Bank of Montreal
History
Nine people together established BMO which were merchants and financiers.
• John Richardson was the leader also known as “Father of Canadian Banking”. He has represented Montreal in legislature of Lower Canada and was appointed to the Executive Council and Legislative Council.
• Horatio Gates was an entrepreneur. He had many contacts with American friends and influenced them to purchase shares in his new financial institute. He twice has been a president of New Bank.
• George Moffat was the key figure of group. He got control over interest by earning partnership in firm named Gerard, Gillespie, Moffat & Co. Moffat was key in shaping the early character of the Bank in its first decade.
• Robert Armour was the publisher
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Col. James Leslie was a merchant retired army officer. He was also part of variety of legislative and executive positions in Canada.
• John Churchill Bush was a merchant and he was a part of Bank’s activities.
• Augustin Cuvillier has played a strategic role in Bank’s founding. He was a member of Legislative Assembly, a well-to-do importer and the only native born Canadian among the group. He was one of the leading political and economic figure of his time. He has provided vita legislative support for the Banks’s incorporation and charter.
Montreal Bank first started their operation on Nov 3, 1817. In 1822, the bank’s name was changed to Bank of Montreal. The bank provided its own bank notes, served as a source of commercial loans, was a safe repository for people’s funds, and became a place to purchase foreign bills of exchange and other commercial paper.
BMO has funded the building of Canada’s major canal which is Lachine from 1821-1825 and Canada’s first railway which is Champlain and St. Lawrence from 1832-1836. After that the bank became involved in construction to improve the St. Lawrence –Great Lakes navigation and provided financing in the 1850’s to build the Grand Trunk Railway from Quebec to Sarnia. The bank was key partner in other infrastructure milestones such as financing the first telegraph
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Betweem 1975 and 1980, BMO became the first Canadian institution to go online. Moreover, with the advanced technology the bank introduced innovative services such as cash management and nationwide processing of payrolls for business. In 1980, BMO was a leader in installing its first automated banking machines in Calgary, Alberta. Moreover, in 1996, BMO was the first Canadian Bank to offer full-services banking across North America on the internet, which enabled customers to conduct business
This bank held government money and controlled the economy by making it easier for local banks to borrow money from it to loan it to manufacturers and factories. As the idea arose the cabinet, Jefferson protested that such a bank was unconstitutional because it favored the north over the south since the bank did not loan money to farmers for land expansions. Being true as it is, the bank drastically boosted our economy and had a great future for our nation. Since it was unconstitutional, a compromise said that the bank would only be funded for 20 years. So as soon as Andrew Jackson was elected, he destroyed the bank. In response to this, our nation suddenly falls into a major depression. No one had jobs and the economy was dying. This showed the brilliance of the national bank and how much it helped our economy. Adding onto this, the bank began the formation of the Federalist and Democratic
The Montreal Stock Exchange was incorporated in the year 1874, but as early as 1832 a group of brokers met regularly to trade stocks within a coffee house which was later named the “Exchange Coffee House”. In 1863, a Board of Brokers was formed which soon grew into a regulated body with a membership subject to election. In 1974, The Montreal Stock Exchange merged with the Canadian Stock Exchange, and a year later becomes the first to sell stock options to Canada. The Montreal Stock Exchange in 1982 officially changes its name to Montréal Exchange in order to reflect the growing importance of financial instruments other than stocks which primarily include options and futures – on its trading floor. By 1986 the number of new listings at the MX
Canadian history consists of many memorable moments, including many great leaders that helped Canada become what it is today, like the well-known Louis St. Laurent. He was born on Feb. 1st, 1882 in Compton, Quebec, and died on July 25, 1973 in Quebec City (Coucil, 13). Louis St. Laurent was raised in a mixed family, with a French - speaking father, and English - speaking Irish mother, and was fluently bilingual. He studied many years in law, where he graduated from law school, at Laval University in 1914, and had been a successful corporation lawyer (“St-Stephen, St. Laurent”). Laurent entered politics a lot later in his years, as he became older; however he still managed to have a large impact on Canada, and achieved many accomplishments. Louis St. Laurent was an extremely important, and well-respected politician, because he helped resolve the conscription crisis from 1940-1944 (,Pickersgill,14), and prevented the government and cabinet from collapsing, which would have caused the society to fall apart at the time, he was involved in the establishment of the Canada Council, which introduced support for Canadian arts, to help Canada separate from the influence of American culture (Jocelyn), and lastly he welcomed Newfoundland into confederation in 1949 (“Newfoundland History”), which was a large accomplishment because of the failures Many other politicians experienced in trying to do so before.
Both men from New York, they had wealthy fathers as mentors. Each was inspired to branch off from their inherited wealth and create their own fortunes. How they went about this
True, Andrew Carnegie and John D Rockefeller may have been the most influential businessmen of the 19th century, but was the way they conducted business proper? To fully answer this question, we must look at the following: First understand how Andrew Carnegie and John D. Rockefeller changed the market of their industries. Second, look at the similarities and differences in how both men achieved domination. Third and lastly, Look at how both men treated their workers and customers in order achieve the most possible profit for their company.
One could still see the path of this transition by assessing the path dependency of the oldest corporation in Canada. Hudson’s Bay Company (HBC) was founded in the late 17th century. It was largely a fur trading operation through the idea of monopoly. HBC was founded upon the principles of Mercantilism with the guidance of British ideologies. As Canada transitioned towards an independent and self-sustaining state, companies such as HBC transitioned their company’s ideologies accordingly. This paper will focus on how HBC has fit into a mercantilist framework and how over time it has developed into a so...
Jane Kamensky's “The Exchange Artist” recounts the tale of Andrew Dexter, the man behind the first bank breakdown in the United States. The organization was the Farmer's Exchange Bank in remote Gloucester, Rhode Island, which Dexter obtained in 1808. The bank succeeded as it had attracted many clients by the year 1809. Dexter was an early pioneer of forceful and deceitful ways to deal with bank administration and created systems that would later add to endless bank loses over the nineteenth century. Depending on a huge measure of archival exploration, Kamensky's book painstakingly records Dexter's saving money vocation, and the businesses his banks used to fund such as the Exchange Coffee House in Boston. Kamensky a lecturer in the History Department at Brandeis University writes in an energetic exposition that is enhanced with intriguing recorded points of interest. She has inquired about each component of her story comprehensively, empowering her to recount Dexter's biography. Equally, she gives a narration about
It is the oldest venture in Canada and it inspired many by its dominance in the fur trading industry during its early years. They equipped their own armies, minted their own coins and even issued their own medals. The company had controlled fully one-third of present-day Canadian territory and was thought by many to be a kingdom by itself in the fur industry. They had trading posts from the very north Arctic Ocean to Hawaii and as far south as San Francisco. HBC's revenue didn't simply generate from this one-way trade in furs to Europe.
The economic progress Canada made after the war lead to the growth of the country. New industries emerged from innovations of products like automobiles, radios, television, digital computers and electric typewriters (Aitken et al., 315). Canadians quickly adapted back to the “buy now, pay later” strategy rather than careful budgeting during the Great Depression (Liverant). Almost everything that Canadians did was influenced from new inventions; television was the most influential. Canadians conversations, humour, and lifestyle were influenced from television (Aitken et al., 315). Trade relations between the United States and Canada had become more efficient due to the St. Lawrence Seaway. The mass development of the St. Lawrence Seaway, in 1954, was to provide a large wate...
The growth of the railroads would then lead to the improvement of the transportation networks. Moreover, it was obvious that the railroad system would be a large structural, engineering and financial feat and given Canada was not in the best position to afford such a system, “the promoters [of the railway, therefore] turned to Britain” and the United States for help in funding the railway system (including the Grand Trunk Railway and the Victoria Bridge). Given Canada’s economy was not strong enough to fund the entire railway system, they scrambled for capital to finance it and politicians also passed laws that guaranteed companies who invested in them would be funded.
Morris, Charles R. The Tycoons: How Andrew Carnegie, John D. Rockefeller, Jay Gould, and J.P. Morgan Invented the American Supereconomy. New York: Henry Holt and Company, 2005.
The early decades of the nineteenth century saw the establishment of banks in the Caribbean largely as a convenience for the local governments. Throughout much of the nineteenth century, most Caribbean banks operated as an oligopoly with limited government influence – this directly translated into higher profits. However, over time, the banking environment could best be described as complex and dynamic. Competition increased, resulting into greater need for improved customer service, product innovation and cost reduction strategies. In order to achieve this, the banking sector was undergoing major structural reforms characterized by mergers and acquisitions. On July 23, 2001 Barclays and CIBC announced that they were in advanced discussions which were intended to lead to the combination of their retail, corporate and offshore banking operations in the Caribbean.
These great men were also philanthropists, essentially separating them from “robber barons”. All in all, they encouraged the growth of the American economy into one of the strongest in the world. Works Cited Hakim, Joy. I love it. History of the US: An Age of Extremes.
In the late 1800s' economy there were many Americans who considered themselves to be business affiliated, but really didn't understand the full meaning of a business or knowing any financial obligations within a business. However, there was one peculiar man John Pierpont Morgan also know as J.P. Morgan who stood out to be a triumphant entrepreneur of many Americans in the late 1800s U.S. Economy.
The invention of money was a major improvement in peoples’ lives. In the past, people usually had to travel all day to find the person who is willing to exchange their goods. In addition, the goods people want to exchange did not have the standard value of measurement. This led to unequal exchanges. Furthermore, it is not convenient to carry heavy goods from one place to another for an exchange. To solve these issues, money will be the only solution. Later, people tend to develop money from cowry shells to credit cards for the convenience and to improve their society.