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The Story of Canada's War Finance

Excerpt from The Story of Canada's War Finance In July, 1914, I was on vacation at Rye Beach, a summer resort on the Atlantic Coast in the State of New Hampshire. During the last week of the month the press was filled with alarming reports of the critical European situation, which had developed with startling rapidity following the ultimatum served by Austria upon Serbia. The conflagration so much dreaded for years past was about to burst forth and the world was appalled and stunned at the prospect. During the first days of consternation the stock exchanges and bourses of the great financial centres, unable to withstand the flood of securities with which they were deluged, closed their doors one by one. It was thought in United States that the New York Stock Exchange would be able to continue business, but with the closing of the London Stock Exchange it became clear that this was impossible and New York closed with the others. On the part of creditors everywhere a demand at once arose for gold, and the international exchanges became speedily demoralized. On Friday, the last day of July, I grew exceedingly anxious about the Canadian situation. No advices of an alarming character had reached me from Canada, but the closing of the stock exchanges and the general disturbance of the world finance caused me much apprehension as to possible panic in Canada. I became so uneasy in mind that I decided to return at once to Ottawa, which I did, arriving on Sunday, August 2nd. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.
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