Volume 2 - ElectricCanadian.com

DEVELOPMENT OF CANADIAN BANKING 403The following information was also required:The rate and amount of the last dividend declared.(a)(b) The profits reserved at the time of declaring thedividend.(c) The amount of debts due to the corporation, andsecured by the pledge of stock of the bank owned by(d)(e)(f)the debtors.The amount of debts overdue and not paid, with anestimate of the loss likely to be incurred therefrom.A list of the stockholders as at the commencement ofeach quarter of the year during the time for whichthe statement is required, specifyingshares held at these dates.the number ofThe amount of loans or discounts to the directors orfor which they might be in any way security.Section 8 provided that no note was to be issued for asmaller sum than five shillings currency, while notes issued forsmaller sums than one pound five shillings currency (or fivedollars) were not to exceed one-fifth of the amount of paid-inThere was a provision that the issue of notes belowcapital.five dollars might be prohibited by the legislature without thisbeing considered an infringement on any of the privilegesgranted under the Act.This Act managed to run the gauntlet of the BritishTreasury without special objection being taken to it. It wasfollowed, in 1833, by a charter for the City Bank, 1 also ofMontreal, from which, as a result of criticism by the HomeGovernment, the penalty clauses contained in the charter ofthe Bank of Montreal were omitted. Otherwise, in accordancewith the general opinion of the Assembly in favor of uniformityin bank charters, it was practically identical with that of theBank of Montreal. It is noticeable that the Home Governmentdid not threaten disallowance because it had not all thefeatures required by the Treasury Board.19 Wm. IV, 1833, c. mii.