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     Present legislation requires Canadian chartered banks to keep a reserve ratio amounting to at least eight percent of their Canadian deposit liabilities. They can, accordingly, lend out ninety-two percent of money deposited with them. As their cash reserve the chartered banks may consider the actual currency which they hold (Bank of Canada notes), plus deposits which they have in the Bank of Canada.

     In accordance with British practice, Canadian banks have concentrated on short term loans, of less than one year’s duration. They favour the loan which finances a business operation which, within a matter of weeks or months, will yield to the borrower the money he requires to repay the loan. In this category are loans to merchants to purchase goods which they will soon sell; loans to manufacturers to purchase raw materials which they will shortly transform into finished products which they will market; loans to farmers in the spring for the purchase of seed, fuel, and the like, to enable them to produce a crop which they will harvest and sell in the fall. Our banks also lend money, for short periods, to governments, organizations and private individuals. They also lend substantial sums to investment dealers and stock brokers to enable them to purchase stocks and bonds for clients or for themselves. Only in limited degree do they make loans to finance the purchase of machinery, equipment, land and buildings, since such loans can normally be repaid only after a period years. Federal legislation has contributed to this reluctance by expressly prohibiting banks from making loans upon the security of real estate.

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