CANADIAN CREDIT.
Apropos of what I wrote last week concerning the effect upon Canadian credit of the recent proposals by the Government of the Province of Alberta to control the banking institutions, I am glad to see the report that Mr. Mackenzie King, the Dominion Prime Minister, has appointed a Commission to report upon the financial relations between the Government and the provinces. This action has not been taken a moment too soon, and its findings will be awaited with the keenest interest by the British investors in Canadian Provincial and City bonds. There have been many acts lately on the part of these provincial Governments which have been damaging to Canadian credit, but the latest action by the Government of the Province of Alberta in attempting to control the Chartered banks, which enjoy their privileges from the Federal Govern- , ment, was so direct a challenge to the Federal authorities, that , the Dominion Premier must have felt that it was one that could not possibly be ignored.*
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