Volume 2 - ElectricCanadian.com

20 HISTORY OF THE BANKWilliam Elliot. 6 Most of these gentlemen were merchantsand importers, with a solid stake in the community, to whomimproved banking conditions were vital. Three weeks afterhis election Mr. John Macdonald resigned over some differenceof opinion with the Hon. Wm. McMaster, and thedirectors selected Mr. James Austin 7 to fill the vacant place.On May 14 the opening of branches at London, St. Catharinesand Barrie was authorized, and the head office at Torontoopened its doors to the public on the following day. Mr.Archibald Greer, already referred to, was chosen as thecashier.Some idea of the eagerness with which the investing publicin various parts of Ontario welcomed The Canadian Bank ofCommerce is given by Mr. Greer's correspondence duringthe months immediately preceding the opening for business.His letter of March 1, 1867, to Mr. H. S. Strathy, 8 the prospectivemanager at London, Ont., and afterwards generalmanager of the Traders Bank of Canada, tells of his gratificationat the fact that the provisional directors of the Bank*T. Sutherland Stayner (1824-1904), son of Thomas Allen Stayner, Postmaster-General of British North America, was connected as director with several financialinstitutions, including (at a subsequent date) the Imperial Bank of Canada. He wasalso a member of the first Board of Directors of the Toronto General TrustsCorporation.John Taylor (1809-71) came with his parents from England to Canada in 1821and settled in York County. He and his two brothers, Thomas and George (1813-94), erected in 1840 one of the first paper mills in the valley of the river Don, and in1845 opened an office in Toronto. They later established saw and flour mills. GeorgeTaylor succeeded his brother John as a director of The Canadian Bank of Commerce,and was also a director of the Ontario Loan and Investment Company.William Elliot (1812-93) came to Canada to take up farming, but entered awholesale business and later established chemical mills in Toronto. He was a directorof the Northern Railway of Canada, the Toronto General Trusts Corporation, and anumber of other financial companies, and held at different times the positions of presidentof the Toronto Board of Trade, vice-president of the Confederation Life Association,and vice-president of The Canadian Bank of Commerce.'James Austin (1813-97). A native of the County of Armagh, Ireland. He cameto Canada with his parents at the age of sixteen, and was apprenticed to the printingtrade. Later on he formed a wholesale and retail grocery partnership with Mr. P.Foy, on the dissolution of which he retired from active business, and interested himself