Volume 2 - ElectricCanadian.com

364 HISTORY OF THE BANKexecutive decided to lay down the following rules for theguidance of managers under such circumstances:1. The bank will assist a manager to acquire a residenceonly in cases where no other satisfactory course is open.cost of all such dwellings must be in keeping with(a)(b)The size and character of the place.The financial standing of the manager.The(c) The probable needs and financial standing offuture managers.2. Plans and specifications must be submitted for considerationin ample time to enable the bank to give each casecareful study.3. Repayment must be made in definite monthly amounts,plus interest; in addition to which the manager must take carepromptly of all expenditures for taxes, insurance, repairs, etc.4. The appointment of a new manager will be made oncondition that he take over his predecessor's residence ata valuation satisfactory to both parties and to the bank, thebank's decision to be final. Managers will be expected totake the risk of any ordinary fluctuations in value. In theevent of an extraordinary decline in value caused by anunlooked-for decrease in values of town properties, the bankwill consider the reimbursing of an out-going manager for aportion of his loss.In August, 1917, the Department qf Banking Accountsand Exchanges at the head office, established in 1908 underMr. T. F. Aspden, was reorganized and its name changed to"Foreign Department." The objects of the reorganizeddepartment were defined as the securing of new business inco-operation with the branches, particularly the accounts ofEuropean and American banks, and the co-ordination andfacilitating of the bank's exchangebusiness. It was alsoexpected to compile information that might assist the developmentof Canadian foreign trade. The sterling business ofthose branches not keeping direct accounts with the London,England, office, and the arrangements for drawing on