This section of the book is from the "Canadian Banking Practice" book, by John T. P. Knight.
Question 584.— (1) May a bank lend to a farmer against cattle under section 74 (2), Bank Act?
(2) Would a farmer who buys and sells cattle in considerable numbers be considered a wholesale dealer in live stock within the meaning of section 74 (2), Bank Act?
Answer.— (1) Not as a farmer.
(2) We do not think the number of cattle handled by a farmer settles the question of his being or not being a wholesale dealer. (An attempt was made at Ottawa to include in this section a definition of the word "wholesale," the point having come up for discussion among the bankers, then with the Government and afterwards in the House, but it was deemed best to leave the section as it is.)