Volume 2 - ElectricCanadian.com

1901 TO 1914 35had been filled by the election of the late Senator Edwards, 1of Ottawa, a leading figure in the lumber industry of thiscontinent.In his last address as general manager, Mr. Walker, afterrelating the circumstances under which a panic had beenaverted at the time of the failure of the Ontario Bank threemonths previously, frankly told the shareholders that in theview of experienced bankers events in the financial world weremoving towards a crisis. He explained that Europe wasbearing the enormous cost of the South African war and theRusso-Japanese conflict, and that since these wars capitalhad been destroyed on an unexampled scale by earthquakes,fires and other catastrophes. Thus the money market hadbeen placed under a severe strain, and he foretold the dangerof serious trouble occurring in the following autumn. Hispredictionswere fulfilled to the letter. At the next annualmeeting, the new general manager, Mr. Laird, was obligedto report to the shareholders that 1907 had been "a yearunprecedented in the history of financial stringency." Thecrisis was world-wide in its effects, and was followed byThis state of affairs wasan inevitable contraction of credit.reflected in the circular letters of instruction sent out to thebranches all through 1907, which partook of the nature of the"storm bulletins" issued to mariners. At the outset themanagers were asked to abstain from making casual advancesand instructed to accept new business only when it was of aclass that would lead to permanent and profitable connections.In April the branches were told that the head office wasfor new credits andreceiving a greater number of applications1 The Hon. William Cameron Edwards (1844-1921) was born in the township ofClarence, Russell county, Ontario. He entered the lumber business when quite young,and in 1868 commenced business on his own account, some time later establishing thefirm of W. C. Edwards and Company, which has for many years carried on extensivesaw-mills and other works at Rockland and New Edinburgh. Mr. Edwards was alsoa noted stock breeder and raiser. He was elected to the House of Commons asmember for Russell in 1887, and was called to the Senate in 1903. He was presidentof the Canada Cement Company, and a director of the Toronto General TrustsCorporation and of many other companies. He died on September 17, 1921.