| Canadians Went From Barter British’ Columbia’s first _per- qiancnt ‘bank—the Bank of: Mont- ~yeal——next*Monday completes the :-ish Columbia and of. the nation. sed the world as just a wilderness -in the back of beyond, prized for To Banking 100 Years Ago oer that this system has since evolved without ‘ever losing stability, no matter how critical the times or how rapid the country’s growth. Thus, through more than a cen- tury and a quarter, the Canadian economy has survived two major wars and several smaller ones, as well as hard times and civil un- rest. It has expanded many times office in’ Montreal) opened, an to the country’s young industries. HELPED TO when a Bank of Montreal branch opened in the west coast port. This early identification with pioneering endeavour was oft re- peated throughout the Canadian west——B. of M. branches could be found in many frontier settle- ments. at an early date. WARTIME EFFORT In both World Wars, the bank did so much to make possible the 000. Today, the B. of M.’s capitat and reserves amount to $78,000,- one out of every five bank de- positors in Canada, If all these people and their de- pendents, plus all the others whom the bank serves, were counted to- gether, their number would form a surprisingly high proportion of the Canadian population. In -effeect,: Canada’s. oldest: bank has become part and parcel of the 130th “year. of © its” pioneering ‘since 1817 and won world recog- fabric of the nation. piri , i a in isis ' placed its resources at the services «gree, The fins the aang ticity, for reliability, and elas- of the nation, contributing vitally LOCAL OFFICE HAS LINK financial system, and. major back- Nae way _ to many phases of -home-front WITH BARS Histone S. erotic Dominion’s finest: trans: Much of the nation’s economic activity. . Members of the staff Hefe at Sidney, the Bank of ~-eontinental railway the ‘Canadian strength derives from another served with distinction in the arm- Montreal’s office traces its his- Pacific the Bank of Montreal has principle which the bank intro- ed forees during each conflict. tory back to July 5, 1909, when ‘ ed. | still sla J, vital duced: in Canada, Phis was. the Since 1817, Canada has grown the Merchants Bank of - Canada, Pye the -dew ] onan ft Brit branch-banking system. Within —fyom colonial infancy to robust lng since merged with the B. of part in the development of Brit- a fortnight after the first modest nationhood. The old bank which M+» opened an office in a one- storey wooden building on First . When ‘the. bank was: founded agency was started in Quebec : standar ree , F Street. ‘on November 38, 1817, the region City. As the years passed, the high standard of time mae Seite : ; , gi sity. As e years passed, the progress of the young country has Sidney was then a small com- covers: that was. to become the Province bank’s branches spread all over slso prown. The Bank of Mont- munyity centred around a_ few es of British» Columbia had impres- Canada, giving financial support yon) began with a capital of $250,- stores and a sawmill employing on Mareh reopened about 100 men. 19, 1946, When, the B. of M. its furs, and populated only by OPEN UP WEST 00, and its resources approach its office here after a lapse of Indian and. white traders and Despite popular misgivings, the the two-billion level. Just as spec. ere than ten years, the picture chunters, bank’s directors had the vision to tucular has been the increase in presented by the town had chang- Back cast, things weren’t much: help finanee Canada’s first vonti- staff—-from. seven persons in 1817 ed considerably... During the war Friday of each week. It operates under the direction of Osmund Matson, well-known manager of the B. of M.’s Government Street branch in Victoria. Local manager of the Sidney sub-agency is A. M. J. Field. Mr. Field served for three years with the S. Sask. Regiment and later at headquarters of the First Cana- dian Army. Before the war he saw bunking service at the Car- ‘all and Hastings branch of the bank in Vancouver. 2. chetter..' The Canadian ‘colonies nent-spanning line of steel, “It to more than 8,000 in 1947! The years the airport was built and eins were primitive: settlements scat- was in 1886 that the first C.P.R. bank has over 500 offices, includ- ™tny other changes have taken Taken ft ; P sos tered long forest miles. apart.‘ The train rumbled all the way from. ing branches in Newfoundland, Place since the bank’s early days Faken from an old hand-coloured engraving, this winter «problenis of the country, the in- Montreal to Vancouver. Two GLondon, New York, Chieago and _ here. scene is a view of St. James Street, Montreal, as it appeared : Here one to: stabilize months later ene tier | Hak ara San 5 re tomeiecd: aM py roa " zie Stney office now serves in 1830, 13 yeurs after the Bank of Montreal's founding. . ade... : orged betwee the. two cities mumber more. than. 1, , — ocal residents. on. Tuesday and The building on the right was the first he: 80 > bank ORGANIZED CANADIAN . Me re, s the first head office of the bank, -=- ECONOMY .. ‘>This .was- but | one aspect of thie -bank’s major. contribution to -the “entire: population ‘numbered only about half a “million. os There >. being. no onative. cur-../ & rency, people exchanged goods by barter, and: to°a .lessér- extent by ; ‘the -use..of American, British, “French,. Spanish and Portuguese muney. ; the B of M’s Quebec’agencys “opened—and, thus, the Canadian branch” -. _ banking. system, began. ‘The. following —_ “year saw: agencies. opened at- Kingston aS and. York; now Toronto, and: branches ae spread asthe -years. went on. Hailed.» throughout the: world for its strength: and flexibility, this system of: branch banking—begun 130 -years ago—has” proved ideal-for a country vast in-area and small in population, T the very outset, the Bank issued | its own bills: and coin Here: was “Canada’s firs real money. The currency wont immediate. -acceptanée @ . go0ds." moved more quickly..sand the stability the |, riine:men hoped for-came rapidly. The™ people proudly: welcomed this Canadian currency and, as its circulation spread, so did the reputation ‘of the new bank, Within a year of its founding it became -the Government's banker, aad its currency Officially replaced the British money used by the Government up to that time, FNTO this scene: came. nine men. of: dk vision... 6. nine: “English: and Scottish: , merchants, who. realized that, without a. 5° solid Gnancial «foundation, the colonies: “could never reach nationhood, Together, * they determined w course of.action, With’: their: own: money: and the: backing: of. : 209 other pioneering citizens, these nine -men founded the Bank of Montreal, ‘which opened its doors for business on November 3rd, 1817, Never once since then has the Bank failed to open ona business diy. MEAT. haces 4 THE MEAL For the best:in good Fresh and Cured Meat B. ¢ and the Bot m Have Grown Up Together Th -186,- spinning history “with every, cue of! its “wheels, Canadian Pacihe: Raliway.ctealncrolled - all: the waydroneMinineal co Port Moodye12 iniles from Vauvonvere: Canada's first’, ‘continentenpanning railway: had thine wide “open the “doury co the Westéenies “Phe wilt, colonization, “afte Westen Chniada: from thar moyenne on endorsed pind Ord. de ra willag eh if al at B" ait was nol. “eusy. 1 here : were: ae ; hard,. trying days® ahoud—cach de-. “cade, had’ its ¥and downs, Bre ron a6 240 1840, Canada ‘experlen a4 rs “ston of bad hary iS) political nieuk slons,: commercial elise andl failures, “Rebellion: had: eprectuted. ‘the value of: property und seriously hindered the inv ‘provement wad: further: sottlenent. of the. counry. The: Bank of Mangreal survived. only: by the most: careful: tive af ltwores,: gources and. the scone: loyalty, of. ita. MBpOuNOrss: ; 19007", century: pened with wee middle yeurs-of (he. VENtUrys hen wenew: flood af prosperity. © Came ERGOT cee and sac nation: waschora, © Sawhich: lasted for more than: a decade, POP a Cran cone oe ital cal way Wage ae oS TAWwe ore cc Unie conpnantal: nil way.: ~conditina af Cobfederaion, and now he sy stds, voit gpevatdidhus of new settlers Canaan Pacite: shat be pushed eons ues abundant. CLOP Nees thousands.of now: throughs Vo speed the construction, Hie Industries ands then es Work): Ware Th enverprise was plaved iw private hands “Viroiigh the trytiycilmes which followed Nhe: work weot: fast, wind. the last spike’ “peithe Tallated Ways of hela y's: ‘and. the was driven hve. years earlier than ex. “depressed days Of (he: 40% —thronigh: a pected. MM id Cah. characierisile of dts. oe seca: Warld War dala dime ae, oming: founders the Wot M had hacked... Canadians, worked) and. fought,.. and. 1 the Veni this: ee but L national “project Canada heeame a world power. oe ve Re ‘OVERY. Wiis | rapid: during.’ the es ranged yet t iriorlice titik hes tween tho’ Base wad the “Wevrssune year after’ this historia run ta the: Pacific - sehyvapening a branch in, Vancouver Citys 7 “Today, the WofM served, the people of this: progres« Syive province through: 61: “branches and ‘ls Constaatly” adding to this nuwber, WY AE NK uo 7 a ~ tON SAN ww An —Peace « vee new: y plans yee NEW. hopes + pee rehahitiadon, Life in fa Camila sl taker: work, courage and, above call, visto vee J the kind of vision which spurred ning men 10 ploneer. the he nation's ccaunomy 130 gears age, Prom a corpor l's guard din 1817, the staff of the Bof M has Keown to an army olylit thousand strong... worklag closely with Canadians and theie Induxtries in hundreds of communides frons: coast 0 coastye supplying. the fifebload of ceedit, wan begee o = expanding. nation... sccking Always—threnygh sound coniwel and friendly servdetmto . . . . ; sf fo Pes “give pructical help w the million ane a half.customers who pur their trust inthe Banks ee ee Ee What of V 0} "OW ie oP is just as history fat ushidows. the future, sathe record. Sen On er “pf Canada’ and of’ her first-ystablished hank working together: gives: promise, Of bright tae oe » marr ‘the n ton wPrhe mwenrerh: century helongs to Canada ses and for tha future oo s anew to work: constructively with Canadians in every walk of life phe simplest “player mide «and the. most: satisfactory,» . ust SLIDE, A RECORD Bax Kk OF MONTRE BAL: _Ganida’ s First-established Bank IDNEY, ‘Vancouver Island KR 105 Wednenday, October 29,1947.