Volume 2 - ElectricCanadian.com

THE CHARTER 25drew on the Manchester agency thus established was boughtby the late Robert Walker of "The Golden Lion," 1 a leadingToronto retail clothing house of the time, and one whichspecialized in British woollens. Early in the "sixties," oninstructions from his uncle, Mr. J. Short McMaster obtained acredit from the Union Bank of London for 10,000. Thiswas granted without the usual guarantee from a Britishmerchant, an achievement of which the McMaster firm wasnaturally proud. In 1865 William McMaster sold out hisinterest in the business to his nephews, A. R. 2 and J. ShortMcMaster, and the firm became known as A. R. McMasterand Brother. He still continued his business as a financier,however, and began to sell his bills on A. R. McMaster andBrother, Manchester, in the New York market through aMr. Caldwell Ash worth, who had established himselffriend,in that city as a financial agent. 3After the foundation of TheCanadian Bank of Commerce Mr. Ashworth continued to actin New York as broker for the bank, and William McMastercontinued to draw on his nephew in Manchester, but in thename of the bank. At the request of The Canadian Bank ofCommerce the firm of A. R. McMaster and Brother opened inLiverpool also, in anticipation of the cotton bill business withNew York, in which the president and directors discerned thepossibilities of profit. This did not prove a success, andfinally the firm moved to London and established an officein Clement's Lane, Lombard Street, as agents of TheCanadian Bank of Commerce. They opened an account withAlexander Cunliffe and Company, who were willing to discountat the street rate, which was usually lower than the bank rate.On the dissolution of Cunliffe and Company, they opened adiscount account with the London and County Bank, 4withwhich Mr. McMaster already enjoyed friendly relations.1This establishment, which many residents of Toronto can still recall, was situatedat Nos. 33. 35 and 37 King Street East, on the south side, east of Yonge StreetSee J. Ross Robertson, Robertson's Landmarks of Toronto. 1908, Fifth Series, p. 12.'See note on page 76.'The office of Mr. Caldwell Ashworth was at No. 7 New Street, New York, in 1867.'Seepage 22.