1 Knights Bachelor, Society of, Nationalists and the Elec- Labour Interests and Or- Laurier Administration, Last Local Incidents and Appoint- Liberal Party and Recipro- city, 18-21, 39-41, 43-4, Manifestos of Mr. Borden, Manitoba, Elevator Question Grain Growers, of, 540-2. 544-9. city, 110-15, 167-9, 203-7. 632. Financial, 356-64. Militia Affairs, 345-56. Militia Conference, 348-50. Policy Regarding, 273, 301-2. Mining in Canada, 378-81, 407-11, 414-24. Mining, Provincial, 407-11, Montreal Tramways Act, 496-8. tions, 162-6, 179-95, 232, Naturalization pire, 307. 310-11. New the New Brunswick, Education ment in, 519-22. Niobe Inquiry, 293-4. 512-14. Nova Scotia, General Elec- 508-12. Nova Scotia, Reciprocity, and the Elec- The, 96-110, 179-96, 224- Pulp-wood in Quebec, 478- Pulp-wood, Reciprocity and, Quebec Legislation, 488-99. Re- sources of, 478-83, 494. Reciprocity, Canadian Ef- Conservative tude Toward, 115-26, 207- Reciprocity, High Cost of (18) Manifesto Against, 47-50, Reciprocity, Manufacturers and, 110-15, 167-9, 203-7. Reciprocity, 1910 Negotia- tions for, 22. Reciprocity, 1911 Negotia- tions for, 23-8, 31-2, 127- Reciprocity, Parliamentary Discussion of, 30-32, 76- Reciprocity, Party Manifes- Reciprocity, The Provinces and, 96-110, 179-96, 224- Reiprocity, Toronto Board of 17-18, 81. Reciprocity, Unrestricted, 17, 17-18, 23, 55-76, 206-7, Budget in, Trusts and Reciprocity, U.S., Treaty with, 635. Development United Peace Foundation in, 634. Saskatchewan, Opposition Reciprocity, St. John Ambulance Asso- Senate Constitution, 284-5. Statistics, Canadian, 22. Taft's Speeches, President, Tariff Reform and Recipro tion of, 553-5, 578, 592. Dominion Speech United States, Joint Com- United States, Proposed University Appointments and Special Supplement Including important Financial Addresses of the year and Historical Sketches of Leading Canadian Institutions, compiled and written by the Editor from original sources and documentary data. ANNUAL REVIEW OF CANADA'S FINANCIAL AND COMMERCIAL INTERESTS By SIR EDMUND WALKER, C.V.O., D.C.L., LLD., Toronto, January 9, 1912 The progress of the Bank during the past year has been so gratifying and the subjects to which the General Manager has been asking your attention are so important that I feel less confidence than usual in taking up your time merely to review some of those features of the prosperity of the country with most of which you are already familiar. As you all know the year has been a momentous one for Canada in directions which cannot be discussed here, but on the purely business side it has demonstrated in an unusual degree the fact that the general progress of such a large area as Canada is likely to be accompanied by untoward as well as fortunate events. The totals of our imports and exports for the fiscal year of the Dominion, ending March, 1911, are again record figures. Our imports were $472,194,000 and our exports $297,196,000, the balance against us being the large sum of $174,998,000, not far from the balances of any two previous years put together. The total trade was $769,390,000, against $693,161,000 a year ago. The significant fact, however, is that while our imports increased $80,391,000 our exports declined $4,162,000. This is of course principally due to very free imports in anticipation of the present large cereal crop; to the increase in railroad construction and public and private building; and to larger immigration, the value of such settlers' effects as are declared, appearing as imports. It is also partly due to somewhat larger imports of gold bullion and silver. For the first six months, ending September, 1911, of the current fiscal year, the figures are even more striking, the imports being $266,187,000 and the exports $141,865,000, the balance against us for the six months being $124,322,000 as against |