By James Powell

The Canadian greenback heritage. comprises colour and b/w pictures, descriptions and charts from the 1st international locations 1600-1850 to present forex. an exceptional precis of the historical past of the Canadian buck. desk of Contents on moment web page lists sections lined during this reproduction.

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41. 26 Confederation Confederation on 1 July 1867 brought sweeping changes to banking and currency legislation in the provinces of Canada, Nova Scotia, and New Brunswick. Under the British North This shortage partly reflected support given to the failing Bank of Upper Canada, the government’s agent (until the end of 1863). The Bank of Upper Canada lost heavily on loans extended to the Grand Trunk Railway. 2 million in the bank. 3 million (Shortt 1914b, 289). Chartered banks were required to give up their own note issues in order to acquire the right to issue provincial notes on behalf of the government.

S. 67. ” Editorial cartoon by Arthur Racey, Montreal Star, October 1932 46 A History of the Canadian Dollar notes in circulation by reducing their gold backing to 25 per cent did not have much impact on the Canadian dollar. In the economic circumstances of the time, and given similar developments in the United States, this move was viewed as appropriate and elicited little market reaction (Bryce 1986, 143). S. counterpart by 1934 (Chart 3) and, at times, even traded at a small premium. S. dollar depreciating against gold and the pound sterling, the Canadian dollar returned to its old parity with sterling.

See also MacIntosh (1991). From 1929 to 1931, Lord Macmillan had chaired a British commission called the Committee on Finance and Industry, which examined banking, finance, and credit developments in the United Kingdom. Sir Charles Addis was Chairman of the Hong Kong and Shanghai Banking Corporation and former Vice-Chairman of the Bank for International Settlements. Sir William White was Vice-Chairman of the Canadian Bank of Commerce. Mr. Beaudry Leman was General Manager of the Banque Canadienne Nationale and former president of the Canadian Bankers Association (Stokes 1939).

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