The Canadian Banking System |
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Page 14
... ment turns when funds are needed for internal improve- ments or when the exchequer faces a deficit . The pro- moters of street railways , steam railways , steam railroads , and other permanent improvements take counsel with the managers ...
... ment turns when funds are needed for internal improve- ments or when the exchequer faces a deficit . The pro- moters of street railways , steam railways , steam railroads , and other permanent improvements take counsel with the managers ...
Page 21
... ment does not guarantee the redemption of the notes . Neither does it bind itself to receive them in payment of dues to itself . Nevertheless the notes of the Canadian banks are every- where acceptable at par , the people apparently not ...
... ment does not guarantee the redemption of the notes . Neither does it bind itself to receive them in payment of dues to itself . Nevertheless the notes of the Canadian banks are every- where acceptable at par , the people apparently not ...
Page 22
... of the efficiency of the banking system . But the abolish- ment of this redemption svstem would at once give Canada a new banking system . The bank note is almost 22 National Monetary Commission Importance of redemption___.
... of the efficiency of the banking system . But the abolish- ment of this redemption svstem would at once give Canada a new banking system . The bank note is almost 22 National Monetary Commission Importance of redemption___.
Page 25
... ment guaranty - at first sight may seem to readers in the United States a source of weakness . Yet Canadian bankers would doubtless all agree that nothing would be gained by making bank notes legal tender for any kind of payment or by ...
... ment guaranty - at first sight may seem to readers in the United States a source of weakness . Yet Canadian bankers would doubtless all agree that nothing would be gained by making bank notes legal tender for any kind of payment or by ...
Page 28
... ment have a prior lien , and then the deposits of provincial governments . If the assets of the bank are not sufficient to satisfy all the claims , the stockholders are liable to an assessment equal in amount to the amount of capital ...
... ment have a prior lien , and then the deposits of provincial governments . If the assets of the bank are not sufficient to satisfy all the claims , the stockholders are liable to an assessment equal in amount to the amount of capital ...
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Common terms and phrases
advances APR MAY JUN assets AUG SEP OCT Balances due bank act bank manager bank notes Bank of Montreal bank's bankers banking business banking reserve banks in Canada bill of lading bills borrowers branch bank call loans cash reserve chartered banks clearing house commercial commercial paper crop currency current loans customers decline demand deposits depositors directors discount Dominion notes enterprises excess fact farmers FEB MAR APR funds gold head office increase industry institutions investment issue notes issue of notes JAN FEB MAR JUN JUL AUG legal tender liquidation loans in Canada Manitoba ment merchandise minister of finance months mortgage note circulation November OCT NOV DEC October paid paid-up capital panic paper payment practically profits provinces rate of interest redeem savings bank SEP OCT NOV stocks and bonds tion Toronto United warehouse receipt wares Winnipeg York City
Popular passages
Page 41 - CD in your bailiwick you cause to be made the sum of £ and also interest thereon at the rate of £ per centum per annum from the day of...
Page 40 - The bank shall, by virtue of such security, acquire the same rights and powers in respect to the goods, wares and merchandise, stock or products covered thereby, as if it had acquired the same by virtue of a warehouse receipt.
Page 28 - In the event of the property and assets of the bank being insufficient to pay its debts and liabilities, each shareholder of the bank shall be liable for the deficiency to an amount equal to the par value of the shares held by him, in addition to any amount not paid up on such shares
Page 42 - ... (or, of the said bills or notes, or renewals thereof, or substitutions therefor, and interest thereon, or as the case may be) . This security is given under the provisions of section eighty-eight of the bank act, and is subject to the provisions of the said act.
Page 39 - ... deal in, discount and lend money and make advances upon the security of, and take as collateral security for any loan made by it, bills of exchange, promissory notes, and other negotiable securities, or the stock, bonds, debentures, and obligations of municipal and other corporations, whether secured by mortgage or otherwise, or Dominion, provincial, British, foreign and other public securities; and, (d) engage in and carry on such business generally as appertains to the business of banking.
Page 40 - ... while so covered, the bank holding such warehouse receipt or security shall hold or continue to hold such goods, wares and merchandise, during the process and after the completion of such manufacture or production, with the same right and title, and for the same purposes and upon the same conditions, as it held or could have held the original goods, wares and merchandise.
Page 27 - The curator shall generally have all powers and shall take all steps and do all things necessary or expedient to protect the rights and interests of the creditors and shareholders of the bank, and to conserve and ensure the proper disposition, according to law, of the assets of the bank...
Page 148 - The distinction between a share and a deposit is that the former is made up of savings with a view of meeting future contingencies more or less remote, a kind of time deposit, while the latter is money put aside for almost daily use, like the bulk of the funds put in banks and withdrawable by check.
Page 19 - If they satisfy the parliamentary committee it will be granted. The bank, however, cannot yet begin business. Provisional directors now have merely the right to advertise and cause stock books to be opened. If inside of one year capital stock to the amount of $500,000 has been subscribed and $250,000 thereof paid in, the provisional directors may call a meeting of the shareholders, at which a board of regular directors shall be chosen. Before this meeting is held at least $250,000 in cash must be...
Page 40 - C to this act, or to the like effect; and by virtue of such security, the bank shall acquire the same rights and powers in respect to the goods, wares and merchandise, stock or products covered thereby, as if it had acquired the same by virtue of a warehouse receipt.