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Knights Bachelor, Society of, Nationalists and the Elec-
616.

Labour Interests and Or-
ganizations, 333-44.
Lanctot Question in Parlia-
ment, 286.

Laurier Administration, Last
Days of, 271-88.
Laurier on Reciprocity, Sir
W., 84-5, 143-5, 159-61,
161-9.

Local Incidents and Appoint-
ments, 364-5.
Local Option in the Pro-
vinces, 425-6, 437, 456,
459, 544, 565-6, 571.
Long Sault Development Bill,
634.

Liberal Party and Recipro-

city, 18-21, 39-41, 43-4,
47-55, 76, 78, 81-6, 142-
53, 159-61, 161-9, 191-5,
204-6, 207-11, 215-7, 227-
81, 234-9, 242-3.
Liberal Policy after the Elec-
tions, 308-11.
Living, High Cost of, 215-9.

Manifestos of Mr. Borden,
160-1, 169-70, 178-9.
Manifesto of Sir W. Laurier,
159-61.
Manitoba Agricultural Col-
lege, 542.
Manitoba, Bi-lingual Schools
in, 555-6.
Manitoba, Boundary Ques-
tion in, 550-3.
Manitoba, Development of,
539-40, 543-4.
Manitoba, Education in, 557-
9.

Manitoba, Elevator Question
in, 541-2.
Manitoba

Grain Growers,

of, 540-2.
Manitoba, Government,
Changes in, 543-4.
Manitoba, Legislation of,

544-9.
Manitoba, Prohibition Ques-
tion in, 544.
Manitoba, Reciprocity, Atti-
tude of, 102-4, 240-3.
Manitoba, Telephone Ques-
tions in, 553-4.
Manufacturers and Recipro-

city, 110-15, 167-9, 203-7.
Memorial, King Edward VII,

632.
Mergers,

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Financial, 356-64.
Mergers Discussed in Par-
liament, 285.

Militia Affairs, 345-56.

Militia Conference, 348-50.
Militia,

Policy Regarding,

273, 301-2.

Mining in Canada, 378-81,

407-11, 414-24.

Mining, Provincial, 407-11,
414-24, 480-2, 506-7, 521,
583-4, 598-9.

Montreal

Tramways

Act,

496-8.
Municipal Organizations, 653.
McGillicuddy Charges Against
Mr. Oliver, 273-4.

tions, 162-6, 179-95, 232,
233.

Naturalization

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pire, 307.
Naval Question, Conserva-
tive Policy and the, 173,
175, 177, 1835.
Navy Question after
Elections, 298, 301, 305-6,

310-11.

New

the

New Brunswick, Education
in, 531-2.
New Brunswick, Grand Val
ley, Prospect of, 529-31.
Brunswick, Political
Changes and Legislation
New Brunswick Reciprocity,
in, 522-33.
Attitude of, 105, 234-6.
New Brunswick, Develop

ment in, 519-22.
New Ontario, Development
of, 411-24.
Ne Temere Decree, 307, 316-
26.

Niobe Inquiry, 293-4.
Nova Scotia, Education in,

512-14.

Nova Scotia, General Elec-
tions in, 514-18.
Nova Scotia, Political Con-
ditions and Legislation in,

508-12.

Nova

Scotia, Reciprocity,
Attitude of, 105-7, 238-9.
Nova Scotia, Resources and
Development in, 506-8.

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and the Elec-
tions, 291-2.
Preference and Reciprocity,
Prince Edward Island, De-
British, 126, 128-32, 134-
5, 156-7, 165.
velopment in, 533-4.
Prince Edward Island, Edu-
Prince Edward Island, Pub-
cation in, 538.
Prince Edward Island, Re-
lic Affairs in, 534-8.
ciprocity, Attitude of, 107-
Printing and Stationery De-
8, 239-40.
Provinces and Reciprocity,
partment, 279-80.

The, 96-110, 179-96, 224-
50.

Pulp-wood in Quebec, 478-
80, 494.

Pulp-wood, Reciprocity and,

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Quebec Legislation, 488-99.
Quebec, Minerals of, 480-2.
Quebec, Political Conditions
in, 484.
Quebec Pulp-wood,

Re-

sources of, 478-83, 494.
Railway Incidents, 645-6.
Reciprocity, 17, 217.
Reciprocity after the Elec-
Reciprocity Agreement, 28-
tions, 295-6, 308-11.
Reciprocity, Australian Opin-
30.
ion of, 139, 141, 221.
Reciprocity, British Inter-
ests and, 126-41, 188, 219-
21.

Reciprocity, Canadian Ef-
forts to Obtain, 18, 19.
Reciprocity, Canadian Opin-
ion of, 34-46, 254-8.
Reciprocity, Champ Clark
on, 62, 63, 270.
Reciprocity in Congress, 32-
4, 55-66.
Reciprocity,

Conservative
Party and, 18-20, 46, 55,
77-81, 85, 87-8, 90-6, 153-
7, 160-1, 169-79, 181-2,
190, 211-15, 217-9, 225-
6, 233-4, 237-9, 240-1,
245, 248-9.

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tude Toward, 115-26, 207-
15.

Reciprocity, High Cost of
Living and, 215-9.
Reciprocity and the Liberal
Party, 18-21, 39-41, 43-4,
47-55, 76, 78, 81-6, 142-
53, 161-9, 191-5, 204-6,
207-11, 215-7, 227-31,
234-9, 242-4, 250-1.
Reciprocity, Liberal

(18)

Manifesto Against, 47-50,
201-2.

Reciprocity,

Manufacturers

and, 110-15, 167-9, 203-7.
Reciprocity, Montreal Board
of Trade and, 38.

Reciprocity,

1910 Negotia-

tions for, 22.

Reciprocity,

1911 Negotia-

tions for, 23-8, 31-2, 127-
8.

Reciprocity,

Parliamentary

Discussion of, 30-32, 76-
89.

Reciprocity, Party Manifes-
toes and, 158-60, 169-72,
178-9.

Reciprocity, The Provinces

and, 96-110, 179-96, 224-
50.

Reiprocity, Toronto Board of
Trade and, 39.
Reciprocity, Transportation
and, 251-4.
Reciprocity Treaty of 1854,

17-18, 81.
Reciprocity, Hon. Clifford
Sifton and, 50-1, 52-3,
196-9.

Reciprocity, Unrestricted, 17,
19, 20-22.
Reciprocity, U. S. Views of,

17-18, 23, 55-76, 206-7,
215, 222-4, 269-70.
Reciprocity, Imperial Con-
ference, 136.
Reciprocity, Sir W. C. Van
Horne and, 54-5, 200-1.

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Budget in,

Trusts and Reciprocity, U.S.,
Tuberculosis, Quebec Report
170, 217-19.
Ungava, Territory of, 482.
on, 487-8.
United States, Arbitration

Treaty with, 635.

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Development

United

Peace Foundation in, 634.
States, Fisheries

Saskatchewan,
574-5.
Saskatchewan,
in, 559-61, 565.
Saskatchewan, Education in,
578-9, 580.
Saskatchewan, Farmers Or-
Saskatchewan, Legislation in,
ganizations of, 561-3.
566-76.
Saskatchewan, Local Option
in, 565-6.
Saskatchewan,

Opposition
Policy in, 568-9, 572-3,
575-8.
Saskatchewan,

Reciprocity,
Attitude of, 108-10, 243-5,
564.

St. John Ambulance Asso-
ciation, 351-2.

Senate Constitution, 284-5.
Single Tax in Alberta, 591.
Sociological Incidents, 365-6.
South Renfrew Bye-Election,
310.

Statistics, Canadian, 22.

Taft's Speeches, President,
32-4, 71-6, 134, 167, 172,
269.

Tariff Reform and Recipro
city, 126, 128-32, 134-5.
Telephones, Public Opera-

tion of, 553-5, 578, 592.
Terminal Elevators, Resolu-
tions on, 284-5.
Testimonials, Finance Min-
Throne,
ister and, 270-1.

Dominion Speech
Transportation and Recipro-
from the, 283-4, 303-4.
Trade, Canadian and Uni-
city, 251-4.
ted States, 19, 22, 34, 78.

United States, Joint Com-
Treaty with, 634.
United States, Moving Pic-
mission with, 634-5.
ture Films of, 635.
United States, Panama
United States, Peace Cele-
Canal Tolls and, 635.
bration with, 635.
United States, Pelagic Seal-
ing Treaty with, 634.
United States Press on Re-
ciprocity, 66-70.

United

States, Proposed
Railway Treaty with, 634.
United States, Reciprocity
Views in, 17, 18, 23, 55-
76, 206-7, 215, 222-4,
269-70.

University Appointments and
Degrees, 653-4.
Unrestricted Reciprocity, 17,
19, 20, 21, 22.

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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.,
President of the Canadian Bank of Commerce

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

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