Volume 2 - ElectricCanadian.com

488 HISTORY OF THE BANKon a 4^ per cent, basis. The rate is, of course, governed bymarket conditions at the time of sale, and the Company hashad to face the great advance in rates of interest which tookplace during the war. The last issue of its bonds was sold on asix per cent, basis, and matures in twenty years. All thebonds are held by outside corporations and other interestsin no way connected with the bank.At first the Company's buildings were planned by variousarchitects, and a superintendent of construction was employedto see that the necessary plans were forthcoming, tendersobtained and the resulting contracts carried out. As thedemand for buildings increased, not only owing to the expansionof the bank's business, but also because of the excellent resultsof the new policy of erecting premises, this was found unsatisfactory,and in January, 1910, it was decided to add to theCompany's staff an architect who would devote his wholeattention to the bank's buildings and their special requirements.In this way it was hoped also to secure a harmoniousarchitectural result that would stamp the buildings of TheCanadian Bank of Commerce wherever erected. TheCompany was fortunate in securing the services of Mr.V. D. Horsburgh, F.R.I.B.A., of Edinburgh, who has sincethat time designed all its buildings. A corps of buildinginspectors was trained, so that the Company isin a position,if circumstances warrant, to erect a building with its own staff,secure in the knowledge that plans and specifications will becomplied with and the best of workmanship obtained. Manybuildings have thus been erected at a lower cost than couldbe obtained by tender. The fact that the services of anarchitect and of a staff of trained draughtsmen and inspectorsare available to the bank, has also been of great benefit to itin connection with the repair and alteration of existing buildings.The amount saved in architectural fees alone has sofar been sufficient to meet all the expenses of the Company'smanagement.