Volume 2 - ElectricCanadian.com

1867 TO 1901 57had subscribed as individuals, they did not feel justified ingranting the Mayor's request. Since then ideas have changed,but at this period it was the custom of all banks to avoid suchexpenditures, as far as possible, on the ground that directorshad no legal right to devote the funds of a corporation undertheir control to such objects. In fact, the first instance whichindicates a changed outlook was the subscription of $1,000voted by the directors of The Canadian Bank of Commercein March, 1890, for the restoration of the University of Torontoafter the fire in February of that year. Subsequently inApril, 1906, the Board granted the sum of $25,000 to theRelief Fund for sufferers by the San Francisco earthquake,a benefaction which bank directors in the "seventies" wouldhave considered wildly extravagant. During the Great Warthe calls on banks and other semi-public institutions becamevery heavy, and many thousands of dollars were donated bythem to various patriotic and charitable objects. In one year,1918, the contributions of The Canadian Bank of Commercefor such purposes totalled no less a sum than $102,550.On June 28, 1870, the question of the fees to be paid tothe directors came before the Board, and it was decided thatthe total amount should be $5,000 per annum. After payingeach director the usual fee of $5 for each meeting he attended,and allotting the sum of $2,000 to the president and $1,000 tothe vice-president, the balance was to be divided equallybetween the two last-named.At the annual meeting on July 12, 1870, held after the passingof the legislation which increased the authorized capital to$4,000,000, it was reported to the shareholders that $2,036,765of the capital had been paid up, and that the power to increasewas permissive and need not be exercised unless additionalcapital could be profitably employed. In anticipation of theexpansion incidental to the autumnal crop movement, theoutgoing directors recommended that their successors shouldoffer $300,000 of new stock to the shareholders "on termswhich will give them a substantial advantage, and at the same