VI

OUR BANKING MACHINERY

February, 1918

The Recent Amalgamations—Will the Provinces suffer ?—Con-
solidation not a New Movement—The Figures of the Past
Three Decades—Reduction of Competition not yet a
Danger—The Alleged Neglect of Local Interests—Shall we
ultimately have One Huge Banking Monopoly ?—The
Suggested Repeal of the Bank Act—Sir E. Holden's
Proposal.

BANKING problems have lately loomed large in the
financial landscape. It will be remembered that
about a year and a half ago a Committee was ap-
pointed to consider the creation of a new institution
specially adapted for financing overseas trade and
for the encouragement of industrial and other
ventures through their years of infancy, and that
the charter which was finally granted to the British
Trade Corporation, as this institution was ultimately
called, roused a great deal of opposition both on the
part of banks and of traders who thought that a
Government institution with a monopoly character
was going to cut into their business with the help
of a Government subsidy. In fact, there was no
subsidy at all in question, and the fears of the