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Volume 2 - ElectricCanadian.com

Volume 2 - ElectricCanadian.com

Volume 2 - ElectricCanadian.com

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112 HISTORY OF THE BANKIn his action in this matter and the course which he induced theother banks to adopt, Mr. Walker was heartily supported bythe directors of his bank.At the annual meeting in 1888, the address of the generalmanager assumed the character of a <strong>com</strong>prehensive reviewof the financial and industrial situation throughout Canada.In each ensuing report since that date, a survey of the conditionsprevailing during the previous twelve months inagriculture, lumbering, mining, manufacturing and the manyother interests of this country, has been placed on record, andthese should form valuable documents for the future historianof Canada's economic development. In the autumn of 1889another step was taken to place the managementwith <strong>com</strong>mercial and financial conditions. The branchin close touchmanagers were instructed to send in weekly reports containinginformation as to crops and markets, changes in business andmonetary conditions, and other similar matters. Thesereports are now received from the managers of over fivehundred branches, who are thus trained as skilled observers,and supply information by which the bank isguided in extendingcredit. They are laid on the table at meetings of theBoard, and are also utilized for the purposes of the bank'sMonthly Commercial Letter and its annual survey of businessconditions.In February, 1887, the Board had authorized the openingof a branch in Parkdale, which was then, although a separatemunicipality, practically a suburb of Toronto. This projectfellthrough, but it brought the whole question of opening suchbranches definitely before the directors.Already, for manyyears some banks had maintained more than one branch inToronto, the Dominion Bank and the City Bank, Montreal,being the pioneers in this respect. On the suspension of theCentral Bank of Canada in November, the directors at onceauthorized the opening of two branches to fill the vacanciesleft by its withdrawal from the corners of Bloor and YongeStreets, and of Queen Street and Broadview Avenue. The

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