinois and Tennessee, and 32 in Kentucky. In the northern tier of the interior States the price is higher — 41 in Wisconsin, 45 in Minnesota, and 52 in Michigan. The following statement shows the quantities of Barley exported from Ontario to the United States during the past five years : — Chicago Port Haron ...... Detroit Toledo Oleveland Sandusky Erie Boffalo Suspension Bridge Charlotte Oswego Gape Vincent Ogdensbarg Totals 1876. 1875. 1874. 1873. 1872. Bushels. Bushels. Bushels. Bushels. Bushels. 141,667 272.616 38,307 • • • • • • • • 954,947 789,158 45,909 17,245 • • • • 407,010 350,020 32,971 13,852 38,460 91,722 158,002 130.304 50,462 • • • • 166,095 426,870 135,036 66,596 32,209 ■ • • • • • • • • • • • 5,773 289,926 492,459 201,383 148.387 100,804 1,402,332 1,021.384 567,886 269,671 463,989 845,812 646,919 629,017 571,500 473,355 76,991 141,460 89.159 54,846 55,801 3,122,016 3,025,579 2,770,678 2,269,569 2,695,931 19,038 59,144 29,218 62,926 23,602 35,323 103,017 227,559 56,548 257,060 7,521,382 8,236,282 4,897,427 3,587,375 4,141,211 M n r 1 1 r^ I ff' If ;.*■ ^i 46 THE BREADSTUPFS TRADE. In order to show the proportion which went to Oswego, we append the following : — , 1876. 1875. 1874. 1873. 1872. IniDorts at Oflweffo Bashelf>. 3,122,016 4.399,366 Bushels. 3,026,579 6,210,703 Bashels. 2,770,678 2,126,749 4,897,427 Bashels. 2,269,569 1,317,806 Bashels. 2,695,931 Do. at utber ports 1,445,280 Totals 7,521,382 8,236,282 3,587,375 4,141,211 The receipts and shipments of Wheat at Chicago during past seven years were : — RECEIPTS. SHIPMENTS. IN STORE AT CLOSE. 1876 17,491.059 bushels 15,264,443 bashels 3,263,643 bughele. 1875 24,450,390 1874... ...30,177,036 1873 25,167,516 1872 12,724,141 1871 14,439,656 1870 17,394,409 u ,...23,183,663 .27,.353,635 .23,076,644 .12,160,046 .12,905,449 . 16,432,585 '• 2.318,795 " 2,105,779 " 1,645,000 " 1,200,000 " 1,290,639 " 2,336,156 i< (I It a The receipts and shipments of "Wheat at Milwaukee during past seven years were : — 1876. . . RECEIPTS. ...18,064.071 bnshels... SHIPMENTS. . . . 16,795,647 ...22,580,320 ...22,352,171 . . .25,022,576 ...11,468,276 ...13,409,467 ...16,127,838 bushels.. 14 IN STORE AT CLOSE ....1.662.883 bashels 1875... ...27.63H.707 ....3,234,000 ....1,400,000 ....1,308,000 .... 750,000 " ....1,226,058 " ....1,788,379 1874... . . .25.697.444 1873. . . ...28,430.033 1872. . . ...13.275 726 1871... 1870. . . ...15.686,611 ...18,883,837 GRAIN TRANSPORTATION. Few subjects have attracted more attention during the past year than that of grain transportation from the great North West to seaboard ports. The mode of carriage has been completely changed within two years, to the detriment of the port of New York. Formerly transportation was by water, either down the THE BREADHTUFFS TRADE. 47 lakes from ^Milwaukee and Chicago to Buffalo, and thence by- Erie Canal ,'orJ[throiigh the Welland Canal to Montreal. But the competition which in 1876, as a result of the trade depression, arose between the great Trunk lines of railway connecting the interior with the seaboard, caused rates to be marked down to so low a figure as to place the grain carrying trade in the hands of the railway companies to a greater extent than ever before in the history of the country. From this diversion. New York has suffered most. "While water rates were lower than rail rates, the only competitor which New York feared in the summer months was Montreal. How complete a control New York had of the grain export trade, so long as water rates were lower than rail rates, and how little progress the ports of Baltimore, Phila- delpia, Boston and Montreal made in their competition with her, may be judged from the following table, showing the per centage of the total receipts of the five ports at each port in the past eleven years : — YEARS. 1866 1867 1868 1869 1870 1871 1872 1873 1874 1875 1876 Montreal. Bost(>n. New York. Philadel- phia. Baltimore- 1 10.9 11.6 61.2 7.7 8.6 10.3 12.5 55.3 8.8 13.1 ; 7.8 11.0 57.9 11.7 11.6 11.0 10.0 55.0 12.3 11.7 9.7 10.4 55.7 12.3 11.9 10-3 9.6 57.0 12.9 10.2 10.2 10.0 63.4 14.2 12.2 11.4 10.3 52.8 14.3 11.2 9 2 9-3 55.7 12.8 12.9 9.6 10.2 52.3 15.7 12.2 9.0 10.7 45.8 16-8 17.7 All but New York. 38.8 44.7 42-1 45.0 44.3 43.0 46.6 47.2 44.3 47-7 54-2 Until 1876, New York received a larger proportion of the grain shipments from the North "West to the seaboard than did the cities of Boston, Baltimore, Philadelphia and Montreal combined, but last year the proportion received by New York was only 45.8 per cent, against 54.2 per cent, by the other ports. It will be noticed that the percentage of receipts at Montreal and Boston has varied little in the eleven years, while Philadelphia has made a continuous gain, and Baltimore receipts in 1876 increased 6.5 I t I If 1) 48 THE BREADSTUFFS TRADE. per cent. The exports in the past four years have been as follows : — BushoU. 1H73- 1874. lH7r>. 1876. Montreal 17.127,245 10.492,708 li>,:W4.8H0 17,450.462 Boston 2,145.3(5.') 3.186,318 3.9^7.9.51) 6.043.898 New York 54.278,072 66,088.().50 .50.686,401 55,500,158 Philailelphia 4,807,620 6,671.334 8,846,.501 22.016,515 Baltimore 9,049..545 12,555,090 11,407,489 24,761,307 Total 87,407,846 104,994,100 90,313,244 125,771,730 Total except New York 33,129,774 38,905,450 39,626,843 70,271,573 Percentages. Montreal 19-60 15.72 17.03 13.88 Boston 2.45 3.03 4.42 4.80 New York 62.10 62.94 56.12 44.14 Philadelphia 5.50 6.35 9.80 17.50 Baltimore 10.35 11.96 12. 63 19.68 Total 100.00 100.00 100.00 100.00 Total except New York 37.90 37.06 43.88 55.86 From the above statement it will be seen that nearly all Boston receipts of grain go into local consumption ; the same was true of Philadelphia until last year. Montreal on the other hand exports nearly all its receipts. Under the former state of things when water rates were considerably less than rail rates, Montreal was the only competitor which New York feared. In 1873 New York exported 62.10 per cent, of the whole ; Montreal 19.60 per cent., and Boston, Baltimore and Philadelphia together only 18.30 per cent. In 1876, however, New York exported 44.14 percent, of the whole; Montreal 13.88 per cent., and Boston, Baltimore and Philadelphia 41.98 per cent. The conclusion of the matter is there4)re this : that with the water route the cheaper one, New York possesses advantages which Montreal alone can expect to equal; with railroad transportation the cheaper one, Philadelphia and Baltimore can at least outrival New York and outstrip Boston and Montreal in the competition for the grain carrying trade from the Northwest to the seaboard. No one believes, however, that the extraordinarily low rates of transportation by rail brought about by "war" between the Trunk lines, are other than temporary. Managers of the Balti- more and Ohio, New York Central, Erie, Pennsylvania Central and other great railroads in their eagerness to get freight to ;iH THE HRKADSTUFK8 TRADE. 49 employ their plant, have cut rates far below a paying figure, and below a figure at which vessels can compete with them. This abnormal condition of affairs will continue to prevail, until such time as the improvement in the internal and foreign trade of the United States increases the demand for transportation, and rail- roads are able to obtain freight at remunerative rates. The railroads do not desire to prolong this contest among themselves, nor are they disposed to carry grain unless compelled to do so for lack of other freight. To compete with vessels, rail rates must of necessity be unprofitable, and when trade revives and rates are advanced to a paying figure, the grain transportation trade will again pass into the hands of that city which commands the best water route. It is politic, therefore for Canada to prepare new facilities and increase existing ones, in order to successfully compete with New York for the grain-carrying trade, when the water-route again becomes the cheaper one. The enlargement of the "Welland and Lachine Canals now in progress, will enable the Dominion to secure a larger share of the grain transportation trade then ever before. "What effect the completion of the improvements, in our canal system, now in progress, is destined to have, may be gathered from the following remarks of an American writer : — " Bat works now ia progress threaten to divert the grain trvde of these cities (Balti- more, Boston and Philadelphia), and that of New York even more so. Two water routes will soon be so improved as to cheapen in some degree, and perhaps very greatlj , the transportation of grain to the seaboard. One of these is the improvement of the month of the Mississippi, which will admit vessels of large capacity to New Orleans, and cheapen to some extent the cost of exporting grain by way of that city ; the other the enlargement of the Welland Ganal, which in a year or two will permit the passage of grain vessels, of as large capacity as most that sail on the lakes, from Chicago, Mil- waukee and Dnlnth directly through to Montreal, with very little delay or expense beyond that ordinarily incident to lake and river navigation. This latter improvement seems to us to threaten a greater diversion of grain traffic than has ever been accom- plished heretofore. It threatens, too, the export business of all the United States ports, from Boston to New Orleans, and the grain traffic of all the railroads east of Chicago and of the Erie Canal as well. It threatens a diversion of wheat exports even more than of com exports; and if its cheapness is anything like what is claimed for it, it is very hard to see how any route can be made to a United States port which will equal it. We see that Montreal already has a large export trade, largely secured by the present inferior Welland Canal, and that it has cearly maintained its proportion of its exports in the face of last season's rail rates, which were often lower than the lake and Erie Canal rate. Certainly, if the route is cheapened to any extent, it is likely to obtain a larger share of the traffic than heretofore." • .» . n' m-. I Yim The. Canada the sub upon a a prope accessib organiz presents they die into exii its leadi stated tl currenc time wi countrie oirculati large de matter secured the avei gal, Spa specie was the of the establish Quebec commer part of i from it FINANCIAL AFFAIRS AT HOME AND ABROAD. THE PROaRESS OF BANKING IN CANADA. The difficulty of ascertaining the early history of banking in Canada has been found to be very great ; no complete work upon the subject has been published, although occasionally an essay upon a particular principal has appeared : the facts necessary to a proper elucidation of the subject are consequently not easily accessible. Until half a century ago, the benefits of well- organized banks, controlled by wise legislation, seem not to have presented themselves to the commercial public of Canada, or if they did, were not availed of. Then, almost in a day, sprang into existence the banking system as it exists to-day as regard* its leading features. In Garneau's " History of Canada," it is stated that in the Parliamentary session of 1795 the state of the currency was considered. Coined money in circulation at that time was composed of every variety of pieces peculiar to all countries which traded with America. Part of the money in circulation was much reduced in weight by wear, and subject ta large deduction if offered in exchange at its nominal value. The matter being brought before the House, the passage of a bill was. secured by which a standard of value was set up, founded upon the average intrinsic worth of the gold and silver coins of Portu- gal, Spain, France and the United States, and British sterling specie was converted into reduced Canadian currency. This was the first step taken in Canada in the direction of a revision of the currency. In the summer of 1817 the first banks were established — the Bank of Montreal at Montreal and the Bank of Quebec at Quebec. It is recorded that tlie Bank of Montreal had commenced with quite an unexpected confidence from every part of the commimity ; so much so that merchants were realizing from it more convenience than they ever anticipated, and that .^ ..••!1< •"> ■ : 52 THE PROGRESS OF BANKING IN CANADA. It since the bank commenced business the profits were reported to have been enormous. These banks were not granted a charter until 1821, when the Legislature passed laws for their govern- ment. The terms of the charter granted to the Bank of Montreal fifty-five years ago are strikingly similar, in many respects, to the Banking Act in existence to-day. The first clause asserts that the establishment of a bank at the city of Montreal would be conducive to the advancement of agriculture and commerce, and promote the prosperity of the Province ; it is then enacted that the bank shall be able to purchase, hold and enjoy lands and tenements, &c. ; the by-laws and regulations shall be submitted to the stockholders for approval and confirmation ; the number of directors shall be thirteen, elected annually ; the directors must reside in Montreal, must not be private bankers, and must hold a certain amount of stock. Provision was also made for the calling of a special meeting by a minority of the shareholders, should they desire to do so. The bank could not owe more than treble the amount of the capital, and the directors were personally liablj for any excess. A statement of affairs was to be presented at the annual meeting of shareholders. All bank-notes issued were payable in specie. It will be observed, therefore, that there was almost no infancy of banking in this country ; from the very outset the three special functions of banking were performed, viz.: receiving deposits, issuing notes, and discounting bills. Moreover, every precaution was taken to secure absolute safety to depositors and the public who received the notes. But there was one clause in the original charter of the Bank of Montreal which, in this enlightened and progressive age, reads somewhat strangely; it was that officers of the bank guilty of secreting, embezzling, or running away with bill, bond, obligation, money or effects, and convicted in due form of law, shall be deemed guilty of felony, and shall suffer death as a felon, without benefit of the clergy. We fancy that had so barbarous and outrageous a law maintained As place in the Banking Act until the present day, we would have been freed from the recent criminalities of some bank officials, which have brought disgrace but no punish- ment upon themselves, and inflicted serious loss upon the community. In the following decade— from 1821 to 1831— i-l f THE PROGRESS OF BANKING IN CANADA. 5a several new banks were established, among them the City and People's banks in this city, both of which are still in existence ; and in Upper Canada, the f Agricultural, People's, and Upper Canada banks — all since defunct. At this time was also founded the Bank of British North America, organized by English mer- chants, who desired to reap some of the profits of banking in Canada, and incorporated by Royal Charter. In 1830 the Bank- ing Act was amended, so that the total amount of notes of less sum than $5, in circulation atone time, should not exceed one-fifth of the paid up capital ; no note under the value of $1 should be issued, and all issues of less than $5 might be suppressed by an act of Ihe Legislature. The object of this measure was to prevent an inflation of the currency, which too great power to issue notes would, it was ignorantly supposed, cause. About 1835, as nearly as can be ascertained, the Government provided for the establishment of private, or, as they were called, licensed banks. They were designed to meet the requirements of the rural districts, and did perform their work very thoroughly at the time. Of late years, however, they have ceased to exist, because the extension of the agency system has enabled the large banks to supply their place. These private banks were authorized to issue notes upon deposit- ing with the Government, Provincial Debentures to the amount of the contemplated issue, and in that way the solvency of the note was guaranteed. Immediately prior to 1837, the bank fever seems to have taken hold upon the community, for in that year application was made to Parliament for the granting of a license to nine banks in Upper Canada, at such towns as Chatham, Prescott, Cobourg, St.Catherines, Dundas, Brockville, and Niagara. Application was also made to increase the capital of the Bank of Upper Canada and the Commercial Bank. But the crisis which occurred in 1837, and the rebellion following, checked for a time the ardent zeal displayed by financiers at this period. The crisis of 1837 was an event of some importance in the commercial his- tory of Canada, and remarkable especially for the fact that in May of that year the Lower Canadian banks for the first and only time suspended specie payments. In Upper Canada the case was different. The crisis in 1836-7 had caused the suspension of specie payments in the United States, and when the wave of commer- ■r ; ■ 54 THE PROGRESS OF BANKING IN CANADA. J I' • 1 cial failures and depression rolled over this country, the banks of Upper Canada were obliged to materially contract their opera- tions, and strengthen their position to the utmost to avert, if possible, such a calamity as a suspension of specie payments. The public, with that blindness which invariably seizes them in a time of panic, clamored for repudiation and the issue of a larger amount of inconvertible paper currency, having become possessed of the idea that a dearth of money was the root of all their evil. Parliament was summoned to take into consideration the modification of the charters of the banks, so as to allow them to suspend specie payments, for as the law was then framed any bank repudiating its notes, forfeited its charter. Sir Francis Bond Head, the then Grovernor opposed the motion with vigor and ability, and had the satisfaction of seeing his policy triumph ; specie payments continued and the banks were safely guided passed the rock on which they had threatened to split. One of the chief difficulties with which the banks had, at this time to contend, was the purchase of their notes by the banks of the United States at a premium of 2 @ 5 per cent., which notes were then sent into the Province to be cashed and the specie withdrawn from the country. There was another great difficulty placed in the way of the banks in this year, 1837. The Bank of Upper Canada was at that time the prop of the Government and to embarrass them, Hon. Wm. Lyon McKenzie instigated the farmers who were depositors, to go to the counter of the bank and demand their money in specie, and in this way he produced a run upon the bank. The line of defence taken by the bank against this attack upon it, was decidedly clever. All notes presented for redemption were paid in silver, and time was thus gained in the counting. The bank also kept a number of its own friends at the counter, asking specie and what was paid out to them during the day was trundled back to the bank in a wheelbarrow at night. A stratagem of this kind had the double advantage of economizing the specie and by prolonging the specie payments, of tending to restore confidence. It is creditable to the management of the Banks of Upper Canada that, with the exception of two, the Commercial Bank THE PROGRESS OF BANKING IN CANADA. 55 of Kingston and the Farmers Bank of Toronto, they were able to pull safely through so disastrous a year, without repudiating their notes, but the rebellion which broke out in 1838 following the crisis, forced them to suspend. During the rebellion, the Lower Canadian Banks placed their specie in the citadel at Quebec, for safe-keeping, and a law was passed relieving the banks of the loss of charter for repudiation of their notes, which continued to be a legal tender. In 1839, the death-blow was given to private banking by the passage of an act, prohibiting the issue of any note by them for less than $100. Until 1837, all the banks with the ex- ception of two, were established on the principle of limited liability, that is to say, the shareholders were liable only for the amount of their stock. The exceptions were the Agricultural or Farmers' Bank of Toronto, which collapsed in 1837, and the People's Bank of Montreal, which began and continues as an association en commandite, that is to say the Directors are personally liable for all engagements, while the risk of the shareholders is confined to the amount of their contributions. The opposition to the incor- poration of the Midland Bank, in 1832, showed itself in the action of the Secretary of State, who on a recommendation of the Board of Trade, disallowed the Act incorporating the bank, and required the insertion of what has since been known as the double liability clause. With these exceptions, however, all banks established prior to 1841, only imposed a liability upon the shareholders to the amount of the subscribed stock. In 1841, in the first session of Parliament following the Union, the Com- mittee on Banking and Commerce, reported a series of resolu- tions, 13 in number, on which to found a uniform system of banking. The double liability clause was then introduced into the Charters, and its abrogation has never since undergone serious discussion. The revised banking act of 1841, imposed a tax of 1 per cent. upon the bank circulation, it being properly held that the country was entitled to derive some profit, in return for the privileges granted banks by Parliament. No further important legislation upon banking was had until 1850, when a new act was passed, prohibiting any banks other than those incorporated 56 THE PROGRESS OF BANKING IN CANADA. 1 . • i by Act of Parliament or Royal Charter from issuing notes, and thus removing for ever the private banking system. By this act the tax upon the bank circulation was abrogated, and instead the banks were required to deposit with the Receiver-general, provincial debentures to the amount of $100,000. In consequence of the abrogation of the law permitting licensed banks to issue notes, the charters of the following were repealed ; the Clifton in 1855; the Colonial, in 1856; the International, in 1857; the Western Canada, in 1859, and the Colonial, in 1863. In 1866 an eflfort was made by Government to take the circu- lation into their own hands, and with this intent, an act was passed authorizing the issue of $5,000,000 Provincial notes, which should be legal tenders redeemable in specie. But when the Government offered the banks 5 per cent, upon their circulation as compensation for the surrender of the power to issue notes, they refused to accept and the Government measure was never carried into effect. In 1841, an effort had been made to establish a Government Bank of issue as the sole circulating medium, but public opinion was against it, and it had to be withdrawn. "We can glance but briefly at the act of 1871, under the provisions of which the banks are now governed. Its leading features are, that no banks shall issue notes of less value than $4, and that banks shall hold as nearly as may be practicable one-half of their cash reserves in Dominion notes, and never less than one-third. The advantages to the country of these clauses of the act are very considerable ; the profits derived from the circulation of all notes under $4, go to the country, and in addition the profit arising from banks maintaining about half their reserves in Dominion notes. The Government holds 20 per cent, in specie upon $9,000,000 of the Dominion note circulation, and 35 per cent, upon the amount outstanding in excess of $9,000,000. Now the circulation of Dominion notes cannot well by any possibility fall below a fixed figure ; that figure is about $10,000,000, so that taking the 20 per cent, upon $9,000,000 and 35 per cent, any excess over this, the government will always be able to pay gold for notes presented for redemption. The greatest freedom consistent with the security of the note- THE PRCaRESS OF BANKING IN CANADA. 57 holder and depositor, is allowed to banks in the conduct of their business. Branches and agencies can be established at any place in the Dominion, and a general banking business there transacted. Business cannot be engaged in until $500,000 of stock has been subscribed and $100,000 paid up in cash; then the safeguards are inserted in the act, (hat the amount of notes in circulation shall never exceed the amount of the unimpaired paid-up capital ; no dividend or bonus can be made which impairs the paid-up capi- tal ; if the directors concur in any such payment, they shall be personally liable for the amount thereof ; and if any part of the paid-up capital is lost, the directors aro bound to make calls upon the shareholders to make good such loss. No division of profits exceeding the rate of eight per cent, per annum can be made, unless, after paying the same, the bank has a reserved fund equal to twenty per cent, of its paid-up capital — deducting all bad and doubtful debts before calculating the amount of the reserve fund. Sworn returns are to be made monthly to the Grovern- ment and published officially, which set forth the exact i)osition of the affairs of the banks, and the making of a wilfully false return is punishable by law. These, in brief, are the leading clauses in the Banking Act now in operation. Since the year of Confederation (1867) no fewer than thirty banks have been incorporated, but not more than one-half of these have been estabhshed and actively engaged in business. The progress of banking in the Provinces of Ontario and Que- bec, in recent years, may be briefly judged from the following statement : — ''in"o"r?»llon"'" ^M-uj? Capitol, Circulation. Deposita. DUcount*. 18«J1 J5 " $2f5,000,000 $11,000,000 $20,000,000 $40,000,000 1871 17 32,000,000 17,500,000 50,000.000 72,500,000 1876 2U 62,000,000 20,000,000 60,000,000 120,000,000 The census of 1861 returned the population of Ontario and Quebec at two million and a half of people ; the census of 1871 made it two million eight hundred thousand, and it is now pro- bably about three million. The following statement shows the amount per head of the population of paid-up capital, circulation, deposits and discounts in the three periods : — Capital. Circulation. Deposita. Discount-i. 1861 $10.40 $4.40 $8.00 $16.00 1871 11.40 6.25 17.80 25.90 187G 20.70 6.70 20.00 40 00 5 m THE PROGRESS OF BANKING IN CANADA. t; ir U 111 the past fifteen years there has, therefore, been an increase of 100 per cent, in capital ; 60 per cent, in circulation ; 150 per cent, in deposits, and 150 per «ent. in discounts per head of the population. The banking system of Canada is in many respects a most excellent one. Depositors receive a good rate of interest on their money, and can regard with complacency its safety. Until last year, with one exception, a bank failure was unknown in recent years to the commercial public ; and in the case of the Bank of Upper Canada, as w^ith the Jacques Cartier and Mechanics' banks, the depositors and note-holders suffered no loss. The double liability clause in the charters fully protects them. The ability of the banks to redeem their notes is rendered always tolerably certain by the percentage of gold which they are obliged to hold. Every facility is afforded traders in their efforts to extend trade. The establishment of a bank is so comparatively easy that no fear on this score need be entertained, and at the same time ample safe- guards against inflation are provided. The real root of evil is not in the Banking Act, but lies in the management of these institu- tions. There is not sufficient harmony of action, but, on the contrary, selfishness, jealousy and excessive competition. Instead of guiding, controlling and keeping within safe limits the trade of the country, the banks permit themselves, in their eagerness for profit, to extend it beyond bounds of prudence, and thus, as we have seen during the past five years, often bring on a revul- sion of trade which might, to a great extent, be avoided. If bank managers would act more in unison, there would be little danger of the over-trading and inflation which otherwise must periodi- cally visit the country. One step towards this harmony of action would be taken by the establishment of a clearing house ; the number of banks doing business in this city is certainly large enough to warrant such a'proceeding. But we fear that thS banks will not profit by the experience of the past ; credulity is a plant of slow growth in an aged bosom, and the great banks of Canada, which have, for about thirty years past, grown and prospered despite the periodical depressions, are loth to adopt new ideas, however much reason may support them. ^ crease 50 per of the a most »n their istyear, Lt years f Upper nks, the liability ^ of the J certain Every le. The 3 fear on aple safe- 3vil is not ;e institu- t, on the Instead the trade eagerness thus, as In a revul- If bank kle danger st periodi- y of action lOUse; the jnly large th« banks is a plant |of Canada, prospered new ideas, ■; I THE TRADE AND COMMERCE 0,F MONTREAL. THE CONDITION OF THE BANKS IN 1876. The condition of the Banks acting under Charter in Ontario and Quebec, at the opening and close of the year is shown in the following table, compiled from the oflGlcial return : — Capital. Jan'y 1st, 1876. Deo. Slat, 1876. Capital authorized $68,966,666 $68,966,666 Capital paid up 61,270,220 62,092,693 Liabilities. Circulation $20,831,009 $20,735,756 Government deposits , 9,980,671 10,248,823 Public deposits on demand , 32,494,537 33,767,918 Public deposits at notice 22,080,51 2 25,498,947 Due other Banks in Canada 1,923,620 1,484,325 Due to other Banks not in Canada 1,839,376 2,330,917 Sundries 121,419 72,276 $89,271,149 $94,138,965 Assets. Specie $6,276,273 $5,869,287 Dominion notes 7,932.791 7,956,014 Notes and cheques of other Banks 4,323,021 3,955,313 Due from other Banks in Canada. 3,028,219 3,436,188 Due from other Banks not in Canada 9,157,163 7,843,413 Total available assets $30,717,467 $20,060,215 Government stocks 1,162,262 1,162,262 Loans to Government 65,318 119,434 Loans to Corporations 2,79.5,656 4,337,782 Discounts 126,345,970 129,749,219 Real Estate 785,921 961,484 Bank premises 2,869,621 3,020,823 Otheraseets 2,413,385 1,659,512 $167,155,600 $170,070,739 60 TRADE AND COMMERCE OF MONTREAL. fi; The past year was an unfortunate one for the banks, the money- market remaining dull and inactive from the opening to the close, while constantly occurring failures caused much loss. The bank circulation, it will be noticed, was only $100,000 less on December 31st than on January 1st, 1876 ; but it is far below the average of the previous five years. Deposits of the public were increased nearly five million dollars, but this increase arose more from the withdrawing of capital from active employment, than from increased savings on the part of the people. The dis- count account, although apparently larger at the close of the year, was not so in reality, the increase being caused by loans upon the security of bonds and stocks. The discount rate throughout the whole year was 6 to 8 per cent., according to the class of paper. The demand at no time was brisk, and the banks were at all times anxious to discount paper of good security. Fortunately the banks were able to pass through the severe strain placed upon them last year, by losses from bad debts, without serious embarrassment. The weak spots were blotted out in 1875 with the failure of the Jacques Cartier, Mechanics' and Metropo- litan banks ; and having so well withstood the disasters of 1875 and 1876, there is every reason to believe that the banks now in ope- ration are working on a sure foundation. An attempt was made early in the spring to establish the St. Jean Baptiste Bank. A charter was obtained from Parliament authorizing a capital of $1,000,000. The amount subscribed was $700,000, but on the first call of 10 per cent, only $8,000 was paid up, and it has been resolved to wind up the bank, w^hich has never engaged in busi- ness, and distribute the assets. An event of some importance in the financial world was the sale to the Merchants' Bank of $4,000,000 of Province of Quebec Bonds, issued to complete the Montreal, Ottawa & Western Railway and the North Shore Railway, the line extending from Quebec city to Ottawa city, * through a new district of country. These bonds were sold at par. An attempt was made in October to amalgamate the Ville- Marie and Metropolitan banks, but the effort was defeated. During the year the Montreal Open ; ock Exchange was estab- lished ; also the National Insurance Company and the Merchants' 'Hi f TRADE AND COMMERCE OF MONTREAL. Gl Marine Insuranco Company. The Kichelieu & Ontario and the Union Navigation companies wore amalgamated. The St. Law- rence Bank, which, owing to heavy loss, became embarrassed in 1875, was reorganized under the name of the Standard Bank,. 25 per cent, of the capital being wiped out. The following is a statement of the amoiuit of notes discounted, overdue and not specially secured, and also overdue debts secured, of banks in Provinces of Quebec and Ontario, on Slst December, 1876, as given in returns to Dominion G-overnment, reduced to a decimal of the paid-up capital of each bank : — , Banks. Gash Capital. Decimal. Federal Bank $ 96:J,756.06 .0062 Bank of Hamilton 649,460.00 .0122 Bank of Ottawa 522,880.00 .0205 Bank of Montreal » 11,988,700.00 .0255 Banqae de St. Jean 218,970.00 .0347 Stadaoona Bank 986,410.00 .0444 Canadian Bank of Commerce 6,000,000 . 00 .0596 Exchange Bank of Canada 1,000,000.00 .0645 Metropolitan Bank 793,270.00 .0646 Banque de Hochelpga *... 621,240.00 .0679 Eastern Townships' Bank 1,309,156.61 .0688 Bank of British North A merica 4,866,666 . 00 . 0694 Standard Bank of Canada 501,250.00 .0737 Imperial Bank of Canada 843,848.30 .0759 Bank of Toronto 2,000,000 00 .0772 Quebec Bank 2,500,000.00 .0876 Molson'sBank 1,996,715.00 .0906 Merchants' Bank of Canada 8,170,636 67 .0912 Banque de St. Hyaointhe 218.140.00 .1081 Banque Rationale 2,000,000.00 .1132 Consolidated Bank ot Canada 3,465,370 00 . 1262 Borainiou Bank 970,250.00 .1332 Union Bank 1,991,456.00 .1352 Ontario Bank 2,996,160.00 .1671 Banque du Peuple 1,600,000.00 .1929 Banque Ville-Marie 781,540.00 .2693 Banque Jacques Cartier 1,947,600.00 .5168 Meohanica' Bank 189,219.00 1.16.'>3 I ( 62 TRADE AND COMMERCE OF MONTREAL. BUSINESS FAILURES IN 187(5. The following table, oompilod by the mercantile agency of Messrs. Dun, Wiman & Co., shows the number of failures in the Dominion of Canada in the year 187C ?^d preceding years, together with the amount of liabilities : — 1873. PROVINCES. 8uebe« ntario NovaSootia New Brunswick Prince Edward laland Newfoundland Total . a OS 272 430 192 71 20 9 994 Amount of Liabilities. $2,73.^,910 3,0;il,132 .3.2(W.0()0 ],25iS,150 297,000 1,752.900 *12,334,192 1874. . 3 310 443 111 91 8 3 996 Amount of Liabilitiei. 12,840,150 3,188,143 870 000 (385,672 77,050 35.000 17,696,766 1876. 678 855 243 172 16 4 1968 Amount of Liabilitiei. $13,994,909 8,808,307 2,750.760 3,160,!I08 104.648 15,446 128,843,967 1876. o S 4 600 873 150 78 23 4 1728 Amount of LiabiliUea. 113,678.646 9,488,062 1,419.921 740.864 149,684 40,833 $25,517,991 While the failures in the year just closed are over 200 les» in number than in 1875, with a decrease of three million of dollttrs in liabilities, both number and amount continue to be exceptiofn- ally large, especially as compared with the preceding years. In 1873 the number of those who failed in Canada, in propor- tion to the number engaged in business, was 1 in every 47. In 1875 there was a failure to every 28 names reported in business, while in 1876 there was a failure to every 32. In the United States in 1873 the number was 1 in every 108 ; in 1875, 1 in every 83 ; and in 1876 the number is 1 in every 69. The average liabilities in Canada for 1875 was $14,656 ; and in 1876 the amount varied only very slightly, being $14,767. The circular of the Agency makes the following references to the condition of business : — The hard times are not because there is poverty or failure in the country ; the depression is not the result of disaster among consumers of goods, or inabilr ity on their part to respond to the obligations the people have incurred. A wide distinction should be made between the people, on the one hand, and the trade that has undertaken to serve their wants, on the other. The fault is not with the people* so much as with the trade. The number of " middlemen " haft I TRADE AND COMMERCE OF MONTREAL. G3 increased in too great a ratio, as compared with the actual demand for the goods to be handled. In all departments of business there are too many. This is the chief difficulty — the result of importations too extensive, of banking capital so enor- mously increased as to necessarily compel its risky employment in a trade that had increased in a much less proportion ; all this resulting in a competition in every branch of business, destruc- tive of profit, and yielding only loss and disaster. Credit has become too cheap. That which is too easily obtained soon loses its value ; and in no country in the world has credit been easier to obtain than in Canada. The pressure to sell has been enormous : the facilities to melt paper promises into money, or exchange with which to pay foreign indebtedness, have been tempting, and the already overcrowded avenues of business have been kept so full, that the proportion of those traders who have suc- ceeded to the number of those who have failed has been slight indeed. But the " weeding out" process which such a condition of things would soon naturally produce has not been allowed to prevail. For the evils of cheap credit have been perpetuated and augmented by the readiness with which failing traders have effected settlements of their indebtedness at large deductions, and been allowed to continue in business. Compromises have been too often the rule rather than the exception, when, had they been the exception rather than the rule, the trade of the country would to-day be on a far sounder basis. Notwithstanding three pears of depression, in which the failures in Canada have been in greater pro- portion to the number engaged than in any other country, there is to-day a greater number of persons in business, in proportion to the trade to be done, than in any other country whose statistics are available. The failures in Canada in the last two years number nearly 4000, which, occurring among 50,000 traders, is a propor- tion indicative of something radically wrong in the trade of a rich country. At this rate, in ten years every second business man in Canada may succumb ! The gross liabilities of failed estates during the two years are over fifty millions of dollars, a sum barely equalled by the entire exports of grain in that period ! Of this fifty millions, at least thirty millions have been irre- 64 TRADE AND COMMERCE OF MONTREAL. vocably lost; and when this amount is divided among the limited number of first hands which comprise the merchants, manufacturers and bankers, the marvel is that they have stood these calamities with so few signs of distress. It is time to adopt some policy that will lessen these disasters. A lessened number of traders and a higher standard of credit [are the first essentials. TRADE AND COMMERCE OF MONTREAL. 66 CO co 0) o W c as P t-i 0) Li a «) ;. > < h cc u h w X h b •-9 a. H OS m 03 :- c a 1-1 9t -"(-•13 O-^ TO t OSCO ?0 OJ 'IxlOOO w o *; ^^l* stH" M^ kH QO O OJ 0> <-l 00 CO c> . •00 MO Oi 3i ecr;anO'X*>.cc;o •4-1 Q -AJ i-l OJ ■^T p«(* 4. 'M fo o to o •Si 3* CO (W O !M rt O :0 .a th »-( ■«5 0> O OOJOO>eOOJ O 'OiljiOS^Ci t3 o a 1-H (M i«aD3jQOOJ©osoJOCiTfoir>Tio55MO>-*ooJl5*«Ol^^o 1-1 ♦* 00 •^tr.5»»>.Xt»i--»aj 15 O' oQ is ■ 1-1 **■ f4^ •*»♦ -«t< ■-4M Hn "-tW HTl aot»o-^oooQOix>'^i>»o(Ni05>»»^ 0DOO0>rH00(N05OO0>M«0CI0» 4* ♦JO> I too 00 I005 05 gin t» »tj 50 8«Oi TT • O O 0>i«8((inO->OJi/5 aOOSJmOXCNOOOCTCNW^Oi ■sp- w^ s*tQP'^Cr5*Oi^j-f 00 O OS 0> O 00 M 0> O l-( l-H >-( iH p- -225 0CM-^-1« i-i;ot»'*'«0'NaD'^ QOOOSOJOOOOIOJ CO t3 CO o. a.' a S • ^ OCC 15 ^ M OOOD O 50ci 00 iH CO 1-10 05 ^_H «« X O i.i oj ss r; -.o o 1-H c< »-< 1-t ci M iri o c~ o i.o o» c» r; cc o 1-4 01 P^ ^H -t;i •-•» XM CI J>. t O Ci o o X or: CO o »-( (?» 1-1 1-1 Tn »>• r< -1" »* »H »>. X cj r: CO o — < *> 1-1 1-1 to t>. CO ?» CO — < COXCii-i to 3 1-1 (H-^r-l ^ X Ci O X -H «- X o o to o 1-1 a* 1-1 1-t O S X t '?> '-' »- Ci 3J C5 t- 3 «>. 5> 35 X CO O to 5J to o to — 00> OC5 CO o 1-1 5J eo oi CO -^ «o a> 05 1- 1-: o fN M »rt •^ s» i-< CO s>o> l>. 't o ojfo r-cooDo U5 0> 0> t» M O o o S r^ S o X f^ M QOO UO 01 X t* M O 2xa® te g.2 ^ I .2 a 5 55 = o S «j rt § a § « o,>5 a O O PL, a Eh t^ S^ W O^P O S a W 05 O tn I— I 5 o • « : o • :^ - • 5:0 • -a • a • o :n •ft :co a- a o o ft c 08 03 hM : ou : --I d a <* ^1 e> O o 2 S eS .0»QDOOQ0i-ii0 a a >-i a . o CO U ^^ OS P^ f- 00 H H O W p o OS u o b Q n H O (4 X) -tJ so o6 (4 n H > O |2i _S *> '-• es H pa o H u O 5 c » H n » CO •=3 ^'? 00 *" M 1-1 3J 03 b « b <1 •ifl CO ooooooooooooo c3 05000J — 0>^0»^i-iSftC*l a o o o 'Hw aeH>°4« ■«*#'♦• «* (N 00 TT >-( «J -^ dj 1(5 «0 'DtO a0O0»0»i-i»^ MQDO O •*)»« -^ tH « QOOOJO>-^»>.«OJOOCC(Nlft©JO> * * * OJOooj'-iabeoojooQOOiiooio ^5^5«m^^^^5«^«hB^ -Heo^ec©t.!2ii»«o»>.gQtMS ooooioaonAooaootio 00 00)0 QonoiooooiNkn o o g^'*r40D5*«-iiAlftiS«a«0*l>O> 005r-iQOMOJOOaDe> qi^ — ioogDjO'-Aift«0'9«(Nt«o> QCOO0>^a0M0JOO00 oc9(j»mo®2»i-c^5£>fc.ia^«0 ClOOOJi-iXlfSCJOOXCjkrSINO Hw-l- •-♦♦-#» ■'•I* -« -»i oe(* -m Hm cscCl-(OsonQ^s-«?o;o^.•>*^n«od» oDooo»»-dojoovooao(?»ire(MO» 4-9 4J 4^ 4J .M -*-> CI o» O •^ ifj o ,H »^ I-H .-^ c* eo a a p d d a c o o o s o IC o ■*»• o t* o O) 00 00 ■•I' MO •P — -, C»1-HIM fl a p fl o o o o P.-S 00 00 (N»-l a a o o OJ 00 (N O •t fH t>-o>o ^»>.o l>C<5C^OOOO iN05 0S^250 I, 'i'OQOJ 0> OV kO kO lO « « « .-I o> •^ w «OJO>t^«oo aor>.^ao wo iAO> O) f-tCO o 0>l« WQ0O>< 1-H ©I rH 1 QO ^ ^ »^ rt c ^ O) 9> <-h;0 < £o^O>C4COO P w •a H oSoiS^coo iH ©» r^ rH « OJ "T ^O l>.0 inoooj eo«oo 1-1 Ol rn 1-H inooo>««So TS o • OS e a P cS K § » O S « < 3 « S » O M Ph a El ►^ S K 0*;=) ;;? S ft w CO o t-3 O CO a^ •5 I5 •OQ o CO < o • §• JJ 5 . "S d O « „ i^ JT Cl CO * w tH .2 ^ a * c-) • p Oiicb . o c .2 ** ** 3 TRADE AND COMMERCE OF MONTREAL. 67 At the close of the year the market price of bank stocks was, as a whole, higher than at the opening, while, on the other hand, the miscellaneous securities suffered a considerable decline. Looking at the extreme prices, it will be seen that the fluctuation in bank stocks ranged from five to twenty-four per cent., while the fluctuation in the price of miscellaneous securities was from eighteen to one hundred per cent. The dividends paid during the year were : — Bank of Montreal, fourteen per cent. ; Ontario, eight per cent. ; Consolidated, seven per cent. ; People's, six per cent. ; Molson's, eight per cent. ; Toronto, twelve per cent. ; Merchants', seven and one-half p ^'^ cent. ; Exchange, seven per cent. ; Quebec, eight per cent. ; National, seven per cent. ; Eastern Townships', eight per cent. ; Union, seven per cent. ; Commerce, eight per cent. ; Federal, seven per cent. ; Dominion, eight per cent. ; Hamilton, eight per cent. ; Montreal Telegraph, seven and one- half per cent. ; Dominion Telegraph, six per cent. ; Richelieu & Ontario Navij^ation Company, four per cent. ; City Passenger Eailway, nine per cent. ; City Gras Company, ten per cent. The widest fluctuation occurred in City Passenger Railway stock. At the opening of the year the market price was 1*73J, from which there was a steady advance to 240 in June, brought about by clique manipulation ; then a quiet spell at about steady prices, until the close of September, when a strong reaction set in andl the stock gradually declined to 140 at the close of the year. Montreal Telegraph opening at 158, was carried up to 179 in March ; then fell back to 155 to 160 in August, at which prices it continued until November, when there was a decline to 133, and at the close of the year the stock was selling at 128. These fluc- tuations were also the result of speculation. In the early part of the year a strong clique was formed to " bull " the stock, and by purchasing all that was offered, and so getting control of the market, they carried the price up to 179. But when it reached these high prices, investors, knowing the means employed to appreciate the stock, regarded it with suspicion, and it was found to be impossible to dispose of it. The clique, how- ever, held on, and the security for many w.^eks was- uot dealt in to any extent outside of themselves, until in November, finding V I m TRADE AND COMMERCE OP MONTREAL. I:i." ' ■fi'K'v I. s ii I their means exhausted and unable longer to carry the load they had assumed, ihe firm of Messrs. Bond Bros., the largest holders of the stock, were obliged to suspend payment, and the *' bubble " burst. In consequence of this failure the price of the stock in a ?"ew days declined from 155 to 133, and has from that time until the present (April 1st) further declined to 105. The decline in City Passenger Railway at the close of November was caused in the same way, the " clique " having pursued a similar course with this security as with Montreal Telegraph. Since the close of the year City Passenger Railway has fallen to 70, the drop having first dated from the failure of Bond Bros., and having afterwards been hastened by the expressed determination of the City Council not to renew the exclusive privileges enjoyed by the Company after their contract expires in 1881. Dominion Telegraph started out at 98, and fell to 80 in May, because of the failure of the Company to sell bonds to the amount of $300,000 in London, for the purpose of completing their lines in the Lower Provinces and the Province of Quebec. These bonds were after- wards disposed of in Canada, and the stock again advanced to 98. It is a security seldom dealt in, as tho stock is not often offered for sale. Richelieu & Ontario was another stock sub- jected to the manipulations of a clique. The highest price reached was 102J in April, from which there was a decline to 91 in July, and then a quiet market until the close. Since the opening of the present year (1877) the stock has fallen to 60, because the result of the business of the year 1876 was disap- pointing. The decline in June and July was primarily caused by the formation of an opposition company, which, however, did not assume very important proportions. Of the Bank Stock Market there is not much to be said. In tracing the course of prices, allowance must be made by the payment of half-yearly dividends, which cause a decline to the amount of such divi- dend. No bank suspension occurred during the year, but the effect of mercantile failures from time to time was reflected in the weakness which the Stock Market would, for a few days after the event, display. Money was readily borrowed through- out the year on the security of stocks at low rates of interest, and TRADE AND COMMERCE OF MONTREAL. e» to this fact was in no small measure due the comparatively slight fluctuation which bank stocks underwent. Merchants' opening at 94, advanced to 99J in May ; then, after declaration of a divi- dend, fell off to 91|, and fluctuated between that price and 95 until December, when, on payment of another dividend, the stock was quoted at 89|. Since the close of the year 1876 until the time of writing (April 1st) the market for all securities has been weak, chiefly because of the continuance of the severe depression, constantly occurring failures and uncertainty as to the future. THE GOLD MARKET. The following is a Table of the highest and lowest prices of gold in each month during the past five years : — Date. January February . . . . March April , May June July August September . . . October November.... December J 872. Es o 108i 109i 109f 109} llSi 113 1131 im im n2i ll]l nil ID WD S UOi 111 llOi 113i J14i 1144 IVoi im 115* 1151 114i 113i 1873. en ai is o i llf lUi im 11 6f 116i 115 115 1145 1105 1075 106i 108i CO o -a ll4i 115i 118i 119i 1185 1181 l]6i 116i 116S IIH 1101 112J 1874. llOJ lllf llli iiH lUi 110i} 109 109f 109* 109i 110 llUi o .a s 112^ 113 113f 114t 1131 1121 llOi llOi llOi llOf 112i 112f 1675. 1876. 3 lilf 1131 114i 114 115 1161 11 1? 112i 113f 114i 114i 112i S o ® 5 h3 I 3 113^ i 1121 115i 117 I15i im un 1141 117i 1171 I16i 1124 1134 1121 112j nil 1115 1093 109i 1085 108i 1151 I 107 113i 114i 115 1131 1131 113 112} 112i llOf 113i llOi 109 ^^'^■ iv ? m k nl n 'r w 70 TRADE AND COMMERCE OF MONTREAL. DOMINION NOTE CIttCULATION. Traotionala •• $1 and $2 . . . 95. $10 and $20 $50 and $10i' . . 9500 and »10C0. Total...... UO 3l8t July. 126,333 73 3,231.166 75 2'jl,393 73 50R,600 19 517,H50 00 7,422,000 00 11, £51,630 67 125,001 T3 3,26(J,951 75 2B6,4.S8 86 447.250 00 7,287,!:00 00 11,413,142 34 3l8t October. 126.045 23 3,351,704 75 282,783 '6 460.150 00 6.890,600 00 11,111,183 64 30th Nov. 123.653 23 3,316,846 75 277,987 26 48»,800 00 6,892,000 00 11,099,297 24 31st Dao. 121,945 2S 3,.S32.a29 75 2T8.832 66 497.a50 00 6,893,500 00 11,12»,657 64 pa H Total Liabilities "55 CO <» lO other Liabilities Special Poor Fund or Charity Trust. Other Deposits payable after notice. CO © Provincial Govt. Deposits payable after notice. Dominion Gov't Deposits payable after notice. 00 rH O i Other Deposits payable on demand. Provincial Govt Depositspay- , abloKw demand Dominion Govt. Deposits payable on demand. 3 & a » ■3 S » 8 3 -^ a o U CO 2 8 © ^^ !C CO ^1 us c4" o" CO 8 o i. 9 ' • ~ 2 u » ■ O " fl • •o^ » , u. o ^ o •3 SA.S • u C oa In c5~ in o ^ Bank Stock prior to Incorporation. Special Poor Fund or Charity Fund Invest- ments. JSi S CO S 8 Cash on hand or on cull in Chartered Banks oo Loans secured by iStock,<&o. Loans secured Bank Stock. Loans having Government Securities. Proriaoial or Municipal Secu- rities. «» a o a in !0 S o eo s !9 C4 8 E^ •-4 s 1 3 1 s fi g § ^ 3 s -tr s 51' ■0 o -a § -0 9 •o S w CO S.2ig Reviewing the London Money Market in 1876, the Telegraph says : — " Speculative commerce of the type witnessed a year or two before was absolutely extinguished, and legitimate commerce was reduced to the hand-to-mouth character which, while safe enough, creates few bills and does not require much borrowing. Joint Btock company promotion, which was under a cloud when the year opened, received its coup de grace a month or two afterwards in the course of some dinclosures before the courts of law ; and loans to foreign Governments were suspended through the general distrust occasioned by repeated defaults, aggravated by bad faith and blundering mis- management, as well as by the visible difficulty which certain States, nominally sound, bad in preventing themselves from drifting into the rank? of insolvents. The result of this absence of demand at home and reluctance 'bO send capHal abroad was that money remained at a low average rate of value all the year, presentiug a singular exception to the economical rule that the cheapness of a commodity in universal demand soon cures itself. The back rate of discount has only been altered &ve times, compared with twelve times in 1875, and thirteen times in 1874 ; and it was as high as five per cent, only for three weeks in January. From that point it gradually drooped, until, on April 20, it was fixed at two per cent., and there it has remained ever since. Even this, however, gives but an imperfect conception of the want of life in business, for while two per cent, was the bank rate, that of the opeo market was for some time less than one, and is now, at the close of the year, and under the impulse of a few exceptional demands, hardly more than one and one-half per cent During the past year the fluctuations in the price of silver have been quite unprecedented In December, 1875, the price was 56id., and the absence of any continuous demand for India, combined with large supplies from Germany and an increase in the amount of Council bill?, caused a rapid and almost onbroken fall, till in July 46}d. was touched. This extremely low rate brought in pur- chasers from the Continent, and the failure of the silk crop in Italy, and the consequent Tine in the price of China silk so favorably afi'ected the Eastern exchanges that by August the price had advanced to 53}d Though this rise was not maintained at the time, there has been a progressive improvement, and in the early part of the present month 581d. — the highest price quoted for over two years — was obtained. Since then there has been a coQsiderable relapse, large sales beiog made yesterday at 56idv and the price to-day being 56}d., with every prospect of a further rise early in the coming year. Several circumsiances have combined to produce an earlier restoration of the value of silver than we ventured to anticipate, notably the ascertained facts that Germany will not have as much silver to sell as was supposed, and that the production in America has not been as large as was estimated, while the United States mints have absorbed so largely that a considerable amount was purchased here in November for that quarter. For the greater part of the year there has been little export demand for gold, with the exception of some shipments of sovereigns for Portugal during the financial crisis there. For the last three months, however, not only have all the arrivals been taken for^ export, but very largo amounts in United States eagles and bar gold have been taken from the banks of England for America and Germany. There have also been occasional purchases for Pans." ■I 1/ II in. 72 TRADE AND COMMERCE OF MONTREAL. SYNOPSIS OF COMMEKCIAL AFFAIRS IN MONTREAL. The following is a statement of the imports at the Port of Montreal in the past threo years : — 1874. 1875. 1876. January $1,917,711 $2,011,145 $1,1.59,345 February :{,245,y2G :{,357,4U7 a,564,39G March... 3,025,962 3,170,657 1,677,18a April 2,349,771 1,972,845 1,213,607 May 4,442,495 4.10b,046 2,824,107 June 4,140,547 3,650,959 2,878,551 July 6,334,693 4,443,339 3,142,447 August 4,821,9:}5 3.884,644 3.886,821 September 4,210,570 2,913,438 2,953,333 October 4,535,878 2,659,145 3,112,731 November 3,212,458 2,024,521 2,415,435 December 1 ,790,458 910,836 1,063,279 Total $44,027,704 $:{5, 107,072 $28,891,240 The value of exports from Montreal during the past two years was as follows : — Via 1875. 1876. Montreal $19,932,233 $20,147,829 Pt. Johns 2,006,104 1,722,267 Coaticook 1,754,866 2,342>115 Total $23,693,203 $24,212,211 It is scarcely necessary to preface these remarks with the asser- tion that the trade of Montreal in 1876 was particularly depressed. With such a condition of affairs prevailing throughout the Domi- nion, any other result would be impossible ; but the events of the past year lead to the opinion that Montreal has suffered more acutely from the general dulness than some of the cities in Ontario. This conclusion is formed from a daily enquiry into the state of the markets, and is founded on the statement of lead- ing merchants in the city. It is the rule that when a commercial depression overtakes a country, the large centres of trade are the first to feel its effects, because buying is done nearer the place of the business of the retailer. The chief aim of business men last year was to reduce liabilities, incur few new ones, lessen working expenses, and avoid bad debts. To reduce liabilities and incur new ones slowly, the retailer purchased only such supplies as TRADE AND COMMERCE OF MONTREAL. 73 were absolutely necessary, and studied to buy those supplies at the least cost to himself. In consequence of the adoption of this course of action, many retailers in Ontario transferred their orders from Montreal to Toronto, on the ground that the supply market was thus brought nearer home, less expense entailed in visiting it, and freight cheapened. The quantity of goods to be purchased also was so much less than in former years, when general pros- perity prevailed, that a large market was less an object to be considered. In this way Montreal importers and manufacturers have had to suffer not a little. A more important influence in lessening the trade of this city, has been the sale of American goods in the Ontario markets. In the spring and summer of 1876 the American competition was most sorely felt. The policy pursued by the Government of not offering any protection to Canadian manufacturers and importers, placed the trade of the country virtually at the mercy of the Americans. Agents represent- ing manufacturing establishments in the United States infested Ontario during the greater part of the year. The premium on gold almost neutralized any protection afforded by the 17J per cent, tariff, and they were able to flood our markets with their cottons, prints, hardware, etc. From this slaughtering, Montreal has received the greatest injury. It was almost impossible in the spring and summer to sell cotton goods in Ontario in the face of the American competition, — and more than this, in the matter of payments, the preference was given to the United States creditor. Sales were made directly to the retailer for cash or at short date, and money was remitted to that country to the loss and serious inconvenience of the Montreal importer. The diverting of busi- ness to the neighboring republic, which under judicious legislation would remain in Canada, has intensified the depression under which the country is laboring and destroyed, to a great extent, the importing trade. To illustrate the inroads being made into our markets by American manufacturers, the following statement is submitted, showing the percentage of American manufactured goods of the total imports from all countries : — Total Imports. American Mannflictttres, Percent, 1873-74 $128,213,582 $24,937,937 19.45 1874-75 123.070,283. 24,676,406 20.05 1875-76 96,210,346 21,438,758 23.00 6 V v ■ !l 74 TRADE AND COMMERCE OP MONTREAL. In spite, therefore, of a decline of $82,000,000 in the import trade of Canada, the percentage of American manufactures imported has increased from 19.45 to 23.00 percent. This transfer of trade from Great Britain to the United States is going on in opposition to the efforts of Canadi&n manufacturers and importers. What the loss is to this country is both apparent and real. It is apparent in the prostrated condition of our manufactures, in the dulness which surrounds our importing warehouses. It is real, because the trade with the United States is transacted through the medium of travellers ; because the production of our factories is curtailed ; because labor is less in demand, less diversified and wages are reduced. The advantages of an import trade with Great Britain as compared with the United States are many. The warehouse from which the distribution of the goods is made is placed in Montreal or Toronto, instead of in New York and Boston ; rates of freight are reduced, and the interchange of com- modities rendered more easy and profitable; the demand for labor to receive, warehouse and distribute goods is increased ; manufacturers enjoy the protection of the increased cost of carriage from Great Britain as compared with the neighbouring republic; the opportunity to slaughter goods is not so ample and the task more difiicult. During the year many failures of importance occurred in Montreal. Of these may be mentioned Messrs. Ferrier & Co., Ireland, Gay & Co., Laslett & Kussell, Deiisle Bro3. & Co., and W. L. Kinmond & Co. in the wholesale hardware trade ; M. Cuvillier & Co., Dufresne & McGarity, E. Hudon fils & Cie., Urquhart & Co., and T. H. Schneider & Co. in the wholesale grocery trade; MacDonald, Moodie & Co.,^ manufacturers of hats, caps and furs ; Baillie, "Warnock & Co. and Alex, "Walker & Co., wholesale dry goods importers ; Muir, Ewan & Co. and Shearer, McKeddie & Co., manufacturers of clothing ; Thompson, Whitehead & Co., dealers in leather find- ings; Walter Bonnell, L. J. Campbell & Co. and Heathy & Northey, leather manufacturers and dealers. The occurrence of so many failures of prominent houses caused heavy loss, inten- sified the depression, casting a feeling of doubt and uncertainty f in TRADE AND OOMMERCB OF MONTREAL. 76 over the business community, and increasing the difficulty of doing a safe trade. An important event of the year was the stoppage of the Redpath Sugar Refinery and the throwing out of employment of some 800 heads of families. This action was brought about by the refusal of the Government to grant any protection against the drawback allowed by the American Gov- ernment on all refined sugar exported from the United States, or to so adjust the duties on sugar that the work of sugar refining might be continued in Canada. The purchasing power of the people was thereby reduced; money sent out of the country which properly should remain in it (as all white sugars are now purchased in New York and Boston), and the direct trade with the sugar-producing countries choaked off. An event of the year, which deserves mention in this connection, was the depar- ture of the barque " Ocean Gem " to Sydney (New South Wales) and Melbourne (Australia) with a cargo of Canadian manufac- tured goods. In the fall of the year two of the Australian commissioners to the Philadelphia Exhibition visited Canada and addressed meetings of merchants in Toronto and Montreal, for the purpose of explaining the classes of goods used in the Australian markets, and urging that Canada should there attempt the sale of her manufactures. The result of these visits was the despatch of a cargo to Australia, the Government paying one-half the cost of transportation. The result of the venture has not yet become known, but it would seem to be a more judicious act on the part of the Government to preserve the Canadian market to Canadians before venturing to open up a trade with so distant a country. I 76 TRADE AND COMMERCE OF MONTREAL. THE PRODUCE TRADE. Notwithstanding the apprehension generally entertained at the spening of the year, that the trade of 1876 would be very much circumscribed in consequence of the existence of severe competition by railway to the seaboard, at low rates, yet the total resulted in the gratifying fact that the trade in grain was much greater than in the two preceding years. The receipts of all kinds of grain in 1876 amounted to 14,237,056 bushels, and the shipments to 13,518,097 bushels, — or an aggregate of 27,755,- 152 bushels, against 22,322,461 bushels in 1876, and 24,237,143 bushels in 1874. It will, therefore, be seen that the increased volume in the grain movement in this city in 1876 over 1875 was 2434 per cent., while it was 14-51 per cent, over 1874. If, in this connection, the tolerably general admission be taken into account, that hy itself the business done in 1876 was more cau- tiously handled than in some preceding periods, — there being consequently fewer attendant losses, — there will be little diffi- culty in concluding that on the whole the " Corn " trade of last year was good. The following is a statement of receipts and shipments of flour and grain at the Port of Montreal in the past ten years : — Receipts. Bashels. Flonr. . .915,331 brls. equal to. . 4,576,655 Meal.... 27,289 " " .. 272,890 Wheat 6,388,130 Corn 3,932,031 Peas 1,030,003 Oats 2,616,174 Barley 270,677 Totalml876 19,036,560 Do. 1875 17,324,036 Do. 1874 17,676,188 Do. 1873 19,989,094 Do. 1872 18,115,670 Do. 1871 16,808,108 Do. 1870 13,106.630 Do. 1869 13,268,767 Do. 1868 8,703.764 Do. 1867 10,796.575 Do. 1866 10,360,001 Shipments. Baahela. Floar . . .738,075 brls. eqnal to . . 3,690,375 Meal.... 43,352 '< " .. 433,520 Wheat 5,097,694 Corn 3,834,602 Peas 1,362.731 Oats 3,022,874 Barley 201,796 Totalml876 17,643,592 Do. 1875 15,497,150 Do. 1874 16.739,580 Do. 1878 17,912,572 Do. 1872., 17.522,957 Do. 1871 16,186,484 Do. 1870 13,601.310 Do. 1869 11.687,706 Do. ]868i 7.546,362 Do. 1867 9,732.425 Do. 1866. 10,220,150 TRADE AND COMMERCE OF MONTREAL. 77 ed at ! very jevere 3t the n was pts of B, and 7,765,- 137,143 Teased T 1876 JA. If, :en into re cau- 5 being le diffi- i of last of flour Baahek. 3.690,375 433.590 5,097,694 3,834.602 1,362,731 3.022,874 201.796 17.643,592 , 15.497,150 . 16.739.580 , 17,912,572 . 17,522,957 . 16,186,484 . 13,601.310 . 11,687.706 . 7,546,362 . 9.732,425 . 10,220,150 In a paper upon " The Shipping Interests of Montreal," Mr. "W". J. Patterson, Secretary of the Board of Trade, refers to the transportation facilities to and from Montreal as follows : — Facilities for handling grain at Kingston are affurded by fire floating elevators, capa- ble of transferring 250,000 bushels per day of twelve working hoars. The barge capacity for transporting the same to Montreal is as follows : Montreal Transportation Company 550,000 buAheLs. St. Lawrence and Chicago Forwarding Company . . 420,000 " Messrs. Holcomb A Stewart 200,000 " Messrs. Millar (fe Jones 200,000 " Thns in one trip downwards by the barges of these lineo, about a million and a half bashels can be moyed ; and if it be oalcnlatod that on an arerage each boat could make thirteen trips during the navigable seaison, there is shown a capacity fur traufiporting over nineteen millions of bushels. Of course, thla barge capacity is only supplemental to the sailing craft from Chicago to Kingston. There are about thirty steam propellers which have been regularly making through trips from the first-named port to Montreal, which have an aggregate grain-carrying capacity during the season of five millions of bushels, — while there are other transient craft in the trade— altogether showing present facilities for transporting an aggregate of probably twenty -six or twenty -seven millions of bashels. The average time occupied by schooners in coming firom Chicago to Kingston is thir- teen days ; average time of transfer and delay at the latter port, one day ; and the time of barges from Kingston to Montreal is three and a half days— making in all seventeen and a half days from Chicago to the head of ocean navigation at Montreal by schooners and barges. Propellers usually perform the trip in nine to ten days. The elevating capacity connected with warehousing facilities in Montreal comprises seven elevators for transferring grain from vessels, and four fi'om railway oars — each capable of handling 3,000 to 4,000 bushels per hour, while the storage capacity equals two million bushels. In addition, the Montreal Elevating Company have eleven floating harbor elevators, each capable of handling about 4,000 bushels per hour, or an aggregate of 44,000 bashels; and the St. Lawrence Qrain Company have one elevator with a capacity of 7,000 bushels per hoar. The storage capacity for floor equals 200,000 barrels. The ample storage accommodations in Montreal for flour and grain are in close prox- imity to the harbor, canal basins, and track of the Grand Trunk Railway — ^being supplied by the Montreal Warehoasing Company, and also in connection with the several flour mills. * > ) t : 78 TRADE AND COMMERCE OF MONTREAL. 00 an < n H tt> iZi M Pj t3 A t^ » O O P3 Ph ta h? m PP O O Ph O CQ H J25 PL, H H O H ?? S s s s ^ ?< 0> IN S8 ^ 2S I g a, S p; I© to eo eo *§ s S lA ^»< Tf ''J* r-l .-< . is ki g pq c o J pa -: m « S PP O » P5 00 « :S •" H to P3 • ,2 S -a O QQ P5 ^ PQ 83 Oi lA t^ to C9 s §8 e I- «o ^ eo t~ t- e-j M M P3 I "a i o 09 a o hi « PW o 09 o PU 15 t2 3 I o o H en S3 §2 CD 2 a> OS •1* 1.4 I» 4) ■*£ a C4 u «£ •-I o a 2 g a 00 £ So fO£ ©£ 73 13 § 00 rH Pi » n H M A h3 o H <5 o p o p^ Pi o «) H Pi hH P^ o N pi! o 00 to CO o g ^" 8 S 00 'o S i 5 )0 JO m 35 85 90 00 90 00 90 I ■ • 70 70 60 50 lo lo 75 80 80 75 85 00 95 • ■ • 20 B 50 6 6 6 6 6 6 6 6 5 o 5 5 B 25 6 10 5 80 6 00 90 5 90 5 75 5 65 5 70 5 70 do do 5 65 $ 0. 6 15 6 25 6 20 6 25 20 20 10 05 00 00 oa 00 95 95 90 70 6 00 6 05 6 00 6 10 6 00 • « • » 5 75 5 75 5 65 5 55 do do 5 85 5 90 5 85 5 80 5 90 600 6 10 6 25 6 55 6 20 6 30 6 20 5 90 6 OO 6 OO 5 85 5 75 5 80 5 75 do do 5 75 WHEAT. Thp receipts and shipments of Wheat at Montreal during the past sU yeaTG were as follows : — RjBCBIPTS. SniPMBNTS. Receipts. Sbipuents. Bush. Bnsh. Bush. Bash. 1871 .. 8,224.805 7,680,834 1874 .. 7,692,284 7,556,563 1872 . . 4,665,314 3,818,450 1875 -. . 8,615,238 7,117,159 1873.. 9,788,730 8,225,649 1876 .. 6,388,130 5,097,694 The following is a summary of Shipments during the past four years : — 1876. Bushel?. By (ilrand Trnnk Railway (including ocean steamers). . 296,819 By River St. Lawrence 4,718,752 By Richelieu Company's Steamers By Laohine Canal 82,113 ByRiverCraft 1875. Bushel?. 244,611 6,856,424 ' '72;554 1874. Bushels. 329,655 7,2i8.093 8,813 1873. BushelF. 153,998 7,998,685 6,799 66,189 Totals 5,097,694 7,173,589 7,556^66 8,225,649 . STOCKS OF FLOUR AND WHEAT IN STORE. The following table shows the quantities of Flour and G-rain in Store and in hands of Millers in Montreal on dates mentioned : January 1 15 February 1 15 March 1 15 April 1 15 May 1 15 June 1 15 July 1 15 August I 15 September 1 16 October 1 15 November 1 15 December 1 16 1876 Flour. Barrels. 53,117 55,485 57,683 58,160 63,661 74,520 81,470 87,402 105,685 97,380 89,526 77,079 68,032 66,214 57,630 55,115 60,431 57,575 53,902 82,941 74,301 63,764 52,358 58,899 Wheat Bushels. 328,309 276,379 247,267 284,150 334,335 378,231 409,744 431,429 428,360 405,820 555,595 530,836 440,067 338,683 284,527 320,404 438,884 526,961 362,791 426,321 269,804 148,090 105,374 96,374 1875 Flour. Barrels. 69,129 75,159 70,433 63,0?7 55,091 60,586 48,120 58,740 95,086 96,070 83,081 87,366 60,523 43,286 45,992 41,366 39,992 42,4.54 40,120 53,36;'. 45,83(> 49,174 43,581 49,812 Wheat. Bushels. 223,307 189,710 166,296 167,296 169,693 168,729 182,126 202,794 221,020 149,178 202,354 203,489 251,116 273,380 262,784 206,915 177,560 187,841 186,749 227,568 311,146 330,358 456,312 415,060 1874 Flour. Wheat. Barrels. 90,522 89,259 89,069 95,905 95,847 107,843 99,727 106,817 119,184 174,409 131,567 100,611 96,575 91,531 102,984 65,023 33,975 20,550 26,655 38,593 27,863 22,068 42,341 52,946 Bushels. 779,841 735,703 684,329 644,388 631,468 602,490 594,772 578,310 605,934 792,32S 741,516. 311,052 244,685 339,622 333,841 207,44* 181,894 99,316 108,053 161,533 245,188 218,313 280,177 255,700 82 TRADE AND COMMERCE OF MONTREAL. ' LOWEST AND HIGHEST PRICES of FLOUR and WHEAT in MONTBBAL DURING SIXTEEN YEARS. Spring Extra m. 1 Super Flour from Canada Wheat, per 196 16*. Flour, U. C. Spring U. C. Spring Tears. (formerly No. 1 Super) from Wheat, per bushel of Tears Wheat, Per bushel of * Canada Wheat, per 196 lbs. 60 lbs. 60 lbs. • $ c. $ c. $ c. $ c. $ C. $ 0. $ 0. 1 c. 1876... 4 45 <® 5 50 1 03 /a 1 22i 1868.. 4 80 /5) 7 65 1 08 55 55 55 53 53 52 52 52 50 , 50 50 52 52 52 52 51 51 52 54 54 52i 54 53 54 53 53 00 00 57 57 57 57 57 56 56 56 56 54 54 53 53 53 52 52 52 54 54 54 54 52 52 53 56 56 54 55 54 55 54 54 54 54 58 58 58 58 58 1875. 80 79 80 79 80 75 76 70 72J 67 69 70 71 70 71 70 71 68i 69 70 71 73 74 76 77 76 78 78 79 78 79 72 73 71 72 • • • • • • 64 , , 64 • • 64 61 62 61 62 61 62 • • 59 59 60 58 60 64 65 64 65 64 65 64 65 • • 65 • • 65 • • 65 1874. 1?'bu.561b8.^bu.561b8 1873. cts. cts. 00 ^ 75 00 75 70 70 00 75 67i 72i 70 72* 70 70 72i 72i 72* 75 70J 72i 68 70 73 70 70 70 73 74 75 00 80 85 85 85 87 i a • 85 86 85 86 85 85 86 82 82 70 72i 74 71 71 73 74 74i 76 80 85 87 87 87 90 87i 87i 87i 87i m 87i 00 00 1872. ^bu.661bi. cts. cts, 571/® 60 52 53 52 51 50 • • 46 45 45 46 46 49 51 51 51 50 50 50 50 50 55 54 54 52i 52i 50 53 • • 51 48 47 ■ • 50 62 52 51 61 54 57i 54i 54* 1871. 1?'bu.561b?. cts. cts. 60 (d> 61 60 51 55 55 57i 57* 60 62i 65 70 65 70 72i 61i 62 61 58 58 57* 55 52 51* 53 54 56 56 55} 56 55 57i 60 58 57 67* 57 56 52 51 53 53 • • 53 56 55 66 67J 62 62* 62 68 00 53 55 57i 57 56 56} 58 58 68 67 64 62 64 54 63 66 67 67 67 60 cts. cts. 65 m 70 65 70 65 65 64 63 61 62 63 63 62 61 61 61 61 60 57 69 60 63 62 70 67 J 65 64 62 6:J 64 62 62 61 59 60 • • 65 63 66 66 66 65 65 66 66 65 65 63 63 65 65 62} 64 62* 64 62* 64 62* 64 62} 64 PEAS. The receipts and shipments of Peas at Montreal in the past six years were as follows : — RSOEIPTS. Shipubnts. Rbobipts. Shipmints. Bush. Bnsh. Bosh. Bush. 1871.. 292,308 796,143 1874.. 1,144,739 1,763,306 1872.. 652,649 1,176,026 1,1.57,040 1,5'6,183 1073.. 455,799 917,761 1876 . . 1,030,003 1,062,731 TRADE AND COMMERCE OF MONTREAL. 85- 5vs: — 1873. 30 3,452,489 >03 L42 66,654 775 375 3,619,918 .RS. ■ ■ 1871. Iht-V bu.661b?. OtB. C ts. ots. 61 65 (8) 70 .. 65 70 62 65 70 62i 65 67 i 62 64 65 . . 63 64 . . 61 6-2 58 63 6.i 00 63 53 63 52 62 64 • • 61 62 55 61 62 571 61 57 61 .. 56 60 61 . . 57 59 551 59 60 • • 60 .. • ■ 63 65 62 " 58 . . 63 58 65 66 58 1 66 6& 57 65 54 65 65 52 63 65 54 63 65 54 65 .. 53 65 .- 55 ► 621 64 5'3 ' 62i 64 5'i r 62i 64 57 1 62i M ) 621 64 in the past six Shipments. Bush. 1,763,306 1,5'6,183 1,062,731 The Shipmenbs were as follows : — 1876. 1875. 1874. 1873. Bushels. Bushels. Bushels. Bushels In sea-going vessels vta River St. Lawrence.. 1,253,185 1,378,438 1,612,652 726,354 By Richelieu Go's steamers, barges, &o 31,755 43,935 9,801 6,826 In ocean steamers, via Portland 2,142 25,412 69,052 93,880 By other channi^ls 75,649 128,398 71,801 90,701 Totals 1,362,731 1,576,183 1,763,360 917,761 It "will be noticed that the shipments of peas have each year considerably exceeded the recorded receipts. This apparent inconsistency is explained by the fact that large quantities are received by barges of which no record is taken, and by teams from the country about Montreal. PRICE OP PEASE IN MONTREAL. Datr. April 88 May 6 " 12 " 19 •' 26 June 2 " 8 " 16 " 23 " 30 July 7 " 16 " 21 " 28 August 4 " 11 " 18 " 26 September 1 " 8 " 16 " 22 " 29 October 6 " 13 " 20 " 27 KoTcmber 3 " 10 " 17 " 24 December 1 " 8 " 15 " 22 " 29 1871 Per Bushel of 60 lbs. cts. ets. to ... 05 95 95 90 90 90 871 87 85 85 86 85 86 85 85 82 80 80 78 73 75 ^5 78 80 80 SO 80 84 80 80 73 73 73 1872 Per Bushel of 60 lbs. 1873 Per Bushel of 60 lbs ots. ots. cts. cts. 91 91 91 90 89 87 87 88 00 90 90 90 85 80 75 79 79 80 82 82 82 82 86 83 81 75 76 75 75 to 80 82 83 82 84 84 80 78 77 72 721 721 721 76 75 74 76 791 82 82 77 77 741 74 77 77 741 74 72 721 721 7« 76 82 83 84 84 82 80 76 73 i 75 75 77 77 75 77 77 77 821 84 82 791 77 77 77 741 76 7S 71 741(0 741 741 78i 76 73 68 68 68 67 67 67 701 72 72 69 66 741 741 721 80 671 671 671 77 721 73 72 68 661 66 66 6« 66 66 1874 Per Bushel of 60 lbs. 77 77 77 8ii 791 74 701 70 73 72$ 723 72J 751 76 76 741 76 791 77 75 721 70 70 70 771 75 73 70 68 671 671 671 671 671 cts. ets. 74 to 76 82 90 80 80 82 84 84 88 90 90 91 93 93 97 1875 Per Bushel of 60 lbs. ots. ots. 93 to 96 97 98 1876 Per Bushel of 60 lbs. ots. cts. ... to ... 01 1021 91 1021 91 1021 91 1021 91 1021 91 1021 91 1021 91 1021 91 1021 91 1021 91 1021 105 110 105 110 106 110 106 110 110 112 106 110 106 108 103 105 821 101 10« 105 10« 105 1011 1«2 1011 102 1011 102 1011 102 1011 102 lOll 102 97 98 «•• ... 96 97 79 61 96 97 79 81 96 97 82 83 94 96 80 82 91 92 82 83 91 92 82 83 91 92 82 83 91 n 83 84 91 92 83 84 91 92 80 82 91 9£ 78 81 91 92 81 82 94 96 83 84 94 96 83 84 94 96 83 84 94 96 83 84 94 96 83 84 94 96 80 82 ... ... 80 82 . .. 89 821 83 86 87 821 83 82 83 82 831 SO 81 82 83^ 78 80 82 831 79 80 83 841 80 »i 83 841 77 79 80 82 77 78 M 81 77 78 79 89 77 78 79 60 77 79 78 7t 77 78 78 79 77 78 i 78 79 rf-l. II 1 p p 86 TRADE AND COMMERCE OF MONTREAL. OATS. The receipts and shipments of Oats at Montreal in the past six years, were as follows : — Receipts. Shipment8. Bushels. BushelB. 1871 122,948 86,818 1872 211,684 436,446 1873 163,069 331,439 , ' Receipts. Shipments. Bushels. Bushels. 1874 283,004 261,377 1875 258,098 364,677 1876 2,616,174 3,022,874 The following is a detailed statement of shipments : — 1876. Bush. Tia Montreal and Champlain Railway 1,105 Tia Coatioook 45,536 Bj Richelieu Go's, steamers, barges, &o 17,681 In lea-going vesselH by River St. Lawrence.. ..2,958,552 1876. Bush. 450 87,280 180,697 1874. Bush. 34,284 44,948 10,933 96,160 171.212 1873. Bush. 31,461 41,629 381 257,968 1872. Bush. 247,261 138,443 27,764 280,249 Totals 3,022,874 364,577 261,377 331,439 710,707 It will be seen that the receipts and shipments of Oats enor- mously increased in 1876, and this increase was mainly in receipts by Lachine Canal and shipments to the United Kingdom. In addition to the recorded receipts, there is annually received from 300,000 to 500,000 bushels of which no record is kept. In 1876 these unrecorded receipts amounted to fully half a million bushels. PRICES OF OATS IN MONTREAL DURING FOUR TEARS. Week Ending. January 6 " 13 " 20 «' 27 February 3 " 10 " 17 " 24 Harch 3 " 10 " 17 " 24 " 31 April 7 " 14 " 21 " 28 1873 . Per Bushel of 32 lbs. ots. ots. 32 to 34 32 34 32 34 32 34 32 34 32 33 31 33 30 32 30 31 30 31 30 31 30 31 30 32 30 32 30 32 30 32 30 32 1874 . Per Bushel of 32 lbs. ots. ots. 36 to 38 36 38 36 38 36 38 38 40 36 .^8 36 38 37 38 40 41 40 41 41 42 42 43 42 43 42 43 43 44 43 44 43 44 1875. Per Bushel of 32 lbs. cts. 40 41 42 42 42 42 42 42 42 43 43 43 43 48 49 49 50 to cts. 42 42 43 44 44 44 44 44 44 45 45 45 45 50 50 50 52 1876. Per Bushel of 32 lbs. cts. 30 30 30 30 30 30 30 30 30 30 30 30 30 30 to cU. 32 32 32 32 32 32 32 32 32 32 32 32 32 32 TBADE AND OOMMEBOE OF MONTREAL. 87 PRICB8 OP OATS IN MONTREAL DURING FOUR YEARS.— ConWnwtfd. e past six Shipments. Buahels. 261,377 364,677 3,022,874 1873. Buah. n,461 11,629 381 57,968 1872. Bush. 247,261 138,443 27,764 280,249 31.439 710,707 Oats enor- r in receipts igdom. In reived from •t. In 1876 ion bushels. ABS. 1876. Per Bushel of 32 lbs. ota. oil. Wnx Ending. 1873. Per Bushel of 32 Iba. 1874. Per Bushel of 32 Iba. 1875. Per Buahel of 32 lbs. 1876. Per Buahel of 32 lbs. MftT .... 5 ots. eta. 30 32 32 33 33 34 32 34 33 34} 32 36 30 35 32 35 32 35 32 36 32 35 32 35 32 34 32 36 36 36 35 36 35 37 34 36 ota. ota. 44 46 52 55 54 66 64 65 64 55 64 55 52} 54 61 62 51 52 61 62 61 52 51 62 51 62 61 52} 52} 65 52} 65 52} 53 52} 53 51 52 41 45 41 45 41 45 41 43 40 42 42 44 43 44 45 46 44 45 44 46 43 44 42 43 42 42t 42 43 42 43 42 43 ota. ota. 50 52 50 62 50 52 60 62 60 52 49 60 49 50 47} 49 47} 49 47 48 47 48 47 48 47 48 47 48 47 48 47 48 47 50 47 42 44 41 41 41 37} 36 37} 36 37} 36 37} 36 37} 36 37} 33 34 32 33 30 33 30 32 30 32 30 32 30 32 ots. ots. •"'•/ " " II ....12 ...19 ... " . .. ....26 36} 39 .... 2 30 37 i , . ....23 37 38 5 £5 55 60 50 50 50 50 50 60 60 50 50 50 50 50 60 45 45 45 45 60 60 55 50 52) 52) 52) 52) 52) 55 55 55 55 «0 60 60 60 56 55 60 60 60 60 50 50 50 50 66 65 €5 55 55 57 67 55 67) f,0 60 60 60 1871 Per Bushel of 48 lbs. ots. cts. 60 to 65 62 62 62) 60 65 62) 62) 62) 60 60 65 65 65 05 65 60 60 60 60 65 65 65 65 65 67 67 67 67 65 65 70 70 70 70 7« 65 65 65 do do 54 54 55 53 53 55 53 53 53 53 55 55 5i 56 56 5fi 56 57 6« 66 56 56 60 60 60 TRADE AND COMMERCE OF MOiNTREAL. 89 Til 1872. Bash. 387 35,000 106,212 11,897 163,4»« 3. 1871 I Per Bushel of 48 lbs. . Ota. cte. ) 60 to 65 ) 60 65 621 65 U 62 65 62 65 60 65 5 66 67 »6 62i 67 .. 62i 67 .. 62i 67 .. 60 65 .. 60 65 ... 65 ... 66 BO 66 7U 7(1 7e ... 65 70 60 66 7« 60 60 65 60 60 65 60 60 65 50 60 ..■ 50 60 ... 60 do 66 < lo 65 64 56 66 54 56 65 66 ... 55 53 56 571 53 56 671 55 67i 63 57 66 65 53 66 57i 63 56 <'.() 53 56 60 55 60 60 55 60 60 65 60 H o o (4 I W CO O >* M W tH O H w Ph (A M m H < (14 w c o Q o ^ t-l < 05 1^ O »-in-«' ee t- ©«0 ' O ' •CO-fMOOMOOMM-^COMiOMMM-HTj.cyjJ-tOt- s •oJ®. ©© .»f . •fOtOr-l^'^l^oCOOOaO>rtloa>©t-OOQO'l.'3 00 1 ^ ja «2 e^F-t .»- . o»oo c-ic>j«ooi3i«oi^i->M>oco'>-'^coo— '-H^^^■1 M 312 I-" , .! C0-M'^r-aOMt-«OM|N.OictC'l'^'^irtOOiA«00»W'TJJ1>oO't O .-.oo»ii3>ci(oo«ascr5a>05i- — a>o«o^-ao-f-1'ao«ooo>t- o. «ooe<^w-^«oo.-oo«oM^-a>toocoMoo-t"0>coooo^ o 'jSowaocooj-Hooi— "OJcowMcof^'Mtococ'iMiMOJifli'C'i'M-^coMaojo 9$ ^fHf-i.-* MC>)C0i-I^^..H^«Me^lOOM«CWO— OOl-M-^CfOO'tl-^ _ i .oot-o .-"jio .oirt-foooMj, ■o»oiMN»-'HH j3 ^ I '"" ; i-h"im~ oT ^ 'zi oT'^cTt^ '^- ^ m ot-^ 00 ^^ 'S^ H i M • • ,-^^ '^'" ■3 .M^-HN(MO»iflt-oo-^o-Hiflcocio.-iinao-HO«oooin50'«*Me>iiot- < oo-.OJrHr.^t-cO'^iocooj — ooe>10o■^M^OlOOOlOl^^-^MO'00^-«OMt~ A « '^'i.^'" '^-*'L'^''I.''i,'1,*t,'*.,^'t.'~.,*'' '^^^''^ 'l.'t,*'' '•L'^.,"-' "R.'^^'-'J, » s « a 1 2 .o>ob>oto.-H'^t-'otOMQOOJirtoM'^ooco©m«<<«cowrttO'0-^ JSS5!:r99®£''^'*'^'^'-''*'^«"*Mo>-^^'-^M'»'*'»W'*Mcoo«oM "3 ~^^~®~*~'''V*L'i~'^.~'^^®-'~l,'*.,'^„'^ '^^ ijit~aimait~i~io t>j_M^«)_r-_ j3 «o •^ «o 00 Oi CO to t^ in 00 to n ■^ 00 oi ^ >n oT i-^" r^ rS n rS t^ fo iS tr^ ci" -^ c-T • coooco o>«oo>t— «oo.-'aoMi'Oie'i-^'^osoO'^?oiu5»-'^3>*--^«o^?o CO -^ H CQ . a;-^iot-cooe^'*oo(J>oiioi:-.-o->*05QOO»0>OkOM Ck ■S ^<»COMlOI-OJ>OOJ»OCOr-OOOMl^t-^C>in-HOO>OOtOOil<0>M'^0 .2" _S '~l.'-i.'®~'^~'~^"'-^-®. '''i.''l.'^~^'^-'^«*5.^^1.'i.*~;,*'J,'^..'^-.^.,^. ''1.''?.'^-*^®..®.. giOiOTtNNWt-i-tMvo^t-i-it-.oMtomcoMONmooiioiO'tocf) |2 i-H fh t- •*__'0 «fi M •* 0_M_IO O 00 ?< «0 ^ '^_^®_ 4) Ph i-r f-Trt" f-TrH^i-T a . . • .OSNO .000>Tj«-.t-iOi-.-«tFHt-e©co-HioeicftooiMt-T«'©oo>co^coe<»co a .a . , .>0«0 ,CeOOQOOO'JTt. • « • . . «^ .-ttWlOMrH Mt^J-fOlMeOt^QOOO© t-T»lMCOe^CO ^< o. a rH i-« ^ t-_«o t- Qo_w CO fh oq_>o ifl_'0_t-;^oq_ M i-Ti-T f-T cft^ co'N'i-rM' Pf5 o M ca . • .0'^if)00>^0>00'^r(ONM'^t-0'^'1<0'^ 5 =2 .lO-HC0M05iM'«l_^^'*^i-'^C»_rH_©^O Ttl_M "^l^M in_»0^Tj|_M_O "l^^'T't.''i.^_^®» »S ; 'i<"o"-^"«re^rM~^s^i.ro"io rt 00 ifl ^-7e^Q(^«^^^'-^«^-^cl^-^«"•«J^« <» oo,^ .2 P5 P^ i-rsir -h" fs" cift^wTefrTco ,;; ,ooi-floo>'*?oo»«ot-t-e^ a Oo«000«5lOr-fl'«'«>«01 fl "S °'i.'^.-'^'*l.'~L'^'®_^'^'^*»'^'R,'i,'^'^'^'''_^^~''V''l.''l.®-*-'^''i.''l.'^''i. a , tocoMoot-ciooDe^Tj(t-in«oo^ooo'^©oooot~oooit-oOrHc^ioi-io» H e. BlOr-HTjt rtCO'^i-H .t-00«O o^O'«i.l>-lOOOOOFH©e>lWC-1©OOt-'*i-lt^©OiCOCOFH©FHCOOOOOC<5 ^ a "5 a>_«>^0J^Cl_-^O_(31_l.~ fl^t-^^t^rf -^^tO O fH i-H^M CO «^<^i,00_©_CO.00^fO_t-;,C>1_C'^'^ o JS o^iq_i-<^«5_i>» «»,'^"*,''>,e^co,t^^''i,''j. Sh P^ ^r-Ti-T ei't^oo'in'-^c^ c{'<:^t^(o'co'-^<3it^c6'(o' — . o»oocoooco■*o■^MFHf-le<^MJ^-e<^^-'-^'-^■-loOl-^00>o iS _;»0©0100'*'lM©M00C0©rJ(t-C0Moi:^i'Oin(OKicO'-iinc<^om'on^r-' 000005©©Mf00500.-<>0'^CO>-<05fO©OOOiF-(l>-rH.-4 0il>-COt-OmiOM Pm Qi 'r;rHe^Cli;0t-05C0C0Ot-Tj<©00'-lMC0iMt-e'lMinf0iMC^l:-OC0C0l0C0 'S Ht-CDlflC0©l0l0-*MaiM05lOt-'0-*M00M-«l<00Ol0-^FH^©lOMl0 iJMTfOOOOr- it~a500C500t-tOl>-t-O5t-O5m00©MCJS*-tO»niMC0t-C>1.-H (Sco»0'*'«4*>0'0o-*'*'»oiaco>o>o '-i,'"!.'"!,* t- t- i^- !■■- 05 ©„05 oi '~1,®„'~U^ ^ i-^r-Tf-H^ I— ( .-* i-N F-« u (S > 2 ■t 5 i-00<3>®i-INCOr(<>OCOt-000>OrHe^M-^l-'5COh-OOC5©.-''MOT'^'fleO H ■^T^lM^lnlOlOlOlOlnln•OlOlOCD■t-^-^-t- OOQOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOQOOO ^H ^^ !^- 1 Si '1 r l*«;ii IMAGE EVALUATION TEST TARGET (MT-3) 1.0 1.1 11.25 tim M 22 lit 1^ S? Ufi ■2.0 1.4 111.6 ^ ^ '/ fliotographic Sciences Corporation \ w <> ^^ ^\ WcS 23 WIST MAIN STMIT WfBSTER,N.Y. I45M (716) •72-4S03 ■^ 90 TRADE AND COMMERCE OF MONTREAL. ASHES. The receipts of Ashes at Inspection Stores in 1876 were as follows : — POTS PEARLS. Datk. Firsts. Seconds. Thirds. U.B. ToUI. Firsts. S«oonds. Thirds. Total. TA.vin&w a.....> •■■■■■■•■■■•••• 1030 755 694 561 2189 1503 1400 1049 1208 1703 799 396 40 12 18 21 116 51 83 74 • 79 103 91 17 10 9 7 3 9 3 10 21 15 20 7 2 1 1 1 1 1 1 1080 778 719 585 2315 1558 1493 1145 1363 1197 897 414 146 64 27 28 183 73 225 153 198 155 47 2 12 61 7 9 1 1 148 64 M&rfih 39 IIav 28 **•/ 244 Jnlv 80 234 153 O«tobflr 199 156 47 TAt&lg 12717 705 114 8 13544 1299 93 1302 The deliveries of Ashes in the past three years were as follows 1876. 1875. 1874. Dati. Pots. Pearls. Total. Pots. Pearls. Total. Pots. • Pearls. Total. Jsnnarr «. 262 426 391 99 1862 1294 1679 1381 1959 1663 1633 371 15 9 26 18 151 199 146 167 225 555 107 7 277 435 417 117 2003 1493 1825 1548 2184 2218 1740 378 502 399 70 358 2145 2100 1740 1780 1712 1842 547 119 74 7 65 38 391 154 3S5 327 282 607 192 82 576 406 135 396 2536 2254 2095 2107 1994 2349 739 201 817 512 569 181 3254 1000 2917 1853 1347 1260 1043 700 359 23 17 4 237 155 148 224 319 383 71 34 1176 VftliriiArv .....^.. .•>•...... 535 Mareh 58» AprU M*7 186 3491 1156 Jnlv 3066 Anflpnat:.^ .................. 207T l«tAntAinlbAr 1669 October 1652 1114 DAAAinliAr ..........>•■•... 734 Totals 13010 162^ 14635 13314 2474 15788 15462 1074 17436 t „ 'I vere as xia. Total. 148 64 39 28 244 80 234 153 199 166 4T 1392 bllows 4. Is. Total. 59 1176 23 535 17 586 4 185 37 3491 55 1155 48 3065 24 2077 19 1666 83 1652 71 1114 34 74 734 17436 t) TRADE AND COMMERCE OF MONTREAL. 91 The receipts of ashes in 1876 were less than i,iii any previous year, the decrease being especially large in pearl ashes. The total receipts of pot ashes were 13,544 barrels, against 15,004 barrels in 1875 and 15,026 barrels in 1874. The total receipts of pearl ashes were 1,392 barrels in 1876, 2,486 barrels in 1875, and 2,287 barrels in 1874. The total deliveries of ashes in 1876 were 14,635 barrels, against 15,788 barrels in 1875 and 17,436 barrels in 1874. The stock iii store at the close of 1876 was 8,386 barrels against 3,086 barrels at the close of 1875. The decrease in shipments to Great Britain in 1876 was 1,735 barrels. The business of the year, it will thus be seen, was unsatisfactory, as it had also been in the previous year. Prices were unprece- dentedly low, and yielded no profit to manufacturers or shippers. The low range of prices in the past two years has caused a reduc- tion in the manufacture, which makes itself seen in the decreased receipts at this port. A falling off in the demand in Great Bri- tain in the face of a steady production led to the great drop in prices, and until the manufacture is regulated to suit the demand there is little hope of remunerative prices being obtained. The highest and lowest prices at Montreal in the past two years were : 1876. Highest. PoU— Firsts $4 87i Seoonds Thirds Pearls— Firsts ..... • Seoonds... 3 85 2 95 4 75 Lowest. $3 95 3 10 2 30 4 75 3 75 1875. Highest. Lowest. Pots— FirsU $6 00 $4 60 Seconds 5 00 3 70 Thirds 4 00 2 80 Pearls— Firsts 6 85 4 85 Seoonds ... 5 80 4 50 The following table shows the result of the Inspection of Ashes at Montreal for the past ten years : — POTS. Yrar. 1867. 1868. 186». 1870. 1871. 1872. 187.S. 1874. 1875 1876. Firsts. Seconds. Thirds. U.B. 13,102 13.725 13.510 12,955 12,121 13,274 12.632 12.681 13.659 12.717 2,170 2,0(j3 1.100 961 1,138 1,264 1,041 1,042 1,0.<0 705 628 629 880 289 330 460 34 328 2S7 114 PEARLS. Firsts. Seoonds. Thirds. 163 256 67 71 56 87 22t 75 68 6,703 0,3 « 3.032 2 62;^ 2.520 2,189 1.763 2.016 2.161 1,648 9i*7 469 266 367 4!'3 369 232 334 03 66 27 49 20 U.B. ;'. '--^t- I . !• 92 TRADE AND COMMERCE OF MONTREAL. The following table shows the Shipments of Ashes to Great Britain in the past four years : — Wbimci. To Liyerpool London Glasgow Liyerpool via Portland Totals 1876. PoUA PearU. Brla. 9,296 785 2,281 1.298 13,660 1875. Pots. BrU. 9,787 949 2,090 698 13,524 Pearii. Brla. 963 503 k80 125 1,871 U7L Pota. Brla. 7.771 966 3.639 2,582 14,948 Pearia Brii. 731 226 80 285 1,322 1878. Pota. Brla. 5.121 l;»8 3.049 4.230 13,758 Paula. Brla. 444 425 45 494 1,408 COMPARATIVE STATEMENT. RUf ▲IMIRO OVIR. Pota. Ist January, 1876 2,081 Ist January, 1876 391 RIOIIPTB. Ist January to Slat December, 1876 13,544 Ist January to Slst December, 1875 .... 15,004 Decrease in Receipts DlLIYlRUa. Ist January to Slst December, 1876 .... 13,010 Ist January to Slst December, 1875 .... 13,314 Decrease in Deliveries IN BTORI. Slst December. 1876 2,615 Slst December, 1875 2,081 Paarla. Total. 1,005 993 3.086 1,384 1.392 2.486 14.936 17,490 2.554 1,625 2.474 14,635 15,788 1,153 772 1,005 3,386 3,066 tl 11 i( « M tt tt TRADE AND COMMERCE OF MONTREAL. 93 PRICES OP POT ASHES IN MONTREAL DURING THE PAST TWO TEARS. U7S. a. PewU. 21 58 49 30 Brla. 444 425 45 494 58 1,408 1876. DATE. Firsts. Per 100 Iba. $& » c. Febniwy... M Mareh. <4 <( •< Janauy 7 " 14 " 21 ■28 ■ 4 .11 .18 .25 . 3 .10 .17 .24 .31 . 7 .14 .21 .28 . 5 .12 .19 ■26 . 2 . 9 .16 ■23 .30 . 7 .14 .21 Ap^ril, •I It May*. It tt I •« Jon*. II Jaly. 11 II . 11 . Sej^tamber. Seconds. Per 100 lbs. Aogut 4 " 11 " 18 " .25 . 1 . 8 " 15 " 22 " 29 October 6 " 13 " 20 •• 27 November. > S " 10 •• 17 " 24 December ... 1 *' 8 " 15 " 22 65 a 70 s £ «7 62 fiO 40 42 -IS 4 37 4 20 4 20 4 17} 4 1-5 4 10 4 00 3 95 4 00 4 00 400 4 10 4 10 440 420 430 430 43^ 440 440 4 75 4Si 4 77} 4 75 450 445 4«5 440 430 425 435 4 15 425 425 4Zr} 440 480 4 75 4 72i 475 480 4821 4 75 465 460 455 445 445 445 450 450 450 445 430 430 4Z7i 420 420 4 10 405 4C6 4 15 450 435 4 371 440 440 4 471 4 65 4 77 4 97 4 85 462i 460 460 480 450 440 435 4 10 425 430 43» 450 450 $ c. So. 380 .... Nominal. Nominal. 3 75 370 .... 385 .... 3 75 3 70 No 350 350 No 350 360 350 350 850 350 350 350 340 335 325 3 15 3 10 3 10 3 10 3 10 3 10 330 320 320 330 335 335 350 3 75 380 360 360 330 350 SdO 350 390 330 330 3 10 ... Nominal. Nominal. 330 ... 350 . . sales. 355 365 sdss. 3^5 340 .9-15 3 40 3 30 3*35 3 'so 3 80 3 35 3 40 Thirds. Per 100 lbs. 9 0. $ 0. Nominal. No sales. No sale}. No sales. No sales. No sales. No sales. No sales. No sales, sales- sales, sales. 18T5. Firsts. Per 100 lbs. 9 0. $ c. 280 ■ales. No No No 2 75 2 75 2 76 No 2 95 260 Nominal. Nominal. Nominal. Nominal. Nominal. Nominal. No sales. None. None. None. Nominal. Nominal. Nominal. Nominal- Scarce. 240 245 245 .... 250 .... None. 260 .... Nominal- 250 --.. Nominal - NominaI• 250 --.. 250 235 230 .... None. None. Nominal. Nominal. Nominal. None. None. 90} 92 96 951 85 86 80 77i 75 5 66 6 70 5 551 5 571 6 671 5 57 5 53 5 571 555 550 5 25 605 6 5 6 6 5 5 5 5 5 5 5 5 600 15 15 1? 20 10 15 65 10 10 10 10 GO 00 90 80 4 85 77* 75 60 60 70 75 80 85 76 6 921 6 96 6 00 6 00 6 00 6 92| 96 87 85 80 771 65 65 65 665 565 6 621 565 5 5 6 5 6 6 6 5 Seconds. Per 100 lbs. 65 25 30 15 17f 15 20 20 20 25 20 10 15 05 10 95 16 16 15 15 10 10 00 00 6 00 4 85 4 821 4 80 480 480 480 490 4 90 485 • 0. to. 6 000 .... 60O .... 5 00 600 600 5 00 500 500 .... 500 5 00 None. None. None. None. None. 4 80 4 90 None. Nominal. Nominal. Nominal. Nominal. 10 10 15 15 15 10 10 10 10 10 4 05 4 06 4 10 4 10 4 05 4 05 4 00 4 00 3 921 3 90 3 90 380 380 3 70 3 75 3 75 3 75 4 10 3 85 385 380 3*85 380 Nominal 3 80 3 85 3 80 3 90 Thirds. Per 100 lbs. $ c. $ 0. 4 000 .... None. None. 400 .... None. 400 .... 400 .... 400 .... Nominal. None. None. None. None. None. None. None. None. Nominal. Nominal. Nominal. Nominal. Nominal. ' Nominal. Nominal. None. None. 330 335 Nominal. Nominal. Nominal. 330 335 325 .... 330 None. Nominal. 3 25 3 10 3 10 3 10 3 00 3 10 300 .... 290 290 280 .... 290 300 None. 290 .... 286 296 290 .... Nominal. None. 290 .••• * 1 94 TRADE AND COMMERCE OF MONTREAL. PRICES or PEARL ASHES in MONTREAL DURING thi PAST TWO TEARS. 1^ DATS. January J " 14 « 21 " 28 Ti*^i^«y i5 •• 18 " 26 M«s>» :::-i? «• 17 " 24 •• 31 ^»"i! ::::;;::::::::::i5 " 21 •• 28 May 6 «• 12 •• 19 " 26 Jona 2 « 9 " 16 •• 23 «' 30 July 7 •' 14 •• 21 •• 28 Aucust 4 " 11 " 18 " 26 September 1 8 •• 16 " 22 " 29 October 6 13 " 20 " 27 November 3 10 •• 17 " 24 December 1 8 16 " 22 «' 20 1876. First Pkarls Per 100 lb*. lo. • e. 4 96 (9 ... No galea. Do Do Do Do Do 496 No salea. 500 No aalea. Do Do Do Do Do 665 No salea. Do " 26 25 626 ban 4 87} 4 76 600 480 480 600 490 486 85 75 76 75 90 00 00 90 26 6 02i 6 00 610 6 25 6 00 6 00 07J 00 50 30 40 No 600 600 490 485 4 85 50O 500 600 6 15 600 6 10 6 10 5 10 5 10 aales. SKOONS Pf.ABLS Per 100 Iba. ♦ o. $0. Nominal. No Bales. No sales. Vo sales. No sales. No sales. No sales. No sales. No sales. No sales. No sales. No sales. No sales. No sales. No sales. No sales. No sales. No sales. No saios. No sales. No sales. No sales. No sales. Sale on p. t No salea. 3 75 Nominal. Nominal. Nominal. 396 406 Nominal. 75 No No No No No No No No No No No No No 75 No No No No No aales. sales, sales, sales, sales, sales, sales, sales, sales, sales, sales, sales, sales. sales, sales, sales, sales, sales. 18Y5. First Pkarls- Per 100 lbs. $ 0. 9 6 75 a ... 680 685 6 75 Nominal 630 6 75 6 70 666 6 70 6 70 6 70 Nominal. 6 76 6 70 6 75 700 600 Nominal 6 00 6 00 6 00 6 00 5 95 80 76 75 70 47i 60 Deoltnlnf. 10 Nominal. 6 06 fiOS 6 05 6 10 6 85 6 80 6 80 6 76 6 60 540 650 No tranaaetiona. 520 625 6 10 490 6 15 6*25 sie Nominal. 485 No tranaaetiona. 495 10 00 00 Seoond Piarls. Per 10(1 lbs. $ 0. 6 75 9o None. .> Nominal. 680 None. 6 76 None. «t 660 550 Nominal. • • • 550 57i N« Noi 6 57i NominaL 5 674 TominaL 'brl.200lb8. $ c. $ 0. 5 70 5 70 70 70 70 70 65 65 65 60 000 000 000 000 4 76 4 75 485 000 000 000 000 00 000 4 90 4 75 4 75 6 85 5 85 686 585 5 5 5 6 5 5 5 85 85 76 75 75 65 00 600 600 4 76 480 4 80 95 00 00 00 00 00 00 500 4 85 485 4 6 5 5 5 6 6 1876 4P'brl.200Iba. $ a $ e. 30 30 10 10 10 10 10 10 10 25 25 35 435 4 70 4 75 480 & 00 00 00 00 20 20 20 20 20 4fi 45 45 35 25 2S 25 25 25 25 40 40 SO 50 90 00 00 10 10 10 10 SO 50 50 SO 550 hM PRICES or CORNMEAL DURING SEASON of NAVIGATION in TWO YEARS. Win Ending. June 4 " 11 " 18 " 25 Jnl^ 2 " ;:;!!;;;;!!!:i6 " 23 . " 30 AuKuat 6 ^ 13 :: 20 " 27 1875 1P'brl.2001bs. $ 0. $ c. 3 75(9 3 70 3 70 3 70 70 70 70 70 70 3 70 3 70 3 70 3 70 1876 «»'brl.2001b8. $ c. *c. 30000001 300 000 300 000 300 000 300 000 300 000 300 ooo 300 000 3 0t 00 300 000 300 00 300 000 300 000 Wekk Ending- September 3 " 10 «' 17 " 24 October 1 8 " 15 » .22 " 29 November 5 '• 12 •' 19 " 29 1875 «>'brl.200Ib8. $ c. 8 c. 70 & 70 70 70 70 70 70 70 70 3 70 3-70 3 70 3 70 1876 4P'brl.2001bs. $ 0. $ 0. 3 00 00 00 00 00 00 00 70 00 3 00 3 OO 3 00 3 00 000 000 000 000 000 00 000 2 75 000 000 000 000 000 ■*l ■ ■» ^' •f4i h ' I 96 TRADE AND COMMERCE OF MONTREAL. PORK. The shipments during the season of 1876 were 7,803 barrels, against 6,626 in 1875, being an increase of 1,177 barrels. Of the total shipment, 6,750 barrels went to the Lower Provinces, 909 barrels to Liverpool, and the balance to Glasgow. In April the range of prices for Mess was $23.50 @, $24 ; in June there was a drop to $21 @, $22 ; in September to $20 @ $20.50, and in Nov- ember to $19 @, $19.50; the market closing quiet in December. Thin Mess opened in April at $22 © $22.50, and steadily declined to $18, which was the selling price at the close of the year. The receipts of Beef in 1876 w^ere 371 barrels and tierces, against 469 in 1875, 544 in 1874, and 917 in 1873. The shipments during the season were 2,186 barrels and tierces, against 2,084 in 1875, 3,497 in 1874, and 6,511 in 1873. The shipments, it will be observed, were nearly about what they were in 1876, while the receipts show a falling off. PRICES OF PORK IN MONTREAL. DATE. April 9 •• 16 •• : 23 » .. 30 Ms^v.-,v.-.-.v--.;::::::i3 •• 21 4» 28 June * »• 11 •• 18 «. 25 July.* 2 •• 9 «« ....Id » 23 •• 30 August 6 " 13 •• 20 » 27 September 8 " !!!'!!!!!!;!!!!!!!!!li7 " 24 October 1 " 8 «' 15 " 22 " 29 November 5 " 12 •« 19 " 26 December 3 '• 10 *• 17 " 24 " 31 1875. Mess. $ 0. 00 00 00 00 00 00 00 00 00 00 22 50 22 00 2150 2150 21 UO 2100 20 50 20 50 20 50 2 00 200 21 00 23 00 23 no 23 23 23 23 23 23 to 23 5) 23 50 24 00 24 00 23 75 23 75 23 75 23 75 23 50 23 00 22 25 22 00 2160 2150 $ c. 2&00 23 00 23 00 23 00 23 00 23 00 22 50 22 00 22 00 21 50 21 25 21 00 21 00 21 00 21 SO 22 25 00 00 23 50 23 50 23 50 24 00 24 00 24 00 24 00 24 00 24 00 24 00 24 50 24 SO 24 25 24 00 24 00 24 00 23 75 23 26 22 50 22 25 22 00 00 00 Thin Mrss. $ 0. 21 50 21 50 21 50 21 50 21 50 00 00 00 00 20 60 20 50 2U 00 20 00 19 50 10 50 19 50 19 50 00 00 00 00 00 00 00 00 21 00 2150 21 50 21 511 21 50 21 50 21 50 21 50 00 00 00 00 00 00 21 50 21 60 21 50 21 00 21 00 21 00 21 00 21 00 2100 to $0. 22 00 22 00 22 00 22 00 22 00 2160 21 60 21 00 21 00 20 50 20 25 20 00 20 00 20 00 20 00 21 00 21 00 21 60 21 50 21 50 22 00 22 00 22 00 22 00 22 00 22 00 22 00 22 00 22 00 22 00 22 00 22 00 22 00 21 50 21 26 21 26 21 26 00 00 00 00 1876. Mess. • c. • 0. Thin Mksb. 9e. to. 23 00 to 24 00 2200 to 22 60 23 60 24 00 22 00 22 60 23 50 24 00 22 00 22 60 23 00 24 00 22 00 22 60 22 50 23 00 21 60 22 00 22 50 23 00 2160 22 00 22 50 22 75 2160 22 0» 22 60 22 75 20 60 2100 2150 22 00 20 60 2100 2100 00 00 20 60 2100 2120 20 50 20 00 00 00 2100 2160 20 90 a0 6O 2100 2176 20 00 2n60 20 75 2150 22 00 20 60 2150 22 00 20 60 21 0» 2150 22 00 20 60 2100 21 5C 22 00 20 50 21 oa 2150 22 00 20 50 2100 21 50 22 00 20 50 2100 21 50 22 00 2') 60 2100 2150 22 00 20 50 2100 20 60 21 00 20 50 21 OO 20 60 2100 19 50 20 00 20 00 20 60 19 50 00 00 20 00 20 50 19 50 00 OO' 20 00 20 50 19 00 00 00 20 00 20 60 19 50 00 00 20 00 20 50 19 50 00 00 20 00 20 .'"0 19 50 00 00 20 00 20 60 I9 60 00 00 19 60 20 00 18 50 19 00 19 00 20 00 18 00 18 60 19 00 20 00 18 00 18 60 19 00 19 50 18 00 I8 60' 18 75 19 00 118 00 00 00 18 76 19 00 18 00 00 00 19 00 19 50 18 00 00 00 19 00 19 50 18 00 00(0 19 00 19 60 18 00 00 00 TRADE AND COMMERCE OF MONTREAL. 97 PORK-PACKING IN CANADA. BIN MUB. $ e. 00 to 2250 K) 2250 X) 2250 10 2260 )0 2200 iO 2200 )0 2200 )0 2100 >0 2100 K) 2100 )0 0000 )0 205a K) 2n50 iO 20 75 )0 2100» )0 2100 )0 21 oa K) 2100 « 21 00 » 2100 2100 lO 21 OO A 2000 M) 0000 000» K) 0000 0000 0000 00 00' 0000 19 00 18 60 18 60 I8 60' 0000 0000 0000 00(0 00 00 The following is a review of pork-packing in Canada, taken from the Cincinnati Price Current List : — Canada has long been an important ontlet for Westem'provisionB, taken for consnmp* tion in the yarions markets and for distribation to the lamber districts. Inasmuch as the relative manofaotnre of hog prodaot in the Dominion has a bearing upon the West- em trade in provisions, we have directed inqairles in regard to the extent of pork-packing there ; and although this is the first effort of the kind ever undertaken by any one, and prosecuted by us late in the season (and necessarily to some disadvantage), we have reason to feel that the results are quite satisfactory, and will be interesting to the trade, as well as affording a good foundation for future reports of a similar nature. Canadian pork-packing is mostly done in the Province of Ontario, and the extent of the business is somewhat variable. It is apparent, however, that this industry is grow- ing, notwithstanding the fact that several of the largest packers there have recently extended their operations to a considerable extent to the West, including Chicago. Several new packing houses have been erected in Ontario durii\g the last year and a half, and the present packing facilities are largely increased over previous years. There are no available statistics in regard to the number o' swine in Canada. Owing to the limited extent to which com is raised, and the high price of peas, barley and other feed material, but a small number of hogs are fattened there. The packers procure the largest proportion of their supplies from the irnited States, particularly firom Michigan and Illinois ; considerably from the Chicago market. The home demand for bacon and hams is largely supplied by the Canadian cure, but the production of mess pork and lard is not adequate to the demand for these articles^ which are obtained in Chicago, Cincinnati and other Western markets. Some of the Canadian packers are also prominent among the large exporters of fresh beef and mutton to the English markets, and they express a belief that this feature of the business is hiving a depressing effect upon the market for hog products. This, however, we regard problematical. Our returns embrace about all the packing points of any prominence in Canada, and show that at 36 places a total of 186,198 head were packed during the past winter, against 119,989 the previous winter, an increase of 65,209 head. Average net weight, 20377 lbs. About 30,000 barrels pork were made. Increased attention is also being given to summer packing in Canada. The number reported for last season, from March 1 to November 1, 1875, is 51,544, mostly at Toronto and Hamilton. The aggregate number reported for the year ended March 1, is 244,742. ■>. ' i to 98 TRADE AND OOMMEROE OF MONTREAL. The following table shows the namber of hogs packed at the different place* in Canada daring the past and previons winter : — f!l •' M ONTARIO. NOTIMBIB 1 TO MaBOH 1. Aylmer AiUaCr^g Aflton .... BelleTille BrookTill* and Prvioott. BowmuiTiUe OuUlngwood €oboart Ouelph Hamilton Hensall IngerMlI Kinoardin* London Lindiay Laoan MUlbrook Montreal. Quebeo . . 187tJ-77. 8,000 633 200 2,000 1.600 1,600 364 600 7,000 36,860 l.MO 7,000 1.860 18,000 8,000 1,500 300 1875-76. 6.G00 406 100 2,000 "soo ""466 6,000 21,781 "6.666 213 20,000 5,000 NOTIMBIB 1 TO MaBOH 1. Mitohall Newmarket Paris Parkhlll Port Burwell and Delhi. Port Hope Port Perry St. MMry'e St. Tbomu St. Catherines Strathroy 'i'oronto Windsor Walkerton AVaterford Widder Total. QUEBEC. 25,000 4,600 1.!>.000 4,000 St. Uenri Grand total- 154.600 2,000 186,000 1876-77. 1876-76. 1,365 2.595 800 960 1,023 700 8,000 660 2,000 050 700 1.000 2.640 flOO l.flOO 600 3.000 2,600 1,700 • *!*>• 25,000 22,000 12,013 1.600 1,600 . ^ 266 600 98.9e» 2,000 119,969 THE DAIRY PRODUCE TRADE. CHEESE. The Receipts and Shipments at Montreal in the following years were — Year. 1870.... 1871.... 1872.... 1873.... Receipts. Shipments .boxes 78,711 99,416 * . " 136,609 194,740 . " 195,031 220,522 . " 383,821 891,176 Year. Receipts. Shipssants. 1874 boxes 876,903 379,282 1875 " 642,191 642,238 1876. 346,602 601,284 The receipts in 1876, as compared with 1875, show a falling off of 195,689 boxes, but the decrease in the shipments is not so heavy, being only 40,852 boxes. Of the total shipments via the River St. Lawrence during the season of open navigation, 407,904 boxes went to Liverpool, a very large proportion of the balance going to London and G-lasgow. At the opening of the season there was a small stock of cheese on hand, and the price for a good article was lie. In June the price ruled at 9c. @, lOc, and then in July fell off to 7 Jc, because of a decline in the Eng- II II i ,v ■. plaoM in • W7&-76. > > 2.O0O fl60 700 660 700 '"mo 600 2^ 22^600 T800 '"m » gs.969 2,000 119.989 TRADE AND COMMERCE OF MONTREAL. 99 lish market brought about by excessive shipments thence from the United States. In September the price began to advance, and in October 12c. was freely paid. The business was more cautiously conducted in 1876 than was the case in the previous year. Montreal operators purchased chiefly in the "West for through shipment, [and the business on the spot was not so large. This course was adopted because of losses incurred in 1876 on cheese held in store iu this city. There was less accu- mulation of stock also in Ontario, factorymen disposing of their cheese from week to week at current prices instead of as had been done in former years, holding back the supply when prices were low, until an advance should occur. The policy of dispos- ing of cheese at once should certainly be followed by factorymen, as otherwise they become little better than speculators *and intro- duce an element of uncertainty and risk into their business which is most undesirable. Of the total shipment of 501,884 boxes from Montreal in 1876, 473,099 boxes were shipped via the St. Lawrence and 25,907 boxes via Portland. PRICES OF CHEESE IN MONTREAL DURING THREE YEARS. I 1^ ,' >llowing Shipnenta. 379,282 642,236 601,294 lUing oflf not 80 via the 407,904 balance season ce for a © lOc, he Eng- OlTI. June 4 " 11 " 18 " 26 Jny 2 " ! '.■.!'.!!.■.' .".16 " 23 " 80 Aaguflt 6 •^ 13 •• 20 " 27 1876 Per lb. Ota. oto. ► 10 10 9i 10 9 »J 8 8 H I 8i 9 9 7 7 I' 8 1875 P«r lb. ets. cU. 10i<913 10 00 10 lOi 104 11 10? 11 10 10 10 10 10 10 isi 10 10 10 10 Of 9 CO 9} 1874 Per lb. oU. ots. 11912 11 12 11 111 11 11} 11 12 10] 11 10 11 10 11 10 11 m 11! 10 11 11 12 11} 121 Datr, September .... 8 " 10 «• 17 " 24 Ootober 1 " 8 " 15 " 22 " 29 November 5 " 12 " 19 " 26 1876 Per lb. ots. ets. 8 8] 9 11 11 11 11 11 11 11 11 10 12 12 12 12 12 12 12 12 lOi 11 1? 13 12 13i 1875 Per lb. 1874 Per lb. BUTTER. The following is a statement of Receipts and Shipments at Montreal in the past seven years : — Tears. 1870 isn 1872 1873 Reoeipts. Shipments. .kegs 96,316 97,650 " 161,641 193.154 " 131,429 322,703 " 136,187 158,048 Years. 1874... 1875 .. 1876. . . Reoeipts. Shipments. .kegs 93,060 99,341 161.812 147,509 . " 139,569 194,741 t ) 1,-* V- i i:: fi 100 TRADE AND COMMERCE OF MONTREAL. The shipments in 1 876, it will be observed, were 47,232 kegs in excess of those in 1876, while the receipts were 22,248 kegs less. The largest shipments were made to Liverpool, 124,688 kegs of the total having been sent to that port. Glasgow ranked next to Liverpool as a purchaser of our dairy products, and some 10,868 kegs were shipod to the Lower Provinces. The shipments were larger than in any previous year, except in 1872, and the receipts were exceeded in two years only. The trade in 1876 was only the whole profitable, prices showing a higher range than in 1876. In April, before new butter came to market, prices were high, and the stock of old butter had been greatly reduced both here and in Great Britain. In June and July the lowest prices were made, and the extremely hot weather prevailing in the latter month caused quick sales, as it was difficult to prevent deterioration if the supply was kept in store. In the fall a con- siderable advance in price occurred, and a good trade was done at profitable figures. The chief butter-making section of the country is in the eastern portion of Ontario and the Townships, while in Western Ontario cheese is most largely manufactured. PRICES OP BUTTER IN MONTREAL. i H Datb. A{>rU 7 " '.*.!!!!!!!;!2i '• 28 May 5 '• 12 •♦ 19 " 26 Jnnc 2 " 9 " 16 •• 23 •• 80 July 7 •• 14 ♦' 21 " 28 Angaat 4 " 11 " 18 1874 Per lb. 0. c. 24 28 24 27 20 18 18 18 19 00 19 18 19 19 19 19 19 19 20 21 21 21 23 21 22 21 21 2U 22 22 21J 22 22 22 22 22 22 22i 22 22i 1875 Per lb. 14 14 14 14 14 19 19 19 19 19 18 18 i? 17 17 17 18 18 19 c. 17 18 18 18 18 22 22 22 22 22 22 21 20 20 20 20 20 21 22 22^ 1876 Per lb. 17 « 17 00 00 00 20 20 17 16 16 16 16 16 16 16 16 16 17 17 17 »24 24 00 00 00 22 22 21 20 20 20 20 20 19 19 19 19^ 20 20 21 Datb. Am utt 25 September ... -1 " 8 " 15 «« 22 ti 29 Ootober .... 6 " 13 •• 20 " 27 November.... 3 *' 10 •* 17 " 24 December.... 1 " 8 " 16 " 22 " 29 1874 Per lb. 21 21 24 23 23 23 23 24 25 29 25 25 23 23 23 23 23 23 23 • a. 22 25i 25 26 20 26 27 28 30 28 28 27 27 27 27 27 27 27 1875 Per lb. 19 » 22k 19 22* 19 18 18 17 17 17 17 17 17 16 16 16 16 17 17 17 17 22 22 22} 22i 22 22 22 22 2U 21 20 21 22 22 22 1876 Per lb. 17 I 17 17 17 18 20 18 18 17 17 18 18 16 16 16 15 15 15 15 26 25 24 25 25 25 27 27 26 26 26 25 24 24 24 )! TRADE AND COMMERCE OF MONTREAL. 101 !82 kegs 248 kegs 124,683 \r ranked nd some lipments and the 1876 was a than in ices were ced both 3st prices ig in the » prevent all a con- was done »n of the >wn8hips, Btctured. 6 1876 b. Per lb. 0. e> 0. 22» 17 •22ft 22 17 22i 22 17 2!m 22 17 22{ 22 18 as 2? 20 25 m 18 24 7!t, 18 25 n 17 26 n 17 25 22 18 27 22 18 27 21j 16 26 21 16 26 20 16 26 21 15 25 22 15 24 22 15 24 22 15 24 ri i i I i H ta O in jf m l^lJiC I 11^ "Mp: I s I % '8 M ■5 % I ^rf I n \i ^'^ % s 8 ? 8 s? g I I I M 3 % 8 r iff ^ I- If SI Si siS ll ^ 2l| 00 0,1 s ll t a s 3 3 ef t^ s ll Sf i ^ If I ^ af )f ^ S a a s O s ii ( ! I II* i ) J;1 -i •it r I) ii ill ^llii 102 TRADE AND COMMERCE OF MONTREAL. THE aROOERY TRADE. TEA. The following is a statement of the quantities and values of Teas imported -^t Montreal during the past nine years: — Calrndab I Ykab- 1868 1869 1870 1871 1876 Tea- Lbs- 3.847.652 6.241,225 6,2H9.06l 5,285,483 5,216,562 Valae* $ 1,293.635 1,959.595 1,846.601 1.564,977 1,402,901 In Bond Slit Deo. Lbs. io6o!i67 2.711 574 2,664,519 923,196 Calxndab Tbab. 1872. 1873. 1874. 1875. Tea. Lbs. 7,947,428 5.095.261 5,323.121 3.758,929 Value. i {2,70J.,214 Te63.387 1,691.414 1,189,831 In Bond 31at Deo. Lbs. 21,639 104.948 1.170102 1,1US,238 The average cost of Tea per pound in 1874 was 31c. ; in 1876, 30c., and in 1876, 27c. The following is a statement of the quantity and value of Tea imported into Montreal from the United States in the past three years : — 1874 1875 1876 Ihpobted fbom United Statis. Quantity. Value. Quantity. Value. Quantity. Value. Tesi— Green and Jatiati lbs. 750,469 107,029 1 280,3f5 27,161 lbs. 1,125,046 208,870 9 427.575 52,114 lbs. 1,951,105 68,122 67680ft Tea'— Black 20,831 Totals 857,493 307,626 1,.^W^16 479,689 2,019,227 697,639 The quantity imported into Montreal in 1876 was 1,457,633 pounds more than in 1875, but less than the average of the pre- ceding six years. The trade in 1876 was not profitable. Importers had to contend (1) against the prevailing depression, (2) against American competition, and (3) against the slaughtering which was engaged in after it became known that the Government would make no alteration in the tariff. It was known when Parliament assembled in February that the revenue had fallen short of the expenditure, and a revision of the tariff was confi- dently expected and a liigher duty on tea was looked for. y*.nti- TRADE AND COMMERCE OF MONTREAL. lOS. 1876 antity. Valae. lbs. 51,105 68,122 19.227 676.806 20,831 697,639 cipating this, merchants engaged in the trade imported largely from the United States, and withdrew the great bulk of the stock in bond. This action caused an excessive supply, and importers, having incurred new liabihties by purchasing freely in New York, were anxious to realize, after the Finance Minister declared that the Government did not at that time intend to alter the duty. The effect of the pressure to sell reduced the margin for profit, and in the spring and summer there was little profit in the business. ' The competition which the importers of the United States have entered into with Canadian dealers, was also a cause of loss of trade to Montreal. Throughout the year, travellers hom. New York and Boston houses were constantly to be found peddling their teas in Ontario and enjoying the free use of our markets, and they succeeded in wresting a large portion of Ontario trade from Montreal merchants. The absence of a differential duty against the United States is still a source of complaint againsc the Government. When the discriminating duty of ten per cent, on teas imported from the United States was in opera- tion, a direct trade with China and Japan sprang up and pro- mised to assume important proportions. Our importers were able to keep the trade in their own hands and make a fair profit, but since the abolition of the ten per cent, duty, the import trade has again been transferred to the United States, and a large part of the Canadian business transacted from Boston and New York, instead of from Montreal as formerly. In Februaiy, 1877, the Government, for revenue purposes, imposed an addi- tional tax of 2c. per lb. on Tea, making the duty 6c. per lb. on Green and Japan, 6c. per lb. on Black. Ul K:i- i 104 TRADE AND COMMERCE OF MONTREAL. suaAR. The following statement shows the quantity and value of Sugar and Molasses imported into Montreal during the past nine years : — YEARS. 18«B 1869 1870 1871 1872 1873 1874 1875 1876 Molasses and Canx Jviok. Unbifihkd SvoAia. Quantity. V»lu«. Qautity. V»lae. lbs. $ Iba. $ 21,685,628 513,640 38,031,680 1,687,785 28,335,438 721,524 29,681^)66 i;415,965 38,283,0^3 884,147 S'S^'"^*^ 2,342,539 2,464,806 144,284 S\966334 1.758AB7 10,418,666 119,582 36353,320 ?>^*?M 19,849,914 391,261 36,680,690 1,682,198 18,134,677 424,466 48,729,790 2.06%66S 1§'?I?'3I* 259,(85 50,542,078 1.948,742 15,134,337 229,796 83,073,088 1,659,137 i [ h i I -; I ;^!i! The quantity and value of Sugar remaining in bond on Dec. 31st, during the past eight years was as follows : — YXABS. 1869 1870 1871 1872 Qaantity. lbs. 5344,416 17,705,170 8,293,874 12,273,862 Value. $ 260,704 807,201 390,467 611,432 Ybabs. 1873 1874 1875 1876 Qaantity. 11.954,024 10,308,607 7,149,905 4,1U6,2R7 Value. 5,710 472;222 280.441 237335 The following is a statement of the quantity and value of Sugar imported into Montreal from the United States during the past three years : — Qcality op Sugar. 1874. 1875 1876. Succar No. 9 and over (old tariff) do under No. 9 do lbs. 4,225,175 148,863 81,979 $ 239,966 6,494 5,097 lbs. 741,064 21,942 $ 42,600 878 lbs. $ do No- 16 and over do do over No. 13. 4,095,223 1,291,153 1392,734 221,i57 63,173 55,473 6,289,971 410391 314,174 17,920 do No.9tol3 do under No. 9 Totals 4,456.017 261,577 7,642,116 373381 5,700362 332,094 TRADE AND COMMERCE OF MONTREAL. 106 '\ value of ! past nine The exports of refined Sugar from New York to Canada in 1874, 1875 and 1876 were as follows :— Totalml874 Ib8. 4,467,397 Totalml875 Iba. 7,208,894 D SuOiJUl' Value. 9 1^415^985 2^539 1^,697 2.42B.264 2^052,665 1,948.742 1,669.137 nd on Dec. r. Value. value of tes during 1876. lbs. $ 289,971 410.391 314,174 17,920 •■••••• 700,362 332,094 Months. January.. February Mareh ... AprU May . . • • June"'" July 1876 lbs. 717,800 1,428,:{)0 939,036 1.364.540 1,679,525 1,086,704 1,926,438 Months. August September • October November December Totals for 1876 1876 lbs. 1,185,860 1,117,198 1.607,144 1,933,750 768.680 15,757,525 It will be noticed by these statements that the trade of Montreal in refined white Sugars, has been thrown completely into the hands of Americans by the refusal of the Canadian Government to afford any protection to our refiners, against the drawback allowed by the G-overnment of the United States on all refined sugar exported from that country. In 1874 the white sugar used in Canada was supplied almost altogether by our own manufacturers; but in May, 1876, the Redpath Refinery was obliged to suspend operations, and since that time our sup- ply has been drawn from New York and Boston, as is evidenced by the fact that the exports from New York alone to Canada increased in two years nearly 400 per cent. The sugar market was active during the greater part of the year because of short supplies the world over, and prices underwent many and wide fluctuations, the highest figure being reached in November and the lowest in April. The following table shows the range of prices of refined Sugar in Montreal during the year 1876 : — MONTHS. Jano ary February Marob April May June July August September October November Oeoemtier __ Scotch refined. Granulated. cts. cts. ots. cts. 71 8| i 8 8 & 8i f 8J 7} n 8 10 7 8^ 6 83 7 8 8 9 7 8 8 »h 7i 8J 7} 9 9 10} 10 loj • 8 9l 9 10 9 10 8 9 9 lOf 9i loj 10 lU 103 iiJ Dry Crushed. cts. Ola. 9 & 9i 9 9. 9 9i 10 10 10 lOi 9i 9i lOj 10* 103 123 llj m m I i n 106 TRADE AND COMMERCE OF MONTREAL. t*- ,6! The following table shows the prices of raw Sugar in Montreal during the past three years : — MOA'THS. April May June July August September, October ■ . November. December. 1876 Porto Rico. Per lb. ots. Ctfl. S & 8 8 8 h 8 8 8 Cuba. Per lb. CtS. 0t8. 7 7: & 6 7 7 '} 7 7, 7 7 ?: 7: 1875 Porto Rico. Cab*. Per lb. ots. cts. 8> 81 7i 7! 7! 7i 7} 7 ?' Per lb. cts. eta. ;j*8 6i 6i 1874 Porto Rico. Per lb. etf. cts. 7l 8 7] 8 i It Cuba. Per lb. ots. cts. .. O .. 7 8 61 7i 8^ in SALT. The following is a statement of the quantity and value of Salt imported at Montreal during the past five years : — YEAR. 1872 1873 1874 QuANTmr. Bushels. 23,004 435,085 330,542 Value. $ 6,806 77,864 50,567 YEAR. 1875. 1876. QUANHTT. Boshelfl. 162.712 325,275 Valuk. $ 32,062 49,173 The following table shows the prices of coarse Salt in Montreal during the past three years : — f 'i DATE. April May June ! • • July t August September October November December COARSE. 1876 i Per hag. ots. cts. 56 & 57* 60 62 521 57 56 58 57i 60 53 54 53 54 56 eo 60 62i 1875 Perba«. cts. cts. .. 70 , , 70 67i 70 65 70 70 75 73 75 65 67* 53 55 60 65 1874 Per bag. ots. 93 cts. 92* 80 70 67* 69 $112 90 85 85 90 80 70 70 $1 15 «100 90 90 The trade in Fine Salt in 1876 was very light, and Factory-filled appears to have taken its place to a great extent. The quota- tion for Factory-filled in March was $1.00 @, $1.10, from which i3! TEADE AND COMMERCE OF MONTREAL. 107 Montreal 1874 lieo. b. ots. 61 Cuba. Per lb. oti. ote. .. O .. 8' I 7 5, 8 6} 7i 8i there was an advance to $1.25 @. $1.40 in April, then in May and June a decline to $1.00 @, $1.10. In July a fair amount of busi- ness was transacted at $1.10 @, $1.25, but in August ind September $1.00 @. $1.10 was accepted. Iii the closing months of the year trade was dull, and the ruling quotation 90c. @, $1.00. DRY GOODS. The following comparative list shows the value of certain des- criptions of goods imported at Montreal during the past five years : — due of Salt DESCRIPTION. TUT. Valuk. Mis. 712 275 $ 32,062 49,173 se Salt in 1874 Per bag. cts. ota. 924 & i>3 80 90 70 80 67J 70 69 70 $1 12 $1 15 90 ♦lOO 85 90 85 90 |actory-fiUed [The quota- from which Cottons, Yams and Warps- . Linens Woollens Carpets and Hearth Ruga — Hats, Caps and Bonnets Hosiery Shawls Silks, Satins and Velvets — Parasols and Umbrellas Gtothinsor Wearing Apparel. Small Wares, TotaU... 1876 1875 1874 1873 Value. Value. Value. Value. 12,380,151 $2,732,641 $4,184 893 13,996,830 346,138 485,192 606,085 536,308 2,591,948 3,686,022 5,087,167 4,420.866 215,185 365,500 327,672 228,542 317,726 286,890 457,334 3S6,493 267,563 455,675 326,603 254,082 50.928 119,707 333,892 53,175 566.786 818,217 1 244,926 935,872 81,183 119,725 101,946 61,673 104 793 226.665 176,920 46.789 480,000 590,810 840,718 763,510 «7,4Q2,401 19,786,944 113,668,056 $11,633,140 1872 Value. $4,307,490 637,255 r "39,346 i00,985 466,146 337,.392 62.779 1,221,074 89,462 34,393 966,983 114,203,305 Probably no branch of trade has been more severely crippled by the depression of 1875 and 1876 than the Dry G-oods. This fact is apparent enough from the foregoing comparative statement wherein it is shown that the value of imports decreased nearly one-half in two years. It must be admitted, however, that no department of business stood more in need of contraction, or pre- sented so many vulnerable points, when the evil of a depression settled on the country. Between the years 1870 and 1875, the number of dry goods merchants was enormously increased. Credit was so cheap that it could be obtained by almost any one, because of the competition for business which the establishment of many new importing houses had created. Supply houses were opened in all the towns and cities in Ontario and Quebec, and goods far in excess of the wants of the people were stocked k v,f' : ^n M^ <»'■' i$i. 108 TRADE AND COMMERCE OF MONTREAL. ■■ i! i' ' I ■i . '" there. These five years of active, pushing business were undoubtedly profitable to importers ; had they not been so the trade would have contributed a very much greater number of failures to swell the grand total than it has done. But while sales were showing a rapid increase liabilities, were also being piled up, and when the consumptive demand slackened and money became scarce, the tinsel covering was removed from the apparently splendid picture, and a very miserable condition of things was presented. The number engaged in trade was far too great; stocks too heavy ; liabilities excessive. And as a conse- quence, the number of failures in the retail dry goods trade since 1874 has been greater than in any other branch of busi- ness, — and disasters would have occurred more frequently among wholesale importers, had not profits in previous years enabled many to bear up against the losses in 1875 and 1876, and the magnitude of the liabilities of others compelled banks to carry them through. Trade during 1876 was far from satisfactory. Importers, from necessity and policy, greatly reduced their importations ; but this has not been of so much concern as the large number of failures which occurred throughout the year, and caused serious loss. In the spring the dry goods manufac- turers and dealers of the United States entered into competition with Montreal importers in the Ontario market, and deprived them of a considerable share of trade, American cottons, to a large extent, superseding the English article. The following statement shows the value of dry goods imported into the Domi- nion of Canada from the United States in the fiscal years ending June 30th, 1874, 1875 and 1876 :— DESCRIPTION OF GOODS. Cottons •*. Fancy Goods Carpets ond Hearth Rugs Hats, Caps and Bonnets. • Hosiery Linen Parasols and Umbrellasw Shawls Silks, Satins and Velvets. Small Wares WooUens Totals. ■ ■ ■ 1874 $900,355 283.209 18,804 316 578 26,550 40.800 83,235 4,414 62,103 310,148 277,909 12,323,465 1875 $1,341,443 300,801 20.284 430.359 33,055 64 638 69.411 1.270 .S9,079 371,382 290,119 $2,967,841 1876 $2,140,097 296,258 12,749 469,654 29,332 63,1(« 65,851 1,228 27,099 346,062 359,130 $3,800,565 TRADE AND COMMERCE OF MONTREAL. 109 less were 3en so the aumber of But while also being^ kened and d from the mdition of was far too as a conse- ;oods trade ch of busi- ntly among^ irs enabled 76, and the ks to carry satisfactory, luced their Lcem as the ,t the year, Is manufac- competition id deprived ottons, to a e following the Domi- ears ending 4a 1876 $2,140,097 01 296,258 84 12.749 fi9 *69.Sjl SS 29,332 nH •^^'1^ 11 55.851 r\ iM 112 TRADE AND COMMERCE OF MONTREAL. The follo-vfing table shows the prices of Bar Iron, Canada Plates, Tin Plates and Lead in Montreal at the opening and closer of 1876 : BAR. PerlOOlbi: Scotch and Staffordahire Beit do Swede's and Norway Iiowmcor and Bowling ' CANADA PLATU Per box: Biranaea and Badd Penn and Oarth Arrow Uatton Tllf PLATRS. Per box : Charcoal, I G Charcoal, IX CharooaKDO Coke, 10 LKAD. Per 100 lbs: Pig Sheet Bar DecemberSlat, 1876. 2(y) a U20 4 75 600 2 10 230 550 650 360 3 75 4(J0 340 3 75 400 425 360 700 900 600 600 750 050 650 650 825 650 650 650 700 700 Januarr lit, 1S76. fc. 30 250 500 660 450 460 4 75 4 40 goo 10 00 700 6 75 650 660 650 ?c. 40 260 560 700 000 4 75 500 460 8 25 10 25 7 25 700 700 700 700 This statement shows that the weak spots in the trade in point of price were Canada Plates and Tin Plates, the decline in the value of these articles during the year being continuous. MARINE. The following is a comparative statement of the opening and closing of navigation, and arrival and departure of vessels at the Port of Montreal : SEA-GOING VESSELS. TEARS. 1863 1864 1865 1866 1867 1868 1869 1870 1871 1872 1873 1874 1875 1876 Opening of aviga- tion. Jpe: Na April 25 April 13 April 10 April 19 April 22 April 17 April 25 April 18 April 8 May 1 April 25 April 25 May 3 April 27 Close of Naviga- tion. Deo. 12 Deo. 11 Dec. 16 Dec. 15 Deo. 6 Deo. 9 Dec 6 Deo. 18 Deo. 1 Deo. 8 Nov. 26 Deo. 13 Nov. 29 Dec 10 First Vessel from sea. May 6 April 28 May 3 May 1 May 4 May 4 April 30 April 22 April 22 May 6 May 4 April 11 May 9 May 8 Last Vessel for Sea. Nov. 26 Deo. .. Nov. 24 Nov. 28 Nov. 29 Nov. 27 Nov. 24 Nov. 27 Nov. 29 Nov. 28 Nov. 21 Nov. 21 Nov. 22 Nov. 23 Totol No. of Vessels 604 .378 358 516 464 478 557 680 664 947 702 731 643 602 Tonnage. 209,224 161,901 152,943 205,775 199,063 198,759 259,863 316,846 351,721 398,800 412,478 423,423 386,412 391,180 Qreatest No. of Vessels in Port at one time. 86-Jnne 13 32— June 23 42-Oot 19 91— June 13 89-Oot. 21 51— June 24 61-Nov. 4 62-^une 29 89-Oot. 27 84-Oot. 30 84— Aug, 28 76-July 6 60-Aug. 18 61-Jaly 24 la Plates, > of 1876: janua^ lit, 230 a 250 500 650 240 260 550 700 450 450 4 75 440 000 4 75 500 450 800 10 00 700 6 75 825 10 25 725 700 650 650 650 700 700 700 lein point ne in the is. * 1 TRADE AND COMMERCE OF MONTREAL. 113 The elMtifloation ofSea-Kotnc Veuela in port during the pait Six yean wu ai followi :— . Comparative Statement ihowinf the Number and Tonnage of Hirer Oraft, in- cluding Steamers, Barges, Batteaux, Ac, in Port during the past Twelve Yean, and the greatest number at one time :— VESSELS. 1871 142 99 170 26 47 180 1872 1873 1874 266 50 167 15 64 169 1875 256 40 138 17 53 138 1876 240 40 146 18 35 123 602 YEAR. River Craft Tonnage. In Port at one time. Steamers Ships 215 67 182 20 68 175 242 72 164 18 59 147 ]8«5 1866 1867 1868 1869 1870 1871 1872 1873 1874 1875 1876 4,509 4.771 5.083 5,218 5,822 5,866 6,315 6,878 7.160 6,855 6,178 6,063 420,694 626,550 613,679 744,477 746,927 721,324 819,476 824,787 936,782 956,837 811,410 786.083 220HSept. 6 206-Sept. 5 240-Oct. 14 244-Oct. 31 297-June 22 2e9-Nov. 5 285-Oot. 6 2Bl-Oot. 1 345-Oct. 21 SU3— June 1 256-Aug. 6 282-Nov. 9 Barques Brigs Brigantines Schooners Total 664 727 702 731 642 ' • ' * 3ning and els at the Greatest No. of Vessels in Port at one time. 86— June 13 32-June 23 42-Oot 19 91— June 13 8^0ct. 21 51— June 24 61-NoT. 4 62— June 29 89-Oot. 27 84-Oct. 30 84-Aug, 28 76-July 6 60-Aug. 18 61-Jul7 24 PROTECTION OR FREE TRADE. THE CANADIAN NATIONAL POLICY. » The following address was delivered by Mr. Thomas White, JuNR., in the city of London, on the invitation of the London Board of Trade, on the 12th January, 1877. It is included in this report at the urgent solicitation of a large number of the manufacturers of the Dominion, as embodying their argument in favour of the adoption of a national trade policy for the Dominion. Mr. "White, having been introduced by Mr. George MooRHEAD, President of the London Board of Trade, spoke as follows : — Mr. Chairman and Gentlemen, — "When the Board of Trade of the city of London did me the honor to invite me to this city to deliver an address upon so important a subject as the relations of the question of free trade and protection to the interests of Canada, I confess to you I had a great deal of hesitation about the propriety of accepting that invitation. I have no doubt whatever, in my own mind, as to the importance of this ques- tion. I have no doubt, in my own mind, that it rises, in its relation to the real interests of this young Dominion, far above any other question that is prominent in the discussions of the country. But I am a strong party man — I am tolerably well known as such ; and my only fear in accepting this invitation was that some persons might be ill-natured enough to suppose that I had some party or sinister motive in accepting it. This question, I think, may be fairly discussed without reference to party to-night. (Hear, hear.) I think it may be fairly so dis- cussed for this reason — That there aro in all of the political parties of this country considerable diversity of opinion upon ill i I -3 ^ % • ¥ f;'^ i; ' i . M git"' f.\ i) ; ."1 ^1 116 THE CANADIAN NATIONAL POLICY. the subject. (Hear, hear.) Among both parties will be found those who are strong free-traders, and those who are strong pro- tectionists. And I propose, therefore, in discussing it with you here this evening, to deal with it, not in its relation to party, but in its relation to the country. I desire that we all should, as I hope to be able to do, forget that we are party men in any sense whatever, and remember — as I hope in this address to be able to remember — that we are simply Canadians, deeply interested in the prosperity of this young Dominion. (Loud applause.) You will allow me, before I enter upon the discussion itself, to refer somewhat briefly to the tariff legislation of Canada. You will remember that in 1855-6, in the latter year especially, we liad great prosperity in Canada. The G-rand Trunk Railway was being built. Enormous sums of English capital had been introduced, and were being expended in the country. Employment was given to the people ; large numbers were brought over from the Old World, many of whom are now to be found among the most prosperous farmers in this and other sections of the Dominion of Canada — men who came here as navvies to work upon the Grand Trunk Railway. Upon the completion of that work, the crisis of 1857 came upon us. The prosperity which we had enjoyed for a short time, and which we had all hoped might be perma- nent, passed away. The magnificent schemes of future riches which many a man had built up, founded simply upon the fact that he had got a lot where a station was going to be built, and had employed the lithographer to draw him plans of the future city, with its magnificent churches and town hall, and other prominent buildings, vanished. And we were compelled to realize that our prosperity was not necessarily a permanent one, because of the mere temporary introduction of capital into it, and the mere temporary expenditure of that capital. Then came the most prominent Act in our tariff legislation. I refer to the Act of 1859, when Mr. Gait, now Sir Alexander G-alt, for the first time in Canada, introduced the protection principle ; and I think you will agree with me that the adoption of that principle had an important influence upon the interests of this country. Those of you who look back and remember that period will agree with ^-Y THE CANADIAN NATIONAL POLICY. 117 me that the industries which sprang up, almost as if by magic in different parts of the country, as the result of Mr. Gait's tariff, compensated us to a very considerable extent for the loss of those large expenditures in capital, which we had enjoyed in consequence of the construction of the Grand Trunk Railway. That was the first attempt to embody the principle of protection in the legislation of this country. As such it was undoubtedly the most important Act in the tariff legislation of Old Canada, and it had an influence upon the prosperity of the country which, looking back upon it, all now ire compelled to admit. Our next most important Act — it was important because it was apparently in direct reversal of the policy of 1869 — was the tariff of 1866, when the same finance minister, Mr. Gait, then a mem- ber of the coalition government, introduced a bill which, on the average, reduced the duties on the unenumerated list to fifteen per cent. It is important for a moment to understand the reasons which justified, and the circumstances which rendered possible, that act of legislation. We were at that time discussing the question of confederation. All parties in Canada had united together to " ground arms " in relation to the old party disputes which had for so many years separated them, and had embittered the political discussions of the country. They had agreed, I say, to " ground arms," and, by an earnest effort, to build up a great Confederation, which would extend from the Atlantic to the Pacific — to secure for the future of this country that pros- perity which seemed almost impossible in the then existing state of things. Our friends in the Maritime Provinces were strong free-traders ; that is, strong free-traders in the sense that they desired a low import fluty — their duties averaged not more than 12J per cent. ; and one of the strongest arguments used against going into Confederation was the high duties of the old Province of Canada. The object, therefore, of that reduction was to assist those friends of Confederation in the Lower Provinces in bring- ing about that union, the effect of which would be to add a million consumers for the producers of Canada, and secure for the whole that greater prosperity which all desired. Now what were the circumstances which rendered that possible ? The ;■! ; J. •& i' :•.■! ; If 4- 1 ■I H 118 THE CANADIAN NATIONAL POLICY. United States had just emerged from a great war which, in addition to its other evils, had paralysed all their industries. The debt which it had produced had enforced a resort to a system of internal taxation, which had increased enormously the cost of everything they produced, and to a system of high duties which, coupled with their internal taxes, increased the cost of every- thing they imported They were in that condition which afforded to us, lying alongside of them, and free from these unfortunate circumstances, a higher protection than would have resulted from any possible duty which could have been put on by the Canadian Grovernment. It was fortunate for us, it was fortunate for those who looked upon the prosperity of Canada as largely dependent upon the adoption and the maintenance of a sound fiscal policy, that, at that time, when it was necessary in order to secure this Confederation to yield somewhat to the views of the Maritime Provinces, we should, at the same time, be so situated in relation to the neighbouring Republic that we had a state of affairs which secured to us absolute, entire and complete protection for all the industries of this country. You will remember, gentlemen, that from that time, down to 1873, the people of Canada engaged in manufactures suffered nothing from the reduction of the duties to fifteen per cent. On the contrary, prosperity prevailed in every part of the Dominion, and the industries which had been established in consequence of the tariff of 1859, continued and flourished. We were saved from that undue, unfair competition which has since done so much to injure and paralyze our industries. I am aware that there is a general opinion prevail- ing that the high prices of articles in the United States at that time was due entirely to high import duties. I am aware that it is alleged, as one of the reasons why we should avoid a protec- tive policy, that the protective policy at that time was a serious burden upon the people of the neighbouring Republic. "What caused the high prices of goods — as I shall be able to show to your entire satisfactior, I think, before I have done — was not the import duties, but the internal revenue duties, which had nothing to do with protection — that internal system of taxation which, instead of being in favour of, was directly against any THE CANADIAN NATIONAL POLICY. 119 which, in ndustries. o a system the cost of ies which, of every- h afforded afortunate alted from ) Canadian e for those dependent seal policy, secure this 3 Maritime in relation Fairs which . for all the Lemen, that engaged in ' the duties revailed in h had been inued and lompetition ralyze our on prevail- ates at that vrare that it d a protec- LS a serious ic. What to show to vas not the Yhich had of taxation gainst any idea of protection. It must be perfectly clear to you that if you put on a duty of say twenty-five per cent, on an article, in order that you may have that article manufactured in the country, and then put on an internal revenue duty of twenty per cent., in order to raise a revenue — it is quite clear, I say, that the actual protection is reduced to five per cent, and is no longer twenty- five per cent. It was, therefore, I say, the internal revenue system in the United States which at that time caused high prices for everything purchased in that country. In 1873 a change again took place. The revenue system of the country was fast returning to its normal condition. The ordinary industries of thj United States were fast resuming their old state, in consequence of the removal of one duty after another in the internal revenue system, and things began to change so that, from that time down to the present, under a steadily in- creasing ratio, cheapness became the rule, instead of dearness, for manufactured goods in the United States. Before that time it was not an uncommon thing for American travellers and tourists to come to Canadian cities to purchase large supplies of what they required, and by a system of "underground rail- way," take the goods purchased to the United States; thus saving, by the difference of prices here and there, enough to pay for a pleasant summer tour — the latter therefore costing them nothing. What is the fact to-day? In the city of Montreal, and in the city of Toronto, and I daresay in the city of London, Americans no longer come to buy goods ; but 1 have heard of people in the city of Montreal who go to New York, and there purchase goods — -just as New Yorkers did in Montreal four or five years ago — and they can purchase them cheaper than they can purchase them here ; and by the same system of " under- ground railway," they bring them to Canada, and secure a large advantage by the purchases thus made. That is a change recognised everywhere, and it has done much ^to provoke that revival of interest in the question of free-trade and protection, which has been the most marked feature in the discussions in" the countryjduring the last three or four years. I am compelled to refer to'those discussions in dealing with the question which v ! :',f ■i I i .', n If: 11 120 THE CANADIAN NATIONAL POLICY. I have before me. I shall be compelled to refer to the utter- ances of public men ; I propose especially to take the utterances of the Finance Minister, in his budget speech last session, not in a party sense, but simply in the sense that in that speech we have the most authoritative statement of the arguments of those ■who believe that the true policy of this country will be found in assimilating our system as nearly as possible to that of England, and in avoiding, as far as we possibly can, that of the United States. It is in that sense, and that sense only, that I propose to refer to the very able speech — admitted to be able by all parties — of Mr. Oartwright, during the last session of Parlia- ment. He put the case very squarely. He stated the plain issue between one side and the other. It could hardly have been more plainly stated. What Mr. Oartwright said upon that point was as follows : - ' It becomes us to consider the varions remedies proposed for this anfortanate state of affairs. In the first ^laoe, I desire to expend a few words on the general impression which prevails, even in qnarters where we would hardly expect to find it, that it is in the power of this Government, or any Government, this Legislature or any Legislature, to make a country prosperous by the mere stroke of a pen, or the enactment of Acts of Parliament. I would like honorable gentlemen in this House, and out of it, who enter* tain that illusion, as I consider it, to think to what such a course would lead, and I ask them if they are prepared to pay the price. Yon cannot have, at one and the same time, a free government and a paternal government. I say, gentlemen, it would be impossible to put the case of the two phases of opinion on this question more strongly than it is here put. The square issue, as thus presented to us, is simply whether it is possible for a government by its own act, or by the act of the Legislature which it controls, to materially enhance the prosperity and well-being of the people. We are fortunate, in dealing with this subject, in having the practical experience of those who have studied the question in both its phases in the neighbouring Republic. I propose, therefore, rather than give my own opinion, to give you the opinion of some of those gen- tlemen. And first I call your attention to an extract of a speech delivered by Mr. Granger on the tariff biP when it was intro- duced into the House of Representatives at Washington, in the year 1857. The discussion on this question waxed very warm at the time, the debates were earnest and well sustained, although the protectionist principle did not triumph until 1861, when the THE CANADIAN NATIONAL POLICY. 121 ) the utter- utterances don, not in speech we its of those 11 be found to that of that of the only, that I be able by 1 of Parlia- d the plain lardly have 1 upon that rtnnate state of eral impression 1 it, that it is in my Legialatnre, nent of Acts of if it, ^ho enter- lead, and I ask the same time. ! case of the ly than it is s, is simply t, or by the lly enhance •e fortunate, experience lases in the r than give ' those gen- of a speech ; was intro- Tton, in the sry warm at i, although ., when the Morrill tariff was adopted ; not, as some persons have supposed, as a war measure, but before the war had broken out. Here is Mr. Granger's opinion of the tariff legislation, and its effects on the country. He says : Since the war of 1812 wo have at three different times re^^orted to a protective tariff to relieve us from financial distress. From Irilb to 1824, with a mere revenue tariff, the balance of trade was against u»>. and during that term of six years our exports of specie exceeded our imports $10,000,000. This caused the protective tariff of 1824, and the effect of the change was soon felt, Coufidence and activity returned, and instead of exporting specie we imported specie to a large amount. The effect was so obvious and gratifying that the still higher tariff of 18i8 was enacted— the highest we ever had. Under these two protective tariffs of 1824 and 1823 up to 1834, ten years, the whole country was blessed with a prosperity perhaps never before equalled in this or any other country. In these ten years of protection, from 1824 to 1834, we imported thirty mil- lions of specie more than we exported, and paid off the debts of two wars— that of the Revolution, and of 18 12, in all, principal and interest, $100,000,000. Next came the descending compromise tariff of Mr. Clay, reluctantly conceded to the opponents of protection. By a sliding scaU this tariff brought us down to a horizontal tariff of 20 per cent The result was the Government soon found itself out of funds and out of credit. The tariff of 1842 was arranged for protection and revenue incidentally. It justified the expectations of its most sanguine friends, but it was allowed only a brief existence. It was said in high places that the principle of protection was wrong, and in an evil hour Congress adopted the maxim, and the tariff of 1842 was repealed and that of 1846, the present one, substituted. Sir, unless we have a radical change in our tariff lawc we shall surely have another financial crash. We mu:roBeut constitution, it would be exactly that period of seven years which immediately oUowed the passage of the tariff of 1824 TMs transformation of the condition of the country from gloom and distress to lightti».3 und prosperity, has been mainly the work of American legislation fostering American industry, instead of a'lowing it to be controlled by foreign legislation cherisLing foreign industry. That, gentlemen, is the opinion of Henry Clay, a great man, all will admit — a man well competent to give an opinion on the effect of legislation upon the people, and it must be admitted by THE CANADIAN NATIONAL POLICY. 123 )rosperity of lother great lonored not I recognized lenry Clay, vislatures ta ' count for le country's )licy of free I of CoQgress aa I. "We must all Bople were then of property was ere everywher& were adopted to- re venne existed r imate object the ■it our commerce sir, if I were to which exhibited tly that term of of 1824. ^ changed to ere "stroke ct sketch of the eral survey, we y improved, our ting tranquility, TO the agreeable in a secure and lus productions tn ten thousand ided, and whole and coastwise, ^rpetual thunder int; the public iry overflowing, [C objects which ) selected of the ihment of their ch immediately Wdition of the [inly the work of ,0 be controlled rreat man, lion on the Idmitted by all parties that ihe inference which he drew, and the strong opinion which he gave utterance to, was contrary to the conten- tion of Mr. Cartwright, Mr. Clay being clearly of opinion that, the legislature could pass such measures, as, under certain con- ditions, would improve and enhance the prosperity of the people. (Applause.) But, gentlemen, we are able to prove that Mr. Clay was right by our own experience in Canada. I have already referred to the effect of the tariff" passed in 185S. Every one will admit thai the effect of that tariff" was to increase the prosperity of our country ; and, under it, we have been enabled to have direct trade built up with Britain, the eff"ect of which has been to produce this magnificent result — that Canada to-day stands fourth amongst the maritime nations of the world. (Applause.) You will remember that in 1872, the American iDeople took the duty off" tea. Sir Francis Hincks, then Finance Minister in Canada, recognizing the fact that it would be well for Canada to adopt a similar policy, took the duty off" tea and coff"ee imported into Canada, and thus gave free tea and coffee to the people of this country. But after he had passed the bill taking oft' the duty, he discovered that the American people (following the course they generally adopt) had considered their own interests as opposed to the interests of G-reat Britain and Canada, and had provided that a diff'erential duty of ten per cent, should be charged on all tea imported from countries west of the Cape of Grood Hope. There was nothing said in this law about Canada or Great Britain ; but they were (as they were really meant to be) alone included, and of course ten per cent, special duty was charged on all teas imported into the United States from Canada. Sir Francis Hincks, with that acuteness which all parties admit he possesses, with that instinct in relation to the interests of the country which are peculiarly his own, saw that if we permitted tea and coff"ee to be made free without any reference to this clause of the American law, we should simply be transferring the trade to our American neighbours. He consequently, in the same session, procured the passage of a se3ond Act, by which authority was given to the Governor in Council, by Order in Council, to impose a special diff'erential duty on the tea coming from the 1 1 f.i' il] ^n i1 124 THE CANADIAN NATIONAL TOLICY. V 1 M i L. ■' [ ¥'- '%.^ H ^ji|.| i; 'Wm\ ■(-; ■ ^ ' ■*i|i- , f r ^i: vj ; 1 .- . ;1i'C ■ ^ . . ■' ' !?-■ .,1 -? ;" ■'^ i '„ ?> ;';V^ ' ' ■ '^ J ^.■ ^^m ^ ..J**'-'' United States into Canada, equal to any duty which the United States might charge on tea imported into that country from Canada. (Applause.) That act preserved to Canada its own tea trade. A large direct trade was being rapidly built up, and was becoming one of the factors in the country's prosperity, when, in an evil hour, the policy was abandoned. In 1874, Mr. Cartwright proposed again to alter the duties. He did not put on the ten per cent., and what was the result? It was that the direct tea trade of Canada was destroyed by " a stroke of the pen," embo- died in ^n act of legislation. Some men in the city of Montreal, prominent tea men, have actually been compelled to leave that city and go to the United States, from whence they are issuing circulars to the trade all over the Dominion of Canada, hoping from that point to do the business which they formerly did from the Canadian side. And the same may be said of other cities as the result of that simple matter of ten per cent. I am aware that it is said that there never was ten per cent, before Sir Francis Hincks put it on ; and that therefore Mr. Cartwright did simply what had always been done by previous governments. Let me show that the argument is not strictly a fair one. "When we had tea duties, before their repeal by Sir Francis Hincks, they were part ad valorem and part specific. To the extent that they were ad valorem they were a premium upon a direct trade — that is, a duty was charged upon the articles at the point of export (in China, for instance) coming here. To the extent the duty was ad valorem it was thus a valuable incentive to direct trade. Men going to the city of New York to purchase a quantity of tea would be compelled to pay duty on the charges of getting it to New York, as well as on the actual cost of the tea ; but if they got it direct from China they had only to pay ad valorem rate upon the prices in China. So that, practically, we had what was equiva- lent to the ten per cent, differential duty in this arrangement. But by the system of to-day that has been taken away. The duties beiiig levied exclusively on the specific principle, there is no longer an encouragement for the long voyage, and an impor- tant branch of foreign trade has been almost entirely destroyed. Then, gentlemen, you remember the effect in connection with THE CANADIAN NATIONAL POLICY. 126 the United uniry from its own tea Lip, and was ty, when, in Cartwright , on the ten ,e direct tea pen," embo- of Montreal, leave that are issuing lada, hoping srly did from ther cities as m aware that Sir Francis it did simply nts. Let me ^hen we had ts, they were .at they were de — that is, a ■ export (in he duty was trade. Men of tea would it to New f they got it ate upon the was equiva- irrangement. away. The iple, there is id an impor- y destroyed. Lection with the sugar duties. Owing to the American "drawback " — which is simply a bounty concealed in a •' drawback " — our refineries in Canada have actually been compelled to close up. I am not going to discuss the question of the sugar duties in all its bear- ings. As Dundreary says : — " It is one of those questions which no fellow can understand." But the prominent fact we know is, that 400 heads of families have been thrown out of employ- ment, the refineries have been shut up, and a direct incentive to West India trade, as I shall show further on, has been destroyed, simply for want of legislation, for want of " a stroke of the pen " embodied in legislation, which would meet the policy of the United States in giving their heavy "drawback" to American refiners, by which they were able to glut this market. Indeed Mr. Cartwright practically admits that the action of the Govern- ment materially affects the condition of the people, for here let me give another extract from that speech : — Any man •who carefully examines the working of their system will find that their high tariff has tended mui^tt materially to enricb a very few, and serionsly impoverish the great masses of the people. I believe the creation of colossal furtanes, snch as has taken place there (in the United States), and perhaps in other coantries, does threaten serions mischief. I have no objection to the accumulation of reasonable independence, nor do I indulge any hope of enacting sumptuary laws to limit the amount which any man should acsumulate in a lifetime; but I do say that anything which overrides the ordinarjT natural laws, and operates in the direction of large accumulations in a few hands, is dangerous, and ought to be discouraged. Now, gentlemen, without for a moment arguing that point at this time, I think you will agree with me that it cannot be said in one and the same speech, or at any rate it ought not to be said, that it is not in the power of the Government, or Legisla- ture, by a stroke of the pen, or by any mere Act of Parliament, to affect the prosperity of the people, while at the same time you may so far affect them as to allow the building up of colossal fortunes in the hands of the few, and seriously impoverish the many. (Loud applause.) There is, however, a great deal of diflBiculty in keeping our free-trade friends to any direct line of argument. I have shown you that Mr. Cartwright's opinion — and his opinion is that of a great many others— is that the effect of protection is to build up colossal fortunes in the hands of a few, to the prejudice of the great mass of the people. Now, what does the Honourable David Wells say as to this — and this rP. ^^ m. m n.:,l ' ■ i'iA . '. ; '•;' ll || ^ ■ : .1^* 126 THE CANADIAN NATIONAL POLICY. statement of Mr. Wells' is quoted by Mr. Cartwright, from whose speech I take the quotation : Every prophecy ro oonfideDtly mado in the pa^t aa to the resnlts of protection in indaoing national proHperity haa been falaified, and one has only to pick out the separate indastries which have been especially protected to find ont the onoa which are more especially unproiitable and dependent. • • • It is sufficient to say that the existing depression and stagnation is without parallel, eight of the principal mills of the country having been sold, on compulsion, within a comparatively recent period, for mnch less than 50 per cent, of their cost of construction ; the Glendbam niilln in particular— one of the largest and best equipped woollen establishments in the United States, advan- tageously located on the Hudson, about 50 miles above Now York, and representing over one million of dollars paid in— havinit changed hands since the first of April last for a consideration of less than two hundred thousand dollars. Here, then, is Mr. Wells' opinion, " One has only to pick out the separate industries specially protected to find out those that are especially unprofitable and dependent ! " That statement may be right or it may be wrong. I am not going to say whether it is right or wrong ; but what I am going to say is this : That if the effect of protection has been to destroy the industries which were protected, and that they have been unprofitable and depen- dent just in proportion as they have been protected, then it cannot be true that the effect of protection is to build up colossal fortunes in the hands of the few, to the prejudice of the many. (Applause.) If, however — and I think that is an important statement to considc r — if it be true that the effect of protection is to build up colossal fortunes in the hands of the few, and to seriously impoverish the great masses of the people, then I say that is a good argument against protection, and no really true- hearted, honest, patriotic man, ought for one moment to advocate it. The principle should be, undoubtedly, " the greatest good for the greatest number." If the effect of protection is simply to benefit the few, to the injury of the many, then, I say, let the few perish, but give us prosperity for the many. (Hear, hear.) That is undoubtedly what every honest, patriotic man would say. But what are the facts ? Let us look at them, and see for ourselves whether the effect of the protection is " to build up colossal fortunes in the hands of the few, and seriously to impoverish the masses of the paople." We have two countries which may fairly be taken as illustrations of the two systems. We have England on the one side — which, however, is not a fair illustration of the free-trade system as applied the world over, ,l THE CANADIAN NATIONAL POLICY. 127 for the reason that the peculiar position of England, her immense wealth, her tremendous accumulations of coal and iron lying together, her insular position, her command of an enormous mercantile marine — many of which advantages were built up by a system of protection and restriction as great as that which ever prevailed in any other country/— I say these advantages give her a position which renders it impossible to cite her for illustration for a country like Canada, or the United States twenty-five or fifty years ago. But we are urged to adopt England's policy, I presume, because the policy there does not, as it is contended, build up colossal fortunes in the hands of the few, and does not seriously impoverish the great masses of the people. The United States is cited as an example which should deter us, because its trade policy does build up colossal fortunes in the hands of the few and does seriously impoverish the many. I have no desire to say one word against the dear old motherland, but we are deal- ing with practical questions, and we must deal with them as facts present themselves to us, leaving aside for the moment all senti- ment. I ask you, What is the position of the great masses of the people in these two countries respectively ? There is one fact in relation to the United States, and the same thing may happily be said of Canada, of both Americans and Canadians — that in no country on the face of the earth is the distribution of wealth, and of the comforts which wealth can purchase, so general and uni- versal as on this North American continent, both sides of the line. (Hear, hear.) Look at one fact I will give you as an illustration of the distribution of the wealth among the masses of the people in the United States. According to the report of the Imperial Commissioners on Emigration, in one year (in 1870) there were sent from America, in comparatively small amounts, to pay the passages of immigrants to come to the United States (and these were sent by people who had themselves come out, and were comparatively poor when they came), the enormous sum of X725,408 sterling, or, in round figures, $3,627,000. According to the same authority, from 1848 to 1870, inclusive, the large sum of jei6,334,000, or, in round figures, $81,670,000. That was an amount sent to Great Britain alone, chiefly, I think, from Irish !■ iiii I 128 THE CANADIAN NATIONAL POLICY. !* I settlers, to bring out thoir friends, and it does not include the large sums which have contributed to the immense continental emigration. Now, while wo have these evidences of general competency in the United States, what is the condition of too many of the working classes in Great Britain ? I will cite only English authorities upon this point, and only authorities which cannot truthfully be charged with being inimical to the working classes. Take, first, John Bright, a good authority — a not unfriendly authority, you will admit. Here is what he says : — There are ono million ])oon1o ^\'ho are paupcrn on the parish in England, and another million aro porpotually liugering on the very vcrpo of pauperism. Sir Morton Peto, a gentleman who has had abundant oppor- tunity of knowing the condition of the people, said : — It \» an awful considoration that in England, abounding a;) it doca with wealth and prosperily, there are nearly a million of bnmau beings receiving indoor and outdoor relief as paaperd in the diff'^ront unions, bo4ide.s the still greater number dependent npon the hand of charity . As the population of England aiid Wales, by the last census, was 20,205,504, it followm that nearly ono twentieth part of our people are Bubsi^ting npon obarity. Mr. Joseph Kay, in a work on the condition of the British workmen, says : — The poor ot England are more depressed, more pauperised, more nnmeroua In com- parison to the other classoK, more irreligious and very much worse educated than the ?oor of any other European nation, solely excepting Russia, Turkey, South Italy, 'ortngal and Spain. Lord Napier gave an opinion on this subject, which could not have been more appropriate, had it been written as an answer to Mr. Cartwright's statement : — The proportion of those who pos^o^s to those who possess nothing, is probably smaller m some parts of England at this moment than it ever was in any settled oom- manity except in some of the republicd of antiquity, where the business of mechanical industry was delegated to slaves. Judge Byles stated the conditions of labour with some harsh- ness but I fear with too much truth, as follows : — In the fierce struggle of universal competition, those whom the climate enables or misery forces, or slavery Ci)mi)el8 to live worst and prodace cheapest, will necessarily beat out of the market and starve those whose wages are better. It U a struggle between the working classes of all nation.s which shall descend first and nearest to the eondition of brutes. That is a harsh expression, but under free trade conditions, where everything must depend upon cheapness of labor, it is as I have said but too well applied. Then we have the statement of the City Chamberlain of Glasgow, in relation to that city : — By the census of 1861 more than 28,000 houses in Glasgow were found to consist of !l-, THE CANADIAN NATIONAL POLICY 129 icludo the continental of general tion of too II cite only Ities which le working ity — a not he says: — England, and lant oppor- ith wealth and id outdoor relief ndent upon the ist cenRUff, was mbsiiiting upon the British merouB in com- icated than the r, South Italy, could not answer to jg, is probably ny settled com- of mechanical ome harsh- lato enables or rill nece!«Barily is a struggle nearest to the conditions, ibor, it is as statement it city : — nd to consist of bat a tlnglo auartinoiit each, and abovo 3-^,000 of but t\ro, ro that nf the whole 82,000 famlliea ooinpriHing the city, upwardti urco.OOO wore houiiod in dwellings of one or two apartments each. And now, gentlemen, lot mo give you an extract from an English authority, concerning the condition of the masses in the United States, under a system which, according to Mr. Cartwright, ought to seriously empoverish the great masses of the people. Let me give you the opinion of Mr. Archibald, British Consul at New York. I find it in a most interesting Blue Book, submitted to the Imperial Parliament in 1872, on the conditions of labour in different parts of the world as reported by British Consuls. . Mr. Archibald said : — The value of intelligent labor has never boon so much appreciated in the United Staten as during the last twelvo years. A completion of railroad facilities linking tha new Stales of the Northwest to the Eastern seaboard ; a rapid development of tha agricultural resources of these States by the vast crowd of immigrants brought over by the transatlantic steamships, which, in return, convey into their holds the cereal and other agricultural products of the labor they have borne to these shores ; a protective tariff stimulating for the last ten years the industries of the older States ; the social con- dition and political institutions of the country, promising advantages to the immigrant and his children, not so fully enjoyed in their native landx, have all combined in presenting inducements to the working classes of Europe, of which they have not been slow t* avail themselves, as is nhown by the statistics of immigration. * * There is probably no country in the world, which, outside of the immigration ports, offers equal advantages to the operators or farm laborers. That is the testimony of Mr. Archibald in relation to the people in that country, under whose system, according to those who argue in favor of free trade, great colossal fortunes should hare been built up by a few, and the great masses impoverished. I might quote other British Consuls in the United States to the same effect, but this will suffice. But, there is another argument used by those who call themselves free traders, and this argument is that protection does not add to the population, but on the. contrary seriously burdens the people with taxation. Here is the argument as stated by Mr. Cartwright : — The effect of a high tariff is not to add to any extent to the population of the country, but to promote an artificial transforence from the rural districts to the towns and cities at the expense of the agricultural interests. If you discriminate against the agricultural interests, if you enact that they shall receive less from the results of their labor than they would without your interference, then you undoubtedly promote an artificial transference from the country to the town. » * * There is not the slightest doubt tBat this has been one— although I will not say a very great— cause of the com- mercial depression in this couutry. I say the onus is now thrown upon those who advocate a high protective tariff. Let them consider what they ask this country to do. They ask us to tax nineteen-twentieths of the populatioa for the sake of one-twentieth. Now, gentlemen, in that last statement, we have the most w J 1 ! ■ ■ ^ j ■ ■ ■-tl'V i 'Ui ; ) . ;.r.'> ' >■ d to the the effect in favour iminate ? lustration delivered ople in a I whatever I im oonsamer t only of the ) BO, I mast Mars. Now, ifford to give Eianot, in the propo;>ition, (rment for ley made re for his lustrated. ose name guing in ented an 10 American ler a foreign, at home or channela of Draw from ires, thereby st profitable the United cet tor more long sabjeot lore Ameri- wn, or else, ves. It i», lal debt and id llbertv of ^0 oar labor, oommnnity. That statement was made in 1823, if I remember rightly, and it must be admitted that the argument was fairly put, and it cer- tainly accords with experience. Look at our own experience. "What is the value of great centres of trade and industry to the farmers ? Take London and the farms around it. What renders the farms here more valuable and the farmers more wealthy than they would be if they were in Muskoka? You say at once, Because they have a home market. There is a large num- ber of people here who require their products, the perishable products of the farm, for which no foreign market exists ; and the fact is apparent that the advantage of the farmer is in the building up of these centres of population. Protection does not discriminate against the farmers. It is a most remarkable doc- trine that the country, and especially the agriculturist, is injured by the people becoming consumers rather than producers of agricultural products. But we are told that protection means an increase to the taxes of the people. Let us, for a moment, look at this contention. You will admit that the measure of the taxa- tion of a people is the requirements of the Government, and not the manner in which the taxes are distributed. There may be increased protection without increased taxation, as there may be increased taxation without any protection. The two things are, in a great degree, distinct. Three years ago Mr. Cartwright increased the taxes of the people by $3,000,000. He added two and a half per cent, to the unenumerated list, and put increased duties on a number of other articles. But therA was no increased protection in the tariff, because the duties were so apportioned that the increase in those on raw material neutralized the effect of the increase on those on manufactured goods. But Mr. Cart- wright wanted revenue, not protection, — and he framed his tariff to accomplish his object, the result being an increase in the taxes of the people to the extent of $3,000,000. The Government require $23,000,000 in order to carry on the government of the country. It does not affect that sum, and therefore does not affect the taxation of the people whether it is so raised as to pro- tect the industries of the country. I am aware that this general statement is subject to modification, if another argument of the il '11 .' 1 ri\ ■■I. -I •3 1 f ■! ■;1, i ■5 . ; i >Mit M ;■ • 11 ••, ?,; 182 THE CANADIAN NATIONAL POLICY. free-traders is true: that the effect of protection is to increase the cost of the article protected to the consumer. In that case, by the additional cost to him of the article protected, is there an increased burden. (Hear, hear.) I desire to deal with this ques- tion with perfect frankness, and to meet fairly all the arguments that are commonly used ar inst the view I am endeavoring to enforce. Does protection necessarily and permanently increase the cost of the article protected ? Let me on this point give you some authorities. I quote first from a recent publication on " The Iron Trade of America " as follows, and I think your own experience will justify the statements of the extract : — Before axes 'vrere made in this country, except by conutry blacksmiths, English axes cost our farmers and others from |2 to $4 each. By the tariff oi 1828 a proteotive dnty of 35 per cent, was levied upon imported axes. Under this protectitm the Colling Company of Hartford introduced labor-saving machines, much of -which was invented, patented and constructed by themselves. In 1836 foreign and home-made axes were selling side by side in the American market at $15 and $16 per dozen, at which time foreign producers withdrew their competition, abandoning the entire mtrictive system is of the most importance at the present juncture, masmuch as, in several instances of recent occurrences, the merchants and manufacturers of foreign countries have assailed their respective (sovemments with applications for farther protective or prohibitory duties and regulations, urging the example and authority of this country, against which they are almost exclusively directed, as a sanction for the policy of such measures. « « « T^hat nothing would tend more to counteract the commercial bostitity of foreign states than the adoption of a more enlightened and more conciliatory policy on the part of this country . The argument for the adoption of free trade is the argument for its continuance. The people of England, possessing enormous manufacturing resources, built up under a system of protection,. ; m THE CANADIAN NATIONAL POLICY. 139 f price. Oor the country I the cbeapeat have foand it 3ny, it call is to canse Terence as Liid now I riend, Mr, Br of Corn- tut by him. ave. The land adopt lists. But, ties giving I carries it Robertson, in adopting the the noble lord ) nothing more lonopoly of all ever becoming frankness >le petition rnmons on "When a body of And what 50 stive system ia instances of have assailed or prohibitory agcunst which ach measares. ial hostitity of ,tory policy on argument ; enormous protection^ are anxious to control the markets of the world, and as a means to that end become the apostles of free trade, in order to perpet- uate Lord Brougham's " natural course of things," viz., England supplying the manufactured goods, in exchange for the agricul- tural products of other countries. (Applause.) Then, again, Mr. Mills states four conditions which are necessary to the acceptance of protection. I agiee with him, and I accept, as a protectionist, his challenge. I assert that the following grounds are true in respect to protection : — It increases capital ; it increases labor ; it stimulates trade ; it improves appliances. Mr. Mills' statement is, that if these four things can be established, then protection has something to stand upon. I think I have shown, from the authorities I have produced, that the protectionists have no reason to shrink from this test. It increases capital by the diver- sified channels it opens for its use. It increases labor by the diversity of employment it affords and by the inter-dependence of different interests. It stimulates trade as shown by the fact that in spite of the derangements caused by the war, the increase of exports for thirteen years in the United States (over thirteen years befoie the adoption of the Morrill tariff) has been 85 per cent., while the population in the same period only increased 35 per cent., and the increase of the export of manufactured goods was 125 per cent, in the same period. The import trade of the United States increased from $274,656,325 in 1861 to $518,364,825 in 1875, having reached $625,689,727 in 1873, the year before the crisis ; and the exports from $204,899,616 in 1861 to $499,284,100 in 1876, having reached $569,433,421 in 1874. And it improves appliances by the testimony of the English authorities, including the London iHmes, which I have quoted. (Applause.) And now, gentlemen, I have a word to say in reference to whether this policy can with advantage be adopted in Canada. We are a colony of the British Empire, and God grant we may long remain so. (Hear, hear, and applause.) "We have had discussions as to whether it is advisable to have independence for this country ; we have had discussions whether it would be better to have Canada annexed to the United States ; and there have been proposals to establish an American ZoUverein. The independence cry is dead ; and to-night let us respectably bury it out of sight. So I y ■I i f^ i' r 140 THE CANADIAN NATIONAL POLICY. far as an American Zollverein is concerued, I had the pi 'asure of being appointed one of the delegates of the Dominion Board of Trade to the meeting of the National Board of Tra le, at St. Louis. We went there with instructions to obtain, if possible, the aid of that influential body in favour of a reciprocity treaty. They were anxious to have free-trade with us ; but they wanted a vastly different thing from reciprocity as generally underjstood. They proposed an American Zollverein- They proposed to abolish the entire custom houses along the line, and that Canada and the United States should impose equal duties on all articles coming from other countries. That was simply to cut connec- tion with G-reat Britain (hear, hear) ; because to combine with another power to discriminate against the Mother Land, would have been to declare separation from her, and the more honest course would be to separate at- once. (Applause.) We, of course, did not accede to the proposal. But the National Board passed a resolution — I am afraid more as a matter of courtesy to the Canadian delegates than anything else, which they have repeated at every meeting since then, without any influence on their government — that it was desirable to have reciprocity with this country. Our greatest competitor is the United States. They slaughter in this country because of its proximity. Everyone must see that, when a nation has manufacturing power for forty million people, it can as easily, and] with comparatively little additional cost, manufacture for forty-four million. They are thus enabled to sell their goods in this country at a mere nothing, rather than force them into their own market during a dull season, and thus bring down the price there. By slaughtering their goods in this country, they are enabled not only to keep up their own prices, but to ^kill off our manufactures. (Applause). And what we have to complain of is, that this advantage is given to the United States, whose trade regulations are hostile to us, and whose whole fiscal policy has been against us. (Hear, hear, and applause.) Their fiscal policy has always been exclusively in their own interest, and directly hostile to ours, their leading motive apparently being to force us by hostile commercial legis- lation into annexation. I believe the true policy of Canada would be to follow their example, and adopt an essentially v., THE CANADIAN NATIONAL POLICY. 141 1 'osure of I Board of le, at St. ' possible, ity treaty. sy wanted iderstood. aposed to at Canada II articles it connec- bine with nd, would ore honest , of course, d passed a 3sy to the e repeated e on their ^ with this es. They Sveryone sr for forty ively little They are re nothing, -ing a dull lughtering to keep up A.pplause). re is given stile to us, lear, hear, xclusively lir leading cial legis- of Canada ssentially Canadian policy. (Applause.) Our present system is, in its practical operation, a differential system in favour of the United States and against the Mother Country, to the extent of the cost of ocean transport. That is neither fair nor patriotic, and the sooner we change it, and treat the United States as they treat us, the better for this country. I am aware that it is said that we cannot adopt a system of differential duties. Upon this point, Mr. Irving, the member for Hamilton, during the last session of Parliament, made an admirable statement, followed, it is true, by a rather inconsequential resolution, and I cannot do better than avail myself of his labour. He cited a clause of the Convention of Commerce in 1815, which is commonly said to show that we cannot adopt these differential duties. Here is the clause : No higher or other daties shall be imposed on the importations into the territories of His Britannic Majesty in Europe, of any articles the growth, produce or manufacture of the United States, and no higher or other duties shall be imposed on the importation into the United States of any articles the growth, produce or manufacture of His Britannic MiU^Bty's territories in Europe, than are or shall be payable on like articles being the growth, produce or manufacture of any other foreign country. Now it is quite clear that there is nothing in that clause to prevent our adopting a policy of differential duties against the United States. But not only is there nothing in the treaty to prevent our adopting such a policy, but there is a special provision permitting us to do so. Here is a clause on that point: The intercourse between the United States and His Britannic Majesty's possessions in the West Indies, or on the continent of North America, shall not be affected by any of the provisions of this article, but each party shall remain in the complete possession of its rights. Not only, therefore, as I have said, is there nothing in that treaty which prevents us from adopting differential duties, but there is an express provision in it permitting us to do so. But we have had differential duties as late as 1847. Not only that, but the tea duty of Sir Francis Hincks, to which I have referred, was a differential duty. It was placed on the statute book, and there was no attempt by the United States or England to prevent it, or even to remonstrate against it. That system of differential duties would form the basis for a sound Canadian commercial policy, and its adoption would undoubtedly largely benefit the Dominion. Many people say wo should have reciprocity. No doubt it would be well to have reciprocity in the agricultural productions of the two countries. That is a free trade which all r .! ^ n 142 THE CANADIAN NATIONAL POLICY. •>i 1 ■ r \: t parties would hail with pleasure. No doubt the farmers, espe- cially those living on the frontier, would feel it to be an advantage. No doubt they must feel a hardship in the farmer of the United States being allowed to bring his produce to sell in the Canadian market without being charged a duty, and they unable to tako their produce over to the United States without paying a heavy duty. Reciprocity in the natural products of the country would be a good thing. But I do not believe that reciprocity in manu- factured goods is, in our present position, at all practicable. If we took off the duty on goods imported from the United States, we could not, as loyal subjects, impose duties on goods brought from the mother country. If we have free interchange with the United States, we must have the same with Britain. (Applause.) All protection against the mother country would thus be gone. "We would find ourselves in this position : — We would have this country free to the United States and to Britain, and would be unable to maintain, much less to increase, our present manufac- tures, while the United States would have the peculiar and increased advantage of having a free market in Canada, while they were protected by high duties against the rest of the world. (Hear, hear.) That, therefore, is a solution of our difficulties to which it would be worse than folly to look forward. Then having, by a sound national policy, secured at least the Canadian market for Canadian manufacturers, we would be better prepared for the efforts to secure a foothold in foreign markets for manu- facturers. Recently there has been a good deal of discussion in regard to an Australian market. We have had gentlemen from Australia addressing our Boards of Trade, and they say this is a good time to open up a Canadian trade with that country. I am glad to say (although some incipient attempts formerly made to establish a trade with the Australian colonies did not prove alto- gether advantageous) that recently there has been quite a trade through the medium of English houses. You are not, perhaps, aware of the fact, and I have only learned it recently, that some of our boot and shoe manufacturers are sending goods to English merchants, who send them from there to Australia, and thus Canadian goods have already gone to find a market among our fellow-colonists at the Antipodes. Then there is the West India TIIK CANADIAN NATIONAL POLICY. 148 ors, espe- 1 vantage, le United Canadian e to takrt r a heavy ;ry would in manu- cable. It' ted States, s brought 3 with the ^.pplause.) I be gone. . have thi» would be b manufac- culiar and ada, while the world, culties to rd. Then Canadian ir prepared for manu- scussion in >men from ly this is a jtry. I am lly made to jprove alto- lite a trade [t, perhaps, that some to English and thus lamong our IvVest India trade. There is no doubt that wo ought to have a largo and very important trade with tho West Indies. Wo have, undoubtedly, a considerable export trade already, but unfortunately it is carried on through Americans. It is discreditable to us, as Canadians, that our trade with the West Indies is carried on by Americans as middlemen. A condition, however, of a successful trade with the West Indies is the establishment of sugar refineries in Canada, so that we may have a market for the raw products of ihose coun- tries. We have had refineries in Canada, one of them for some time tolerably successfull, but it has had to succumb to the policy of the United States, in granting bounties, in the form of draw- backs, and the refusal of the Canadian Government to protect them against this unfair and unequal competition. It may be doubted whether the refinery in Montreal will be reopened ; but there is no doubt that a patriotic policy would result in building up refineries, especially in Halifax, which possesses peculiar advantages in its proximity to the sugar-producing countries. But of the necessity of a sound policy on this question, in order to the establishment of a West India trade, there can be no doubt. On this point, I will give you an authority which is certainly not in any sense political. Mr. Patterson, the Secretary of the Board of Trade of Montreal, and one of the ablest commercial statists in the Dominion, has recently published some admirable trade let- ters. In one of them,^on " Trade with the West Indies and South America," I find this statement : — The boanty system enjoyed by the United States' refiners is the caase of much of the diffioalty before which Canadian refiners have, one after another, sacoambed — with these Additional obstacles, that the Dominion Parliament have not only not attempted to save them by countervailing legislation, but that the tariff is alleged to discriminate, to some extent, against the importation of certain kmds ot raw sugars. In regard to the negotiation of commercial arrangements with the West Indies, I will read you another extract from the trade letters of Mr. Patterson pointing out the policy which should be pursued in promoting commercial intercourse with the Spanish West Indies. He says : — It will be remembered that the Governor of St. la^ de Cuba paid a visit recently ta Canada, and, while in Montreal, expressed how much lie had been gratified by what he saw of Canadian enterprise and progress, and how sur;)rised he was that trade relations between the Spanish West Indies Jind Canada were so restricted, especially when the natural productions of the two countries formed so large a proportion of their respeotiya wants. " But after all," said he, " it appears to be impracticable for your people (the Canadians) to deal with us to any great extent, without refineries to enable them to use profitably our peculiar kinds of raw sugars." I w L.n m '' I 1;; b 144 THE CANADIAN NATIONAL POLICY. But, curiously enough, Mr. Cartwright, in this matter of the sugar duties, was more free trade than English Iree traders them- selves. G-reat Britain has always regarded the sugar refining interest as one of immense national importance. The abolition of the sugar duties was made in the interest of the refiners ; and a similar course in this country would afibrd greater protection than the present scale of duties, excluding, of course, the question of the American drawback or bounty. Several attempts were made by Great Britain to induce a common arrangement on this subject, and the 19th Clause of the Convention of 1865 was as follows: — In the event of boanties being granted on the exportation of refined sngars, the high cootitMSting parties will be at liberty to come to an anderstanding as to the sortax to be imposed on the importation of refined sngars from the said countries. The free trade English representatives were parties to that arrangement — an arrangement which recognized protection against adverse foreign tariff legislation, or bounties, as a duty incumbent upon the statesmen of the country, having regard to the promotion and fostering of its interests. (Applause.) There is but one other argument I wish to advance in favor of protec- tion. It promotes immigration. Immigrants from the motherland, on arriving in this country, do not all want to be sent to the woods to earn a livelihood — do not all desire to leave the occupations taught them at home when they break up old associations and seek a home among strangers, in order to better themselves here. They want a diversity of employment, and unless we have legis- lation of the kind I have mentioned, legislation which will permit the skilled workman to continue his calling in this country, they will most assuredly wend their way to the United States, and seek there that employment Which, through a narrow-sighted policy, is denied them here. (Hear, hear.) We have vast territories to fill up in the North- West and British Columbia, that " glorious land " which Lord Dufferin so recently visited and so enthusiast- ically praised. It is our duty to fill up these vast territories and to develop these vast resources, and we can best assist in doing so by the adoption of a policy which will tend to improve the <;ondition of the manufacturer, and thus promote the "interde- pendent interests of all classes of the community. We don't want to be hewers of wood and drawers of water for our neigh- bors for all time to come. Lord Brougham's " natural course of things " is not the goal to which we should direct our legislation. Our aim should be so to legislate as lo build up Cananian inter- ests, that capital may find profitable investment, labor diversified employment, and the people prosperous and contented homes. — (Applause.) ADVERTISEMENTS. 145 er of the ers them- • refining abolition lers ; and protection ) question Qpts were nt on this 65 was as gars, the high e surtax to be Bs to that protection as a duty- regard to e.) There of protec- lotherland, > the woods occupations iations and elves here, have legis- will permit antry, they ts, and seek ied policy, rfitories to " glorious enthusiast- •itories and st in doing nprove the e "interde- We don't our neigh - ,1 course of legislation. i,nian inter- divorsified Id homes. — V. R. ADVANTAGES HELD OUT TO EMIGRANTS BY THE PROVIMCZS OF QVZSBXSC. 1 Fertile Soil capable of the Highest Onltivation, a Healthy Olimate and Cheap Living, Tazatioa exclusively for Mnnicipal Fniposes and the Partial Support of Elementary Schoola. Very little capital is required to purchase a farm. Cultivated land sells at from $20 to $100 per acre, according to its proximity to the large towns. A farm usually consists of from 80 to 100 acres. Purchase money payable half cash ; easy terms for the balance. In the neighborhood of the new settlements, excellent farms, half cleared, can be procured for $800 or $1000. Agricultural produce commands a ready sale at satisfactory prices. The banks of the ProTJnce of Quebec, which are the safest in Canada, and in fact in America, pay on an average eight per cent, to shareholders, and from four to five per cent, to depositors. Gas, telegraph, and navigation companies pay as much as twelve per cent, to shareholders. Shares are always on the market at moderate rates. The best mortgages bring from six to eight per cent, per annum. The system of hypothecary registration, in force in this Province, protects the registered creditor from all fraud or loss. A descriptive schedule of all the real estate of the Province is in course of preparation. This schedule will be on view in each registration office, and will show the names of the proprietors, together with the mortgage with which their properties may be charged. It is already in force in several counties. The manufacturing industries of the Province, and especially those connected with the working of our inexhaustible iron mines and our timber and wool, are making progress. ABOUT 6,000,000 ACRES OF aitO"W^3Sr liA-KTIDS, Surreyed in. Farm Lots of from 100 to 200 acres each, are at present on the market, and can be obtained at rates varying from Is. to 3s. per acre, payable in five annual instalments. The Provincial Government expends, every year, large sums in opening up ready means of oommunication with the most remote settlements. The works on these roads are a source of lucrative employment to settlers, and thus assist them in their task of settlement. The Most Protection is accorded by Oovemment to Emigrants. So soon as they enter Canadian waters or land on the shores of the Province, the law pro- vides for their humane treatment. It even goes so far as to establish the terms which hotel keepers shall charge for board and lodging. These rates must be posted up in all boarding houses, and a heavy fine is imposed upon those who exceed the tar S, even to the slightest ex- tent. The law only allows a lien on the effects of the emigrant for a /e days' board and lodging. FEEE PASSAGES FOR EMIGRANTS FROM Tl?fi PORT OF ENTRY to their destination in the Province. For further information address personally or by writing to the following Emigration Agents of the Canadian Government :— Agents in Europe : F. T. Dore, at London; J. O'Neil, at London ; Chs. Foy, at Belfast ; Gustavo Bossange, at Paris ; Richard Berns, at Anvers. Agents in Canada : L. Stafford, at Quebec ; J. J. Daly, at Montreal ; W. J. Wills, at Ottawa. These gentlemen will give, without any charge, plans and pamphlets prepared by the Govern- ment of the Province of Quebec, in which the emigrants will find interesting details respecting the resources of the Province of Quebec, means of livelihood, wages, lands for colonization, &o. B. Ibbottson, Immigration Agent for Prov'ce of Quebec ; office, 190 St. Antoine st., Montreal. Immigrants landing at Quebec can obtain from the Department of Agriculture and Imini- gration, in Quebec, whatever information they may require. John Poupon, Esq., Provincial Immigration Agent, appointed for Quebec, will be constantly in attendance at the Grand Trunk wharf, South Quebec, to receive emigrants intending to settle in the Province of Quebec. C. B. DE BOUCHERVILIiE, CommUaioner of Agriculture and Public Work$. t ' •i-vi :.V% li-1 I" •'3 I It','' * m IS* r f V ;\^'|- 146 ADYEBTISEMENTS. ESTj^LBIilSHrsr) 1828: CHARLES GARTH & CO., , iwiA.oi3:iisrisa?s, .'/. . OFFICE AND WAREHOUSES. 374, 376 and 378, St. Paul Sf., MONTREAL. ADVERTISEMENTS. 147 W iopper and 18, Conserratories, RATUS. IQH PRESSURE !TS, PENDANTS, CINGS, for Water, f/. ^ANY, *4' IMS. ST. LAWRENCE ENGINE WORKS! 17 TO 29 MILL STREET, MONTREAL, P. Q. HIT. p. BARTLIY & CO.. PROPBISTORS. I^. O. BOX 637. Builders nf Stsara Poats— Builders of Steam Engines and Boilers— Builders of first-olass econo- mical Steam Tut^s, for Harbor, Canal and River serr ce— Buildero of Elevating and Spoon Dredges, unsurpassed on this continent; also Stenm Excavators, for Railroad. Dock or other purposes— Buildci's of Pumping Maehino'y, for supplying cities, towns, and public or private baildings— Jdanufaotureis of every description of ': SAW MILL A ND GRIST MILL MACHINERY. -A number of new and second hacd high pressure Steam Engines and Boilers on hand, for sale cheap. Turbine Water Wheels. The Bryant, The Dominion, and other first-class Water Wheels. Shaiting with Charlton's patent internal Clamp Coupling. This Coupling is pronounced by mill •Wrights and machinists to be the best in use, with pulley's hungers, &o-, f Ottawa situated to the west of the Rividre du Lidvre, except the part of the township of Buckingham on the same Bid* ofsaid river- Robert Ilarley, Esq., Hull, agent. Number of acies disposable in 1875, 433,120. No. 3.— THE PETITE NATION AGENCY comprises the townshipof Buckingham, all the town- ships and nnsuri'eyed lands in that port of the county of Ottawa situated to the oast of the Riviere duLi^vre and the county of Argenteuil. J. A. Cameron, Esq., Jr., Thurso, agent for part. Num- ber of acres disiHwable in 1875, 166,494. C E. Belle, Esq . Montieal, agent for part. Number ot acres disposable in 1875. 47.600. A- D- Filion, E»q., Grenville, agent for part- Number of acres disposable in 1875. ]3\30l. No. 4.— THE MA(JOH AGENCY comprises all the townships of the counties of Huntington, Mis- sisquoi, Brome, Stanstead and Shcfford ; the townships of Brompton and Melbourne, in the county of Richmond ; Durham. Wickham, Upton and Grantham, in the county of Druramond; Acton and the augmentation of Upton, in the ci unty of Bagot ; and Oxford, in the county of iSherbrooke. O. B. Kemp, Esq., Waterloo, agent. Number of acres dispoiiable in 1875, 6,600. No. 5.-THE ST. FRANCIS AGENCY comprises all the towns-hips in the county ©f Compton 5 the township of Ascot, in the county of Sherbrooke : the townships of Stokes. MMndsor, Shipton and Cleveland, in the county of Richmond ; Dudswell and Wehlon. in the county of Wolfe ; andSpalding. Ditohfield and Woburn, in the coun'y of Dorchester. Chas. Patton, Esq., Robinson, acting agent. Number of a-res disposable in 1875, 312.329. No. 6. -THE ARTHABASKA AGENCY comprises nil the townships in t'.ie county of Artha- baska; the townships of Wolfestjwn, North Ham, South Ham. Wotton, St Chamille. Garthby and Stratford, in the county of Wnlfe ; Halifax, Somerset. Leeds. Inverness, Ireland and Nelson, in the county of Megantic ; Kinstsey, Simpson and Wendover. in the county of Drummond ; and Aston and the parts of Wendover, Madington and Blanford, in the county of Nicolet. A. Gagnon, Esq., Arthabaska agent. Number of acres disposable in 1875, 172,553. No. 7.— THE CHAUDIERK AflENCY comprises all the township'' in the counties of Beauce and Dorchester, exonpt Bpauldmz, Ditchfield a>id Woburn : the township.^ «f ("oleraine. Thelford and Broughton, in the county of Megantic, and that part of the township of Bnckland in the county of Belleohasse. P. A- Proulx, Esq.. P.LS-, St- Francois. Beauce, agent. Number of acres dis- posable in 1S75, 508,136. A reerve of 320.000 anre* in the Chaudi^re.Rimouski and Bonaventure agencies has been made in favor of the Soci^ti<5 G^n^rale Forestiere de France. No. 8 —THE MONTMAUNY AGENCY comprises all the townships and unsurveyed lands in the counties of Montiuagny, L'Islet and Bellechasse, except that part of the township of Buokland in the county of Bullechafise. Eug. Reuaud, Esq- , Montmagny, agent. Number of acres disposable in 1876, 584,717. No. 9.— THE GRANDVILLE AGENCV comprises a'l the townships and unsurveyed lands in the counties of Kimouraska and femiscouata- C T. Dub6, Esq., Riviere du Loup (en has), agent- Number of acres disposable in 187n, 61u,102. No. 10— THE RIMOUSKI AGENCY ootiprisec all the townships and unsurvpyed lands in the county of Riraouski. J. P. Lepige, Esq.. Rimouski, aaent. Number of acres disposable in 1875, 449,615. A reserve of 320,000 acres n the Chaurii^re, Rimouski and Bonaventure agencies has been made in favor of the Socidt6 G^n6rale Forestiere de France. No. 11.— THE 6ASPE AGENCY oompnses all the townships and unsurveyed lands in the county of Gasp#. John Eden. Esq.. Gasp6 Basin, agent f'»i' part. Number of acres disposable in 1875, 432,397. Louis Roy, Esq. , Cap Chat, agent for part. Number of acres disposable in 1875, 80,694. t: b a £ tl b * ii al M A IJ Ei ADVERTISEMENTS. 153 No. 12.— THE BON A VENTURE AOENCT oomprisei kII the townahips and unsuireyed lands in the county of Bonaventure. L. J- Rlonel, Esq., New Carlisle, agent. Number of acres dispoRable in 1875, 43i>,891. No. 13.— THE 8AGUBNAY AGENCY comprises all the townships and unsurveyed lands in the counties of Saguenay and Charlevoix. George Duberger. Esq., Murray Bay, agent. Number of acres disposable in 1875, 129,467. No. 14.— THE LAKE ST. JOHN AGENCY comprises all the townships and unsurveyed lands in the county of Obiooutimi. J. 0. Tremblay, Esq., Chiooutimi, agent, and Israel Dumais, Esq., Boberral, agent- Number of acres disposable in 1875, 132,993. No. 15— THE ST. CHARLES AGENCY comprifies all the townships and unsurveyed lands in the counties of Montmorency. Quebec and Portnbuf, as far as the rear tine of the timber limits south of the River Batisoan. L. Z. Rousseau, Esq., Quebec, agent- Number of acres disposable In 1875, 196,847. No. 16— THE ST. MAURICE AGENCY comprises all the townships and unsurveyed lands in the counties of Champlain, St. Maurice and Maskinongd. except that part of the township of Peter- Itorough in the said county of Maskiriong6 ; also the unsurveyed lands in the counties of Portneuf and Quebec north of the rear line of the timber limits south of the River Batisoan. Alphonse Dubord, Esq., Three Rivers, agent Nuirberof acres disposable in 1872,94200. No. 17— THE ASSUMPTION AGENCY comprises all the townships and unsurveyed lands in the oounties of Terrebonne, Montcalm, Joliette and Berthier, with part of the township of Peter- borough in the counnty of Maskinong^. J. B. Dnlfausse, Esq.. Joliette, ascent for part. Number of acres disposable in 1872, 200,350. 0. E. Belle, Esq., Montreal, agent. Number of acres disposable in 1872, 99,520. THE SPECIAL CROWN TIMBER AGENCY, under the direction of A J. Russell, Fsq., residing •t Ottawa, comprises the county of I'ontiao and part of the county of Ottawa. ,^ THE SPECIAL CROWN TIMBBK AWNCY under the direction of C E- Belle, Esq., of Montreal, comprises the counties of Berthier, Joliette, Montcalm, Terrebonne, Two Mountains! Argenteuil and part of Ottawa. FACTOMS and all other Legal Printing ' Well and promptly executed at THE GAZETTE PRINTING HOUSE. ENCOURAGE HOME MANUFACTURES. 18 ST. HEXjEIsT STK.EET, :M:03SrTI?.EA.3L CANADIAN WOOLLENS. For convenience of Western buyers, Office and Samples: 13 WELLINGTON ST., EAST, TORONTO. A. pa OTT^ESIljTTSr I HILLS OF LADING, and all other Blank Forms, printea in ink that tvill make a perfect copy of Form as well as written matter, at 154 ADVERTISEMENTS. I I. i^ l> M\ HOOD'S SOAPS, Being the ONLY HOUSE awarded a Medal by the BRITISH JUDGES at the We can with renewed confidence recommend our Soaps as the STANDARD BRANDS of the' Dominion. OUR TOILET SOAPS are, on account of the emolient properties and delicacy of perfume, Bupersedini? all goods now in the market, and people find pleasure and Qomfort in the Toilet br using our Soaps. Our aim has ever been Superiority of Qaality, Durability and Excelle>:iy; and our success at the late CENTEiNNIAL EXHIBITIOX, confirms us in our enterprise. . ITl (Successors to Ives & Allen) , HARDW^ARE, STOVES, &c , ^ IRON RAILINGS AND CRESTINGS. Offices and Warehouse, 113 to 125 Queen Street, N.B.— BRONZE and SILVER MEDALS awarded at CENTENNIAL EXHIBI- TION for Ornamented Iron Work. CANADA MARBLE 4 GRANITE WORKST R. FORSYTH, Proprietor. ALWAYS ON HAND. Office, 130 BLEUBY STBEET, Mir 662 WILLIAM STBEET, MONTBEAL. DeBigns sen l to all parts of the country. ;S at the RANDS of the- cy of perfume, 1 the Toilet br our success at &C, L EXHIBI- RKS. ADYEKTISEMENTa. 155 V. HUDON, Prbhident. | G. H. NYE, Manager. F. 0. OHARBONNEAU, Sko.-Trbab. OFFICE : 16 DEBRESALES ST., MONTREAL. WORKS: HOCHELAGA. SAW & PLANING MILLS : 111 & 115 DUKE ST. MONTREAL. ESTABLISHED 1842. CH1.S. ALEXANDER & SOHS, WHOLESALE CONFECTIONERS, MARRIAGE CAKE ORNAMENTS, WREATHS, Ac, «fcc.. In fall variety aud newest styles. 387, 389 Z 391, NOTRE DAME STREET. JOHN C. nacLAREN, Mannfactarer of Leather Belting, Hose, Lace Leather and Machine Card Clothing. p. O. BOX 1296. ; MONTREAL, CANADA. " CANAL IRON, NAIL & SPIKE WORKS. ESTABLISHED 1838. . PECK, BENNY & CO., Propeietors. MANUFACTURERS OP RAILROAD AND SHIP SPIKES, CUT NAILS^ Clinch, Patent Pressed & Horse Nails. 166 ADVERTISEMBNTB. "THE GAZETTE, MOHTREALi, Has a Oiroolation more than Double that of any other Morning Newspaper published in the Frovinoei THJE SHIPPING NEWS, THE WwkMy Wimmm®iml M®tI0 9 AND THE REPORTS OF THE MARKETS OP ALL KINDS Are made up with great care, and are in every respect reliable. i'i No Merchant, Banker or other Business Man, CAN AFFORD TO BE WITHOUT tt >f a Br JDAILY, Per Annum - - WEEKLY EDITION, Per Anmim ADDRESS. T. -.'. '.'/'I ''"■ Tickets issued to CAIiS. are now ' ^^^:Mr'P(yr Sat diate^laceii: ., .|. :^ . 1 .; ;• .- ■ , . __ v*:^* ■J.',',! 'I LS, AXLE . RED. ishes, and DY MIXED treal. lOOTS. Suction, ¥^4 V)t lEAJU REAL. r. f UITS, on Founders. 1 ;• 1,389 Miles Under One Management, C •/■■ 1. Jv> ..•■ BETWEM THE Western STATES. Thip Cheftpeai and Best Moute to all Foints East and VTest, (}16s6 CoDn0ctioDS made with all Connecting Lines, ^ndTIirough Tickete issued io ^11 important pGints,: n f v ^ *^^GpELERATION OF PPEEB on the BXPEESS TWAINS, ;j^NiiW(URS on alt the EXPRESS TllAINa ^^^^^ 'l^ SLEEPIN^G and DRAWING ROOk CARS are now run on the GRAND TRUNK LINE. "':, -^iksrFor San Francisco, Sacramento, Salt Lake Oity, Omaha, and interme' diate ^laceiS'Qn the Pacific Bailway, thd Grand Trunk is the most Direct Moute. Splendid Palace Sleeping: Cars are now ran between, Glilc^iffo Mattinsoh. jb . Jan<^^»y^a>itllbnt Change. ■t »' jj^t^JPYom , PAss^rigers holding Through Tickets, American Money is receive4jdt^Parfop^.^k^ing Berths - ' i s, andaiikindil Be Wfo^and as|fof TICKETS « the GR^^ RAILWAY. ,.^,^ 1.1 u JOSEPH ftlCRSON* ■.■■.«:• ■■ ')>■ ''^^ ■ Jfi. ? .>■ t '■^ U ■■>y -ai W ;;■•/»,■..» -^, ^.. ..■■■ llj' '• . 'i A » ?rK. ^' >> I* Ml' \U. il' - 'vT •9^^ -t-4~ » I M , i -t - f ■■ in, — " ■ II >' ■ nul l ■ If .,^ >-^. :.V * "< IMFORTEKS ■^':>' /■■;;■' .:::'^V~'V'/. ".'^i Si..--' -■„■ ," l''*'t ALSO AOENTP'S FOR MB8S^;i*A^LL&CO. -''■^'V^i ' '■f^'l OocniAd. ■5^r ^^14 ^•-■, <( ? \ — - aiEipi^ JOUET & CO. :-";;;.:#'^?c>, 'Epb^^ BJiANKENH^IGM & NOLET - EbTTii^ito^ i ," , ■ ,■-■ ^ ■'•■■'■■, ' "WM: YOUNUER & CO, - - - EDiNB0RQt6H -Tf -^^ >■ ' , ' ■ ■ /: <' ^•^■^ »^ini.m-Oa3IHI? ■^^• •-^ ,■■ itM Bt* SildreiMii f'K- iVEQisr'x t I ! ' ■»■ « . 'j ifcl H *. 'm w ?• ^ il:k \m Ju' . *;,«!.., -I" \K:^ ' . r ■ ■ ' A ka fl^ ^«i f ■ ''^'-i-u \ "V'; > ■.■■'■> ■ :^ >.,■■■ ■■"-.■■ ■ :-Vr. ^>: : --.r. ^ - - ■ ^AV%: '•<■,. SM' BOROt^H. "! V ■.^-