Volume 2 - ElectricCanadian.com

106 HISTORY OF THE BANKThe designs for the latter were engraved by the American BankNote Company, and embodied all the latest ideas for protectionThe advances which had taken placeagainst counterfeiting.in the art of photography had made it a comparatively easymatter to copy many of the older notes with their simplecolour schemes, and to produce excellent counterfeits basedupon photographic processes. This danger was guardedagainst in the new series by a much freer use of colour than hadbeen customary in notes of earlier dates. Combinations ofvalues were made acolours which had different photographicpart of each design, so as to make it a difficult matter, in theexisting state of the photographic art, to produce counterfeitsby photographic methods. So successful was the newseries from this point of view that, during the thirty years inwhich these notes were issued by the bank, the only counterfeitsthat ever appeared were one or two laborious and clumsyattempts at a hand-made imitation of individual notes. Nocounterfeit that could be multiplied by a mechanical processever appeared. 1At the annual meeting in 1887 new by-laws were passed,and a change was made in the date of the annual meeting.It was henceforth to be held on the third Tuesday in June,instead of the second Tuesday in July. This involved theclosing of the bank's fiscal year at the end of May instead ofJune, and the payment of its semi-annual dividends on June 1and December 1, in place of July 1 and January 1 as formerly.The year 1887 also witnessed the passing of the last threemembers of the original Board of Directors of the bank. Mr.William Elliot, who had for eight years filled the office ofvice-president, and Mr. T. Sutherland Stayner, retired at theannual meeting and were succeeded by Messrs. WilliamGooderham 2 8and Matthew Leggat. Mr. George A. Cox was'For illustration* and a fuller description of these notes see plates 75 and 76.facing pages 520 and 530, and Appendix X.'William Gooderham (1824-89) was the eldest son of William Gooderham, whocame to Toronto in 1832 and founded the firm of Gooderham and Worts, millers and