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Volume 2 - ElectricCanadian.com

Volume 2 - ElectricCanadian.com

Volume 2 - ElectricCanadian.com

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340 HISTORY OF THE BANK<strong>com</strong>mon with other banks operating in the province ofSaskatchewan, the bank agreed to negotiate free of chargecheques issued by the French Government Fund in favourof dependents of soldiers serving in the French army. Actingin co-operation with the Bank of Naples, the branches wereauthorized to accept subscriptions from Italians in Canada tothe Italian Government National four and a half per cent.War Loan issued at 93. Similar facilities were given free ofcharge to the French five per cent. War Loan of 1915, known asthe Loan of Victory, which was issued at 87J^. The bank itselfsubscribed $250,000 to this loan.In November, 1915, the Canadian Government issued itsfirst domestic war loan, bearing interest at five per cent, andmaturing in 1925. The proposal of the Minister of Finance,which was assented to by the Canadian Bankers' Association,was that the banks should subscribe $25,000,000 proportionatelyto their paid-up capitals, which made the share of TheCanadian Bank of Commerce $3,289,910. The loan washeavily over-subscribed, and although the Minister of Financeaccepted $100,000,000, or double the amount he had asked for,the allotment to the banks was subsequently reduced. In<strong>com</strong>mon with all the banks of Canada, The Canadian Bankof Commerce placed the services of its branches at the disposalof the Government for the purpose of receiving subscriptionsand assisting in every way in placing the loan in the hands ofthe public. Few people, outside the officers of the banks,realize the heavy burden placed upon the depleted staffs of theCanadian banks by the various government loans, andespecially by the Victory Loans. The service was cheerfullyrendered, and its value acknowledged by the Minister ofFinance.The year 1916, though one of fluctuating fortune in thetheatre of war, will remain memorable in the annals of Canadian<strong>com</strong>merce and finance, because the great increase in Canadianexports, chiefly of agricultural products and munitions, setthe tide of wealth flowing to this country in unprecedented

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