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Volume 2 - ElectricCanadian.com

Volume 2 - ElectricCanadian.com

Volume 2 - ElectricCanadian.com

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540 HISTORY OF THE BANKdebited through the proper Branch Clearings Account, insteadof only those drawn on Toronto and Montreal as heretofore.After a trial of the new plan, the system was further extendedon September 15, 1914, by the establishment of a QuebecBranch Clearings district with its 1clearing office at Montreal.In the early years of the bank, while the Advice andRemittance List and the Account Current system of dealingwith branch entries was still in force, the custom had grown upof abbreviating the names of the branches in these returns tosave time and space. After a time, in order to preventconfusion between branches having similar names, lists ofauthorized abbreviations were issued, and revised or added toas need required. This served all purposes for many years,until the number of branches increased and several wereopened which bore names that either duplicated, or resembledvery closely, those in other provinces. The plan was thenadopted of designating each branch by a transit number, followinga system widely in use in the United States. Underthis plan, each bank in Canada is allotted a number, whichforms the first part of the transit number, the second partconsisting of the number allotted to the particular town inwhich the branch is situated. Thus the number 10-7 designatesthe main branch of The Canadian Bank of Commerce in thecity of Quebec, 10 being the number allotted to the bank, and7 that allotted to the city of Quebec. This <strong>com</strong>binationnumber appears on all rubber stamps bearing the name of thebranch and is used on its letter-heads, cheque-forms and othervouchers, indeed, wherever the name of the branch appears.The system is known as the "numerical transit system/'and the branch number as its "transit number." In order toavoid waste, steps had been taken by the bank in August,1912, to bring this system of transit numbers gradually intoforce as new rubber stamps were made and new stationeryprinted. On March 1, 1915,2 the old names of the branches1See Head Office special circulars September 4 and 9, 1914.'See Head Office circular No. 2769, dated February 26. 1915.

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