Volume 2 - ElectricCanadian.com

1901 TO 1914Although Canada was still prosperous, there were ominousindications of impending trouble in other countries. InOctober, 1902, the managers were warned of acute pressurein the money markets of the United States and Canada, .andwere asked to refrain for the time being from lending freely.A month later it became necessary to inform them of theunsatisfactory position of affairs in Australia, and to enjoincaution in transacting business with that commonwealth.Owing to severe droughts Australian finances were in none toosound a condition and it was feared that as a consequencethe public credit might be impaired. An unfortunate featureof the situation was that the crop failure due to the droughtin Australia had produced an abnormal demand for grain fromabroad which tended to increase imports at a time whenAustralia was not in a condition to pay for them with ease.Allusion has already been made to the long association ofMr. J. H. Plummer with the bank, in which he had latterlyHis final retire-held the post of assistant general manager.ment from the service on January 15, 1903, was signalizedby the presentation to him, by officers of the bank all overCanada, of a service of plate. The occasion of this presentationgave the opportunity for a social reunion which enabled manyout-of-town officers to renew old-time friendships. Mr.Plummer was succeeded as assistant general manager by thelate Mr. Alexander Laird,1 who had for many years been oneof the agents of the bank in New York.In February of the same year the business of Halstead andCompany, private bankers, at Portage la Prairie, Man., wastaken over and a branch opened in that place. On April14, in view of the approaching consummation of the purchaseof the Halifax Banking Company, a special general meetingof shareholders was held in order to pass a by-law increasingthe authorized capital of the bank from eight to tenmillion dollars. It was stated at this meeting that there wasno thought of issuing the whole of this stock immediately,lSee page 71.