Early in the autumn of 1914, the Bank of England, realizing that it would be impossible for American firms to ship gold to London in payment of maturing indebtedness there, announced that deposits of gold by such firms with the Receiver-General at Ottawa would be regarded as if received by the Bank at London. Under this arrangement many million dollars of the precious metal were shipped to the Dominion Capital, where a Branch of the Royal Mint had already been established in January, 1908. The amount in the vaults at Ottawa during the war became almost twice the total amount held by British financial institutions in 1913. As part of it was raw gold, the Ottawa Branch of the Royal Mint {469} had to construct a new refinery in 1917 which had a refining capacity of one million ounces of fine gold per month. The Branch Mint had thus a larger capacity than any other Mint or gold refinery in the world. Shilling blanks were also produced for the Royal Mint in London as well as silver and bronze pieces for Newfoundland and nickel-copper pieces for Jamaica. Later on the gold was returned to the United States when the British exchange became unfavourable owing to the huge purchases made in that country. Many Canadian business men at this time advocated a moratorium, but the Government steadfastly resisted such a suggestion until ultimately it was found unnecessary. Financially, the Canadian people from 1915 to 1919 were not unmindful of their national obligations. Six domestic loans were issued during the war period amounting to 2,203 million dollars, while War Savings Certificates accounted for another 12 1/2 millions. On the announcement of the Armistice in November, 1918, the Government with the same energy and foresight which characterised their entrance into the conflict, began to demobilise the army which they had sent overseas. Within six months the bulk of the men were back in their homes. The opportunity was then taken of offering to the returned men land grants and loans for the purchase of farming implements. Up to the end of 1920, over 3 1/2 million acres had been disposed of in this way. In the Western Provinces alone about one million acres of it are under cultivation {470} by returned men. As a result of this action, new careers have been provided for men whose love of outdoor life was stimulated by their military experience. It has at the same time opened up from virgin soil fresh tracts of rich, arable land. As for pensions, up to February, 1921, the Dominion has paid out 82 million dollars and her annual pension bill now represents over 33 million dollars. Truly Canada is a country "fit for heroes to live in."