and was therefore improving her financial position and increasing her liquid capital while Great Britain was dissipating hers. He dwelt on the gigantic bank deposits of the Dominion, which he estimated to be between one-fourth and one-fifth of those of Great Britain, and he urged that Canada should extend whatever aid she possibly could to the mother-country in this time of trial, and that individual Canadians should increase the nation's wealth by "the least possible consumption, the greatest possible saving," in order thereby to "help our friends in the trenches."
Mr. Brand's mission was a great success. He was able to induce the Canadian banks to place a large and continuous supply of wealth at the disposal of Great Britain, by the purchase of British Treasury Bills; and in this way the factories of Canada became of infinitely greater value to the Empire than, for instance, those of the United States, whose output had to be paid for in gold or in American securities laboriously scraped together from all corners of the British Isles—since the Americans were at that time unable to accept Treasury Bills and could not be persuaded even to purchase the bonds of the British and French Governments except at an abnormally high yield of interest. Within a year of Mr. Brand's visit, nearly $200,000,000 of British Treasury Bills had been taken over by the Canadian Government and the Canadian banks, and it was fully demonstrated that Canada was able to provide the necessary credit for whatever supplies of munitions might be required by the Allies from this country. At the beginning of October, 1916, it was announced that the munition orders placed in Canada by the Imperial authorities had amounted to $550,000,000 since the beginning of the war. Of this probably about $200,000,000 had been paid for without Canadian financial assistance, another $200,000,000 had been financed with Canadian funds, and the remainder was still undelivered. The capacity of the Canadian