Such were the sound economical considerations which settled for the Canadian borrowers of all sorts, and the British investors, the conditions of all the loans made on Canadian account. Any one merely hinting to the British saving public that the money invested in Canada was sent over to our shores for the object of creating a financial influence which would force the Dominion into costly wars, could not have adopted a more unwise course to destroy the best chances of the success of a loan. Canadian credit was of first class order, because the British investors knew our grand possibilities; because they were aware that Canada had always been a safe debtor, honouring with clock regularity her interest charges and the payment of maturing loans; because also, and in a very large measure, they realized that we were not in the same position of so many nations of the Old World, exposed to frequent warring necessities likely to exhaust our means and to jeopardize our bright prospects. Confidence being the sound basis of good credit, we got all the money we wanted for all the purposes of our national economical development, the true interest of Canada and of Great Britain being equally well served by the financial intercourse between the wealthy mother-country and her progressive colony. CANADIAN FINANCIAL OPERATIONS IN THE UNITED STATES. Our "Nationalists," so eager to discourage Canadian effort in the war, and, with this object, always prone to magnify German warlike achievements and the difficulties confronting the Allies, were rather nervous at the increasing prospects of the United States joining the _Entente_ Nations. Their leader seized every opportunity to argue that they would be mistaken in doing so. During the weary months when the President of the neighbouring Republic was prudently feeling his way before taking the bold stand which he has ever since so brilliantly and bravely upheld, the "Nationalists", through successive ups and downs in their expectations, could scarcely help hiding their desire that the United States would not intervene in the struggle. Those of us who had not been moved by the horrors of the Belgian invasion, by the murder of so many innocent victims of teutonic savageness, by the brutal killing of Edith Cavell, by the Armenian massacres, by the wanton destruction of admirable works of Art, could not be expected to thrill at the barbarous sinking of the Lusitania, sending to the bottom of the ocean hundreds of American citizens of the neutral American Northern Republic. They were anxious that the Washington Government should condone the outrageous offence and all the subsequent ones perpetrated by the German submarines against our neighbours. How much they were dismayed at the sudden close of Mr. Wilson's apparent hesitation, and at the proud declaration of war from Washington to Berlin. Though rejoicing at it, they did not consider that the Russian bolsheviki's collapse could