Volume 2 - ElectricCanadian.com

222 HISTORY OF THE BANKbut that 14,000 shares would be required to carry out theagreement with the Halifax Banking Company.in view of the increase in the currency requirementscountry,In addition,of thethe directors felt that an increase in the note circulationpowers of the bank might at any time become advisable,and that it was well to be prepared to act promptly when thetime should come. The balance of the $2,000,000 new stockauthorized at this time, over and above the amount requiredfor the shareholders of the Halifax Banking Company, wasnot issued until early in 1905.Early in 1903 steps were taken to increase the staff andbroaden the organization of the head office, so as to enable itto cope with the growth of the bank. It became necessaryto divide the work into departments, and in order to facilitatethis and avoid overlapping, the scope of each department wasWithin a few years the head office was toset out in writing.grow from a small group of officials, each of whom was inconstant touch with all that occurred, to a large and complicatedorganization in which it was impossible for anyindividual to be in full touch with the details of all transactions.To facilitate the working of the more complicated organization,a head office committee was established, consisting of thegeneral manager, the assistant general manager and the headsof departments, with certain of their assistants. This committee,which met at first every Monday, Wednesday andFriday for the purpose of discussing the bank's business, hasbeen found a useful adjunct to the organization, familiarizingthe head office staff with the general policy of the bank, andco-ordinating the work of the various departments. Since thebeginning of 1910, when the day of the weekly meeting of theBoard of Directors was changed from Tuesday to Friday, thecommittee has met only twice a week, on Tuesdays andThursdays.Steps were taken in April, 1903, to obtain a site in thecity of Montreal for the erection of a building for the bank'sown use. The Temple building on St. James Street was