Volume 2 - ElectricCanadian.com

98 HISTORY OF THE BANKOn July 20, the directors passed a resolution containing,in addition to a tribute of personal gratitude, the followingsignificant and generous appreciation of the services of thebank's first president: "The directors have pleasure inreferring to the fact that alike during the early history of thebank, the various stages of its growth in capital and resourcesuntil it attained a position second to one alone of the bankinginstitutions of the Dominion, and the supervision of itsaffairs throughout more than one period of general depressionand disaster, Mr. McMaster's rare business sagacity andenergy of character have been conspicuously displayed; whilein his place in Parliament, he has been ever ready to assist inpromoting and perfecting the banking legislation of thecountry, thus establishing for himself a strong claim to theesteem and gratitude of all who, as shareholders or Canadiancitizens, are interested in the financial and industrial welfareof the Dominion."Fourteen months later the directors had to perform thesad duty of passing a resolution of condolence and sympathywith Mrs. McMaster on the occasion of the sudden death ofher husband. The service he had rendered to the financialcommunity at large was fittingly characterized in the followingterms: "Mr. McMaster rendered eminent services to thefinancial and commercial interests of the Province and theDominion. He was instrumental in establishing on solidfoundations, insurance, financial and other important associations,and in his place in Parliament was ever ready to assisthi perfecting legislation touching banking and other financialand commercial interests. He thus established for himself astrong claim to the respect and gratitude of all citizens whodesire the financial and industrial welfare of the community."Although the bank had experienced four years of seriouslosses, the policy of the new directors was vigorous and progressive.At a meeting of the Board held two weeks afterhis election, Mr. Cox moved, seconded by Mr. W. B. Hamilton,"that having regard to the insufficient accommodation and