Volume 2 - ElectricCanadian.com

342 HISTORY OF THE BANKthe concurrence of the Minister of Finance very large creditswere also granted during this year to the Imperial MunitionsBoard against the security of British Government treasurybills. These moneys were likewise expended in Canada forthe purchase of all kinds of supplies. Advances to the twoGovernments and to the Imperial Munitions Board wereusually arranged through The Canadian Bankers' Association,and the amount required was divided among some or all of thechartered banks in proportion to their paid-up capitals. Onmore than one occasion The Canadian Bank of Commercejoined with others of the larger banks in assuming the shares ofsmaller institutions which felt themselves unable to carry thefull amount. In the ways thus mentioned the Canadian banksprovided over $150,000,000 during 1916 for the use of theGovernments of Great Britain and Canada. When the SecondDominion of Canada War Loan of $100,000,000 was issuedin September, the Canadian chartered banks agreed to underwriteone-half the amount, but as the loan was over-subscribedthe banks were not called upon to take up their underwriting.The Canadian Bank of Commerce, however, subscribed firmfor a large sum. In addition the bank participated by underwriting,subscription, or purchase, as the occasion called for,in the following issues made in the United States:Anglo-French 5 year External Loan, $500,000,000 5%bonds, due 1920.United Kingdom of Great Britain and Ireland,$250,000,000 Secured 5% Notes, due 1918.United Kingdom of Great Britain and Ireland,$300,000,000 Secured 5J^% Notes, due 1919-21.American Foreign Securities Company, $94,500,000 5%Collateral Notes (in connection with the $100,000,0003 year 5% French Government Loan.)Anglo-Foreign Securities Company, 3 year 5% Notes.French Industrial Credit. 1l The French Industrial Credit was a commercial export credit established onbehalf of a group of leading French industrial concerns, in connection with which the(*fcdi Government acted as an intermediary, and was secured by the depositNew inYork and Paris of French Government notes, or bonds of neutral countries.