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Volume 2 - ElectricCanadian.com

Volume 2 - ElectricCanadian.com

Volume 2 - ElectricCanadian.com

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88 HISTORY OF THE BANKGreat Britain and the cabled reports of financial happeningsin Canada, he again found himself in London at a mostinauspicious moment for the business which he had in hand,but he returned in September, having attained the object ofhis visit through the co-operation of the management of theBank of Scotland.Evidence of the opening up of the West and of thebroadening of the outlook before Canada now begins to appearin the records of the bank. As early as September, 1879, anumber of proposals for the opening of branches in Manitobawere under consideration by the Board. During the next fewmonths applications for branches at Winnipeg, Emersonand Brandon were declined. The broadening outlook isevidenced by the authority given to the general manager onMarch 23, 1880, to effect an arrangement with the OntarioBank to cash drafts of The Canadian Bank of Commerce atpar when presented at the former's Winnipeg branch, and toenter into similar negotiations with the Bank of BritishColumbia for its branches to pay at par drafts drawn by TheCanadian Bank of Commerce on the latter's New York agency.Up to this time <strong>com</strong>munication with the Pacific Coast provincehad been carried on only through American channels.Although The Canadian Bank of Commerce was alive to thepossibilities of western business, it is obvious that the directorsdid not realize the position that the Canadian Pacific Railwaywas one day to attain. On August 30, 1881, they considered aproposal by the Bank of Montreal that The Canadian Bank ofCommerce should join in taking a portion of the bonds of theCanadian Pacific Railway and decided not to accede to it.The story of how the Bank of Montreal saved the situation forthe railway iswell known to those who have read the lives ofLord Strathcona, Lord Mount Stephen, and others associatedIt waswith the building of this great transcontinental route.a case in which the prophetic gift was denied to the directorsof The Canadian Bank of Commerce.Under the terms of the Bank Act of 1871, itsprovisions

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