The Dominion Government is by long odds the most complicated, and in most respects the largest, administrative enterprise in this country. Its activities cover a wider scope and show a greater variety than those of any other Canadian business or organization. Its employees, including regular and fluctuating staffs, number about 65,000 persons, of whom 53,000 are scattered throughout the country in various centres outside the seat of government. Its pay-roll exceeds $77,000,000 annually. Its annual revenue now aggregates over half a billion dollars and its total cash turnover amounts to over one and a half billion dollars. Unfortunately in these hard years its expenditures may exceed the first-named figure of revenue receipts by a comfortable—or rather uncomfortable—margin. In collecting these revenues and making these expenditures it receives and deposits some 675,000 bank drafts for a total of $700,000,000; issues three and a half to four million cheques each year, totalling around one and a half billion dollars; pays $45,000,000 in pensions direct to 95,000 individual pensioners; and redeems 4,300,000 interest coupons. On the average, each working day it sells 70,000 money orders and postal notes. It buys, refines, and sells in the world's markets practically all the new output of our gold mines and this, as well as other factors, necessitates important operations in foreign exchange. Its financing activities constitute the most important factor in the investment markets. During the last five years it has floated for new cash requirements and for refunding purposes, in Canada, London, and New York, securities aggregating over two and a quarter billion dollars—not including guaranteed Canadian National Railways obligations which would add another $235,000,000 to the total, or Dominion Treasury bills which are sold in the amount of 25 or 30 million dollars every fortnight to redeem maturing issues of a similar amount.