Volume 2 - ElectricCanadian.com

1901 TO 1914 255Walker, which had originally appeared in the Monetary Times,was reprinted and circulated throughout Canada. Apparentlythese efforts were successful in dissipating the impression thatCanadian interests were detrimentally affected by the practice,for the criticisms soon died down.In September it became necessary to advise the branchesthat the market for municipal debentures was depressed, andthat advances depending for liquidation on the sale of suchsecurities should be avoided, unless arrangements had firstbeen made for their sale to responsible parties. Ten monthslater the bank's policy with regard to municipal debenturesbecame the subject of an attack by the Moose Jaw Times,with special reference to the bank's relations with that municipality,and a misleading press despatch was sent to newspapersin other cities. The city council of Moose Jaw, however,passed a resolution condemning the Times for its attack, andthe mayor made a public announcement that any inconvenienceexperienced by the city in its financial arrangementshad been caused by inability to dispose of its debentures.The summer of 1912 witnessed the annual strain on theand the branches were asked to adopt thenote circulation,usual means to restrict, as far as possible, the use of the bank'snotes, and to refrain, except when unavoidable, from orderingadditional supplies. In September, however, these restrictionswere relaxed, and the branches were left free to order suchsupplies as they required, and were instructed to use thebank's own notes for all payments.In October, 1912, it was decided to adopt the practice,now in vogue, of having a review of business conditionswritten for presentation to the shareholders at the annualmeeting by the superintendents or other officers in charge ofthe various districts in which the bank does business. Thisreview iscompiled from reports on business conditions in theirneighbourhood furnished by the managersof the variousbranches. Up to this time Sir Edmund Walker, first asgeneral manager and later as president, had incorporated