recovered. Of the incidents in this month of strenuous work and strenuous welcome there were many which might be recorded but only a few more can be mentioned here. On Sept. 13th a splendid wreath of roses was placed on the monument in Westminster Abbey to General Wolfe, the hero of Quebec; on another occasion Sir Henry Pellatt reviewed 6,000 of London's Boy Scouts and presented one Company with a set of new Colours; there were innumerable references in the press to Sir Henry's expenditure in bringing the Regiment to England and the Canadian Gazette stated the expense at from £20,000 to £30,000. As a matter of fact the boat transportation alone was $55,000 and the food supplies $20,000. Probably $200,000 would not be an excessive

estimate.

On the return voyage in the Canada a presentation of a handsome loving cup was made to Sir Henry for himself and Lady Pellatt-who had remained in England with her son-by the officers and men of the Regiment as a souvenir of the trip. At Quebec, His Excellency the Governor-General received and inspected the Regiment on its arrival and made a brief speech: "I congratulate you, gentlemen, on the parts you have individually and collectively played in what appears to have struck the popular imagination as an almost epoch-making move in the evolution of the Empire. The spontaneous, public-spirited action of the officers and men of the Queen's Own Rifles in going to England, in order that they might learn to raise the standard of their own efficiency and also that they might show the people in the Motherland how great is their desire and power to help, has been regarded not only in England, but in Australia, South Africa and elsewhere as a light on the mountain tops." At Toronto the Regiment was given a flattering official reception and an enthusiastic one by the people along the route from the North Toronto station to the Armouries. Replying to the Civic Address, read by Mayor G. R. Geary, Sir Henry said in part:

Our welcome in the Motherland was truly British, with the one exception that the old traditional reserve was cast to the winds and we were made to feel at once that we were heartily welcome. We went to see the British soldier in his own home that we might benefit by his long years of military education, and we have learned to admire his steadiness on parade, and his endurance and efficiency on the field. We have tried to play the game. Our men from the first have lived up to the trust reposed in them-carrying out their training with all seriousness of purpose. Placed as they were between the Buffs and Leicestershires, two of England's oldest and best Regiments, they had no mean task set for them, and on the long and trying marches many an act of good comradeship was performed. The good name of the Regiment, the reputation of our city and, above all, that of the Dominion which we were representing, were ever kept in mind and if we have won the respect of the British Regulars with whom we were so closely associated in the manoeuvres, then truly, our Imperial undertaking has fulfilled all the purpose that we of the Queen's Own desired or hoped for.

On Dec. 20th, following, an interesting event occurred in the presentation to Sir Henry Pellatt and his Regiment, by the Ontario Government, of four handsome volumes of press clippings regarding the trip to Britain. With the presentation came a letter from Sir James P. Whitney in the following terms: "The Government is of opinion that, representing the Province of Ontario, it is its duty to express when occasion offers, what it believes to be the feeling of the people of the Province with reference to the undoubted patriotism and self-sacrifice displayed by yourself and every member of the splendid military organization of which you are the head."

British

Investments

During 1910 British capital continued to flow The Increasing freely into Canada through the usual channels of financial investment and individual settlement. in Canada According to a paper read by Mr. George Paish, as the result of elaborate investigation, before the Royal Statistical Society in London on Dec. 20, the amount of capital invested by Great Britain abroad totalled, up to the end of 1910, £3,191,836,000 of which £1,554,152,000, or $7,770,760,000, was invested in India and the Colonies. The total return by way of income in 1907 was £139,791,000 per annum, or a little over 5 per cent. Since 1907 a large additional amount of capital had gone abroad totalling, in 1908, 1909, and 1910, £516,861,083. Of this £101,356,180 went to Canada, £26,088,108 to Australasia, £30,289,702 to South Africa and £58,859,297 to the British East or a total of over £217,000,000 within the Empire. Of the Foreign countries the United States received £73,964,627 or considerably less than Canada, and the Argentine £56,487,796. The total amount of British capital invested in the United States, according to Mr. Paish, during all its great development and with all its immense population, was £688,078,000-£586,000,000 being Railways-or not twice as much as Canada, with its tiny comparative population, had received. Certainly money seems to follow the flag! Let Mr. Paish speak upon the Canadian part of his inquiry:

Excluding the United States Great Britain has provided more capital to Canada than to any other country, and the rate at which the British people are now increasing their investments in Canada is so rapid as to be phenomenal. The amount of visible capital our investors have placed in Canada now amounts to the great sum of £373,000,000, and new supplies of visible capital are flowing to Canada at the rate of over £30,000,000 a year. Including the invisible capital, that is, the capital privately supplied for loans on mortgages, the purchase of land for the conduct of private businesses, etc., the amount is probably nearly £40,000,000 a year. The amount of visible capital we have sent to Canada in the last three years has reached £100,000,000. Canada still needs a large amount of money for the completion of the railways now under construction, and, inasmuch as the Mother Conutry is proud of the great progress of her daughter, and is willing to supply her with all the capital she needs to develop her resources, it is evident that our capital investment in Canada will reach a greater total in a few years. Practically the whole of the capital which

has been spent upon railway construction in Canada has been provided by the investors of Great Britain.

During 1910, as in the preceding three or four years, British investments in Canada continued to grow and to do what they have never done in the United States-extend largely into miscellaneous interests other than Railways. Mr. E. R. Wood, of the Dominion Securities Corporation, provided for 1910 as he had done for some years before, his usual authoritative and valuable figures of British and other investments in Canadian securities-the former totalling $189,000,000. Canadian Government issues in this year totalled $55,000,000 of which Great Britain took $52,000,000 or 94 55 per cent.; Municipal issues totalled $35,748,000 of which Great Britain absorbed $23,355,000 or 65:30 per cent.; Railway issues were $69,950,000 of which Britain took $60,117,000 or 84 per cent.; Miscellaneous Corporation issues totalled $56,956,000 of which Britain purchased $43,847,000 or 76.92 per cent. To quote the Financial Post in this connection: "This is the most significant feature of Canadian bond sales during the past year. It shows that through this class of investments alone, close on $44,000,000 of British capital, with nearly $13,000,000 of Canadian capital, have been devoted to the development of our coal mines, our iron and steel industries, our lumber, pulp and paper industries, our fisheries, our milling industries, our various lines of manufacture and other more or less local and domestic enterprises. These varied lines of industrial development, at one time largely dependent on local capital, have attracted during the year more British capital than have even the extensive railway enterprises of the Dominion." The following table summarizes the situation during 1910:

Total Proportion... $38,921,462 $3,509,000 $189,070,128 $231,500,590 12% 81.50%

17%

Incidents of this investment included Dominion Government stock of $45,000,000 at 312 per cent. and netting 99 and 9912; a Manitoba issue of $5,000,000, 4 per cent. registered stock at 103, and a Saskatchewan $5,000,000 issue, 4 per cent. at 101;

160 Eastern municipalities and 141 Western contributing to the total sales of which Great Britain took so much, Canada such a fair proportion and the United States so little; the fact that the Grand Trunk Pacific and the Canadian Northern filled 80 per cent. of the Railway requirements; the purchase in the early part of the year of 78,000 shares of Consolidated Lake Superior stock by Robert Fleming and his British associates; the declaration by Mr. E. R. Wood in an address on Jan. 28th that "if we have practically no money of our own for the requirements of the Federal and Provincial Governments, the steam railway corporations and the public service corporations, and we must get money from Great Britain or stop our development, surely it is important that we treat capital with the greatest care"; the statement by Mr. Wood on the same occasion that the total investments of Canadian Banks, Insurance Companies, Loan and Trust Companies, was now $1,500,000,000 of which, however, only one-twentieth was invested in township, municipal or corporation bonds. Addressing the Canadian Club in Toronto, on Feb. 28th, Sir Edgar Speyer, the eminent English financier, reviewed the financial situation generally and added:

That Canada is bound to make great strides during this period of prosperity goes without saying, provided she realizes the paramount necessity of only offering such securities in the home market as are absolutely good, and as long as all Canadians doing business with the Old Country will remember that credit is confidence and that both are delicate plants, which one cold blast might destroy. Canada's great natural wealth, the practically unlimited supply of capital from the Home Country at preferential rates, the free markets and good prices for produce, the increasing supply of skilled farmers, and the free supply of labour, render Canada's future assured, and nobody, I need hardly say, will rejoice more in this than the Mother Country which has given and will give to Canada all the financial and moral support which she can expect, and which she fully deserves as long as her affairs are conducted in the spirit of to-day, by wise and far-seeing statesmen and business men who know how to appreciate the value of the trust and confidence Great Britain is showing to the Dominion of Canada.

It was announced later that Sir Edgar had shown his confidence in practical form by purchasing 1,000 shares of Canada Cement (preferred). Mr. F. Noise-Miller of Perth, Scotland, was in Toronto on Mch. 12th and spoke to The Globe as follows: "I know positively that during the past two years more British money has come to this country than in any previous ten. The British manufacturer is not establishing factories here, because British money invested here is returning a handsome dividend. There is in Montreal at this time Mr. Gerard Moncrieff, of the famous London banking house of Boulton Bros., Broad Street, with $3,000,000 to be invested in a power project having headquarters in that city. Mr. James Simpson of Edinburgh, one of the foremost men at the British bar to-day is with me for the purpose of investigating the purchasing of bonds in your Trust

companies here. As for my own Company, the General Accident Fire and Life Assurance Corporation of Perth, Scotland, and London, England, we propose great extensions and, in a few years, will have large office buildings in Montreal, Toronto and Winnipeg." To the Financial Post, Toronto, on Apl. 9th, Mr. J. G. Colmer, C.M.G., a well-known London financier, stated that "there was a great deal of money coming to Canada privately through Trust and Loan Companies, Insurance Companies, etc., for investment in town and farm property, mortgages and the like, of which there was practically no record in the usual estimates made of incoming British capital." Meanwhile the Monetary Times of Toronto had been working up the statistics of British loans to Canada during the preceding five-year period and in its issue of April 23rd, Mr. F. W. Field had an elaborate article reviewing the situation which may be summarized for the five years 1905-9 as follows:

During the year a number of leading Englishmen visited Canada with a view to making investments; many less known persons came also but were unheralded by the press. The Duke of Sutherland spent some time in the West during July and was known to have bought a large area of land for purposes of settlement as well as investment; J. Norton-Griffiths, M.P., the English contractor, invested in British Columbia properties to the extent of 90,000 acres and in Prairie lands to an estimated total of 40,000 acres; Lord Hindlip, Lord Clinton, D. G. Stephenson, a Director of the Trust and Loan Company of Canada and the Hudson's Bay Company, the Hon. Charles H. Strutt, Earl Bathurst, a Director of the Morning Post, Lord Abinger and Sir Edward Stern, all toured the West and were announced in the press as studying the country with a view to investment; the Earl of Harrowby paid a visit to the three Provinces and, on Oct. 8, told the Toronto Mail that, besides himself, a number of British peers were purchasing tracts of land in Canada and that others would probably follow their example; Arthur M. Grenfell, President of the Western Land Company and the Canadian Agency, Ltd., visited various Western centres at this time accompanied by Major Guy St. Aubyn, and others, with avowed purposes of investment.