commercial stations and 20.5 per cent in municipal or public-owned stations. Total employes number 8,840, receiving wages and salaries totalling $7,777,715 per annum. The total revenue received from the sale of electrical energy was $44,536,848, of which $29,135,399 was secured by commercial and $15,401,449 by municipal plants. The primary power installation in central stations totals 1,844,571 horse-power, of which 78.3 per cent., or 1,444,314 horse-power, is installed in commercial stations, and 21.7 per cent., or 400,257 horse-power, in municipal stations. Of the total primary horse-power installed, 1,652,661 horse-power is derived from water, 180,800 from steam, and 11,710 from gas and oil. Of special interest is the actual cost of construction of hydro-electric power stations per installed horsepower. Omitting all real estate, transmission, and distribution equipment, seventy representative hydroelectric stations throughout the Dominion, with an aggregate turbine installation of 745,797 horse-power, and a total construction cost of $50,740,458, show an average cost of $69.11 per installed turbine horsepower. One of the most important facts disclosed by the survey is the outstanding position which water power takes in the central station field. Out of a total installed primary capacity of 1,844,571 horsepower, 1,652,661, or 89.6 per cent.,-practically 90 per cent., is derived from water. This figure is indicative of the extent and availability of the water power resources of the Dominion and of the remarkable degree to which their adaptability for central station work has been appreciated in principle and realized in practice. Development of electric energy by water power is being urged by many Canadians not only as a means of reducing the country's enormous coal bill, but also as a labor saving measure which will enable the laborer to increase his net output. Mr. Beale says that in Great Britain a great deal of attention has been given to the subject and figures have been submitted to prove that the continuance of the upward trend of wages is dependent upon the greater per capita use of mechanical energy. He adds: "The old idea of restricted output in order to keep up prices and wages seems about to give way to the new one of stimulated output, the greater production of marketable manufactures per capita by the introduction of labor-saving devices, automatic machinery, etc., and it seems probable that labor will accept the new regime and share in the rewards of enhanced output." CANADA'S FINANCIAL RECORD No estimate of Canada's resources would be complete without an account of that country's remarkable accomplishments in finance, or without some indication of their bearing upon the future relations between Canada and the United States. Canada borrowed heavily abroad in the years before the war. E. R. Wood, president of the Dominion Securities Corporation, estimates sales of Canadian bonds for the five years 1910-1914 at $1,417.481,922, of which total Canada absorbed 14.35 per cent., the United States 10.50 per cent., and Great Britain 75.10 per cent. He places the total sales for the war years, 1915-1918, at $2,207,140,715, of which Canada absorbed 61.74 per cent., the United States, 34.06 per cent., and Great Britain, 4.20 per cent. The entrance of the United States into the war threw Canada upon her own financial resources entirely and the manner in which her people accepted the added burden is shown by the fact that the amounts of her war loans and the number of subscribers increased steadily. In November, 1915, the Government asked for $50,000,000. The amount subscribed was $113,729,500 and the number of subscribers was 24,862. In September, 1916, the amount asked for was $100,000,000. Including conversions, the total subscription was $195,371,000, and the number of subscribers, 34,526. In March, 1917, a loan of $150,000,000 was asked for, and, including conversions, a subscription of $236,654,000 was registered, while the number of subscribers went up to 41,000. Another $150,000,000 was asked for in November, 1917. This loan was offered at par with an interest bonus on the first coupon, the rate being 511⁄2 per cent. The subscriptions totalled $419,289,000 and the number of subscribers, increased to 820,035. The amount allotted on these four issues, not including conversions in the second and third loans, was $764,187,800; the average subscription was $4,128; and the subscription per capita rose from $14 in the first loan to $52 in the loan of November, 1917. The Canadian Victory Loan of November, 1918, begun five days after the signing of the armistice, eclipsed all previous records. The amount asked for was $300,000,000. While the results have not been fully tabulated a statement compiled in January shows a total subscription of $695,389,227. One person in every seven subscribed and the average per capita subscription for the Dominion as a whole was $88.91. The number of subscribers was well over 1,064,000. To float this loan it was necessary to take from past as well as current savings. Savings deposits in the Canadian chartered banks dropped from $1,076,000,000 in October, the highest level ever reached in Canadian banking, to $939,000,000 in November, but by the end of January they were up to $990,000,000, a recovery of $19,000,000 in December having been followed by one of $31,000,000 in January. Adding to savings deposits the deposits subject to withdrawal on demand, the total to the credit of the Canadian people on February 1 was $1,613,000,000, as compared with $1,720,000,000 just prior to the last loan. These figures are the more astonishing, considering that the working population of the Dominion, estimated at 8,075,000 in 1914, was decreased by a very large overseas army, when the fact is disclosed that the banks of the country did not take the loan. During the war period the banks subscribed to a total of only $50,000,000 and these bonds were sold to the public in the course of a few months. With such a record Canada faces the future without any fear. Her war debts will be paid quickly, and while interest charges, pensions, and huge sums for reconstruction work and development of her resources will entail heavy burdens upon her, the number of her workers is expected to increase rapidly and there is no voice of pessimism raised within her borders. AMERICA'S INTEREST IN CANADA What has been the part hitherto played by the United States in Canada's development, and what is it likely to be in the future? In spite of the fact that the United States in the past has been chiefly pre-occupied with its own internal development, she has contributed a fair share toward Canada's economic expansion. While Great Britain has been largely responsible for the extension of the Canadian railroad system, the United States played the greatest part in Canada's industrial development. It was United States capital that developed the water power |