Banking

   The first bank established in Canada was the Bank of Montreal, which dates from the year 1817. The Bank of Quebec was established in 1818; and the Bank of Canada the same year. All three were chartered in 1822. A Banking Act was passed in 1841, providing a uniform system of banking. The Act of 1850 prohibited banks other than those incorporated by Parliament or royal charter from issuing notes. It also provided for a deposit with the government to be held as a guarantee; also for bank statistics. Further provisions designed to place banking on a more secure footing were incorporated in the Act of 1871. Further banking legislation was passed in 1881 and in 1890.
   Index: Sy Sydenham's plans for establishment of bank of issue, 327-329; idea partially adopted by Sir F. Hincks, as finance minister of Dominion, 330. Mc Report of House on system of, 161.
   Bib.: Johnson, First Things in Canada; Shortt, Early History of Canadian Banking; Breckenridge, Canadian Banking System; Hague, Banking and Commerce; Historical Sketch of Canadian Banking, in Canada: An Ency., vol. 1; History of the Bank of Nova Scotia; McLachlan, The Nova Scotia Treasury Notes; Walker, History of Banking in Canada.

The makers of Canada. 2014.

Look at other dictionaries:

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