Volume 2 - ElectricCanadian.com

116 HISTORY OF THE BANKThe outcome of these discussions with the Governmentrevealed how valuable had been the work of the Bankers'Section of the Toronto Board of Trade, and how wise itspolicy of taking the lead in proposing reforms in the Bank Act.The changes proposed were not in the selfish interests of thebanks, but could only indirectly be of benefit to them throughthe increased prosperity of their customers and of the communityat large. The study the council of the Bankers'Section had bestowed on the Bank Act, prior to its revision,had equipped its representatives for the discussions which tookplace, and their fellow-bankers in Montreal and the MaritimeProvinces frankly admitted this and allowed them to take thelead. The reforms proposed by the Toronto bankers had beenthe Bank ofaccepted at the outset by allthe banks exceptMontreal, which eventually joined them, and the Bank ofBritish North America, which, working under a Royal charter,felt that it was not called upon to express an opinion. Whenthese proposals were accepted by the Government, the valueof the work done, and the need of permanent co-operation insuch matters between the various banks, became so evidentthat out of it grew the idea of the Canadian Bankers' Association.The suggestion that such a body should be formedwas frequently made while the discussions over the Bank Actwere proceeding, and at the beginning of 1891 a proposedconstitution was printed and circulated, bearing the names ofthe eighteen banks which desired to become members. Considerablefurther discussion of the proposal took place duringthe year, but at length, on December 17, 1891, in Montreal,in the Board room of the Merchants Bank of Canada, theorganization of a voluntary association of Canadian bankersunder the name of the Canadian Bankers' Association wascompleted, the membership comprising twenty-four banks.The first president of the Association was Mr. George Hagueof the Merchants Bank of Canada, and the four vice-presidentswere Messrs. B. E. Walker of The Canadian Bank of Commerce,