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Volume 2 - ElectricCanadian.com

Volume 2 - ElectricCanadian.com

Volume 2 - ElectricCanadian.com

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250 HISTORY OF THE BANKIndications of how the bank sought to meet these difficultiesare seen in the increase of the salary offered to juniorofficers just entering the service from $250 to $300 per annum,and in the extension of the system of granting a living allowanceas an addition to an officer's salary at those places where thecost of living was greatest. An issue of $2,000,000 of newcapital stock, part of the amount authorized in 1908, wasmade in May, 1911, and was allotted to the shareholders onthe basis of one new share for each five previously held,smaller holdings being disregarded. The price at which thenew stock was issued was 180. This issue increased the paidupcapital of the bank to $12,000,000.On April 21 the appointment of Mr. John Aird, superintendentof Central Western branches, Winnipeg, as assistantgeneral manager at Toronto, was announced. His successoras superintendent at Winnipeg was Mr. Vere C. Brown,formerly chief inspector.In the early spring the bank's note circulation beganto approach the legal limit, and the branches were instructeduntil further notice to pay out the notes of other banks whichcame into their hands. This situation prevailed intermittentlyall summer, and was not relieved until October 1, when theamendment to the Bank Act providing for additional notecirculation came into force. At the same time as this shortageof bank-note circulation there occurred an unprecedentedshortage of legal tender notes of small denominations, and inJune the banks were asked by the Deputy Minister of Financeto pay out two-dollar bills instead of ones, whenever possible.The suggestion was also made that silver coin might be utilizedto relieve the situation.At the end of 1911 the branches of The Canadian Bank ofCommerce numbered 243, distributed as follows: in Ontario, 66;in Quebec, 3; in Nova Scotia, 13; in New Brunswick, 1; inPrince Edward Island, 5; in Manitoba, 21; in Saskatchewan,52; in Alberta, 40; in British Columbia, 33; in the North-Westand Yukon Territories, 3; in England, 1; in the United States,

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