FINANCE  AND  CREDITS  299
As  is  to  be  supposed,  the  European  countries ­
  having  possessions  in  the  West  Indies  and
South  or  Central  America,  very  naturally  have
banking  facilities  between  these  colonies  and
each  mother  country.  In  addition,  prominent ­
  Canadian  banks  have  successfully  established ­
  branches  in  the  largest  of  the  British
colonies  for  the  purpose  of  building  up  direct
trade  with  the  Dominion  of  Canada,  thereby
eliminating  the  tribute  London  usually  demands ­
  on  exchange.  Although  we  take  much
of  the  exports  and  sell  these  possessions  most
of  their  necessities,  still  the  individual  business ­
  done  in  each  island  or  colony  is  relatively ­
  small  and  the  field  of  operation  too
restricted  to  warrant  other  banking  connections. ­
  Besides  exchange  on  New  York
is  cheaper  here  than  elsewhere,  owing  to
the  fact  that  both  Canadian  and  English  banks
maintain  branches  in  that  city.  In  the  other
colonies  merchants,  as  a  rule,  have  personal  accounts ­
  in  American  banks  in  the  States  and  are
thereby  enabled  to  handle  their  own  transactions ­
  advantageously.