FINANCE AND CREDITS 299 
As is to be supposed, the European coun 
tries 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, promi 
nent Canadian banks have successfully estab 
lished 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 de 
mands on exchange. Although we take much 
of the exports and sell these possessions most 
of their necessities, still the individual busi 
ness done in each island or colony is rela 
tively small and the field of operation too 
restricted to warrant other banking con 
nections. 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 ac 
counts in American banks in the States and are 
thereby enabled to handle their own transac 
tions advantageously.