Volume 2 - ElectricCanadian.com

1867 TO 1901 53committee to select a suitable man for the post, at a salary notto exceed $2,400. The cashier, Mr. Dallas, was at that timein receipt of a salary of $4,000 per annum, with an allowance of$500 for a house, a provision which illustrates a custom thenprevailing in most banking institutions. A comparison ofthese figures with the salaries of the present day will indicatethe great change that has taken place in the remuneration ofthe holders of important offices during the past fifty years.Shortly afterwards, the directors adopted the policy of payingthe income tax on the salaries of officers of the bank and ofrequiring that all appointments of officers must be submittedto the Board before being confirmed. Junior clerks were to betaken on trial for a period of one month. 1An amendment to the charter, increasing the capital ofthe bank and making other minor changes, occupied muchof the attention of the Board during the latter part of1868. 2 The directors had apparently little doubt but that theirpresident would be able to obtain the necessary authorizationfor the proposed increase of capital, despitethe troubledpolitical situation at Ottawa, for in September, 1868, theyresolved that provisional certificates should be issued inthe bank either toanticipation of this increase, bindingfurnish the holders on June 1, 1869, with stock at par, or inthe event of the legislation being refused, to refund the moneywith interest at six per cent, per annum. As it happened, itproved to be unnecessary to return any of the moneys sodeposited, for the amendment to the charter was passed onJune 22, 1869, and in July $400,000 of the new stock was stillunsubscribed. Though a considerable portionof this couldreadily have been issued to applicants other than the existingshareholders, the Board decided, in consideration of thevaluable business already acquired, and the fact that a reserveof $100,000 had been accumulated in two years, to hold thebalance of the stock for sale at a premium later on.xThe probation period for junior clerks has since been extended to three months.*ee page 30.