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Volume 2 - ElectricCanadian.com

Volume 2 - ElectricCanadian.com

Volume 2 - ElectricCanadian.com

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THE BANK DURING THE WAR 377they opened at 9.30 a.m. and closed at 2.30 p.m. on ordinarydays, and at 12 noon on Saturdays. The older hours havesince been readopted in most respects.No branches were opened by the Canadian banks duringthe long period of the European war, but ten days after thearmistice was signed, on November 21, The Canadian Bankof Commerce opened in the historic town of Amherstburg onthe Detroit River. More significant, as indicating the widereach and scope of its business, was the opening on December6 of a branch in St. Pierre-Miquelon, the lonely Frenchcolony in the North Atlantic, which had developed in <strong>com</strong>mercialimportance during the war. As might be expectedafter such a long period of quiescence, considerable activityand even rivalry among the various banks now developed, andduring the next few months a large number of branches wereopened, both by The Canadian Bank of Commerce and by theother banks.The general banking policy during this, the final yearof the war, was marked as in the previous two years by effortsto keep the production of both live stock and cereals up toa high level. The managers of the bank were urged to loseno opportunity of encouraging their farming customersto increase the number of live stock held. There was acertain amount of agitation at this time for fixed minimumprices for live stock, but the Government did not see its wayclear to adopt so arbitrary a measure. The practice ofmaking loans to farmers to purchase seed grain was continued.In the province of Ontario such loans were, when the financialposition of the would-be borrower made such a step necessary,guaranteed by the Provincial Government. In the westernprovinces the Dominion Government agreed to give a similarguarantee of loans to destitute entrants on unpatented lands,to enable them to purchase seed grain for the next season.Applications under the latter arrangement were made throughthe Chief Inspector of Dominion Land Agencies, Winnipeg,and the rate of interest was fixed at seven per cent, per annum.

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