Volume 2 - ElectricCanadian.com

438 HISTORY OF THE BANKthe people of Nova Scotia and New Brunswick were broughtto bear upon the generalthe new Dominion.financial and banking measures ofDuring the first session of the first Dominion Parliament,a general Act 1 was passed authorizing all banks 2 incorporatedby any of the provinces which were now included in theDominion of Canada to open branches and do business throughoutthe Dominion. The tax of one per cent, on note circulationpaid by the banks of the provinces of Ontario and Quebec(the former province of Canada) was now extended to thebanks of Nova Scotia and New Brunswick. Every incorporatedbank was given the following powers:1. To take, hold, and dispose of mortgages and hypothtqueson both personal and real property by wayof additional security for debts already contracted;to buy in and hold real estate sold by it under thepowers contained in such mortgages; and to acquireabsolute title to mortgaged lands in the same manneras an individual could do.2. To take bills of lading and warehouse and otherreceipts, as authorized by the Act of 1859 of the3province of Canada and its amendments.181 Viet., 1867, c. ri.'According to a contemporary newspaper account of a speech delivered in Parliamentin April, 1868 (as nearly as can be ascertained), by the Hon. Mr. Rose, Ministerof Finance, the position of the banking charters in force in the Dominion of Canadaat the date of his speech was as follows: There were thirty-nine charters inexistence, of which twenty-seven were in operation; namely, six in Ontario, elevenin Quebec, four in New Brunswick and five in Nova Scotia, besides the Bank ofBritish North America, which did business in all the provinces. All the charters inOntario and Quebec expired in 1870; there were three banks in Nova Scotia and onein New Brunswick whose charters expired in 1871; in addition there were in NewBrunswick three banks with charters expiring in 1876, 1880 and 1890, respectively,and in Nova Scotia two banks with charters expiring in 1879 and 1885, respectively.Thus 1890 was the extreme limit of any charter in what was then the Dominion ofCanada. The province of British Columbia did not enter the Dominion untilJuly 20. 1871, so that the Bank of British Columbia, the charter of whichexpired in 1883, Is not included in the foregoing figures.See page 420.