At a by-election held on November 4, 1911, Mr. White was elected to Parliament by a considerable majority, despite the fact that the election was marked by severe personal attacks on him, because of his so-called “desertion” of the Liberal party. Mr. White answered the challenge by the statement that he “believed that there was no healthier sign of the times than that an honest man should change his party in the interests of his country.” His maiden speech in the House of Commons, which was delivered on Nov. 29, 1911, was awaited throughout the country with great interest, and at once stamped him as one of the coming men in Canadian politics. Since then his budget speeches have proclaimed him as a financier of masterly intellect. Had Mr. White known in 1911 that the task lay before him of financing Canada’s contribution to the prosecution of the greatest war the world has ever known, he would possibly have declined office. When in 1914, Germany made war against all Europe, and Canada decided to support the Motherland, perhaps the gravest task of all fell on the Minister of Finance, because up to that time Canada had been a heavy borrower from the Motherland, and these sources of supply would naturally be cut off if the war continued for a lengthy period. In fact, in 1914, many eminent financiers believed that the financial resources of the world would not stand the strain of a war of more than six months’ duration. The Canadian Minister of Finance however laid his plans for a long war; and in addition to the task of financing Canada’s magnificent military effort, applied himself to the problem of keeping up Canada’s trade at a figure that would enable her to continue as a belligerent. He had also the task thrust upon him of acting as banker for Great Britain, France, Russia and other belligerents, who made the finance department at Ottawa the clearing house for their enormous financial dealings with the merchants and manufacturers of the United States. During the first year of the war Great Britain was able to render financial assistance to Canada and others of the overseas dominions; and Mr. White floated some large loans in the United States. But it was already apparent that Canada must shortly finance herself. In 1916 he visited England and fully acquainted himself with the situation, and in the same year was created a Knight Commander of St. Michael and St. George, in recognition of his war services. Sir Thomas decided to test Canada’s own resources and floated a large war loan the bulk of it being taken by Canadian capitalists, although a certain number of small investors were also attracted to it. Up to 1917, however, there were only about 60,000 holders of Canadian bonds in this country. In the summer of 1917, when Canada seemed to face a serious financial crisis, Sir Thomas decided to try the experiment of a great popular loan to be known as the Victory Loan, on the lines of