Volume 2 - ElectricCanadian.com

336 HISTORY OF THE BANKIn June, 1915, the connection of the bank with theCommercial National Bank of New1Orleans, which had beenformed a number of years before to take over the business of theagency of The Canadian Bank of Commerce in that city, wasterminated by the sale of the remaining securities to a syndicate.About the same time it was decided to abolish the localAdvisory Board of the bank in Prince Edward Island. Thisconsisted of the surviving members of the directorate of theMerchants Bank of Prince Edward Island and had come intoexistence when that institution was purchased.2In Septembercertain new requirements of the California Bank Act made itof the bank tonecessary to allot a certain part of the capitalthe San Francisco branch. Accordingly it was allotted a paidup-capitalof $750,000, a surplus of $250,000 and a specialreserve fund of $100,000.On September 15 two important changes affecting themanagement of the bank came into effect. Sir EdmundWalker resigned the position of chief executive officer whichhe had continued to hold after his election to the presidencyin January, 1907. Mr. Alexander Laird, who had succeededSir Edmund Walker as general manager, also resigned, owingto illness. Mr. John Aird, the assistant general manager,soon to be made Sir John Aird, was promoted to be generalmanager and Mr. H. V. F. Jones, who had been manager ofthe London (England) branch, came back to the head office,which he had entered as a junior in 1887, as assistant generalmanager. Mr. Charles Cambie, manager at Ottawa, wassent to London as successor to Mr. Jones. Mr. Laird remainedon the Board of Directors, but did not long survive his retirement.His death took place on November 29, and at a meetingof the Board on December 17, the following resolution wasmoved by Mr. Z. A. Lash, K.C., and seconded by Dr. JohnHoskin, K.C.:'See page 124.Vol. I, p. 150.