After four years of study and investigation, the Canada Small Loans Act has become federal law. Not only does the new Act protect the wage-earning borrower of small sums, a $30 million business, against exploitation by unscrupulous lenders, but it offers to employers and business executives the effective means to rid themselves of a number of petty annoyances.
Nearly all business organizations with more than 50 employees have a direct interest in their employees' financial troubles whether the executives recognize the fact or not. A work man cannot reach his best efficiency if he has financial worries on his mind—and most of our modern worries are due to lack of money or can be eased, if not cured, by the wise use of money.
The Canada Small Loans Act has been carefully designed for the protection of the small-sum borrower. It is the result of much study and research on the part of Parliamentary Committees, Unfortunately, the man for whose protection it has been designed is seldom familiar with the statutes and in his desperation may, in all innocence, help to defeat the effective operation of the Act. Employers who are familiar with the general intent of the Act are in the best possible position to see that it is enforced. It is to their advantage to protect employees both from the results of their own financial ignorance or folly and, also, from the blandishments of those who sing the song of easy money but won't mention the price.
Text read from the printed page and cleaned; old type leaves the occasional error.