Canada's ten many-branched banks have no Federal Reserve overlordship, no small bank competition, but the law under which they operate must be overhauled every ten years. When the question of a new Bank Act came up in Parliament as usual last spring, the danger of the banks' situation was suddenly plain. From the Western prairies rose furious anti-banker howls for a new system, for lower interest rates, for "nationalization of credit." Parliament was impressed. To avoid financial confusion when Canada could least afford it, Conservative Premier Bennett got the Parliament to extend bank...
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