Volume 2 - ElectricCanadian.com

252 HISTORY OF THE BANKin London funds, but only rarely isone to be seen drawn inHong Kong dollars, Shanghai taels, Japanese yen, or othereastern currency. It is said that one of the reasons forthis custom is the gambling instinct of the Chinese. Thenative importer does not wish to be bound to pay so manyChinese dollars, but prefers to watch his opportunity in thefluctuations of the silver market. Consequently the usualmethod of providing eastern funds is the purchase of a telegraphictransfer in London, and the fluctuations of the easternexchanges are such that it is only with the greatest difficultythat an Oriental drawing account can be operated successfullyin this manner. The Vancouver branch, however, situatedon the borders of the Pacific Ocean in comparatively closetouch with the avenues of Oriental trade, has been able toovercome the handicap and has successfully developed thebusiness of the bank with China and Japan.At the annual meeting in January, 1912, Mr. RobertKilgour retired from the Board, after having served as adirector for over twenty years and as vice-president forfifteen. The vacancy was filled by the election of the generalmanager, Mr. Alexander Laird, who still retained the officeof general manager. As the amalgamation agreement withthe Eastern Townships Bank was to take effect a month ortwo later, and its completion would involve the issue of thewhole of the authorized capital stock of $15,000,000, it wasdeemed advisable at this meeting to increase the authorizedcapital to $25,000,000. Up to the present time none of theadditional amount has been issued. Steps were also takenlooking to the redivision of the capital stock of the bank intoshares of $100 each, instead of $50, but this alteration wasnot carried out until 1914 under the provisions of the newBank Act* A by-law was also passed increasing the number ofdirectors from fourteen to nineteen upon the coming intoeffect of the agreement with the Eastern Townships Bank,and arrangements were made for admitting the members ofthe staff of that bank to the Pension Fund of The Canadian