Volume 2 - ElectricCanadian.com

26 HISTORY OF THE BANKThough Mr. McMaster had devoted much energy toorganizing the business of The Canadian Bank of Commerce,his main activities during the first four years of its existencewere concerned with legislation at Ottawa private billsaffecting his own institution and general measures affecting allchartered banks. He had been called to the first Senate ofCanada in 1867 and was therefore in a position to watch andinfluence developments. Though a strong Liberal in politics,he was ready to co-operate with those of the opposite partyin his efforts to place banking on a sound and permanent basis.During the early years ofConfederation, banking legislationfrequently called for the presence at Ottawa of representativesof all the leading banking institutions in the four provincesof the new Dominion, which at that time contained no lessthan twenty-eight chartered banks. The letters which SenatorMcMaster wrote from the capital to his directors, almost dailyduring this period, reflect the play and counter-play of thepolitical situation upon important questions of financial policy,and the difficulties that the founders of The Canadian Bankof Commerce had to face.At the time when The Canadian Bank of Commercecame into being, the Minister of Finance was the Hon. WilliamP. Rowland, 1 who must not be confused with his brother, Mr.H. S. Howland, vice-president of the new bank, who laterbecame president of the Imperial Bank of Canada. The Hon.W. P. Howland took office after the resignation of the Hon.A. T. Gait in 1866, but made no attempt at financial innovations.On the formation of the first Government after'Later Sir William Pearce Howland, K.C.M.G. (1811-1907). He was born inPaulings, N.Y., and came to Canada in 1830. He was for a time engaged in millingat Lambton Mills, Ont, but soon entered the wholesale grocery business in Toronto.Entering Parliament in 1857, he held office from 1862 to 1868 in various capacities insuccessive administrations. He was one of the delegates to the London ColonialConference to complete the terms of union between the provinces of British NorthAmerica. He was appointed Lieutenant-Governor of Ontario in 1868 and wasknighted in 1879. He was president of the Ontario Bank and of the Toronto Boardof Trade.