Volume 2 - ElectricCanadian.com

330 HISTORY OF THE BANKplaced at the disposal of a committee of the New York clearinghouseand was used to create credits abroad, principally inGreat Britain, against which exchange could be drawn. Theapportionment of the amounts to be contributed by thevarious cities was made by the Federal Reserve Board, whichrequested the local clearing-house association in turn to settlethe share of each bank and to secure pledges for the amount.In this connection The Canadian Bank of Commerce wascalled on to contribute to the fund at its three branches on thewestern coast of the United States, Portland, Seattle and SanFrancisco. The combined subscriptions of these branchesamounted to nearly $300,000 and had to be paid in gold orgold certificates of the United States. This was one of theindirect ways in which the bank was called on to do its part inconnection with the war.In November, 1914, the British Government issued itsfirst war loan of350,000,000 three and a half per cent, stockor bonds at 95, and the Chancellor of the Exchequer requestedthe banks of Great Britain, including the Canadian institutionsdoing business in London, to indicate the amount for whichthey would subscribe. The question was a difficult one, forwhile the success of the loan was of vital importance to thewhole Empire, the Canadian banks realized that they mightsoon be called upon to aid their own country in financing itswar efforts. Nevertheless, The Canadian Bank of Commercerecognized an obligation to support the British loan to thebest of its ability, and was the only Canadian bank to make afirm application for an allotment. The sum at first suggestedby the London manager was 100,000, but this was subsequentlyincreased to 150,000.Many patriotic projects were soon set on foot in Canada,and in every instance where these were of a bona fide characterthey were cordially supported by the bank. The first was theCanadian Women's Hospital Ship Fund, raised during August,1914, subscriptions to which were accepted by the bank andtransferred to Toronto free of charge. The Canadian Patriotic